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Comprehensive tightening of Hainan's property market policy

Date: 2020-03-10

The outbreak has become an excuse for some places to try to loosen the property market, but in recent years, Hainan, which has resolutely broken its real estate dependence, has gone the other way and increased its restrictions on the real estate market again.

On March 7, the General Office of the Provincial Party Committee of Hainan Province and the General Office of the Provincial Government issued the “Notice on Establishing a Responsibility System for the Urban Real Estate Market to Steady and Healthy Development”. The "Notice" innovatively proposed the development of residential housing, and stopped the sale of residential residential housing and marketization to the provincial hukou and resident households (including husband and wife and minor children) who already have 2 or more houses in Hainan Province. Commercial housing. At the same time, it is proposed that the existing house sales system should be implemented for newly-built commercial houses for sale.

The industry believes that Hainan's first clear tightening regulation has a certain impact on the market. Recently, the loosening of real estate regulation in many cities has been suspended, which has reduced the market's expectations of loosening real estate policies.

Hainan's "strong man cuts his wrist" demonstrates the determination to reform

In the "Notice", Hainan Province put forward such aspects as clarifying general requirements, clarifying departmental responsibilities, implementing main responsibilities, improving the housing system, classifying precise policies, regulating market order, implementing target tasks, and strengthening organizational leadership.

Judging from the contents of the Notice, there are three core points in the New Deal:

1. Development of residential housing

The "Notice" proposes that the basic housing needs of households should be met through the development of residential housing. Among them, dwelling-type commercial housing is a type of housing proposed by Hainan Province with reference to the practices outside the province and in combination with the actual situation in Hainan. Settled commercial housing is mainly sold to households without houses or per capita housing area that does not reach the average level. The sales target, sales price, apartment area and transfer conditions are limited. The government-led and market-oriented operation method is used for construction. Commercial housing.

Huo Juyan, the director of the Department of Housing and Urban-Rural Development of Hainan Province, said that the purpose of this move is to allow eligible local residents' families and talents to purchase a house at a price that suits their income level, and improve their sense of well-being and happiness. I really enjoy the construction bonus of Hainan Free Trade Zone (Hong Kong). This year, the work report of the Hainan Provincial Government has included the steady advancement of residential housing construction as one of its key tasks. In the near future, Hainan Province plans to carry out pilot residential commercial housing construction in cities and counties with high demand, high housing prices and prominent housing problems. The specific waiting conditions and allocation order are gradually improved in the pilot construction. In the next step, experience will be summarized according to the pilot situation, implemented step by step, and gradually pushed forward.

2. Local residents' families are restricted to purchase two houses

The "Notice" proposed that the household registration and permanent resident households (including both husband and wife and minor children) in Hainan Province that already own 2 or more houses should stop selling residential housing and market-oriented commodity housing to them.

In this regard, Huo Juyan said that he insisted on "doing not live in real estate" and curb speculative real estate, not only targeting residents outside the province, but also local residents. In order to further curb speculative housing speculation, return to the people ’s livelihood and living attributes, and at the same time to prevent the occupation of excessive social public resources and provide sufficient space elements for the free trade port construction, the “Notice” refers to the practice of some domestic cities and proposes the implementation of local Restriction policy for residents purchasing multiple homes.

3. Reform the pre-sale system of commercial housing and implement existing house sales

The "Notice" proposes that, from the date of issuance of the documents, the existing house sales system shall be implemented for newly-sold commercial housing for land construction. According to the State's "Measures for the Administration of the Sale of Commercial Houses," the houses sold by existing houses should pass the completion acceptance and the supporting infrastructure such as water supply, power supply, gas, and communications should be ready for use.

Huo Juyan said that at present, a series of problems such as quality complaints, contract disputes, delayed delivery, unfulfilled facilities, illegal sales, and even developers collecting money to run off caused by the pre-sale system of commercial housing have become the most common real estate complaints and disputes. major factor. In order to fundamentally eliminate a series of problems caused by the pre-sale system, the "Notice" proposed to reform the pre-sale system of commercial housing.

In addition, the "Notice" also proposed that Hainan Province will accelerate the development of tourism real estate and commercial real estate in the next step; continue to implement the shantytown transformation and vigorously promote the transformation of old communities to meet the demand for improved housing for the people; and orderly implementation of housing security for the introduction of talents, Actively create a good living environment for talents, and promote the realization of people's living and living in the province.

In fact, since the implementation of the “Global Restriction on Purchase” policy on April 22, 2018, real estate regulation in Hainan has achieved remarkable results and basically achieved the expected goals.

It is understood that in 2019, real estate development investment in Hainan Province decreased by 22.1% year-on-year, and the floor space and sales value of commercial housing decreased by 42.1% and 38.8%, respectively, and the average sales price remained at about 15,000 yuan per square meter, with prices basically stable. At the same time, Hainan Province took the initiative to accelerate the adjustment of the economic structure and maintain overall economic stability. In 2019, Hainan's GDP grew by 5.8%, excluding real estate by 6.3%. The economic structure continued to be optimized. The three industrial structures in Hainan Province were optimized to 20.1: 20.6: 59.3. The proportion of the service industry increased by 0.9 percentage points and contributed about 75% to economic growth. The contribution rate of the twelve key industries to economic growth was 67.3%. . The ratio of investment in fixed assets to regional GDP dropped by 12.4 percentage points to 59.6%. Non-real estate investment accounted for 58.4%, an increase of 6.9 percentage points. In 2019, the province's economy and society are showing a trend of better development, better structure, stronger kinetic energy, improved efficiency, and more sustainable high-quality development, laying a solid foundation for the construction of Hainan Free Trade Port.

This policy further strengthens the real estate regulation and control, and Hainan's determination to shake off its dependence on real estate is evident.

Huo Juyan said that the new crown pneumonia epidemic had a certain impact on the real estate industry in Hainan, but through the implementation of the eight measures by the Hainan Provincial Government to support small and medium-sized enterprises to overcome difficulties, seven measures to help enterprises resume work and resume production, and other support measures, it can effectively help real estate companies Solve the difficulties, overcome the difficulties, speed up the resumption of production and reduce the impact on the real estate industry. The "Notice" was issued not to relax the regulation of the real estate market in response to the impact of the new crown pneumonia epidemic, but to further implement the state's requirements for establishing a stable and healthy urban principal responsibility system for the real estate market, consolidate the effectiveness of real estate regulation, and maintain stability in the real estate market. The original control policies have remained unchanged and further improved.

Property market regulation is diverging

Corresponding to the Hainan New Deal, since February, the fine-tuning of real estate policies in most cities across the country has become more friendly, which also means that the real estate regulation in each city is moving towards differentiation.

On March 6, the Shandong Provincial Department of Housing and Urban-Rural Development issued the "Implementation Opinions on Coordinating and Promoting Epidemic Prevention and Control and Economic and Social Development in the Housing Construction Field," which called for coordinating economic and social development work in the residential construction sector to moderately reduce the advancement of commercial housing. Conditions of sale and pre-sale capital supervision retention ratio.

The "Opinions" clearly stated that before June 30, 2020, real estate development projects that have received construction permits due to the epidemic situation affecting construction and construction, under the premise of completing the basic project, moderately reduce the construction progress conditions for applying for pre-sale permission of commercial housing. For projects that have received pre-sale permits for commercial housing, 1-2 additional pre-sale supervision fund appropriation nodes will be added as appropriate, and the retention ratio of the supervised funds for each appropriation node will be moderately reduced, but it is generally not lower than the "Supervisory Measures for Pre-sale Funds for Commercial Houses in Shandong Province" 》 The retention ratio stipulated is 10%.

And recently there are many similar real estate “maintenance” policies. According to incomplete statistics, more than 70 cities introduced different degrees of real estate policies in February alone. Among them, the content covers relaxing pre-sale conditions, reducing corporate funding pressure, delaying the monthly provident fund supply, and reducing the down payment ratio of the provident fund.

It is worth noting that in the previous real estate policy issued by Zhumadian, Henan Province, there was also a move to stimulate individual housing purchase demand to a certain extent. However, the People's Government of Zhumadian City was subsequently interviewed by the Henan Provincial Party Committee and the Provincial Government, asking them to improve their political standing, adhere to the "housing and living without speculation" positioning, and effectively implement the main responsibility of the city to maintain the continuity and stability of real estate regulation and control policies. As a short-term means of stimulating the economy, real estate has achieved the goal of stabilizing prices and housing prices. Subsequently, in the first-tier cities, Guangzhou, the first to loosen "commercial services projects," policies also reversed.

The keynotes of "do not live in real estate" and "strategy according to the city" remain unchanged

From the “patching” Zhumadian to Guangzhou ’s “One-day Tour” to Hainan ’s overall tightening, the regulators have always paid close attention to real estate policy adjustments, and local real estate regulation and control policies have not been fully relaxed.

People in the industry believe that under the current positioning of "do not speculate on housing and living" and "strategy based on the city", local over-stimulation policies on the demand side have a greater impact on market psychology, which is likely to cause market speculation and will inevitably be called off. In fact, it also sounded the alarm for the place. It is necessary to be more careful when adjusting policies in the future to prevent the phenomenon of deregulation during the epidemic.

In addition, from the recent statements made by the central bank, it is still necessary to adhere to the positioning of "houses are used for living, not for speculation," and "do not use real estate as a short-term economic stimulus" requirement to maintain real estate financial policies. Continuity, consistency and stability.

Recently, the Minister of Housing and Construction Wang Menghui emphasized in the article "Promoting the High-quality Development of Housing and Urban-Rural Construction Undertakings" published in the People's Daily. Manage the regulatory mechanism and resolutely prevent and resolve risks in the real estate market. Long-term adherence to the "house is for living, not for speculation" positioning, continue to implement the long-term mechanism of stable and healthy development of the real estate market, establish and improve policy coordination, regulatory linkage, monitoring and early warning, public opinion guidance, market supervision, etc. The real estate regulation and control system implements the main responsibility of the city and keeps the real estate market running smoothly due to the city's policy and classified guidance.