2024.0401

Number of words in this article:2761, reading time is approximately 4.5 minutes

introduction： 目前全国约18个城市推出“以旧换新”政策，但国资下场收房的并不多。

** Author| ** First Finance Sun Mengfan

Another city has implemented the "trade-in-the-new" policy in the property market. On April 1, the Housing Management Bureau of Zhengzhou City and other departments issued the "Work Plan for Zhengzhou City to Promote the Real Estate Market to" Sell the Old, Buy the New, and Exchange the Old for the New "(Trial)." According to the plan, in 2024, Zhengzhou City plans to complete 10000 units of second-hand housing to "sell old, buy new, and trade old for new" units, and will develop and build a comprehensive service platform for sharing and publishing housing information in the city. In order to activate the second-hand housing market and help improve demand for housing exchanges, the "trade-in-old" policy has become a "frequent visitor" in the toolbox of various places. However, unlike other cities, Zhengzhou launched two models this time. One is to trade itself in the market; the other is to purchase second-hand housing through Zhengzhou Urban Development Group Co., Ltd.(a government-owned platform company) to promote the people to "sell the old and buy the new." The "national team" came to the end to buy second-hand houses and convert them into affordable housing. Previously, only a few cities tried the test. What are the advantages and disadvantages of this model and can it be implemented in various places? The reporter interviewed industry insiders about this.

Government state-owned platforms end

On April 1, Zhengzhou issued two property market documents in succession. First, the Zhengzhou Housing Security and Real Estate Administration issued key points of work in 2024. This year, it aims to complete an investment of 150 billion yuan in real estate development, 7 million square meters of commercial housing, 12 million square meters of commercial housing sales, and deliver more than 60, 000 Baojiao buildings. At the same time, in order to actively implement the "guidance on Planning and Construction of indemnificatory Housing" issued by the State Council on issuing the Action Plan for promoting large-scale equipment Renewal and Consumer goods Trade-in, Zhengzhou Housing Administration and other departments issued the "Zhengzhou work Plan for promoting the Real Estate Market to sell Old to buy New and Trade in Old for New" (for trial implementation). According to the plan, the whole city of Zhengzhou plans to complete 10000 sets of second-hand housing "sell old to buy new, trade old for new" in 2024. At the same time, through the development and construction of the city-wide housing information sharing and release integrated service platform, we will raise and release second-hand housing for sale in the market and newly-built commercial housing for people to buy, so as to provide comprehensive information services for all parties. The reason for the introduction of the above policy is that the chain of ameliorative housing exchange for Zhengzhou residents still needs to be opened. Data show that in 2023, commercial housing in Zhengzhou increased by 11% compared with the same period last year, and the trading area of second-hand housing was 11.33 million square meters, with 102000 units sold in the whole year, the best level in recent years. However, in the process of market recovery, the demand for second-hand housing and improved housing is insufficient, it is difficult for people to sell houses, and the cycle is long, which has become one of the biggest obstacles to the realization of improved housing exchange. For this reason, Zhengzhou has put forward two kinds of "trade-in" schemes. One is to acquire second-hand housing through Zhengzhou Urban Development Group Co., Ltd. (government-owned platform company), and the other is to purchase second-hand housing through market transactions under the encouragement of government policies. For those who buy newly-built commercial housing by "selling the old to buy the new and exchanging the old for the new" in 2024, the current 30% deed tax subsidy policy will continue until the end of the year. In this policy, the acquisition of second-hand housing by the state-owned platform has attracted wide attention in the industry. It is reported that the acquisition of second-hand housing by Chengfa Group will cover eight districts in Zhengzhou. In terms of the acquisition process, people who want to change houses register their intention to sell houses through the aforementioned service platform, and at the same time select their intention to buy houses and sign a "letter of intent to purchase new houses" with development enterprises. Subsequently, the professional real estate evaluation institutions issued an evaluation report after the evaluation of the old houses, and the Chengfa Group and the people who changed houses negotiated acquisitions and applied for loans from financial institutions. Zhengzhou Chengfa said to the outside world that if the negotiations are successful, the funds for the sale of second-hand houses will be transferred to the tripartite supervision fund account, and the money will be used for the purchase of new commercial housing, and the closed-loop operation of funds will speed up the exchange of houses by the masses. "the acquisition of second-hand housing is generally commercial housing with an age of less than 20 years, and we will transform it later for indemnificatory rental housing in Zhengzhou." In the follow-up, Zhengzhou will formulate and publicly release the acquisition plan as soon as possible. According to the demand and gap of indemnificatory rental housing in the eight districts of the city, Chengfa Group will formulate and issue the acquisition plan and purchase housing conditions on the premise of meeting the balance of employment and housing. At the same time, clarify the service procedures of participants such as urban development group, development enterprises, intermediary institutions, financial institutions, evaluation institutions, guarantee institutions and so on. As a whole, we will adhere to the principle of "government support, supervision by functional departments, coordination of industry organizations, participation of professional institutions, and market-oriented operation". "exchanging the old for the new can be regarded as a powerful measure to enhance market activity and replacement efficiency." Guan Rongxue, a senior analyst at Zhuge data Research Center, told China Finance and Economics that under the policies of "denying housing loans" and substantial interest rate cuts, many improved customers enjoy the low down payment and low interest rates of their first suite in order to achieve "sell one and buy one." they hang out their houses one after another, but the road to changing the first set is not so smooth. Based on this situation, individual cities explore new ways, that is, local government enterprises close down, help "trade in the old" to speed up landing, promote the circulation of housing, and open up the primary and second-hand housing market.

It is expected to activate market demand

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"trade-in" is not a new term in various localities. Previously, the governments of Nanjing, Zibo, Nantong, Yangzhou, Haining, Jining and other places encouraged and advocated "trade-in" activities, and even some cities offered official housing exchange subsidies to activate the improved demand of the market. However, in the previous model, not many local governments closed houses directly, mostly in ways such as "joint help to sell" and "housing enterprises to take over" and so on. The first is that buyers, developers, and intermediaries sign a tripartite agreement. After confirming the availability of new houses, buyers will pay a deposit to the housing enterprises to lock in the intended supply, and the intermediary will concentrate resources to give priority to the sale of the old houses of the purchasers. Generally, the old houses will be listed for a period of 3 to 6 months. If the old houses are sold within the time limit, the purchase contracts of both parties will take effect, otherwise the developers will refund the deposit of the buyers. In another model, a third party looking for by a housing enterprise or a real estate enterprise takes over the old house of the buyer, generally evaluating the old house first and transferring the old house to the housing enterprise, which then mortgages the house to the bank to obtain a loan, which is allocated to the buyer as a deduction for the purchase of the new house. Haining City advocates this model, encouraging housing enterprises to buy the stock of people who intend to buy houses. There are only a few cities with local state-owned assets, such as Xuancheng, Taicang and now Zhengzhou. On March 10 this year, Xuancheng Urban Construction Group and Xuancheng State Control Group issued a "trade-in" notice for commercial housing, encouraging residents to use "old houses" in designated areas in the main urban area of Xuancheng City. in exchange for "new houses" in a number of residential areas developed and built by the two groups. Another city, Taicang City, Jiangsu Province, last year also launched a commercial housing "trade-in" policy, in which owners can sell qualified ordinary commercial housing to designated state-owned companies in accordance with the corresponding rules, and buy new commercial housing designated by state-owned companies. "at present, about 18 cities across the country have launched 'trade-in' related policies, but the model is basically for the government-led real estate enterprises, intermediary brokers and buyers to sign agreements. Zhengzhou entered by the official platform and used for the acquisition of indemnificatory apartment, which is more in line with the current market of commercial housing + indemnificatory apartment 'two-track parallel'. " Ke Rui Henan region said. Can this model activate the market more effectively? Zhengzhou Chengfa is expected to speed up the flow of second-hand housing transactions and release cash flow through special funds, capital supervision and closed-loop operations, thereby boosting the new housing market, Ke Rui said. "according to the 10000 acquisition plan and the rough calculation of 100m2 per household, after the completion of the market acquisition, it can effectively stimulate the release of new housing market demand of about 1 million square meters, accounting for about 17% of the new housing transaction area in the main urban area of Zhengzhou in 2023." But there are also views that express concerns about the repossession of state-owned housing, such as the reasonable determination of prices, how to balance funds and other issues. Guan Rongxue said that if the government needs to spend a lot of money to buy old houses and provide indemnificatory housing, how to allocate state-owned funds reasonably and ensure that the implementation of the policy will not impose excessive burden on local finance needs to be carefully considered. According to incomplete statistics, the total number of second-hand houses listed in the main urban area of Zhengzhou is nearly 180000. Although 76879 second-hand houses have been sold in 23 years, the scale of new houses is the first to exceed that of new houses, but they are still facing greater pressure of elimination. On the one hand, the reduction of price leads to the seller's loss and prolongs the sales cycle; on the other hand, the buyer has a long period of incomplete control of market information. Therefore, the transaction price given by the official platform through the evaluation institution will be the key point of policy implementation. " Cleary said.