Yesterday, some insiders broke the news that the relevant departments recently issued relevant opinions on the supervision of pre-sale funds for urban commercial housing, focusing on clarifying the regulatory provisions for pre-sale funds to be unified nationwide.
The document stipulates,
The pre-sale fund of the project includes the deposit, the down payment, the purchase price, etc., which all need to be deposited into the pre-sale fund supervision account to ensure that the special funds are dedicated to project construction, construction funds and other related expenditures; the progress of the pre-sale funds should be carried out according to the progress of the project construction, and the specific housing and urban-rural construction departments should be determined by the housing and urban-rural construction departments; the pre-sale fund supervision quota is approved by the municipal and county-level housing and urban-rural construction departments according to the project contract, project cost, etc., to ensure that the funds required for the completion of the project are guaranteed, and the remaining funds after reaching the regulatory quota can be withdrawn and used by housing enterprises.
The introduction of this document is conducive to standardizing the use of pre-sale funds, clarifying the regulatory responsibilities of relevant local departments, and further promoting the stable and healthy development of the real estate industry, innovating the urban land market, and alleviating the financial pressure of housing enterprises.
1 The importance of pre-sale regulatory funding
If you want to fully understand the significance of this opinion, you must start from the pre-sale system of commercial housing and the pre-sale regulatory fund policy, the former Xiaolou has focused on the analysis in the previous article, and we only talk about the pre-sale regulatory fund policy today.
The reason why there is a supervision of commercial housing pre-sale funds is because the mainland adopts a pre-sale system when selling commercial housing, that is, off-plan housing sales, and the pre-sale of commercial housing does not require the completion of housing construction, and the real estate development enterprise will agree with the buyer that the commercial housing that has been built but has not yet been completed or will be built will be agreed with the buyer, and the buyer will pay the deposit or advance payment, and own the purchased house in a certain period of time in the future.
It can be understood as "paying the money first, and then collecting the house". Taking Zhengzhou as an example, from the opening of the project to the actual delivery, the time span is about 2 and a half to 3 years.
The Urban Real Estate Management Law promulgated in 1994 made principle provisions on the pre-sale system of commercial housing, and in November of the same year, the Administrative Measures for the Pre-sale of Urban Commercial Housing were promulgated, and in 2001 and 2004, after two revisions, the regulatory rules for pre-sale funds were further improved.
The pre-sale fund of commercial housing refers to the purchase price paid by the buyer to the developer in accordance with the contract for the sale and purchase of commercial housing, which generally includes deposits, down payments, follow-up payments, bank mortgage loans and housing provident fund loans according to the different regulatory contents of various places.
For example, Hangzhou, Ningbo, Wenzhou, Huzhou, Zhuhai, Chengdu and other places clearly require the provident fund loan part; Beijing, Chengdu, Zhuhai, Foshan, Dongguan, Zhengzhou, Hefei, Kunming and other places have clear requirements for the deposit part; Tianjin, Hengyang, Urumqi The regulatory requirements for pre-sale funds are vague and "simple and rude".
Why is pre-sale regulatory funding important? Because it directly affects the availability of funds for real estate development enterprises.
According to data from the National Bureau of Statistics, in 2021, the funds in place for real estate development enterprises will be 201132 billion yuan, an increase of 4.2% year-on-year, and the scale will hit a record high, but the growth rate will be at a new low in the past six years.
The cumulative value of sales proceeds (deposits and advance receipts + personal mortgage loans) in real estate funds in place will reach 106334 billion yuan in 2021, accounting for 52.87%, exceeding 50% for the first time in the past years, indicating that the current housing enterprises are more dependent on sales collection.
Housing enterprises in place funds either rely on sales, or rely on financing, more than 50% of which are directly related to sales, so the deposit and pre-sale funds, personal mortgage loans and other financing channels self-financing directly determine the ability of enterprises to return blood.
For housing enterprises, the current financing environment continues to tighten, financing channels are narrowing, self-financing support for enterprises is difficult to sustain, and the amount of personal mortgage loans depends entirely on the amount of commercial housing sales.
2 Pre-sale regulatory funds new deal focus
Although the full text of the opinion has not yet been fully disclosed, from the content currently under control, the opinion clarifies the basic criteria for the supervision of pre-sale funds. The supervision amount, scope of payment, and access conditions of regulatory funds are clarified.
For the first time, the supervision of pre-sale funds has been unified nationwide.
In the 2004 version of the "Measures for the Administration of Pre-sale of Urban Commercial Housing", the conditions that should be met for the pre-sale of commercial housing, the materials to be submitted by development enterprises to apply for pre-sale permits, and the procedures for handling the pre-sale of commercial housing were clearly stipulated, but in fact, for so many years, the pre-sale management system for commercial housing in various places has been formulated by the provincial (autonomous region), municipal and county real estate management departments, and there is no unified standard in the country.
Pre-sale regulatory funds are divided into general regulatory funds and key regulatory funds. The regulations on the supervision amount of key funds for pre-sale are not the same in different places, and are basically divided into several types based on the pre-sale amount, the project cost as the benchmark, and the construction cost per square meter as the benchmark.
For example, in November last year, Chifeng City issued the "Chifeng City Commercial Housing Pre-sale Funds Supervision Measures" and "Chifeng City Stock Housing Transaction Funds Supervision Measures". The document stipulates that the key supervision funds are 1.2 times the total project cost of the project, and the total project cost is subject to the agreed price of the project construction contract; the general supervision funds are pre-sale funds other than the key supervision funds.
Pre-sale funds focus on supervising cities based on the construction cost per square meter, including Beijing, Chengdu, Jinan, Nantong and other places. Beijing is not less than 5,000 yuan per square meter; Chengdu Qingshui construction cost is 3,500 yuan per square meter, and decoration projects are 1,500 yuan per square meter; Jinan has an average construction cost of plus or minus zero and supporting costs in the community are 3,300 yuan per square meter; the key supervision fund standard for Nantong billet houses is 3,000 yuan per square meter, and the finished house is 4,000 yuan per square meter.
The key supervision of pre-sale funds in Chongqing, Taiyuan, Guangzhou, Huizhou, Foshan, Kunming and other places is based on the total amount of pre-sale, with a minimum of about 10%, the highest is Kunming, and the proportion of supervision funds for first-level supervision projects is raised to 100% of the total pre-sale amount of the project.
Taking zhengzhou, Xiamen, Lanzhou and other cities representatives, the supervision of pre-sale funds is based on the total amount of project construction project funds, and Zhengzhou is divided into 1A/2A/3A enterprises according to the enterprise level, and the regulatory funds range from 105% to 120%.
In addition, the supervision of pre-sale funds in Tianjin, Wuxi, Xi'an and other places is relatively general, and it is necessary to combine the real estate surveying and mapping situation or supervision system.
Guarantee flexibility in the use of funds.
The original intention of the pre-sale supervision fund system is to standardize the rational use of project pre-sale funds by housing enterprises to ensure the smooth completion and delivery of the project, and to reduce and prevent work stoppages and bad tails. The new opinions can greatly improve the flexibility of the use of pre-sale funds.
According to the content revealed, the pre-sale payment, including the deposit, down payment, mortgage payment and other forms of purchase money, should be deposited into the pre-sale fund supervision account in full. The funds within the supervision quota in the pre-sale fund supervision account must be earmarked for special purposes, and the purposes of use include construction materials, equipment, construction and other related expenditures.
In addition, the amount of pre-sale funds supervision is approved by the urban and rural construction departments at the city and county level according to the project cost contract, etc., to ensure the completion of the project. When the funds in the account reach the regulatory quota, the funds exceeding the quota can be withdrawn and used freely by the housing enterprise. The specific allocation nodes shall be determined by the urban and rural construction departments at the city and county level in various localities.
The provisions can enhance the flexibility of pre-sale funds for commercial housing, improve the liquidity of payment collection, help alleviate the financial pressure of housing enterprises, and also have a positive effect on the internal circulation of the real estate industry.
Clarify the regulatory responsibilities of relevant local departments
Who is the main department of pre-sale fund supervision? Housing department? A commercial bank that opens an account? Builder or supervisor, etc.? Or the developers themselves?
Due to the lack of unified regulations throughout the country, it is more common for all localities to be unclear about the responsibility for the supervision of pre-sale funds for commercial housing. Taking Zhengzhou as an example, the main regulatory body of the project pre-sale fund account is the development enterprise and the bank, and the housing and construction department can only play the function of supervision and coordination in the supervision of funds, and does not have the ability to force the development enterprise to pay the regulatory funds.
The promulgation of the new document will change the unclear responsibility for the supervision of pre-sale funds for commercial housing in various places.
It is boldly predicted that the follow-up localities will formulate implementation rules according to the new principles, and it is believed that the relevant departments in various regions have already carried out corresponding work.
Some insiders said that in the current situation where the pressure of local governments to "guarantee the delivery of buildings" is relatively large and the use of enterprise pre-sale funds is restricted, the introduction of new national pre-sale fund management measures is conducive to guiding the local "guarantee and delivery of buildings" at the same time, it will play a positive role in alleviating the current pressure on enterprise funds and improving the efficiency of the use of funds, which is conducive to safeguarding the legitimate rights and interests of home buyers, stabilizing the expectations of home buyers, and also conducive to opening up the recycling of funds and promoting a virtuous circle in the real estate industry.
Finally, in the near future, it can be clearly felt that the real estate industry has picked up significantly from the policy side, and the clarity of the market is also worth looking forward to. However, the financial pressure of housing enterprises has slowed down, will the price of houses rise?