You may have forgotten that at the end of February last year, the People's Bank of China and the China Banking and Insurance Regulatory Commission drafted the "Opinions on Financial Support for the Development of the Housing Rental Market (Draft for Comments)", which was still at the stage of soliciting opinions, but the direction of the policy has been obvious, and financial means should be used to support the rental market. After nearly a year of brewing, the relevant policies have finally landed, which can also be said to be a blockbuster nuclear bomb in the rental market.
On January 5, according to a report by CBN, the People's Bank of China and the State Administration of Financial Supervision and Administration issued opinions on financial support for the development of the housing rental market, referred to as the 17 articles of housing rental finance, which will be officially implemented on February 5. First of all, the overall positioning, the house is for living, not for speculation, and the rental finance business should be strictly used for the development of the housing rental market. The supply-side reform of housing focuses on solving the housing problems of new citizens, young people and other groups in large cities.
The key support in this opinion is the development of professional and large-scale housing rental enterprises of self-owned properties. Three different credit product options are also given:
The first is housing rental development and construction credit, the loan term is generally 3 years, the longest is not more than 5 years, you have no money to engage in rental development, you will be given a loan for three years, do not worry about development funds.
The second is the bulk purchase of rental housing by groups, with a loan term of no more than 30 years, and the amount does not exceed 80% of the appraised value of the property, and the interest rate is determined by the commercial bank at its discretion. This is a lot of space, that is equivalent to eligible enterprises or institutions can buy stock of idle housing for affordable rental housing, specializing in long-term rental enterprises can also operate in this way to operate long-term rental business, on this thing, it can be glimpsed that in the near future we will definitely give birth to several leading housing long-term rental enterprises, now is still the time for second-hand landlords to make oil and water, and then the professional capital team will come on the field, and the rivers and lakes will be unified。
The third is the housing lease operating loan, where the housing leasing enterprise operates long-term rental housing with its own property rights, the term of the housing lease operating loan shall not exceed 20 years, and the loan amount shall not exceed 80% of the appraised value of the property in principle. In the case of non-self-owned leased housing formed by renovated factories, commercial office buildings, urban villages, etc., the term of the lease operation loan shall not exceed 5 years, and the loan amount shall not exceed 70% of the total rent receivable during the loan term. This is also easy to understand, if you want to engage in this business, if you have your own property rights house, you will be given a 20-year loan; in case unfortunately, your company does not have your own house, and you want to use someone else's house in an urban village to empty gloves white wolf, then a maximum of 5 years of loan, and your rental income is your first source of repayment, the higher your rent assessment, the more money you can borrow.
Where does the money come from, the opinions have also made it clear, there will be diversified financing channels opened, including commercial banks issuing financial bonds for housing leasing, housing leasing enterprises issuing bonds, housing rental guarantee bonds, real estate investment trusts, financial institutions, Asset management institutions regulate investment in housing leasing related financial products, etc., as long as you can think of the channels, almost all of them have opened the door to the rental financial market, which is equivalent to arching the money to the rental market, so what the follow-up capital will do, I believe everyone should be able to think of it.
According to the data of the China Index Research Institute, in 2023, the total sales of the TOP100 real estate companies will be 6,279.10 billion yuan, a year-on-year decrease of 17.3%, of which the monthly sales in December decreased by 35.9% year-on-year, 4 fewer 100 billion real estate companies, and 14 fewer 10 billion real estate companies. The national land transaction area was 1.28 billion square meters, down 20% year-on-year, and the total transaction volume was 3.9 trillion yuan, down 17% year-on-year Compared with the peak of 8.7 trillion in 2021, it is nearly 4.8 trillion less, it can be seen that now the houses in the hands of real estate companies have formed a dammed lake, the land plots in the hands of local governments are depreciating, and the listing volume of owners continues to hit new highs.
How to deal with the stock of housing in the past is a headache, if it has been vacant, it is equivalent to wasting resources in vain, and the contradiction of housing demand in big cities has always existed, but in the past the rental market has always been a lack of financial attributes, in many urban villages derived a large number of second-hand landlords are quietly making money, of course, there are many individual landlords, in the rental income is a lack of tax supervision, this is also a complete loss of official income; and after a few years of downturn, we also found that there are many houses are vacant, including the stock of state-owned assets and real estate companies have developed houses that have not been soldIn the past, when the market was good, because of the rise in housing prices, these houses could lie down to make money, the later they sold, the better, and now they have fallen into an embarrassing situation, only the price can be sold, but some houses are difficult to ship even if they drop a lot, so how to solve this problem? Rental will be another good spare tire program.
For example, in 2018, Vanke's long-term rental brand Boyu proposed the Wancun Plan in Shenzhen, which acquired low-cost houses in batches, and then carried out professional renovation and unified management to provide standardized high-quality low-cost rental housing. Spending a lot of money, a large number of cheap houses near the park were acquired, but after the opening of the rent, the rent of the apartment was about 50% higher than the rent of the original urban village, and it was almost difficult for everyone to accept this price, at that time, nearly 2,000 village buildings were signed, and the monthly payment was as high as hundreds of millions of yuan, and shortly thereafter, the 10,000 village plan was stopped. Because there was no such financial support at that time, and some time ago, the unified rent of Baimang Village in Shenzhen was also on the hot search for a while, because the pressure of public opinion was also suspended, and the cost of unified rent in urban villages was indeed placed here.
Therefore, if the bone of the urban village is difficult to gnaw down, whether it is feasible to put other stock houses into the market as rental housing depends on whether the leasing company hopes to make money through the rental market, or hopes to make money in the capital market after doing large-scale, and the source of all the money in renting is rental income, just like the developer's income is mainly from selling houses, and of course, the profit from property fees. On the one hand, it is to reduce the pressure on developers to sell houses, on the other hand, to reduce the inventory and circulation of new houses in the market, resulting in a certain shortage, and to rapidly increase the number of so-called affordable housing, so as to achieve the goal of affordable housing in key cities.
Therefore, we still have to continue to observe how the following will develop, but it is certain that renting will become more common in big cities, in the past, many people always disliked why people in developed countries abroad do not like to buy a house and like to rent, in the future we may slowly understand, and the tax of renting with the income of real estate tax will be a new local income growth pole, and now it is still the stage of doing the bureau, and when this bureau matures, everything is ready only to be issued.
Of course, high-end commercial housing will still take the route of local auctions in the future, the price can far exceed the current average price, and even give more rights and interests, which ordinary people can't remember, just like Rolls-Royce, born with it, there is no, you can't afford to send you a 100,000 voucher, what to do if you can't afford to buy it and can't pay real estate taxes in the future, rent a house honestly, live in affordable housing, and then take your salary to spend well.