Still Lots Govt Can Do to Cool Housing Market

First, Hangzhou, Shanghai and Beijing all pass more buying restrictions at the end of April. Hangzhou is requiring developers who keep property must rent it out, and cannot sell or transfer it. Shanghai tightened land use regulations as did Beijing. Beijing also added provisions that allow the city to retake land from developers who violate regulations.

iFeng: 一季度地价大幅上涨 京沪杭三地一周连出土地新政

There are lots more regulations that could be unleashed if the housing market doesn't respond.

iFeng: 消息人士：政府只要下定决心调控楼市 储备手段有的是

Held on April 25, the CPC Central Committee Political Bureau meeting clearly gave the real estate industry a new signal, that is, the property market regulation and control policies are more ruthless big strokes will continue to come out of the oven.

...Prior to this, the National Development and Reform Commission, deputy director of Ning Ji Zhe has revealed that the regional real estate, structural contradictions to the macro-control put forward higher requirements, the relevant departments are in full swing to develop long-term sustainable and healthy development of long-term Mechanism, will be hot on the city housing prices may bring bubbles to prevent and control, while insisting on the three or four lines of the city to the inventory policy.

Despite the introduction of the "9.30" New Deal in 2016, it did not prevent prices from triumphantly spreading to 2017. Until March 17 this year, Beijing to further upgrade the property market regulation and control policies, the implementation of "recognition and approval of loans." Beijing has introduced the most stringent control policy has also set off a nationwide follow-up, according to incomplete statistics, the country has more than 20 cities to implement the "recognition of the room and credit."

In the current round of regulation and control of the biggest bright spot in the supply side of the "restricted sales", although Beijing's "sale" that the purchase of commercial housing business again listed transactions, to be 3 years and above, only stay in the enterprise level, but its Opened in 2017 the property market regulation "restricted sales" window, and then follow the city is further "limited sales" extended to the individual level, such as Xiamen, Hangzhou, Fuzhou, Guangzhou, more than 10 cities.

Yiyou Research Institute think tank research center director Yan Yuejin explained that after buying a house for a certain period of time to sell, which means that the time cost of holding a substantial increase in real estate, and the possibility of short-term cash transfer plummeted. This is equivalent to a certain period of time, the freezing of the real estate liquidity, is conducive to combat speculators speculation mood.

In addition, this round of control in addition to the above measures, but also continue to improve the down payment ratio, the full cancellation of mortgage concessions, shorten the loan years, to combat the irrigated housing prices and other illegal intermediaries.

The details of this regulation is that the property market is not hot, facing the task of inventory and even state-level poor counties have also influx, such as Tianshui, Ganzhou, Chuzhou and other cities, the face of inventory pressure, also have to buy. While the state-level poverty-stricken counties in Anhui Linquan County, emergency restrictions on housing prices, in this regulation also caused controversy.

From the purchase to the limited loan to the limit to sell, the property market regulation continue to overweight, this from the hot spots of a second-tier cities spread to three or four lines and even poor counties and cities in the regulation of the storm, is slowly highlighting the power.

...Associate Securities Managing Director Li Qilin, Associated Securities Research Institute Macro Group Zhang Deli believes that the content of long-term mechanism may include people to hook, dynamically adjust the land supply, shed reform monetization. Yidan, a senior researcher at the Bank Financial Research Center, pointed out that the content of the mechanism or the real estate tax, 70 years of property rights, the positioning of the purchase policy, the development of the leasing market, the supply rules of the land market

Chain home research institute president Yang is now that the long-term mechanism is the most important mechanism is to revitalize the stock, more play the role of the stock market, the property of different property rights to the largest degree of circulation or use, especially non-commercial housing circulation ; The recycling of old homes, from a wider range of channels to release more supply, this is the most fundamental long-term mechanism.

For the stock room market, Zuo Hui, chairman of the chain group, according to the market value of 2016 to estimate the stock of Chinese housing a total of about 220 million units, a conservative estimate, the market value of more than 200 trillion yuan, but today the stock of the property flow rate is only 2%, the prospects for the development of China's real estate should be more dependent on the stock how to make an inventory.

"In the case of such a large stock, China should promote the reform of the entire real estate tax as soon as possible, through the holding tax to allow China's assets flow, so that we do not speculation house, let the house return to the property.