Author: animal production team leader source: official account: animal production team
The uncompleted residential flats incident is gradually subsided.
The supreme law clearly points out that the risk of uncompleted residential flats cannot be borne solely by the owners. However, with regard to the specific solution of uncompleted residential flats, all parties have not come up with a better solution, and can only temporarily drag on.
As we all know, the pre-sale system of real estate in the mainland comes from the “uncompleted apartments” system in Hong Kong. After the uncompleted residential flats incident intensified, many economists, including Ren Zeping, proposed to abolish the pre-sale system. Only by abolishing the pre-sale system and ensuring the payment of money and the delivery of houses at the same time, can buyers and real estate enterprises be in the position of equal purchase and sale, and can the legitimate rights and interests of buyers be ensured.
Tuyuan futu Niuniu
But is this really the case? We also know that at present, large real estate enterprises such as rongchuang, Evergrande, jiazhaoye, R & F, Huaxia happiness and sunshine city are all in the mire of cash flow shortage to varying degrees. If we cancel the pre-sale system at this time and further cut off the source of funds of real estate enterprises, it is likely to affect more state-owned real estate enterprises and fall into the same cash flow crisis.
At that time, there will be more uncompleted residential flats and more owners’ rights and interests will be damaged. This is a systematic economic problem. The simple and crude cancellation of the pre-sale system across the board is tantamount to making the situation worse and adding fuel to the fire for China’s real estate industry.
Canceling the pre-sale system is the goal, but it can only be delayed, not urgent. Ren Zeping and others are just online economists who attract attention and earn traffic.
In fact, when we analyze the reasons why uncompleted residential buildings are uncompleted, we can find that the core lies in the disappearance of regulatory funds.
The illegal and illegal transfer of regulatory funds is the direct trigger for the large-scale uncompleted development. If we do not cancel the pre-sale system, maintain the real estate enterprises from bankruptcy, and continue to promote the construction of real estate on schedule, there is a way, and there has long been an answer.
The pre-sale system comes from Hong Kong, and the answer to avoid the uncompleted development under the pre-sale system is precisely in Hong Kong. The pre-sale system of real estate in Hong Kong is earlier than that in the mainland, but there are few uncompleted residential flats in Hong Kong. Although Li Ka Shing is always scolded, if you buy a house in Hutchison Whampoa, you really don’t have to worry about the risk of the uncompleted development. In terms of risk control, Hong Kong funded real estate enterprises represented by Li Ka Shing are much more stable.
The debt ratio of mainland real estate enterprises is often more than 80%, but Hutchison Whampoa’s debt ratio has been below 40% for a long time, living within the absolute safety line. In this rotten era, looking back, the real estate regulatory system in Hong Kong is much better than that in the mainland.
When copying Hong Kong real estate operations, the mainland only copied the “pre-sale system”, but did not copy the “regulatory system” behind the “pre-sale system”.
In order to ensure that the rights and interests of owners are protected, Hong Kong has compacted the risks and responsibilities of pre delivery houses on banks and lawyers. When buying a future house, the owner shall pay a 30% deposit first, of which the real estate enterprise can take 5% of the first batch, and the remaining funds shall be deposited into the trust account established by the lawyer in the bank. In the early construction process of the real estate, developers can only use their own funds to pay for the goods of suppliers.
As an independent third party, lawyers are responsible for supervision. Without the signature of a lawyer, real estate enterprises shall not misappropriate the funds in the trust account.
As the depositor of funds and the manager of trust accounts, banks also have regulatory responsibilities. The bank must pay the real estate enterprises in installments according to the building construction progress certificate issued by the architect. The bank will pay 10% when the building is completed, 90% when it is completed, and 90% when it is completed. The bank will pay 100% only after it is completed and delivered.
Why should banks supervise the construction progress of real estate enterprises? Because it concerns the vital interests of the bank. Before the real estate is delivered, the bank shall not sign a mortgage contract with the owner. In other words, before the owners take over the building, the risks are all on the bank, and the owners will not bear the pressure of loans.
Why should we shoulder the risk on the bank? Because compared with the owners, the relationship between banks and real estate enterprises is more fair and equal. Real estate enterprises need banks to provide loans, and banks also need large customers such as real estate enterprises to continue to bring loan business to banks. The two depend on each other, achieve each other, and can also supervise each other. Basically, real estate enterprises dare not rely on the accounts of the bank. In order to ensure the benign loan, the bank will also actively monitor the construction progress of real estate enterprises and allocate funds according to the progress.
In order to prevent real estate enterprises from colluding with banks, Hong Kong has also added a special lock – “lawyer supervision”.
Under these three checks and balances, it is very friendly to the owners. As long as the owner pays the down payment, he can safely wait for the delivery of the building. Anyway, the owner has no mortgage. If the building is uncompleted, the owner can ask for a refund of the purchase price from the bank trust account and buy a new house. The purchasing power of the property market will not disappear, and people are full of confidence in the pre-sale system.
In this case, the uncompleted rate in Hong Kong is extremely low. Because for Hong Kong real estate enterprises, if the real estate market is uncompleted, it will all fall into their own hands, and the real estate enterprises will lose money.
Why is there a large number of uncompleted projects in the mainland? From the root, the mainland only copied the pre-sale system, but did not copy the pre-sale supervision system. The pre-sale funds in the mainland are jointly supervised by banks and the housing authority. However, there are deep interest bundling among real estate enterprises, banks and local governments, which greatly reduces the regulatory effect.
In order to maximize their own interests, all parties transferred the risk of future housing to the owners, so that the owners carried a huge amount of housing loans in advance. Even if the real estate is uncompleted, the mortgage cannot be cut off, and the owner has become the ultimate pot bearer.
To change this situation and protect the rights and interests of owners, in fact, only a small change can be made: before the owner has not collected the house, the owner does not need to pay the mortgage.
In the mainland, banks are the financial father of major real estate enterprises. If the risk is returned to the bank, the supervision effect of the bank on the regulatory capital must be immediate.
The owners have also paid the house price, the real estate enterprises also have development funds, and the pre-sale system can be retained, so as not to damage the existing real estate sales ecosystem, so as to stabilize the real estate industry. Most of the risks and regulatory responsibilities are transferred to the banks,
At this time, whether to cancel the pre-sale system is not so important.