China
Special
Cheng Tianfu, Dean of the National University of Singapore's National University of Singapore, pointed out that Singapore's house purchase funds must be deposited in the exclusive regulatory account of the project, which are issued according to the progress of the project.Powerful supervision to ensure that funds are not abused.
"Who will have money in the future who build a house, don't build no money or strength, you can't throw the bags to the people and society."
After more than half a month after the suspension of loan tide fermentation in China's rotten tail building, Economist Ren Zeping wrote an article calling for the cancellation of the pre -sale system of the commercial housing., "Pay money in one hand, pay the house in one hand."
The pre -sale system of commercial housing in China has been implemented in China for nearly 30 years, and the controversy caused by in recent years has continued to increase.Over the past month, hundreds of real estate owners across China have stopped paying mortgages to banks because they are worried that the project is worse, and once again pushed the pre -sale system to the forefront of public opinion.Some people regard the pre -sale system as the source of the bad tail building, and some people think that it is just a sinful lamb.
Pre -sale of commercial housing refers to the real estate developer to the buyer pre -sale of the housing housing before the completion of the commercial house.Such a sales method first appeared in Hong Kong, and later gradually promoted in mainland China.In 1994, China officially promulgated the administrative measures for pre -sale of urban commercial housing, allowing developers to "sell the houses that are under construction in advance to the contractor" and establish the legitimacy of the pre -sale system.
According to Ren Zeping's statistics, the area of housing in the pre -sale and sale last year reached 1.56 billion square meters, accounting for 87 % of the total sales area of commercial housing.The pre -sale system has become the main sales method of Chinese commercial housing.
The advantages of pre -sale systems in many Asian countries such as Xintang are obvious
Cheng Tianfu, Dean of the National University of Singapore National University, pointed out in an interview with Lianhe Morning Post that the pre -sale system is widely used in many Asian countries such as Singapore and Japan.The advantages of such sales methods are obvious: it reduces the financing cost of developers, shorten the cash recovery cycle, and reduces the risk of price fluctuations during real estate construction.
Cheng Tianfu said: "For Chinese real estate projects with huge scale and high investment, the pre -sale system is particularly important. It helps developers solve the problem of cash flow and allow buyers to buy a lower price."
However, as the phenomenon of rotten tails intensified, the call for canceling the pre -sale system in recent years has gradually increased.At this year's "Two Sessions" (National People's Congress and the annual meeting of the CPPCC), many representatives of the Congress of the Congress suggested that the sales of existing housing replace the pre -sale system.
Lu Tianxi, deputy to the National People's Congress, Director of the Housing and Urban -Rural Development Department of Jiangxi Province, said that under the current pre -sale system, the buyers' prepaid house purchase funds, including the down payment and bank mortgage loan, etc.Pre -sale funds account.Once the project is rotten, it will cause huge losses to the buyers, and it will also cause social disputes and unstable problems.
In contrast, when buyers in Singapore purchased pre -sale houses, there is no need to have a full mortgage house.Generally, after the buyer pays 20 % of the down payment, pay in installments according to the project progress. For example, pay 10 % after completing the foundation, pay 10 % after the overall framework is completed, and pay 5 % after the wall is completed.
Cheng Tianfu introduced that Singapore's house purchase funds must be deposited in the exclusive regulatory account of the project and issued according to the progress of the project."The progress of the project is not calculated by the developer, but the bank will issue funds after the certified construction work material surveyor and the architect verify the signing.Fund is not abused. "
In fact, China also requires all pre -sale funds to enter the regulatory account.However, insiders in the industry disclosed that because the implementation of the supervision is not in place, the bank's pre -loan to the housing enterprises and project funds is not uncommon for him to use it.
Huang Tao, general manager of Guangdong Central Plains Real Estate Project Department, said in an interview that Hong Kong and Singapore's property market is mature, coupled with the small market size, and the difficulty of supervision is relatively low.In contrast, the development of the property market in different regions of mainland China has rarely appeared in first -tier cities with stable supply and demand and relatively standardized market supply and demand, and rarely rotten projects have occurred, while third- and fourth -tier cities have become the severe disaster -stricken areas.
"When the market was hot in the past, the real estate was sold hot when it was launched, and the funds turned quickly, even if there was any chaos. In the past two years, the economic downturn, the demand for the property market was weak, and the problem was exposed. For example, the developer misappropriated the project A.Go to develop project B in the pre -sale model. Once the project B is not sold well, the project A's project funds cannot keep up, so you have to stop working. "
When a high -speed development of the property market steps on the rapid braking, the high turnover and high leverage model of the pre -sale system fails; the long -term tight capital chain breaks, resulting in the interruption of the project construction. The buyer is forced to stop the mortgage.The security of bank funds is damaged ... The environment with a weak overall economy has exposed the pain points of the Chinese real estate market for many years, and the risk of the Domino brand effect is gradually expanding.
The China Banking and Insurance Regulatory Commission has stopped loan twice this month, and it is an important opportunity to deal with the current problem. It is an important opportunity to realize the real estate model.Signal.
If it is changed to the existing house sales immediately, it will exacerbate the development of the developer's capital
Cheng Tianfu's analysis, if it is immediately changed to existing housing sales, it will exacerbate the pressure of developers' capital and increase the risk of broken capital chain.On the other hand, the supply of real estate will drop rapidly, which will lead to soaring house prices. In the short term, it will not help alleviate the dilemma of the Chinese property market, but may cause new instability factors.
"The pre -sale system is widely implemented in many countries to prove the reasonableness of its existence. Instead of canceling the pre -sale system, it should also strengthen the supervision of developers and banks to ensure that funds should be used in where they should use." A spokesman for the China Banking Regulatory Commission and director of the Regulations Department, Xiang Xiang, responded in the media after a press conference on the 21st of this month. Whether the pre -sale of the housing pre -sale of the housing was related to the entire real estate model, and the state will consider this issue."This involves not only financial regulatory policies, but also requires coordination of many departments such as the Ministry of Construction and the People's Bank of China."
Huang Tao believes that the cancellation of the pre -sale system cannot be cut one by one and can go step by step."At present, most cities in China are still based on new house transactions, and the pre -sale system still plays an important role in maintaining market stability. When second -hand housing transactions in some cities occupy the mainstream, they can gradually cancel the pre -sale system and change to 'first -hand houses, first -hand delivery, and first -hand delivery.Money '. "
