Back in 1996, the first real estate capital cut in 13 years

May 27, the State Council announced the results of the adjustment of capital ratio of fixed assets investment projects, among them, the minimum capital ratio of investment in ordinary commodity housing projects from 35% to 20%, is one of the biggest benefits of this adjustment.　　This was the first time since the establishment of the capital ratio system for real estate projects in 1996, and has been restored to 1996 levels.　　Although the real estate ushered in a round of "small spring", but investment growth rate is far lower than fixed assets investment, to the shadow of the inventory does not disappear, the housing enterprises face "panic disease."　　2008 Real estate investment of 3.5215 trillion yuan, the proportion of the capital cut 5%-15%, the second half of real estate investments estimated to release about 300 billion yuan of capital, according to the current proportion of capital is expected to drive tens of billions of dollars of investment. Real estate industry starts dispirited capital ratio returns to 1996 level May 27, the State Council officially announced the "on the adjustment of fixed Assets investment project Capital ratio notice" (Guo (2009)27 number), refined the different sectors of fixed assets investment capital ratio.　　Among them, the guarantee housing and ordinary commodity housing project's minimum capital ratio is 20%, other real estate development project's minimum capital ratio is 30%. China's restrictions on real estate capital began in 1996.　　The State Council published the "notice on the trial capital system of Fixed Assets Investment project" provisions, according to the economic benefits of different industries and projects and other factors, the proportion of investment project capital accounted for the total investment. 2004, due to the overheated economy, the central government's real estate development projects (excluding affordable housing projects) capital ratio from 20% and above to 35% and above.　　The reduction has restored real estate project capital ratios to 1996-year levels. The reduction in capital ratios stems from a shortage of investment stimulus funds. The audit of 4 trillion investment projects announced by the Audit Office recently showed that as at the end of March 2009, the audit focused on 18 provinces (districts, municipalities) 335 new investment projects, the overall capital in place rate of 64.03%, of which the central budget investment funds in place rate of 94.01%,　　Local supporting funds in place rate 47.98%, the shortage of funds has restricted the progress of investment projects.　　Real estate investment is so, although the real estate ushered in a round of "small spring", but its development investment did not quickly follow up, to the shadow of the inventory did not disappear, the housing enterprises face "start panic disease." Tente, director of the Galaxy Securities Institute, said that from the real estate industry, a brief rebound in sales data has not stimulated the industry's investment enthusiasm.　　January-April, the National commercial housing sales area of 176.25 million square meters, an increase of 17.5%, but real estate investment is still depressed: first quarter real estate investment growth of 8%, down 26.7%, lower than the social fixed asset investment growth of 20.8%. Since the end of last year, although 4 trillion of the country started big investment in full swing, but the total real estate investment growth is far lowerInvestment in fixed assets, the new start area has also dropped sharply. Real estate business to reduce supply and stable prices, resulting in "small spring" looks very beautiful, as well as the rise in the price deformity.　　But this "low start to maintain the rise in housing prices" model is unhealthy, the country clearly wants to guide the industry to expand investment, the formation of a virtuous circle. The release of 300 billion funds is expected to pull up the trillion investment in 2008, China's real estate investment of more than 3 trillion, of which its own capital investment accounted for 30%~40%. The proportion of the capital cut 5%-15%, will be the second half of the real estate investment release at least 300 billion capital.　　The current capital ratio is expected to drive tens of billions of dollars in investment. In the eyes of Jinhuagong, a joint securities researcher, the developer's confidence has returned. At the same time this February the emergence of commercial housing sales growth of the upward inflection point, should be the source of confidence developers. The developer's confidence, it observes, has begun to be transmitted to the growth of the area under construction.　　In April this year, although the new area of commercial housing growth rate is still 15.57%, but compared to the March growth has not worsened.　　Market participants believe that the Government has introduced such a policy, but only for two points: to stimulate real estate investment by lower Capital, the second, is to increase the level of affordable housing and ordinary commercial housing capital ratio, with a view to increasing market supply and stabilize prices. "The big advantage of this policy is that it increases the supply of housing. Yang Hongxu, manager of the Shanghai Institute of Real Estate Research, said that the reflection of the 04-06-year housing control, while tightening the root and money, resulting in tight supply, and demand continued exuberant, housing prices naturally difficult to fall. This year, many cities across the country have renewed demand, at a time when the most important thing is to increase the supply of housing.　　and reduce the proportion of project capital, help developers to increase the amount of work, promote market supply and demand balance, conducive to curbing the rapid rise in prices. "The government is trying to reduce house prices, or a new policy in the second half will tame prices." "Market personage Wu Chilen thinks, although levying property tax can restrain to a large extent and crack down the market speculation, and to a large extent to make the market wait and see atmosphere thickens, can property tax is not in a short period of time, although the lower capital will increase the supply of the market, which may lead to stability or decline in housing prices,　　But such a policy is very likely to make the developers in the case of the money is no longer tight mentality become optimistic, and then cover the plate reluctant, drive up prices, sales fraud and so on. In addition, the start-up of real estate investment will take time, Tente believes that, from the investment to economic growth, on the one hand, financial investment and credit support caused the formation of infrastructure capital accelerated, on the other hand, the expansion of enterprises and real estate investment continued to slump, even if real estate investment in the three quarter,　　The growth of new capital in the whole society is likely to return to a relatively high level at the earliest three quarters. This reporter Jongming Siao intern