Carrot and stick Real estate policy how to hedge against each other

Real estate Policy a short six-month honeymoon period has passed, replaced by "carrot and stick".　　Since late May, land value-added tax, research levy property tax, capital reduction and other real estate related policy adjustment, in the real estate market set off a stir. The consensus is that the government is controlling a new round of house-price rises.　　If prices follow this momentum, new curbs are believed to be forthcoming.　　After the honeymoon period, the rise in house prices since yesterday, the State administration of taxation, "land value-added tax liquidation management regulations" came into effect, the regulations on land value-added tax liquidation of the prophase management, settlement and acceptance, liquidation and approval of the specific issues such as the imposition of specific provisions. Shanxi Securities researcher Pinghaiqing that at this time, the state issued land value-added tax liquidation management procedures have the following three functions: further improve the land value-added tax management system, increase tax revenue; In these three roles, Ping Haiqing that the third role is more intense.　　CICC analyst Bai also believes that the policy is negative for property developers as a guide signal, mainly to curb the rise in house prices. This is not the first policy to express "dissatisfaction" with the rise in house prices. One weeks ago, the State Council referred to the Development Reform Commission's comments: deepen the reform of the real estate tax system and study the levy of property tax.　　The levy of property tax is seen as a blow to heavy. "Looking ahead to the second half of 2009, we think the industry policy honeymoon period is over. The other side of the policy is the consistent expectation that the price rises are too fast.　　CITIC Securities researcher Cong in his interim report. Starting in October 2008, the real Estate rescue policy, in the beginning of the early spring, the first-tier city housing sales prices began to evolve from the dark Rising.　　Cong that, in order to alleviate public opinion, avoid the development of enterprises to raise prices, the government began to consider the liquidation of land value-added tax, research levy property tax. With the gradual recovery of the economy, the policy has shifted from a simple bailout to a "carrot and stick". The big stick is the policy of the above and possible future to curb the rise in house prices.　　And in order for real estate to play a role in the economic recovery, the government's "carrot" is not stingy.　　May 27, the State Council lowered the minimum capital ratio for affordable housing and ordinary commodity housing projects to 20%, and the minimum capital ratio for other real estate development projects was lowered to 30%.　　Cong that the real estate "leverage" policy will be substantial, at the same time with the price to stabilize some of the public opinion and policy guidance and policies to deter. Pinghaiqing that, from last December to the present, the national Real estate turnover is obvious, real estate business inventory improvement, the government hopes to release some signals and to take appropriate means to maintain the current housing price stability, and thus promote real estate enterprises to increase investment in real estate development, to play a high degree of Housing Industry Association,　　So as to ensure stable economic growth. Real estate developers are short of money and the situation seems to be much better than six months ago. May 21, Fuli real Estate HaoThrow 1 billion won the Canton Canal door 10th, floor premium up to 15000 yuan/square meters, developers seem to be no shortage of money? The reality is that, according to the 2008-year report of March 17, the asset-liability ratio of about 73%, net debt rate of 123.8%, more than 70% of the international cordon. Previously, Li Silian Real Estate Co chairman of the debt rate to reporters that the real estate enterprises in the debt rate of 80% is reasonable.　　According to the Daily said, the 1 billion yuan to take the land, almost have used up the real estate in the first quarter of the 2/3. The developer's capital chain did not imagine the ease of a sudden. Xiao, chairman of Bank of China, said that while the central bank's commitment to easing monetary policy had not changed verbally, it was actually shrinking. The central bank withdrew some liquidity by issuing bills in April, which suggests that although the policies have not changed, the practice is indeed moving in a more prudent direction.　　The tightening of credit policies has made developers more nervous. The policy side does not have the support to the real estate fund blindly.　　Su Xiejing said that the land value-added tax liquidation problem, the market is significantly too low to estimate its implementation, according to its understanding, there are already a number of cities began to develop detailed liquidation plan, the future will have some impact on the cash flow of enterprises. Lack of money, some developers are also missing.　　Has been big six months or even a year not how to "fill the warehouse", or to take a point of no flour to make bread. Linck, chairman of the Golden Land Group, said publicly that in order to develop in 2010 and 2011, the gold land must take the land this year, it is expected to take the funds between 5 billion to 10 billion yuan. In 2008, the Land of gold, if not take the land, next will have no room to sell. Vanke vice President Xiao also said that Vanke may have missed the best time to take ——— last year's 3 quarter.　　If there is no land supplement, Vanke's development momentum will slow down. But not in the imagination of the fiery, take a bit of a hot actually is the various cities launched the plot reduced.　　Most cities are unwilling to cut prices to land, and the slowing down has turned into a seemingly land-auction sentiment. "If you push 10 bucks, you'll change the developer's expectations right away."　　As a real estate business, Ren Zhiqiang interprets the new king of real estate. Our correspondent Jongming Siao May real Estate policy from May 20 the State administration of Taxation issued on its website on the issuance of "land value-added tax liquidation management regulations" Notice, the land value-added tax liquidation of the prophase management, settlement, liquidation and approval of the specific issues such as the collection of specific provisions.　　The code will take effect from June 1 onwards. May 25 The State Council on its website issued the State Council forwards Development and Reform Committee on the 2009 to deepen the work of economic reform notice.　　Mentioned: Study on levying property tax. May 27 The State Council issued the State Council on the adjustment of the capital ratio of fixed Assets investment Project notice, the housing and ordinary commodity housing projects to the minimumThe principal ratio was lowered to 20%, and the minimum capital ratio for other real estate development projects was lowered to 30%.