Land Ministry investigates 35 city housing costs who earns the most money

The Ministry of Land and Resources recently issued a circular to deploy the 2010 urban Land Price survey and monitoring work. Slightly different from previous years, this year, a new job-need to complete Beijing, Shanghai, Guangzhou, Harbin and other 35 key cities of commercial housing cost composition survey and monitoring.　　Under the background of the recent intensive market regulation policy, this research is quite interesting. China's national Federation of the two sessions during the last session of the Congress submitted the "Why is the high price of our house" speech, said a survey shows: Real estate project development, land costs accounted for the highest proportion of direct costs, to 58.2%. The Ministry of Land issued a special report last July that, through the survey of more than 600 real estate projects, the cost of land prices in the proportion of the average of 23.2%, so that land price is not the decisive factor. The report also points out that developers ' ultimate direct profit should be around 40%.　　But some well-known property developers publicly said that the industry's average return on assets of less than 5%, the average profit margin of only about 8%. Faced with various statements and data, the people confused. The investigation of the Ministry of land can unlock the composition of the house price puzzle? In the face of the continuous warming of property control measures, who should give up the original high income?　　People are cautious and wait and see. The price is one times higher than the cost, profit margin is only 8% to clear the basic structure of building costs, you can know whether the real estate business profiteering behavior, and this is doomed to a difficult interview.　　Most of those who were willing to disclose the actual operation of the industry to this newspaper have also expressed reluctance to be named. Building cost is generally composed of land price, construction cost, tax, financial cost and company operation cost. Close to this newspaper industry insiders introduced, the cost of Jian ' an and tax and other basic are relatively fixed.　　Take Shanghai As an example, the current construction costs (refers to the entire community) in the basic 3000-5000 yuan/square meters, water, electricity, coal, television, telephone, fire, drainage facilities, such as access to 500 yuan/square meters, the other need to pay the housing supporting costs of 240 yuan/square meters. The industry said that, according to the quality of each commercial housing community, the so-called housing prices in Shanghai (rough Room) generally in 4000-6000 yuan/square meters of the range.　　If the floor price of 10,000 yuan/square meters, plus the sales of about 6% of the business tax and related surcharges, as well as the company's operating costs and financial costs, then the cost per square metre should be around 18,000 yuan. In this case, reporters to a number of real estate company executives consulted, they gave a sales price of almost no less than 36,000 yuan/square meters.　　This is "100% profit"! However, developers do not do so. In their formula, time is added. A real estate company general manager said: "A property from buy land to all sold out, the basic need to take 5 years or so, get 100% to remove 5 years, then the annual profit is only 20%." "This profit is only theoretical. The general manager said. Because according to the example in the discussion, the financialThis calculation, the real estate company must have a very abundant capital, the ratio of loans to banks is low. "If you borrow at a bank-imposed ceiling, then the financial costs will be higher, and because bank lending takes longer and more paperwork, many Shami companies opt for social financing platforms such as trust funds, where interest rates are generally 10% to 15%, well above the 6.5% per cent of banks, So the actual profit margins in the industry are much lower. "Project funds and corporate capital returns are confused Lang ping in an interview, said the real estate is profiteering industry is beyond doubt."　　Last year, including the central enterprises, so much capital access is the most straightforward evidence. Seemingly unassailable cost calculation, where is the loophole?　　Real Estate economics experts, who do not want to be named, point out that the real estate business is confusing the return on investment of project funds and corporate capital. The expert said that at present, when discussing the composition of real estate prices, they are calculated according to the project funds, such as the total investment of 10 billion yuan of real estate projects net earn 10 billion yuan, divided by 5 years of project completion time, to get 20% of the project funds return. However, being overlooked by the public or is deliberately forgotten by the industry, the actual investment of the enterprise is how much?　　The so-called total investment of 10 billion yuan, including the enterprise's own funds and loan funds two parts, if the enterprise's own capital investment for 5 billion yuan, the last net earn 10 billion yuan, then its corporate capital return is 40%. In fact, in 2009, a variety of sources of funds from the trust fund flooded, in order to speed up the pace of investment, developers can even before the company to borrow money. Although interest rates are about a few times higher than banks, many real estate companies are still willing to work with trust funds to expand their size. In this case, some enterprises take the land even appeared "0 own funds".　　On this basis, it is the most realistic and objective to recalculate the profit margin of real estate enterprises. Shanghai Hundred Peak Investment Consulting Co., Ltd. General manager Zhang Wei told reporters, last year is looking for investment projects everywhere, but from the beginning of this year, the wind gradient.　　At present, foreign investment banks such as Morgan Stanley and Goldman Sachs have largely liquidated their property investments in China, while domestic funds are also beginning to look largely on the sidelines.　　Strict investigation of idle land, highlighting the government's determination of the current "recruit, shoot, hang" land transfer policy, the real strict sense of implementation is starting from July 1, 2006, before this, because of the way the agreement transfer led to the loss of state-owned assets and power to rent and other issues widely criticized. Some people in the industry pointed out that although the land sector may not be hoarding, the development of a limited time policy, but the phenomenon of idle land is not uncommon. In the idle land, there is no lack of the same year to enter the market by agreement transfer of land. "Although these lands have not been developed in practice, they have been repeatedly transferred in the form of equity stakes in the project company. The person who handles the transfer will be able to make huge profits, and these profits will eventually be passed on to the home buyers. "A real estate scholar in Shanghai believes that throughout this year the State Council and various ministries issued a related roomThe real estate control policy, in fact, before the late April, most of them reiterated and stressed that the original policy may be used in a new name, but its substance has not changed much.　　So the key question now is to really put those policies into practice. "In this year's real estate policy, the State Council to the Ministry of Land and Resources, one of the regulatory requirements is to strengthen the inventory of idle land."　　"The scholar suggested that the public might be brought into the regulatory channel." The Ministry of land to the 35 city housing costs of the investigation completed, whether to the public? This is a matter of concern to all of us. During the year, the National Bureau of Statistics also conducted a special survey of the cost of commercial housing development in 40 key cities. But the results of the survey have not been disclosed to the outside world. Zhang Wei said that since such investigations have been done with great fanfare, they should be made public, otherwise it is easy for the public to produce many associations, the results often backfire.