Protection of housing capital opportunities: Who should be the construction of urgent solutions

More and more enterprises want to enter the housing market, but the interest incentive and risk mechanism need to straighten out the time of multiple capital participation according to the plan of the Ministry of Land and Resources, in 2010, about 30 provinces and municipalities (excluding Tibet) planned to supply about 180,000 hectares of land, of which the affordable housing,　　Shanty towns and small and medium-sized commercial housing land planning supply accounted for 77% of the total supply.　　2010, the central government will be issued 3 million sets of affordable housing construction planning, many places have been clear, "this year, the protection of housing (supporting housing) started not less than the total amount of 60%" target.　　Industry insiders believe that the implementation of the housing program should encourage and attract state-owned, people-funded and other joint participation.　　Chen, deputy Dean of China Index Research Institute, said that 2008, the domestic household savings has exceeded 20 trillion yuan, various types of financial products continue to introduce a huge potential for private investment, the protection of housing construction funds have a further widening of the conditions.　　"Watch" Newsweek reporter survey found that in some cities, with the relatively tight supply of commercial housing in recent years, land prices continue to rise, some of the more qualified well-known housing enterprises are facing the situation of inadequate storage. The chairman of a real estate company said that the company engaged in real estate development in Shanghai in 18, but no new land reserves in the past 4 years, the existing projects can only develop about 1.5, and continue to take the land is very difficult;　　Therefore, the company is full of interest in the protection of housing. At present, the Shanghai matching housing profit margin set to 5%, affordable housing set to 3%, although far below the development of commercial housing, but still attractive.　　The chairman of the real estate company said that, compared to commercial housing, housing construction, sales more stability, market risk is much smaller, very suitable for some stable business real estate enterprises. Some enterprises are encountering difficulties this newspaper reporter interviewed to understand that some enterprises to build a security house experience is not pleasant. Qingdao a private real estate enterprise's chairman told this newspaper reporter, the company 2002 in Qingdao did the economical housing project, at that time also has the profit.　　Then even do five or six security housing, policy-building projects, the total area of about 500,000 square meters, the cumulative loss of about 70 million yuan. 2007, the company in Qingdao to build a limit room, priced at 4578 yuan/square meters, construction area of about 60,000 square meters. It is not expected that in the construction process of steel prices soaring, construction costs soared.　　To limit the price of sales, the final project per square metre loss of more than 1000 yuan, the entire project loss of more than 50 million yuan. "The change of raw material price has great influence on the enterprises participating in the construction of the guarantee house." The Chairman said that 12 enterprises in Qingdao had also signed a petition to the municipal government to raise the price of the house and the prices. 2009, the company contracted another affordable project in Qingdao, as the enterprise undertook the relocation project, the increase cost per square metre of about 1500 yuan, the last loss of more than 8 million yuan. "There are many concerns about the construction of a security house, one in the price, if the profit is limited, who will bear the cost and sales risk of market change? Second, once the government is not regulated enough, it will increase the burden on enterprises. "Private enterprises have concerns, state-owned enterprises also have problems." "One of the difficulties we have encountered is a delay in the commencement of the project, and the second is that 70% of the land supply can be realized." "In order to guarantee the construction of the housing, the key is still local government," said Wang Xiufeng, vice president of China Metallurgical Group Co. Since last March, some local governments and we talk about a large number of housing projects, but due to government solvency and administrative efficiency issues, many projects remain in the negotiation stage, pushing hard.　　"Some people in the industry believe that affordable, limit rooms can be directly sold through direct sales, recycling costs, and will be the full implementation of the public rental housing" only rent not sell ", the need for more capital precipitation, thus attracting private capital participation is more urgent. Expand the financing channels of many people in the industry to suggest that the Government should assume the primary responsibility for the construction of housing, in the housing planning and design, building standards, sales prices, such as the establishment of a unified standard, so that the housing market for state-owned enterprises, private enterprises equal development, a benign competition.　　In addition, the Government should establish a more reasonable incentive and risk-sharing mechanism to reduce the uncertainty in the process of financing, construction and sale of enterprises. Wan Wenjuan, general manager of Shanghai Love Construction real estate company, believes that the financing channels of public rental housing should be expanded through financial innovation, and the investment risk of private capital to public housing should be managed well. She said that from the cash sequence analysis, public rental housing construction similar to the bank's phased loan business, the government first invested in building public rental housing, and then through the rent gradually recover construction input. When the government is financially tense, the best way is for the government to "borrow money by instalments" and the channel can choose "Asset securitization": first, the government and developers signed an agreement, and then by the developers in accordance with the planning and construction of public rental housing, the completion of the transfer of public rental ownership to the government, the government will be the public rental packaging and attached to the annual income to pay the financial guarantee , the asset package is sold to the asset securitization platform as a whole, but the Government still retains its obligation to operate the asset package. Then, the asset-backed securitization platform, based on the asset package, publicly issues the asset securitization products to the society, raises the funds, and the government uses the asset package's sale income (that is, the social funds collected) to pay the developer's construction money. The sale of asset packs can be done by trusts, banks, government-owned asset management companies or other companies with integrity.　　Wan Wenjuan said that the government in this process needs to pay in addition to land, as well as the benefits of subsidized asset packages.　　The Vice-chairman of the MDC Shanghai Municipal Committee Li Shiyao suggested that explore the establishment of real estate trust investment funds, the public rental housing "packaging collateral" way, the issue of government financing bonds, the less liquid security house assets into more liquid securities, to promote the transformation of private savings to investment, can effectively improve the financing of housing funds. The mode of "state-owned enterprise leading" in recent years, Shanghai has focused on exploring the path of housing construction and building, mobilizing the enthusiasm of the enterprise so that the people's livelihoodThe project is in good working. 2009, Shanghai started construction of 4 million square meters of affordable housing, supporting 8.36 million square meters of commercial houses, the total amount of residential work for the year nearly 60%, the highest over the years.　　2010, Shanghai plans to start construction of affordable 4 million square meters, supporting commercial housing 8 million square meters, two types of security housing work is expected to account for the city's residential start-up capacity of 60%.　　Shanghai housing Security and Housing Authority director Haisheng said that the current construction of the Shanghai Security House has formed a "state-owned" benign model, can complete the established task. Taking affordable as an example, by the end of last year, Shanghai has accumulated completed affordable construction capacity of 6.05 million square meters, mainly composed of three large chunks: one is Songjiang si Jing, Baoshan gu, Nanhui (now merged into Pudong) Zhou Kangai, Pudong Cao Lu, such as the six major bases, a total of 3.7 million square meters, the second is by the various areas of construction, about 15 projects, 800,000 square meters; three is to activate the stock of land or the use of industrial restructuring after the new project, about 1.5 million square meters.　　All the above three types of projects are all or most of the state-owned enterprises undertake development and construction. Shanghai City Investment (Group) Co., Ltd. 2003 won Songjiang Si Jing base block, 2004, the project was included in Shanghai supporting commercial housing base, called "Xinkai home." Phase I Project a total of 300,000 square meters of supporting commercial housing, has been in 2007, 2008 delivery. Two project construction area of about 290,000 square meters, affordable and supporting commercial houses accounted for 40% and 60% respectively.　　Completed 1464 sets of affordable, is the first pilot sales in Shanghai affordable source. This newspaper reporter in the "Xinkai Home" field interview to see. The two-stage building standard than the first period of obvious improvement, the exterior wall to replace the paint with colored wall tiles, windows using aluminum alloy materials, the community also carried out landscape design. Shanghai City, the general manager of Yu Weizhong introduced, the second phase of construction costs than a period of increase of about 300 yuan/square meters.　　The company will also be responsible for the "Xinkai Home" project three large-scale residential areas, the latter total construction area of about 1.15 million square meters. In the first half of 2009, Shanghai implemented the "big group counterpart base" of the housing construction program, the district government is responsible for relocation, state-owned enterprises responsible for planning, design, construction and so on.　　Haisheng said that, according to this path, from the land relocation to the project started, shorter than the past half a year or so, so that the pace of the construction of the guarantee room to accelerate significantly.　　Let the Enterprise "eat full" this newspaper reporter investigation and discovery, the reason why the "state-owned enterprise mode" of the construction of Shanghai guarantee House can keep on benign operation, on the one hand, is related to the "repulsion" formed by the high price of commercial housing, on the other hand, the local government adopts a series of "decompression" and "incentive" mechanism, which makes the enterprise In recent years, the shortage of land resources in Shanghai, the land price uplift faster, through the recruitment process to take the land increasingly difficult, some state-owned enterprises to follow the state of reserve status is not optimistic. For many years, the chairman of a real estate company, who undertook the development task of Shanghai Old District renovation and safeguard House, told our correspondent that the company had not taken the land in Shanghai for 8 years, and the currentProject can do 3-5 years, "do not know whether to continue to take the land to do commercial housing."　　The general manager of another Shanghai real estate company said that the company last time in the urban area is 2003, even if the funds are abundant, do not want to do "King", because the housing project can set a good image for the enterprise, and let the Enterprise "eat full." Our correspondent understands that the attraction of Shanghai's housing construction to state-owned enterprises has been enhanced year by year. In September 2009, Shanghai implemented a number of supportive financial policies, such as lending conditions, loan terms and interest rate concessions for housing construction loans.　　A number of real estate state-owned enterprises in charge told reporters that bank loans accounted for more than six or seven of the housing construction funds, and the current security housing development loan interest rate generally lower than the benchmark 10%. In addition, in order to activate the city centre "back to the second three", planning adjustment and other causes of the stock of land, Shanghai in recent years to meet the standards of enterprises to provide two plots independently of the construction of commercial housing and affordable, the two plots together with the invitation to tender the way to determine the construction unit; On the same land, building commercial housing, and building affordable, The construction unit is determined by inviting the bidding method.　　This "collocation" mode has an incentive effect on enterprises.　　"Who is to build" real estate experts, professor Julingxing of Shanghai Economic Management Institute, said that the current housing construction plans have been clear, but "who to build" is an urgent problem to be solved.　　The industry suggested that the state-owned regulatory authorities should clearly stipulate that the development of small and medium-sized commercial housing, the protection of housing as the main development direction of state-owned housing enterprises, and to standardize the state-owned real estate enterprise management and investment actions necessary measures, will develop a security room as a test of the rigid indicators. At the same time, set reasonable cost of housing, seek profitable projects and public welfare projects "appropriate balance." Reasonable approval of the housing construction cost and profit margin, taking into account the construction cost fluctuation, cost recovery period and other external factors, and reasonable cost-saving return to the enterprise.　　In this way, in the case of cost, the enterprise can be fully motivated to reduce cost and enlarge profit space by optimizing management. In the condition of mature conditions, it can also be stipulated that the real estate development enterprises to develop profitable projects, must bear the corresponding security housing development, the development of the security room as a land bidding, approval of enterprise qualification and annual inspection and so on important basis. Journalist/Lookout News Weekly