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Source: Securities Times official microblog

Shenzhen's central city area is selling houses at 50% off? This is indeed quite a gimmick.

"New homes in Shenzhen's Futian core area are 50% off the registered price! You can get a 3-bedroom unit for 3.58 million yuan!" Recently, real estate agent Xiao Zhang is working hard to promote an apartment project that claims to be 50% off. "I wouldn't say that all real estate agents in Shenzhen are promoting it, but at least all real estate agents in our area are promoting it."

Discounted new property rights for commercial and office products

To verify this, the reporter went to the Bagualing area of ​​Futian and found that the apartment, which claims to be "50% off the registered price", is not a traditional commercial apartment, but a commercial office product with a floor height of 4.5 meters. In terms of apartment types, some large-area apartments have balconies and gas, and can be purchased in the name of an individual. However, most of the houses are "worker-discounted houses", and the price is about 57% to 70% off the registered price.

(Photo by Wu Jiaming of an apartment project that claims to offer a 50% discount on the registered price)

The reporter consulted several real estate agents at the project site and found that this is not the first time that the project has attracted market attention with ultra-low discounts. "This project has been sold for a long time. It has office buildings, commercial apartments and commercial products that are now being vigorously promoted, but the sales performance is not ideal."

In fact, similar commercial office products in the Shenzhen market often appear at ultra-low discounts. Last year, an apartment project in Luohu, Shenzhen, was sold at a price nearly 40% off the registered price. The housing type of the project is commercial office, and the main building is an office building, not a traditional commercial apartment.

The reporter found that some commercial apartments on the Shenzhen market now have 70-year property rights, gas and balconies, just like residential buildings. These commercial apartments are small in size and low in total price, so they are likely to attract the attention of some buyers who are concerned about the rental return rate. "Commercial apartments with 70-year property rights are similar to residential buildings, and the sales situation is relatively better, but the overall sales of commercial apartments are still difficult, not to mention converting office buildings into residential apartments." said the marketing director of a private real estate company in Shenzhen.

Some analysts pointed out that the sale of office properties at a discount is not regulated by relevant departments, which is completely different from residential properties. At present, the Shenzhen property market still needs further boosting, and real estate companies are facing relatively tight funds, so it is extremely necessary to speed up the return of funds. Discount promotion is the most direct means.

A new way out for apartments

For the real estate market in various places, commercial apartments have always been a special existence. Since there are no purchase restrictions and no loan restrictions, commercial apartments have been a space for investors to "carnival". However, taking the Shenzhen market as an example, the sales of commercial apartments have always been inferior to the residential market, which is related to some characteristics of the apartments. Some buyers told reporters that most apartments have property rights for only 40 years and are at a disadvantage in applying for degrees. Although the government has encouraged commercial apartments to use gas and switch to civilian electricity prices in recent years, many apartments still charge commercial water and electricity, and design defects will also bring inconvenience to living. In addition, the transaction of second-hand commercial apartments also has high tax costs and some other restrictions. According to the apartment sales manager, the transaction taxes and fees of second-hand commercial apartments currently account for 15% to 20% of the transaction amount.

Therefore, discounts have always been the most common means of promotion for commercial apartments in Shenzhen, and some commercial apartments offer discounts that are beyond expectations. In addition to discounts, developers also give away property management fees, family gift packages, and even gold and "house-for-house" activities.

Data from Shenzhen Centaline Research Center shows that only two apartment projects were approved in Shenzhen in the first half of 2024, and the supply of apartments in the first half of the year was only 20.7% of the whole of last year. Since Shenzhen stopped approving commercial apartments in 2020, the supply of commercial apartments has continued to decline sharply. At the same time, 1,337 apartments were sold in the first half of 2024, a year-on-year decline of 62.4%. Apartments priced below 3 million yuan were the main sales force, accounting for 84.4%.

Some industry insiders believe that enhancing the residential function of commercial apartments will help ease the pressure of sales. Just last week, Shenzhen Anju Group Co., Ltd. (hereinafter referred to as "Shenzhen Anju") issued a solicitation notice on the acquisition of commercial housing for use as affordable housing. This means that Shenzhen has started the "purchase instead of construction" model for affordable housing. Shenzhen Anju stated in the solicitation notice that in order to actively build a "security + market" housing supply system, Shenzhen Anju's affiliated companies plan to acquire commercial housing for use as affordable housing. The scope of the solicitation is residential, apartment, dormitory, etc. of commercial housing nature in Shenzhen (excluding the Shenzhen-Shantou Special Cooperation Zone), and priority will be given to building projects (housing sources) that have not been sold as a whole building or unit and can be closed for management.

Editor: Chen Lixiang

Proofreading: Wang Jincheng

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