2024-08-14
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Reporter of Meijing: Liu Songhui Editor of Meijing: Chen Mengyu
Recently, Liangxi District of Wuxi City released an announcement through its official platform, launching the "old for new" 3.0 model for commercial housing. The designated entities of developers have been expanded from second-hand commercial housing in Wuxi City to acquisitions in other cities such as Suzhou and Changzhou, and the practice of exchanging multiple second-hand houses for one new house has been added.
According to the announcement, this "old for new" program was initiated by Wuxi Liangxi Urban Development Group Co., Ltd. (hereinafter referred to as Liangxi Urban Development Group). The first batch of projects was launched in April this year, limiting the number of applicants for the "old for new" program to 200.
The 3.0 model mainly includes that Liangxi Chengfa Group will increase the acquisition of high-quality apartments and high-quality shops in Wuxi City, increase the acquisition of existing second-hand commercial housing in Suzhou City, Changzhou City and other cities, increase multiple-for-one, increase the change of new and old property owners of direct relatives, and increase participation in new real estate projects.
Second-hand home owners who have newly registered to participate in the "old for new" program can participate as long as they own properties in Wuxi, Suzhou, Changzhou and other cities, and exchange them for commercial housing in the holding real estate projects of Wuxi Liangxi Urban Development Group. One-for-one, one-for-many and multiple-for-one are supported, that is, one second-hand property is exchanged for one new house or multiple new houses, and multiple second-hand properties are exchanged for one new house. The total price of the existing second-hand properties must not exceed 60% of the total price of the newly purchased source.
The announcement shows that there are a total of 7 new commercial housing projects participating in the exchange, all located in Liangxi District, including 5 properties for sale and 2 residential plots under construction. Owners of the exchange in Wuxi City need to register in person at the marketing center of the intended exchange property, fill out the "Existing Commercial Housing Exchange Application Form", and pay an intention fee of 10,000 yuan.
Owners who are replacing their properties in cities such as Suzhou and Changzhou, or who need to replace properties that are about to be listed, can register online and then go to the marketing center of the intended properties to sign up, fill out the form and pay an intention deposit of 10,000 yuan.
Zhang Bin, vice president of the Wuxi Real Estate Association, said in a telephone interview with a reporter from the "Daily Economic News" that the "old for new" 3.0 model expands the scope of acquisitions, which is conducive to invigorating the linkage between the primary and secondary housing markets in the region. At the same time, it attracts people from Suzhou and Changzhou to buy property and settle in Wuxi, and increases the sales channels for developers. The positive significance for the property market is obvious.
However, a local person in Wuxi mentioned that this model is currently only being piloted on new houses in the city center, and they hope to be able to exchange for new properties in more areas in the future.
Liangxi Urban Development Group is a municipal investment enterprise under Liangxi District. Tianyancha shows that the company's shareholder is the Liangxi District Government's State-owned Assets Supervision and Administration Office. Its business scope includes general contracting of housing construction and municipal infrastructure projects, various engineering construction activities, housing demolition services, housing rental and property management.
Before launching the "3.0" model, Liangxi Urban Development Group had carried out an "old for new" campaign for commercial housing in the center of Wuxi.
In April this year, according to the company's announcement, Liangxi Urban Development Group designated entities to repurchase residents' second-hand commercial housing in Liangxi District on a trial basis. The first batch of commercial housing projects for "old for new" are the same as this time, including Liangxi District's Xiyue Chunqiu, Jiuli Tanyue, Jinshang Tianhua, Wangshanyue, and Yunshang Shiyue.
Yan Yuejin, deputy director of Shanghai E-House Real Estate Research Institute, believes that Wuxi's latest policy of "trading old for new" is the most innovative policy among more than 100 cities in China. From the new points, they are all not mentioned by other cities in the country. The innovative measures in the second-hand housing sector are worth learning from other cities.
"The most watched point is that it has opened up the cross-city 'old for new' innovation. In other words, landlords in Suzhou and Changzhou can exchange their second-hand houses in their cities and buy new houses in Wuxi." Yan Yuejin said that doing so would help owners in the region optimize properties in different areas, especially for buyers who want to settle down in Wuxi, and would help the flow of talents in Suzhou, Wuxi, Changzhou and other regions.
According to CRIC, the transaction volume of first-hand and second-hand houses in Wuxi's real estate market is sluggish at this stage. In July, the new supply of commercial residential market in Wuxi city was 217,500 square meters, up 7.48% month-on-month; the transaction volume was 142,900 square meters, down 19.97% month-on-month; the average transaction price was 23,316 yuan/square meter, up 0.24% month-on-month.
Except for Xishan District and Binhu District, where new home sales increased, the sales in other districts all declined. In terms of total sales volume, Liangxi District recorded 28,100 square meters, ranking first among all districts. Affected by both supply and flow rate, inventory continued to rise, and the clearance cycle was extended to 36.1 months.
Daily Economic News
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