33 cities have issued detailed rules for "purchasing and storing commercial housing" and capital balance may be the key to breaking the deadlock
2024-09-11
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another second-tier city has joined the camp of purchasing and storing commercial housing. on september 9, the official wechat account of hefei anju group disclosed that the company plans to carry out the work of allocating or leasing affordable housing.
the announcement stated that the scope of collection of allocated rental housing includes existing rental housing projects in the urban area of hefei or commercial, office and other buildings that can be converted into rental housing; the scope of collection of allocated sale housing is existing but unsold commercial housing in the urban area of hefei.
according to the beijing news reporter and the china index academy, since may, 33 cities and regions have implemented the policy of purchasing and storing commercial housing and issued specific housing collection details. among these cities, there are first-tier cities such as shenzhen and guangzhou, as well as second-tier cities such as lanzhou, changsha, guiyang, shenyang, dalian, kunming, hangzhou, foshan, yantai, nanning, etc., and there are also many third- and fourth-tier cities, including tai'an, cangzhou, wuzhou, zhaoqing, dezhou, beihai, weifang, luzhou, liuzhou, jiangmen, guilin, etc.
in september, hefei and other cities followed the "purchase and storage of commercial housing"”
on september 9, the hefei housing bureau announced that hefei anju holding group co., ltd. plans to acquire existing commercial housing for use as sale-type or rental-type affordable housing, and is now soliciting existing commercial housing in the corresponding administrative areas of hefei city, anhui province.
among them, the scope of collection of allocated rental housing is the rental housing projects that have been built in the urban area of hefei (excluding the four counties and one city) or commercial, office and other qualified houses that can be converted into rental housing; the scope of collection of allocated sale housing is the commercial housing that has been built but not sold in the urban area of hefei (excluding the four counties and one city).
in terms of housing type requirements, hefei did not set specific area restrictions, but pointed out that "the housing type and area should be appropriate. in principle, the main housing type area of the project (housing source) should meet the housing type and area requirements of our city's affordable housing."
according to public information, the area of affordable housing in hefei ranges from 60 square meters to 120 square meters.
in addition to hefei, in september, tai'an, cangzhou and wuzhou also issued detailed rules for purchasing completed existing commercial housing for use as affordable housing.
on september 6, tai'an housing and urban-rural development bureau issued the "announcement on the collection of completed existing commercial housing for use as affordable housing". in accordance with the working idea of "government-led, market-oriented operation", the principles of "marketization, rule of law" and independent decision-making and voluntary participation, tai'an taishan zhixin real estate management co., ltd. selected by the government as the acquisition entity will collect completed and unsold commercial housing in the main urban area of tai'an for use as affordable housing at a reasonable price (with the replacement price of affordable housing in the same area as the reference upper limit, that is, the allocation of land cost and construction cost, plus a profit of no more than 5%).
in terms of the conditions that housing sources must meet, tai'an city requires that the project to which the housing sources belong has obtained a single-unit completion acceptance certificate and that the building area of a single commercial housing unit does not exceed 120 square meters.
on september 5, cangzhou issued a solicitation announcement for the acquisition of completed existing commercial housing for use as allocation-type affordable housing projects, with a focus on purchasing commercial housing of 70-90 square meters (no more than 120 square meters at most) for use as allocation-type affordable housing, with priority given to the acquisition of entire buildings or units.
the scope of the purchase and storage camp has expanded, but the scale of implementation is still small
looking at the housing expropriation details released by these 33 cities, they mainly focus on location, housing qualifications, unit area, supporting facilities, and purchase and storage prices.
most cities require that the housing sources have obtained the completion registration procedures; the ownership of the housing sources is clear and the real estate certificate can be processed; the assets and liabilities and legal relationships of the housing source companies are clear; the projects to which the housing sources belong have convenient transportation and complete supporting facilities, and meet a certain parking space ratio; priority is given to unsold building projects or whole units.
in terms of apartment size, most cities require it to be less than 120 square meters. among them, some cities have divided the collection of affordable housing into rental-type affordable housing and sales-type affordable housing. the former is smaller in size, generally requiring a construction area of no more than 70 square meters.
huatai research report analyzed that from the perspective of local practices, the requirements for housing acquisition and storage take into account both safety and profitability, and commercial and small-sized properties are easier to implement at this stage. although the acquisition and storage does not restrict the attributes of real estate companies, state-owned enterprises may have more advantages in resource coordination.
it is worth noting that, although the scope of commercial housing storage is constantly expanding, most of them are in the first batch and the scale of implementation is still small.
for example, the total construction area of the houses acquired in zengcheng, guangzhou is about 20,700 square meters. if estimated based on the unit area combination of 70 square meters, 90 square meters, and 120 square meters, about 200 houses can be acquired.
according to the solicitation announcement issued by hangzhou lin'an district in may, a batch of commercial housing will be purchased within lin'an district for use as public rental housing. in principle, the purchased housing area shall not exceed 10,000 square meters, the building area of a single unit shall not exceed 70 square meters, and the total number of housing units shall not exceed 200.
even in chongqing, which has a relatively large number of acquisition projects, there are only a few thousand units. according to the wechat public account of chongqing housing and construction, the second batch of chongqing's acquisition of completed stock commercial housing for use as affordable housing projects has recently been signed. the contract acquisitions are from 7 projects from central enterprises, state-owned enterprises and private enterprises, with an acquisition area of more than 110,000 square meters. after renovation and reconstruction, more than 2,600 affordable housing units can be provided. at the beginning of this year, chongqing state-owned enterprises have acquired 7 projects and 4,207 units.
funding balance is the key, and further guidance and support are needed
affordable housing has the attributes of people’s livelihood and requires capital preservation and small profits. therefore, for enterprises, the funds invested in storage and the future rate of return affect their enthusiasm for participation.
huatai securities research report believes that fund balance is the key to the implementation and sustainability of storage and purchase. first, the current storage and purchase funds are mainly "central bank re-loans + bank loans + fiscal subsidies + state-owned enterprises' self-raised funds", and further guidance and support from "central funds + local finances" is needed. second, commercial properties such as apartments and office buildings are easier to implement than residential properties at this stage because their house types are more suitable for rent-protected housing and there is more room for bargaining during acquisition due to oversupply. third, the rental-to-sale ratio in key cities is generally low. in the absence of subsidies, it is still difficult for operating income to cover costs, which affects the expansion of storage and purchase. in addition, the expansion of storage and purchase also needs to consider the mismatch between supply and demand of affordable housing in terms of urban energy level, location, and project qualifications.
the property market has entered the traditional "golden september" sales node, and specific sales patterns remain to be seen. from a policy perspective, there may be a window period, and there is a possibility that related policies such as storage and purchase will be increased.
regarding the issue of returns after storage, galaxy securities pointed out that, referring to foreign experience, the main method of sales as the main method and leasing as the auxiliary method is adopted. my country currently mainly realizes capital inflow through leasing. projects that use storage as rental housing may be expected to be listed and revitalized in the form of reits.
duan wenping, a financial reporter of beijing news shell
edited by yang juanjuan and proofread by yang li
