the property market needs to have a good policy "chess game"丨editorial
2024-09-15
한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina
this round of deep adjustment in the real estate market has made all parties in the market more deeply aware of the importance of the stable and healthy development of the real estate industry. recently, the hengyang municipal government of hunan province has introduced several measures to further promote the stable and healthy development of the real estate market. the most innovative one is to support insurance companies in researching and developing new types of real estate delivery insurance and price stabilization insurance, encourage developers to purchase insurance, and let home buyers enjoy insurance dividends.some people are worried about the difficulty of implementing this new measure, and how to objectively evaluate the insurance company's compensation is also a problem. however, these reform explorations are still worth encouraging. from the perspective of the function of insurance, home insurance with guaranteed payment can bring stronger fund supervision. more importantly, insurance funds participate in supervision, and the accounts are regularly checked by insurance companies. home buyers who purchase home insurance with guaranteed payment are publicly disclosed, which can form a strong supervision model of supervision by regulatory agencies + insurance companies + owners, and increase the safety of real estate development.at present, the real estate market is still in a deep adjustment stage. combined with comprehensive factors including economic expectations, employment expectations, and income expectations, the shrinking boundary of the effective market has not been fully repaired. the market boundary of most cities is significantly smaller than the administrative boundary. the market still needs to be further activated and promoted by more powerful innovative and encouraging measures. in the past, when the market was overheated, effective industry regulation was necessary. similarly, now that the market is cooling down, effective industry regulation is also necessary.learning from history is a historical perspective. we have noticed that there is a view recently that people are worried about whether they will follow the same path as the real estate bubbles in japan and the united states. we believe that we cannot simply copy and paste. compared with the real estate markets in japan, the united states and other countries, we should see that they lack effective regulation. the bursting of the japanese real estate bubble in the 1990s led to the "lost 30 years" of the japanese economy. the 2008 us real estate subprime mortgage crisis triggered the global financial tsunami. both were caused by the irrational enthusiasm of the real estate market and the lack of effective regulation.however, my country has used comprehensive policies to effectively resolve real estate and financial risks in all previous regulation of the real estate market. although some highly leveraged and highly indebted companies have encountered crises or even bankruptcy in the process of risk mitigation, the overall situation is controllable. the optimization of regulation over the past two years has achieved the greatest overall stability at the expense of local costs. more importantly, there has been no collapse of a large number of financial institutions in the united states and japan.one of the characteristics of my country's real estate is "456": real estate-related loans account for 40% of bank credit, real estate-related income accounts for 50% of local comprehensive financial resources, and 60% of residents' wealth is in housing. this also requires us to actively take various measures to stabilize the market and boost market confidence in the face of difficulties, so as to create favorable conditions for building a new model of real estate development and promoting high-quality market development. this is the greatest common denominator that the relevant departments of real estate regulation should give priority to in the policy and system arrangements. the fundamental characteristics and situation of "456" determine that real estate, as a pillar industry of the national economy, is truly "a move that affects the whole body". it is of great significance to stabilize the overall economy and plays a compound role. the optimization and innovation of policies require clear thinking, practical work, and strict implementation.learning from history, we can also deeply reflect on the lessons of the us subprime mortgage crisis and japan's "lost 30 years": allowing asset prices to continue to fall will trigger a balance sheet recession and a series of vicious cycles, causing adverse effects on the interests of all sectors of society: the value of financial institutions' collateral will shrink, reducing the ability of financial resources to support the real economy; the wealth of families holding real estate will "shrink", and the negative wealth effect will suppress consumption capacity; the real economy will be impacted, and everyone's employment and income will be affected.as early as april 30 this year, the political bureau of the cpc central committee clearly proposed to "coordinate the study of policy measures to digest the existing real estate and optimize the incremental housing"; on may 17, the national video conference on ensuring the delivery of housing again proposed that in cities with a large inventory of commercial housing, the government can purchase some commercial housing at a reasonable price as affordable housing. at present, provinces and cities such as shandong, guangdong, hubei and chongqing are actively promoting this important reform through various means such as state-owned asset platforms. however, from our recent interviews and investigations, we found that if the acquisition and storage of state-owned enterprises can be included in the investment field of local government special bond funds, it will help ease the financial pressure of local governments, speed up the pace of acquisition and storage of existing housing, and accelerate the transformation of mission opportunity propositions into scientific construction drawings, and solidly turn the beautiful policy blueprint into more realistic results.we firmly believe that with the continuous advancement of china's modernization, the real estate industry that enters high-quality development still has huge potential, which requires us to make greater efforts in making a good policy "chess game".(this article was published in china real estate news on september 16, page 1. editor: he kexin)
reproduction and use in any form without authorization is prohibited
