Prevent unfinished business, ensure delivery, and upgrade the supervision of pre-sale funds of commercial housing.

Recently, Xiamen, Shijiazhuang, Beijing and other places have successively introduced and planned to introduce policies related to the supervision of pre-sale of commercial housing. In the pre-sale supervision, fund supervision is the key content, including raising the pre-sale threshold, refining the reserved amount of the special account for pre-sale fund supervision, and adjusting the filing process to supervision first and then online signing.

In the eyes of the industry, this means that the local government authorities have strengthened the supervision of the pre-sale of commercial housing to prevent the pre-sale funds from being used for other purposes, which will also stabilize the expectations of buyers, but it will also affect the sales rhythm of some real estate enterprises and reduce the speed of capital turnover.

From the current point of view, Beijing requires the advance payment to be directly transferred to the supervision account by the purchaser, while Tianjin and Qingdao require the housing enterprises not to directly collect the house payment. Industry insiders predict that more cities will follow suit in the future.

Upgrade the pre-sale management policy of commercial housing in many places

Since June 1 1, several cities have upgraded the regulations on the management of pre-sale of commercial housing. 165438+1October 15 Xiamen issued the "Regulations on the Management of Pre-sale of Commercial Housing in Xiamen (Revised Draft for Comment)", which supplemented the supervision of pre-sale funds, pre-sale conditions, penalty clauses and other aspects to strengthen the management of pre-sale of commercial housing.

Among them, Xiamen's supervision of pre-sale funds of commercial housing is more detailed. First, all the pre-sale funds of commercial housing are required to be deposited in the special account for pre-sale funds supervision and brought into supervision. In terms of the amount of subsequent retained funds, it is required to complete more than half of the main structure project, and the amount of retained funds is 50% of the initial amount of retained funds; After the completion of the project, the amount of retained funds is 5% of the initial amount of retained funds. However, in the current 20 13 Xiamen Commercial Housing Pre-sale Management Regulations, the corresponding provisions are not so detailed.

At the same time, Zhangzhou, Fujian Province issued the Detailed Rules for the Supervision of Pre-sale Funds 165438+ on June 9, which is also an upgraded version of the current rules, and the content of the rules has been refined from 14 to 2 1. For example, it is mentioned that a pre-sale permit application only sets up a supervision account in principle; The supervision account is dedicated to the deposit and disbursement of funds for the pre-sale of commercial housing, and any form of off-counter channel business is not allowed. The previous policy did not specify the number of pre-sale supervision accounts.

It is worth noting that on June 4th, 165438+ issued the Measures for the Supervision and Management of Pre-sale Funds of Commercial Houses in Beijing (202 1 Revised Edition for Public Solicitation), which is also aimed at strengthening the supervision and management of pre-sale funds of commercial houses.

It is reported that Beijing intends to adjust the current accounting process to the supervision and guarantee before online signing. At the same time, in order to prevent some development enterprises from misappropriating pre-sale funds, Beijing plans to implement closed management of pre-sale projects with significant risks to ensure the safety of funds and give priority to the construction of projects. The district housing and urban-rural construction department will take over the supervision account of pre-sale funds or establish a government supervision account.

However, for some real estate development projects sold in Shijiazhuang after June 8, the image progress of the pre-sale permit is required to be raised from one third of the total design floors to the main ceiling, and the supervision measures for pre-sale funds are adjusted accordingly. Regarding the adjustment of petrochemicals, Chen Wenjing, deputy research director of the Index Department of the Central Reference Institute, believes that this directly affects the sales rhythm of real estate enterprises, further reduces the capital turnover speed, and the liquidity pressure of real estate enterprises may increase.

The purpose of strengthening supervision is to reduce the delivery risk.

In addition to the above cities, Tianjin, Chongqing, Qingdao and other cities have strengthened the supervision and management of pre-sale funds for commercial housing to ensure that pre-sale funds for commercial housing are given priority for engineering construction. Among them, Tianjin and Qingdao require housing enterprises not to directly charge the house price.

19 In September, Chongqing required that the down payment supervision of pre-sale funds should be approved at 35% of the total pre-sale, and stipulated that it should not be used more than three times a year in advance, and each time should not exceed 1/3 of the balance of the supervision account. In this regard, Zhang Mengyuan, research director of Chongqing Branch of Central Reference Institute, said that development enterprises with first-class qualification and verified credit status and risk status, as well as the top 30 development enterprises with credit ranking, enjoy the down payment free policy, and in the new policy, all pre-sale funds of projects must be strictly implemented according to the standards.

In Chen Wenjing's view, the new regulations on the supervision of pre-sale funds recently issued in Beijing and Shijiazhuang have responded to the requirements of the central government to speed up the implementation of the "two maintenances", reduce the risk of delayed delivery by real estate developers, and safeguard the legitimate rights and interests of property buyers. Recently, some housing enterprises defaulted on their debts, and the market wait-and-see mood was high. Tighter supervision of pre-sale funds will also stabilize the expectations of buyers and guide the stable development of the real estate market.

Among them, the Beijing Municipal Commission of Housing and Urban-Rural Development mentioned in the announcement for comments that the development model of "high leverage and high turnover" superimposed the impact of the epidemic, and the financial pressure on enterprises was prominent. The tight capital chain of individual real estate development projects, even misappropriating pre-sale funds, has aroused great concern in society.

However, Chen Wenjing said that for housing enterprises, the short-term pressure of liquidity will increase, or it will force them to further accelerate the marketing payment, and the housing enterprises with higher credit ratings will be less affected.

The purpose of pre-sales supervision is to "control rather than control death"

It is noteworthy that Beijing has strengthened the supervision of pre-sale funds of commercial housing this time, and adhered to the principle of "managing well regardless of death" to ensure the safety of funds and improve the efficiency of fund use. To this end, Beijing proposed that if the cash guarantee amount and validity period can cover the key supervision amount and construction period of development projects, the supervision of pre-sale funds may not be carried out.

In addition, in order to avoid "one size fits all", the pre-sale permits for old projects, urban villages, old city reconstruction, ultra-low energy-consumption prefabricated buildings and central business district projects are implemented according to the original policies.

It is worth noting that cities including Harbin, Yiwu and Changchun are lowering the pre-sale threshold. According to Zhang Dawei, chief analyst of Zhongyuan Real Estate, this is the local government's active introduction of regulatory policies to maintain the stability of the property market, avoid the "ups and downs" of the property market, boost buyers' confidence in the market, ease the financial pressure of housing enterprises and stabilize market expectations.

Among them, Changchun allows qualified commercial banks to issue letters of guarantee for real estate development enterprises, in order to prevent development enterprises from completing projects due to insufficient funds, and to replace the supervision of pre-sale funds with letters of guarantee. On June 5438+ 10, Harbin relaxed the pre-sale threshold and increased the amount of regulatory funds returned. If there is still a balance after deducting 5%, on the basis of returning the supervision funds in each period, 20% of the original return amount will be increased in each period.

On June 5438+ 10, Yiwu City, Zhejiang Province also lowered the pre-sale conditions and cancelled the original rule that the interval between batches should not be less than 3 months. As for the real estate market in Yiwu, Gao Shengsheng, executive vice president of Zhejiang Branch of the Middle Finger Research Institute, said that since the second half of the year, the supply of commercial housing in Yiwu has remained sluggish. Due to the structural impact of insufficient supply, the transaction volume has declined. In September, the transaction area of commercial housing decreased by 3 1% from the previous month.

In the eyes of the industry, the policy adjustment of Harbin and Yiwu is to alleviate the weakness of the local property market, while lowering the threshold of pre-sale permit, it has not relaxed supervision. For example, under certain conditions, Harbin "increases the amount of payment", and Yiwu is speeding up housing enterprises to obtain pre-sale certificates.

More cities may misappropriate funds for rectification transactions.

It is worth noting that in August, the Notice of the Ministry of Housing and Urban-Rural Development and other eight departments on Continuously Rectifying and Regulating the Order of the Real Estate Market emphasized strengthening the rectification of misappropriation of transaction supervision funds.

Pan Hao, a senior analyst at RealData, said that Beijing requires that the pre-sale funds be directly transferred to the supervision account from the buyers, which is the strictest control over the supervision of the pre-sale funds at present. It is expected that more cities will move closer to this direction in the future, which will fundamentally curb the risk of misappropriation of funds and protect the legitimate rights and interests of property buyers.

Zhang Mengyuan also believes that at present, the supervision of commercial housing pre-sale funds has become a general trend, and more local governments have begun to further strengthen the supervision of pre-sale funds, which can prevent the pre-sale funds from being misappropriated, ensure the progress of project construction and promote the smooth operation of the real estate market. At the same time, the real estate industry has entered a stage of high-quality development. Strengthening the supervision of pre-sale funds will force enterprises to pay more attention to product quality, improve operational management and control capabilities, and ensure the timely delivery of projects.

"The funds obtained by real estate enterprises through pre-sale theoretically correspond to the obligations to be fulfilled in the future. Therefore, the supervision of pre-sale funds according to the progress of real estate projects is not only the protection of the rights and interests of buyers, but also the rational use of funds by real estate enterprises. Specification. " RealData believes that the gradual strengthening of the supervision of pre-sale funds reflects the dual protection of the rights and interests of buyers and the steady operation of housing enterprises. At the same time, the stricter supervision of the pre-sale system will further enlarge the difference in the operating ability of housing enterprises, and the competitive advantage of housing enterprises with healthy operation, good credit and strong comprehensive strength is expected to be further expanded.

Reporter Yuan Xiuli