The "price limit order" of the property market has triggered pressure to pay attention to the annual target completion rate of some housing enterprises.

Yueyang City has recently issued a "price limit order" in the property market to regulate the disorderly price reduction behavior of housing enterprises, which has aroused concern. China securities journal reporter noted that a number of listed real estate enterprises revealed in the semi-annual report that the completion rate of sales targets in the first half of the year was generally lower than 50%. Although the second half of the year is usually an important node for housing enterprises to accelerate their transformation, with the tightening of regulation, there are still great variables in the annual target completion rate of housing enterprises.

Standardize price reduction behavior

According to media reports, Yueyang City Housing and Urban-Rural Development Bureau recently issued the Notice on the Price Limit of New Commercial Housing Online Signing in the Real Estate Market, clarifying that after the sales price of new commercial housing in Yueyang downtown (including Yueyang Building District, Yueyang Economic and Technological Development Zone, Nanhu New District and Chenglingji Xingang District) is filed, the actual transaction price of commercial housing sales shall not be higher than the filing price, nor shall it be lower than 85% of the filing price, otherwise the online signing filing system of commercial housing shows that commercial housing sales contracts cannot be signed online.

In this regard, some developers told china securities journal that all price cuts need to be reported, and the tolerance for fluctuations varies from place to place. For example, Shenyang stipulates that 5% of the ups and downs need to be filed.

Li, chief researcher of Guangdong Housing Policy Research Center, told china securities journal that every time the property market goes down, some cities will directly or indirectly issue policies and measures to limit the decline in housing prices. On the one hand, it reflects the determination of the local government to "stabilize land prices, stabilize housing prices and stabilize expectations", because no matter whether it goes up or down, it does not meet the goal of real estate development. Now that it is ready, there can be no obvious downward or upward adjustment of the price, which is in line with the policy.

Yan Yuejin, research director of think tank center of Yiju Research Institute, told china securities journal that there are two reasons to limit disorderly price reduction. First, if housing enterprises cut prices in disorder, it may cause opposition from old owners and cause many new problems. Second, if housing enterprises cut prices in disorder, it will interfere with the marketing order and have an impact on the business development of similar housing enterprises.

Yan Yuejin said that at present, the operating pressure of housing enterprises is relatively high, and it is difficult for the market to destock. However, it is obviously not feasible to achieve the goal of accelerating de-transformation through malicious price reduction. Such strict control of malicious price cuts does not mean that the government does not allow house prices to fall, but does not allow price cuts to interfere with market order.

Zhang Dawei, chief analyst of Zhongyuan Real Estate, told china securities journal that there are basically restrictions on the signing price and filing price nationwide, mainly to prevent developers from engaging in yin-yang contracts and evading taxes in disguise.

Annual sales pressure

China securities journal reporter noted that a number of listed real estate enterprises revealed in the semi-annual report that the completion rate of sales targets in the first half of the year was generally lower than 50%. Although the second half of the year is usually an important node for housing enterprises to accelerate their transformation, with the tightening of regulation, there are still great variables in the annual target completion rate of housing enterprises.

Shimao's 202 1 semi-annual report shows that during the reporting period, the company achieved operating income of 1 19.0 1 billion yuan, a year-on-year increase of 30%. Among them, real estate sales revenue 1 1003 billion yuan, up 28.25% year-on-year; Real estate rental income (rental property management fee) was 653 million yuan, a year-on-year increase of 29%. In the first half of the year, the company achieved a total sales contract of 654.38+066 billion yuan, a year-on-year increase of 77%, and achieved 44% of the annual sales contract target.

According to the 20021semi-annual report released by Rong Sheng Development, the company achieved an operating income of 34.224 billion yuan, a year-on-year increase of 30.85%; The net profit attributable to shareholders of listed companies was 2.533 billion yuan, a year-on-year decrease of 65,438+04.02%. During the reporting period, the project area carried over by the company was 33 1.54 million square meters, up 56.28% year-on-year; Settlement income was 3157.8 million yuan, up 39.48% year-on-year. In the first half of 20021,the contracted amount of the company was 59.922 billion yuan, and the contracted area was 5 167 1 10,000 square meters, up by 24.26% and 19.00% respectively, and 46.09% of the annual contracted plan was completed.

According to the research report of Zhixin Investment Research Institute, in terms of housing prices, considering that the local government's regulatory measures are constantly increasing, and the restrictions on purchases and prices are constantly escalating, plugging policy loopholes, the growth rate of housing prices will gradually decline in the short term. It is estimated that the price increase of new houses will drop to about 4%, and the price increase of second-hand houses will remain at about 3.5%. Due to the tight housing financial environment, the credit expansion rate of the housing sector further declined in the second half of the year, while the financial supervision of housing enterprises was further tightened. Therefore, it is expected that the growth rate of land acquisition will continue to slow down, and the growth rate of real estate investment will further decline. It is estimated that the nominal investment growth rate of real estate will drop to 10% in the third quarter, and the two-year average growth rate will drop to 7.6%.