As an important part of helping the macro economy to improve, it is important for the real estate market to stop falling and stabilize. The Ministry of Finance said that it is working in the same direction with relevant departments to focus on promoting the balance between supply and demand in the real estate market, continuously optimizing fiscal and taxation policies, and promoting the return of the real estate industry to a stable and healthy development track.
At the press conference of the State Council Information Office held on October 12, Minister of Finance Lan Foan mentioned that around stabilizing growth, expanding domestic demand, and reducing risks, a package of targeted incremental policy measures will be launched in the near future, and in the real estate field, it will "superimpose the use of local government special bonds, special funds, tax policies and other tools to support and promote the real estate market to stop falling and stabilize".
Specifically, the Ministry of Finance adheres to strict control of increments, optimization of stocks, and improvement of quality, and promotes the steady development of real estate from three aspects: first, special bonds are allowed to be used for land reserves; second, support the acquisition of stock housing and optimize the supply of affordable housing; Third, optimize and improve relevant tax policies in a timely manner.
Liao Min, Vice Minister of Finance, introduced that special bonds are allowed to be used for land reserves, mainly considering that there is a relatively large amount of idle and undeveloped land in various places, and local governments are supported to use special bonds to recycle eligible idle stock land, and areas that are really in need can also be used for new land reserve projects.
In late June this year, in view of the difficulties in utilization, transfer, and recovery of real estate stock, the Ministry of Natural Resources has issued a document clarifying that the resumption of acquired land for affordable housing can be supported through local government special bonds and other funds; In late September, the central bank also said that it would further clarify the financial support policies for qualified enterprises to acquire land for real estate enterprises in the market, and provide re-lending support if necessary.
Chen Wenjing, director of policy research at the China Index Research Institute, believes that the Ministry of Finance has further clarified that special bonds are allowed to be used for land reserves, and local governments are supported to use special bonds for the acquisition of stock land, which will help accelerate the pace of recovery and acquisition of idle stock land, promote market "destocking", and promote the balance between supply and demand in the real estate market. On the whole, the supporting funds for revitalizing the idle stock of land are expected to accelerate the follow-up and implementation, and support the reasonable withdrawal and land exchange of real estate enterprises, which will be substantially beneficial to local governments and real estate enterprises.
Zhang Bo, president of 58 Anjuke Research Institute, pointed out that at present, most of the idle land is mainly due to two reasons, one is that the location of the land itself and the surrounding facilities do not match the land price, the current development investment income may be negative, and the development willingness of real estate enterprises is weak; On the other hand, the lack of cash flow of some real estate companies leads to the inability to develop normally, and this policy is aimed at solving this kind of problem.
"This policy can not only regulate the supply and demand relationship of the land market, reduce idle land, enhance the ability to regulate and control land supply, but also help alleviate the liquidity and debt pressure of local governments and real estate enterprises." Liao Min said.
In terms of supporting the acquisition of stock housing and optimizing the supply of affordable housing, Liao Min explained that considering the relatively large number of houses that have been built for sale, there are currently two main measures: one is to use special bonds to purchase stock commercial housing for use as affordable housing in various places; The second is to continue to make good use of the subsidy funds for affordable housing projects, which were originally mainly used to support the housing supply of affordable housing in the form of new construction, and now the direction of support is optimized and adjusted, and the scale of new construction is appropriately reduced, and the local government is supported to raise affordable housing by digesting the stock of housing.
Liao Min said that through the above two measures to support the acquisition of stock housing, it can not only digest the stock of commercial housing, promote the balance of supply and demand in the real estate market, but also optimize the supply of affordable housing to meet the housing needs of the majority of low- and middle-income people.
Chen Wenjing mentioned that in the past, the source of funds for the acquisition of stock commercial housing for affordable housing was more from the central bank's 300 billion yuan affordable housing re-loan, the Ministry of Finance clarified that local government special bonds can be used to purchase stock commercial housing, and the subsidy funds for affordable housing projects will also focus more on supporting the digestion of stock housing, and more funds will enter the market in the future, which is expected to increase the decentralization of the stock of commercial housing that has been built for sale, and further promote the balance of supply and demand in the real estate market, which will play a positive role in stabilizing market expectations.
Song Hongwei of Tongce Research Institute also believes that the acquisition of stock housing through special bonds can effectively reduce inventory and reduce market supply pressure; Second, real estate companies can return funds, which has the ability to further promote the process of ensuring the delivery of buildings, and at the same time, reduces the financial pressure to a certain extent; Third, by converting the stock into affordable housing, all localities can successfully complete the task of affordable housing construction and improve the optimal allocation of resources.
In addition to speeding up the "destocking" with real money, the Ministry of Finance also proposed to optimize and improve the relevant tax policies in a timely manner.
Liao Min said, "In accordance with the decisions and arrangements of the Party Central Committee, we are stepping up our efforts to study and clarify the value-added tax and land value-added tax policies that are in line with the cancellation of ordinary and non-ordinary residential standards." In the next step, we will further study and increase support, adjust and optimize relevant tax policies, and promote the steady and healthy development of the real estate market. ”
Among them, the abolition of the standard of ordinary houses and non-ordinary houses will help reduce the tax burden of home buyers and increase the enthusiasm of residents to buy.
Song Hongwei said that the non-ordinary residential value-added tax occupies a large proportion in the second-hand housing transaction, and the current non-ordinary residential is levied at 5% of the full amount or 20% of the value-added part, and the transaction cost of second-hand housing will drop significantly after the cancellation of the non-ordinary standard. This is expected to drive the increase in the activity of second-hand housing transactions, thereby driving the vitality of the new housing market.
For the tax policy on the enterprise side, Yihan Think Tank also called for speeding up the optimization and adjustment. The agency believes that the past value-added tax and land tax increase all originated in the rapid growth period of the industry, which is no longer applicable to the present, and the optimization and adjustment of tax policies in a timely and appropriate manner will help give space to enterprises and promote the gradual stabilization of the industry.
"From the central bank's release of heavy policies to support the stability of the property market on September 24, to the September 26 meeting of the Political Bureau of the Central Committee to set the tone of 'stop falling and stabilize', and then to today's clear support measures of the Ministry of Finance, the determination of the policy to stabilize the real estate is very clear." Yihan Think Tank believes that the next policy will continue to strengthen to promote the real estate market to get out of the pain faster.
The China Index Institute also said that since the meeting of the Political Bureau of the Central Committee on September 26 set the tone of "to promote the real estate market to stop falling and stabilize", releasing the strongest "stable real estate" signal so far, from the central ministries and commissions to major cities, a series of policies have been introduced, which has greatly boosted market confidence.
The agency expects that in the fourth quarter of this year, the real estate "package" supporting policies are expected to accelerate the landing, or will focus on the implementation of the stock policy, accelerate the introduction of incremental policies, local state-owned enterprises to further optimize and adjust the policy of unsold commercial housing that has been built, and open up the collection and storage card points; increase the allocation of "white list" loans; Core cities will continue to optimize restrictive policies, and policies such as reducing transaction taxes and fees and transaction commissions are also expected. With the continuous implementation of various policies during the year, the improvement of the real estate market may also be worth looking forward to.
"Promoting the stable development of real estate is a systematic project, which requires the coordinated efforts of various policies. In the implementation of the policy, we will continue to strengthen the coordination of fiscal policy and other policies, strengthen the linkage between the central and local governments, strengthen the connection between the old and new policies, and play a good combination to unswervingly promote the real estate market to stop falling and stabilize. Liao Min said.
(This article is from Yicai)