China Business Daily
Original title: 5 suites are crowded! There are also 100 suites! Pan Shiyi: Hurry to collect their taxes 2018 two sessions(NPC and CPPCC) During this period, there were endless discussions about the collection of real estate tax. On the evening of March 7, Pan Shiyi, chairman of SOHO China, said on his personal microblog that the introduction of the real estate tax will definitely affect the house price, and the vacancy rate and house price will both decrease.
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As for the specific details, Pan Shiyi's opinion is that the tax reduction must be substantial. The first house must not be collected, and the second house should not be collected. There are many people with three, four or more houses, so hurry to collect their taxes.
In addition, Pan Shiyi also said that if we want to legislate first, we should not pilot. At the same time, we should give full authorization, that is, local taxes should be collected by each city and province, and the implementation should be carried out step by step, that is, if conditions permit, we should not collect them, and if conditions permit, we should not collect them.
As for the specific time of the introduction, Pan Shiyi believes that "as long as there are authoritative documents and authoritative people say it, it will speed up the introduction of the real estate tax, which will affect the market, and the house price will fall, affecting people's expectations of the house price."
Now, the real estate tax is the most sensitive topic and the most touching, just as the most touching issues 10 years ago and 15 years ago were housing prices and house slaves. According to my humble understanding, the introduction of the real estate tax will definitely affect the house price, and the vacancy rate and house price will both decrease.
China's tax is high, and the real estate tax system has basically not changed. In addition to the land value-added tax introduced more than 20 years ago, there are many places where the current real estate tax policy does not adapt to the current situation of the industry. Therefore, it is necessary to reform and introduce the real estate tax, which is to increase the tax on ownership and reduce the tax on construction and circulation. The introduction of the real estate tax is in line with the general direction of "houses are for living, not for speculation". Let everyone know that owning a house also has costs. Don't always think that the house price will rise.
All leaders have spoken to the real estate tax so far. My personal understanding is:
1、 If legislation goes ahead, don't try it out.
2、 Full authorization means local taxes, which are the responsibility of each city and province.
3、 Step by step implementation means that those who have conditions will be levied, those who have no conditions will not be levied, and those who have no conditions will not be levied. What should be reduced or exempted must be greatly reduced or exempted. The first house must not be collected, and the second house should not be collected. There are many people with three, four or more houses, so hurry to collect their taxes.
I carefully read the speeches of the leaders, but I didn't find a specific time, but the time of the introduction is not really important. As long as there are authoritative documents and authoritative people say it, it will speed up the introduction of the real estate tax, which will affect the market, the house price will fall, and affect people's expectations of the house price.
Pan Shiyi also added: Real estate developers generally speak more affordable. Say something beneficial to the industry. I tried to be fair this time. But is it fair, right or wrong? Let the market and time comment!
Pan Shiyi is a strong supporter of the real estate tax. As early as during the 2013 NPC and CPPCC sessions, Pan Shiyi posted a microblog saying: "From January 1, 2014, the property tax of 1% of the original value will be charged for all houses above the third house in China. The house price will drop immediately tomorrow."
In December 2016, Pan Shiyi and Zhang Xin gave a lecture at MIT. When it comes to China's property market, Pan Shiyi said that it is necessary to introduce a property tax, or it will cause huge waste. Zhang Xin also believes that low cost of ownership is one of the reasons for high house prices in China. "I know people in Beijing buy 100 suites, but they only live one," said Pan Shiyi.
In August 2017, Pan Shiyi also said in an interview with the media that once the property tax was paid, the price of the house would fall. This is my basic judgment on China's real estate market. Based on this judgment, I would not build a house anymore. There are already many. What will I do with it?
Pan Shiyi's latest comments have something to do with yesterday's interpretation of the real estate tax by officials of the Ministry of Finance.
The News Center of the First Session of the 13th National People's Congress held a press conference at 8:50 a.m. on March 7 in the multi-function hall of the Medea Center, inviting Xiao Jie, Minister of Finance, Shi Yaobin, Vice Minister, and Hu Jinglin to answer questions from Chinese and foreign journalists on "fiscal reform and financial work".
When answering questions from Japanese economic journalists, Vice Minister Shi Yaobin said——
Historically, as a kind of tax, the real estate tax has a long history. As far as I know, it first originated in Europe. With the development of the times and the accumulation of personal wealth, most countries have implemented the real estate tax system.
As a worldwide prevailing tax, it has some common institutional arrangements. I have summarized that there are roughly four or four common institutional arrangements, which almost exist in every country's real estate tax system.
First, all industrial and commercial real estate and individual housing will be taxed according to its assessed value, that is, according to the assessed value.
Second, there are some tax preferences in the real estate tax system arrangements of all countries. For example, a certain deduction standard can be made, or a certain tax exemption can be given to some difficult families, low-income families and special difficult groups. Of course, the specific ways and levels are different, but there are some tax preferences.
Third, this tax belongs to the local tax, and its income belongs to the local government. Local governments use these revenues to meet expenditures such as education, public security and other public infrastructure provision.
Fourth, because the determination of the tax base of real estate tax is relatively complex or very complex, it is necessary to establish a complete tax collection and management model, so that the real estate tax can be collected and fair.
According to Vice Minister Shi Yaobin, according to the decision and deployment of the central government, the Budget Committee of the Standing Committee of the National People's Congress, the Ministry of Finance and other relevant parties are working hard to draft and improve the draft law on real estate tax. The general idea of real estate tax is to legislate first, fully authorize, and promote step by step. According to such a general idea. At present, we are in the process of designing, improving, demonstrating and listening to opinions.
If China has property tax, what will happen to 100 suites?
Qi Junjie, a financial commentator, once calculated:
What is the concept of 100 houses? If the average price of a house in Beijing is 500 million, the house price alone will be worth 500 million yuan. If the monthly rent of 10000 yuan per suite is calculated, he will earn 1 million yuan a month, and the annual rent income will exceed 10 million yuan. If he does not rent, the annual property fee and heating fee will be only 5000 yuan per suite, and only 500000 yuan a year. For a house with a market value of 500 million yuan, the holding cost of 500000 yuan is only 1/10000. What if the property tax is levied according to President Pan?
Let's first see what will happen to this person in the United States. The highest property tax in Illinois is 2.67%, while in New York it is more than 2.5%. New Hampshire and New Jersey are also around 2.5%. In addition, every apartment in the United States is charged. If you pay 2.5% property tax per year for 100 houses, the total market value is 500 million, The annual tax payment will exceed 12.5 million yuan. The monthly expenditure exceeds 1 million yuan. It can be seen that almost all the rental income has been eaten up by the property tax. This guy didn't make any money with his house, and he still walked on thin ice. Once a tenant failed to serve him well, if the house suddenly ran short and remained empty for several months, the loss would be great.
Of course, this is the place with the highest tax rate in the United States, and some places have relatively low tax rates. For example, Texas, with relatively high income, has a relatively low tax rate of only 1.81%, while Hawaii, a tourist city, is even cheaper, only 0.31%. There are few people buying houses here, and some houses are still very cheap. Therefore, it is reliable to calculate according to the tax rate of Texas. Most areas of the United States have property tax rates of 1-2%, which means that his annual tax should be between 5 million and 10 million yuan, with an average monthly holding cost of 500000 to 1000000 yuan.
As for whether he can double the rent? All friends with experience in renting know that even in the core cities of Beijing, Shanghai, Guangzhou and Shenzhen, if the landlord doubled your rent, would you accept it? I'd rather move far away and get up earlier. It's not that I don't want to rent it, but I really can't afford it! For a house worth 5 million yuan, he rents 20000 yuan a month, which is basically impossible. Because the average income is only 10000 yuan, and the monthly rent is 20000 yuan, he basically has only idle shares. When it is idle, the landlord should pay the property tax himself, so the landlord would rather cut the price and rent it out as soon as possible. Therefore, the rent will not rise, but will fall if it is not properly handled. Because the previously vacant houses are afraid to be vacant again.
Editor in charge: Xie Haiping
