On May 21, according to the official public account of "Nanjing Release", Anju Group held the first batch of contracts after the release of the "old for new" announcement of stock housing, and 52 groups of customers confirmed the deal.
On April 27 earlier, Nanjing Anju Group officially released the "old for new" announcement on stock housing. It was clear that as of December 31 this year, the purchaser could replace one or more new commercial housing with one or more stock housing at a total price of no more than 80% of the total price of the new commercial housing purchased. The first batch of pilot quota was 2000.
Nanjing Anju Group is a subsidiary of Nanjing Urban Investment Platform. In this round of de stocking, the figure of local state-owned enterprises is gradually clear. Not long ago, Lin'an District, Hangzhou tested the government's purchase and storage of existing houses.
On May 17, the State Council held a video conference on housing guarantee and delivery. The meeting made it clear that the relevant local government should proceed from the reality and properly dispose of the idle residential land that has been transferred by means of recovery, acquisition, etc., as appropriate, to help real estate enterprises with financial difficulties. In cities with a large inventory of commercial housing, the government can purchase some commercial housing at a reasonable price to be used as affordable housing.
Yan Yuejin, Research Director of E-House Research Institute, pointed out that this is the core point of this policy, which can be summarized as "purchase for construction". This will also become an important measure for destocking in the future.
Image source: IC photo "Trade in the old for the new" drives market popularity
Nanjing's "old for new" pilot covers six main urban districts, including Xuanwu District, Qinhuai District, Jianye District, etc. The housing source must be residential, excluding self built housing, commerce, offices, apartments, etc; The stock housing should be complete, with clear property rights, and in a tradable state, without mortgage, guarantee or seizure and other non replaceable states.
According to the relevant person in charge of Nanjing Anju Group, as of May 20, after the announcement, there were about 3450 groups of online, telephone, on-site and other kinds of consultation, about 4150 groups of intention to register on the WeChat applet "Ning Huan Xin" platform, and about 3430 groups of qualified registration in the preliminary review; There are about 2230 groups of visitors to the case scene, and 515 groups of house changing people who have paid the money for new house intention.
It is reported that Anju Group is carrying out relevant evaluation work, and the first batch of 100 sets of offline house inspection and evaluation results have been issued. In order to achieve fair evaluation, Anju Group randomly selects three evaluation institutions from the list of evaluation institutions with good credit and strong business, respectively evaluates the transaction price of the stock houses to be purchased, and takes the evaluation value in the middle of the order as the final purchase price. After the evaluation results are issued, Anju Group successively invites the purchasers to feedback the evaluation results and confirm the intention of the next step. So far, 52 groups of customers have confirmed the transaction.
After completing the evaluation of the first batch of 100 apartment sources, Anju Group selected two groups of evaluation agencies last week to carry out the inspection and evaluation of 200 apartment sources at the same time. It is expected that the on-site inspection of apartment sources will be basically completed in the first ten days of June.
In terms of policy content, Nanjing's "old for new" policy has several characteristics.
First of all, the government purchases some stock residential houses in the market through Anju Group, and then through evaluation by the evaluation agency, only those that meet the acquisition conditions of Anju Group can be purchased.
Secondly, the selling price of the houses purchased by Nanjing Anju Group should not be higher than 80% of the newly purchased commercial houses, reflecting the idea of promoting market circulation by selling small houses for large ones and selling old houses for new ones.
Finally, the selection range of "old for new" in Nanjing directly points to the six districts of the main city. Nanjing Anju Group, after acquiring the houses in these areas, operates decentralized long-term rental apartments as the main body.
Zhang Hongwei, founder of Jingjian Consulting, believes that Anju Group, a subsidiary of local urban investment, purchases existing second-hand houses to operate as long-term rental apartments, which is essentially a decentralized long-term rental apartment of heavy assets.
According to the data, Nanjing Anju Construction Group was established in 2012. It is a large state-owned wholly-owned group company approved by the Nanjing Municipal Government, with a registered capital of 4 billion yuan. It is mainly engaged in the construction of affordable housing in Nanjing, the development and construction of commercial housing, the transformation of policy oriented dilapidated houses, the protection and utilization of important modern and contemporary buildings, the first level development and consolidation of land, and the management of held property Rental housing construction and operation and other businesses have been distributed in Nanjing, Suzhou, Xuzhou, Yangzhou, Zhenjiang, Nantong and other cities.
Zhang Hongwei said that after the purchase of these existing houses in Nanjing, they will be renovated and operated again, and the rental return rate may be about 1.5%. After a period of operation, when the market cycle reaches a new price level, Anju Group may also realize some of the assets it has acquired now to gain asset appreciation income. He believes that if the asset quality is good, asset securitization through packaged public offering REITs is also a way to achieve the safe exit of early funds.
It is worth noting that the operation difficulty of decentralized long-term rental apartments is greater than that of centralized long-term rental apartments. From the perspective of driving market decentralization, its effect remains to be observed. Zhang Hongwei believes that the pressure of destocking in the six districts of Nanjing is not so great, while the pressure of destocking outside the six districts is relatively large. If the policy can be spread outside the six districts of Nanjing, it will be more effective for the destocking of Nanjing property market.
Previously, Hangzhou Lin'an Urban Investment Platform also purchased existing houses for long-term rental apartments, helping state-owned enterprises and urban investment to reduce inventory.
According to Kerui's statistics, in the three years from 2021 to 2023, the number of local state-owned enterprises and urban investment companies participating in land acquisition accounted for more than 60%. Analysts pointed out that due to the low market heat, many projects in the future will face destocking pressure.
The subsidy for house purchase remains unchanged
At the same time as state-owned enterprises go off to purchase instead of building, local governments also spare no effort in housing subsidies.
In the afternoon of May 20, Hefei's multi departments, together with several real estate developers and brokers, held a coordination meeting for the 5.23-5.25 large-scale consumer friendly consumption season. In response to the issue of housing subsidies that the citizens are concerned about, the Hefei Joint Conference Office of Real Estate Market Regulation said that before June 30, buyers can cash in the corresponding subsidy amount in full at one time when signing online. In July and later, the corresponding subsidies will be paid in two installments.
The subsidy policy for housing purchase in Hefei was issued earlier this month. According to regulations, newly purchased commercial houses in Hefei can enjoy a maximum subsidy of 100000 yuan per unit.
On May 21, the government of Xiangcheng District, Suzhou City solicited opinions on the subsidy for talents to purchase houses, and introduced room ticket subsidies, price concessions and other measures. The maximum room ticket subsidy is 500000 yuan, and the maximum amount of house purchase exemption is 2000 yuan/square meter. However, the policy was "taken off the shelves" within 24 hours. According to the interpretation of the insiders, the excessive subsidies have led to pressure on neighboring cities.
Song Hongwei, research director of Tongce Research Institute, believes that the difficulty of the current real estate market lies in the fact that real estate enterprises are trapped in the work of building guarantee and debt reduction, and the residents' willingness to buy houses is low. In response to these two situations, the state has introduced a new policy on the property market to digest the stock and trade the old for the new.
Song Hongwei pointed out that the government's next purchase is the most effective and direct mode of digesting the stock, but capital is the core issue.
Based on this, on May 17, the People's Bank of China announced that it plans to set up affordable housing refinancing, with a scale of 300 billion yuan, to grant loans to local state-owned enterprises selected by the city government to purchase completed but unsold commercial housing as affordable housing. Analysts pointed out that the policy can release a certain amount of capital to the market, which will form a strong support for the local government to purchase and store stock housing.
At the same time, the residential housing purchase policy is also further optimized. Recently, the regulatory authorities announced to reduce the down payment ratio of individual housing, and there is no lower limit for the loan interest rate. The market generally believes that this will help improve market expectations.
Song Hongwei said that the restoration of the confidence of buyers and the increase of their willingness to purchase can improve the participation of the old for the new and the efficiency of the transformation of the new into the old, which is of great help to stabilize the property market, defuse the stock pressure of real estate enterprises, and solve the pain points of guaranteed delivery.
(Author: Tang Shaokui, Editor: Zhang Weixian)
