Real estate is an important part of the tertiary industry. It is a comprehensive industry and a basic and leading industry of the national economy. The formation of real estate price is very complicated, influenced by nature, economy, society, region and individuals. According to estimates, in the composition of real estate prices, the proportion of various expenses is roughly as follows: land accounts for about 20%; About 35% of Jian' an projects; "Big municipal" facilities account for about15%; Various taxes and fees account for about10%-15%; The profit of development enterprises accounts for about 15%-20%.
This paper attempts to analyze the real estate price in China from three aspects: land, real estate financial market and transaction cost, and seek new institutional arrangements.
Institutional arrangement and system construction related to land issues
Land is the core element of real estate development. China's land resources are scarce and the supply elasticity is small, but with the development of economy, people's demand for land is increasing. Land ownership in China belongs to the whole people, and state-owned land should be used for construction in principle. Land is not private or government-owned, but the property of the whole people. This form of property rights exposes the following institutional defects:
Under the current institutional conditions, the ownership of land cannot be transferred or bought or sold, but the right to use it can be bought or sold, which is actually a land lease. At present, land is in the form of "lease", that is, many years of land use rights are tied together and granted to users at one time. Because of the long time span, developers can mortgage the land between "rent" and "sell" and transfer the land rent for many years to the house price at one time, which is a dislocation and infringement of property rights;
At present, the degree of marketization of land circulation is very low. The proportion of land sold by agreement is not only too large, but also the pricing is arbitrary; At the same time, the primary market lacks transparency and there is no open, fair and just competition mechanism in land use; The determination of benchmark land price is not scientific and reasonable enough to keep pace with the actual development;
Real estate investment has a high contribution rate to local GDP growth, and it is often regarded as a performance project and an image project by some irresponsible local officials. In this wave of "running the market", the use of land for profiteering has become a means for some units and individuals to seek rent, and local governments will naturally not be the last payers.
Facing the reality, we are required to do a good job in the following aspects: designing a reasonable method of separate pricing and expropriation of real estate, that is, buyers pay the land rent year by year, no longer have relations with developers, and change the situation of land "rent"; Strictly control the land market, speed up the land bidding, auction and hanging system, and block the "black hole" of land transactions; Establish a scientific system for determining and publishing benchmark land price so as to update it dynamically in time; The government should do a good job and seriously implement the land supply and use plan, and the planning problems cannot be discussed one by one; Raise the cost of land speculation through tax means and recover long-term undeveloped idle land; Establish a land reserve system so that the government can purchase or supply land in time according to the land market. China will implement the strictest farmland protection system in the future.
Institutional arrangement and system construction related to real estate financial market problems
Real estate is a capital-intensive industry. If it is a chariot, finance is its engine. Judging from the extraordinary growth of credit in recent years, the growth of real estate credit can be said to be crazy. The reason why real estate can continuously get financial support is related to the strong rebound effect of the real estate industry, and the return on investment in real estate development is higher than other industries. Banks also regard housing loan as a new business growth point, but there is serious information asymmetry in reality. Banks underestimated the risks and invested heavily in real estate. Developers begin to borrow blindly and optimistically, and irrational expectations lead to irrational prosperity, so that the bubble of real estate prices will appear and may burst at any time.
There are some problems in China's real estate financial market, such as low development level, single financial variety, underdeveloped secondary market of housing mortgage loan, imperfect management mechanism, risk dispersion mechanism, regulatory constraints and guarantee system. Among them, single financing channel is the most serious problem. Reasonable system construction should also be carried out around it, and diversification of real estate financing is imperative.
In the new financing channel, the best choice is direct financing through the capital market. For real estate enterprises, capital market operation can alleviate the pressure of capital demand from real estate projects. Vigorously develop real estate trust. On the whole, trust products show the pattern of local government infrastructure construction, real estate financing and securities investment. Arrange real estate funds. Because of the file number. 12 1 2003, as an important financing channel of real estate, the real estate fund had to go from behind the scenes to the front desk, which undoubtedly provided a new financing channel for real estate enterprises. For investors, not only can they get a higher return on investment from the fund, but they can also effectively avoid risks.
The system construction of real estate financial market has a long way to go. It is necessary to improve the old credit system, strictly control credit access, strengthen examination and management, and improve the credit, mortgage and insurance systems; More importantly, we should make new institutional arrangements, broaden financing channels, and combine financial innovation with China's national conditions to promote the healthy and rapid development of the real estate financial market. Only in this way can we effectively prevent the emergence and bursting of the real estate price bubble.
Institutional arrangement and system construction related to transaction cost
The real estate market is a complex market, and its participants include buyers and sellers, construction units, governments, supervision and evaluation institutions, and the media. The services they provide are the conditions for smooth market transactions, and the cost of these services can be regarded as part of the transaction cost. To establish a reasonable system platform for controlling transaction costs, the following aspects should be considered:
Reasonable tax and fee arrangement
In real estate development, people have many objections to the collection of supporting fees for urban infrastructure and public facilities. Some scholars have long suggested that urban infrastructure supporting fees should not be levied on developers at one time, but directly on owners year by year; The construction cost of water supply, power supply, gas supply and other facilities should automatically withdraw from the historical stage after the product price is straightened out; For some fees with obvious apportioning nature, such as civil air defense construction fees and additional education fees, which belong to the scope of benefiting the whole people, then they should not be paid only by development enterprises.
Transaction cost in project approval
The real estate industry is still a piece of "fat meat" in the eyes of many power departments, and everyone wants to get some "oil and water". Too many project approval links are also one of the sequelae left by our planned economic system. Development enterprises rush back and forth in the official seal department, which not only reduces efficiency, but also increases a lot of "running money", and these transaction costs are also included in the property price.
Transaction cost in bidding
In the poorly managed construction market, "black and white contract" has become an open secret. The so-called "black contract" means that in the process of project bidding, the construction unit signs a contract with the winning bidder privately in addition to the publicly signed contract ("white contract"), forcing the winning bidder to contract with capital in advance and lowering the project cost. In addition, the problems of subcontracting and "brokers" fishing in troubled waters are also very serious, and the bidding process is also a hotbed of corruption.
Transaction cost in project cost management
As an important part of the real estate market, supervision, consultation and evaluation departments have played a vital role in the formation of project cost. But there are many loopholes in our cost management. The quality of auditors in budget and final accounts is uneven, and the supervision system is difficult to operate. Such final accounts are inevitably different from the actual cost of the project. In fact, in the development and construction projects, we only pay attention to the supervision of project quality, but ignore the supervision of cost. Only by designing feasible cost compilation and audit procedures, scientific and comprehensive supervision system, and improving incentive and supervision mechanisms can we ensure the fairness and rationality of project cost and the healthy norms of the construction market.
Media-related transaction costs
Media is the main tool to provide real estate transaction information. Crazy real estate advertising, in the final analysis, is that developers are burning money for owners, and the media are more keen on concept speculation. From the concept of "Olympics" to the concept of "Expo", from the concept of "hydrophilic landscape" to the concept of "villa mansion", every round of speculation has pushed up housing prices. Of course, there are reasonable concept promotions, but what we need more is real and credible real estate transaction information. Under the temptation of huge advertising fees, some media do not hesitate to sell their pages and brag about it. In the end, the high transaction cost brings false prosperity, which is fatal to real estate. Therefore, we need an institutional arrangement to protect the interests of owners and the future of real estate.
We should treat all kinds of problems in the real estate market rationally. At present, there is a contradiction between the acceleration of housing marketization in China's real estate market and the lag of system construction, which requires us to keep the system arrangement scientific, reasonable, applicable and feasible. Only in this way can we prevent and solve many problems in the real estate market, especially the price problem. Only in this way can China real estate become brilliant!
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