www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

USEUROPEAFRICAASIA 中文雙語Fran?ais
Opinion
Home / Opinion / Op-Ed Contributors

The real state of real estate

By Zhu Jin | China Daily | Updated: 2013-04-12 07:12

Smaller, cash-strapped players are being squeezed out of the real estate market as competition intensifies and the government continues to tighten its grip on the sector in a bid to cool housing prices. But this is a healthy development that will help stabilize the market and promote quality- rather than quantity-oriented urbanization.

The government's tough regulations on credit channels have made the financing capability of real estate developers and their sales volumes the key to their competitiveness. This is because tougher credit policies will not directly affect leading developers' financing abilities, because they rely more on sales and other financing channels, such as trust funds and overseas financing, rather than loans. The policies, in fact, will force the industry to be more concentrated in the hands of the large corporations.

Latest China Real Estate Association figures show that there are more than 60,000 real estate developers in China, but the revenue from housing sales of the top 500 developers accounted for 39.2 percent of the total, or 2.53 trillion yuan ($408.35 billion), in 2012. Furthermore, the top 50 developers accounted for 59 percent of the revenue for housing sales and the top 100, more than 70 percent.

"The era of high profits for developers is coming to an end," says Zhu Zhongyi, vice-president of the China Real Estate Association.

Li Zhanjun, director of Shanghai E-house Real Estate Research Institute Center, says the government's tougher restrictions on credit will not affect developers' financing ability directly in 2013, but it is bound to have a big impact on developers, especially smaller developers, if the government imposes more restrictions that lead to a sharp drop in sales.

The proposed 20 percent tax on capital gains has increased property transactions because people are rushing in to close deals before the policy is implemented, though sales will drop when the capital gains tax is implemented. And with local governments required to announce detailed measures to curb prices by the end of the month, the housing market is likely to gradually feel the squeeze of government polices.

In the first half of 2012 when market activities declined to maintain the sales momentum, many top developers reduced prices to attract buyers. China Merchants Property, for example, reduced its prices by 10 percent nationwide from March to May 2012. But many smaller developers couldn't afford to do so because of their reliance on sales for funds. The top developers have more financing channels and can afford to offer discounts and adopt a long-term strategy.

But even as the government regulations start to bite, it is clear that the leading developers have already absorbed the harsher regulatory climate and are focusing more on long-term strategy, such as how to connect with the government's goal of higher quality urbanization and building an ecological society.

The overriding concern for medium and small developers, on the other hand, is the effect specific policies will have on their immediate operations. The wide gap between the range of their visions shows why the government shake-up is necessary to help stabilize the market.

Now that profit margins in the domestic market are shrinking, many of the country's biggest developers are exploring overseas markets. Greenland Group, for example, is developing projects in South Korea and Australia. And Vanke has set its sights on becoming an international company in the next 10 years.

If the government extends the property tax, currently being trailed in Shanghai and Chongqing, and tightens the monetary policy further, as it has threatened to do if housing prices continue to rise, the market will become more favorable for the big developers as sales decline.

But while this will probably cause a drop in realty construction and slow down China's overall economic growth, at the same time it will remove some of the uncertainties that have accompanied the growing property bubble and be beneficial for the national economy in the long run.

The author is a reporter with China Daily.

Email: zhujin@chinadaily.com.cn.

(China Daily 04/12/2013 page9)

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 亚洲欧美在线观看视频 | 美女黄网站色一级毛片 | 一区二区三区精品国产 | 国产日产韩产麻豆1区 | 国产精品久久久一区二区三区 | 国产男女视频 | 国内精品自产拍在线观看91 | 欧美整片在线观看 | 亚洲精品不卡久久久久久 | 日韩黄色视屏 | 18岁免费网站 | 成人精品一区二区不卡视频 | 亚洲国产欧美精品一区二区三区 | 久久精品最新免费国产成人 | 日韩性网 | 国产精品亚洲玖玖玖在线靠爱 | 欧美xx一片 | 5级做人爱c视版免费视频 | 亚洲日韩视频免费观看 | 久久免费资源 | 美国毛片毛片全部免费 | 欧美在线观看高清一二三区 | 亚洲天堂成人 | 久久综合久久久久 | 欧美亚洲国产成人高清在线 | 看一级毛片一区二区三区免费 | 成年女人免费又黄又爽视频 | 日本国产免费一区不卡在线 | 欧美成人乱弄视频 | 国产猛烈无遮掩视频免费网站男女 | 9999毛片免费看 | 久久精品一区二区国产 | 在线中文字日产幕 | 国产精品国产国产aⅴ | 91香蕉成人免费高清网站 | 一级毛片一级毛片a毛片欧美 | 免费观看一级特黄欧美大片 | 日本亚洲成高清一区二区三区 | 日韩黄色一级片 | 久久亚洲精品中文字幕亚瑟 | 男人天堂av网 |