The establishment of the pre-sale licensing system for commercial housing is closely related to the development process of my country’s real estate market. For a long time, the total amount of urban housing in our country has been insufficient, and the supply of commercial housing has exceeded demand. It is an objective need to speed up construction and increase housing supply. The pre-sale system for commercial housing accelerates the turnover of the entire construction funds, improves the efficiency of capital use, and reduces the cost of capital use. Let’s take a look at what are the commercial housing pre-sale systems!

1. Overview and value of commercial housing pre-sales

The so-called commercial housing pre-sale system means that real estate development companies will be building A system in which the houses in the house are sold to the purchaser in advance, and the purchaser pays a deposit or house price.

my country's commercial housing pre-sale system was gradually established in the early 1990s. In July 1994, the "Urban Real Estate Management Law of the People's Republic of China" was implemented. This law that comprehensively regulates urban real estate development draws on Hong Kong’s real estate development model and formally establishes the pre-sale system for commercial housing. Since then, the State Council's "Urban Real Estate Development and Operation Management Regulations", the Ministry of Construction's "Urban Commercial Housing Pre-Sale Management Measures", "Urban Real Estate Transfer Management Regulations", and the newly promulgated "Property Law" have all made corresponding and specific regulations on this system. regulations[1]. More than ten years of development have shown that this system has played an important and historic role in cultivating my country's real estate market and promoting the development of the real estate industry. Data from the National Bureau of Statistics shows: “In 2004, real estate development funds raised 1,716.88 billion yuan, and deposits and advances reached 739.53 billion yuan, an increase of 44.4% over the previous year, accounting for 43.1% of real estate development funds, becoming the third largest contributor to real estate development. A major source of funds. "Relying on the supportive policy of pre-sales, my country's real estate industry has quickly completed the primitive accumulation of capital. At the same time, because pre-sales make it easier for real estate developers to raise financing and reduce costs, the price of pre-sold houses is significantly lower than that of existing houses, which also makes " Buyers who are "excited at the prospect of a house" have benefited from benefits. With the unanimous favor of buyers and sellers, the pre-sale system of commercial housing continues to develop in the country. However, the implementation of the commercial housing pre-sale system also produced a large amount of moral hazard and market risk.

2. Analysis of the problems and causes of my country’s commercial housing pre-sale system

Since the establishment of my country’s commercial housing pre-sale system, it has certainly stimulated the commercial housing transaction market, but it has also produced many serious problems. This phenomenon directly led the central bank’s real estate financial analysis team to emphasize in its “2004 China Real Estate Financial Report”: “Many market risks and transaction problems originate from the pre-sale system of new commercial housing. Currently, real estate companies that are operating well "Business owners have accumulated a certain amount of strength and can propose to cancel the current house pre-sale system and change the sales of pre-sale houses to existing house sales." Although the Ministry of Construction immediately stated that it would not abolish the pre-sale system of commercial housing, this report at least pointed out that pre-sale. The problems arising from the system have attracted high-level attention and have also caused extensive discussions in the academic community.

The author believes that at present, the risk problems caused by the pre-sale of commercial housing in our country are mainly in the following aspects:

First, there is unfair transaction, and developers will The risk of commercial housing under construction is transferred to the society and banks. If the benefits that developers gain from the pre-sale system are equivalent to the risks and costs they bear, and both home buyers and developers get what they need, then the pre-sale system is obviously the best of both worlds. However, according to my country's current pre-sale mechanism, when the house is still under construction, the home buyer has already paid the full price of the house and assumed all future risks. Under this imperfect pre-sale system, developers can not only use bank funds at low cost and occupy the prepayments of home buyers and advances from contractors without interest, but also do not have to bear the cost of housing inventory, construction risks and Funding costs were passed on to home buyers. At the same time, with the help of mortgage loans, mortgages, and working capital loans, developers ultimately placed the huge debt burden of development projects on banks, causing almost all of the development risks of commercial housing to be transferred to banks. What's more serious is that when there are differences between the completed homes and the agreements, advertisements and verbal promises, it is often the disadvantaged home buyers who are forced to accept homes that do not meet their needs or bear the responsibility for breaking the contract.

The author believes that the fundamental crux of such problems lies in the fact that my country's pre-sale system lacks a sound legal system for risk sharing, which allows developers to easily transfer risks, while home buyers and banks Lack of legal basis to protect one's own interests.

At the same time, there are only one financing channel. Real estate securities, bonds and other financing methods that can truly provide long-term and sustainable support to real estate companies are considered to have too high capital costs and are abandoned by developers, which also produces this phenomenon. Another important reason.

Secondly, the current pre-sale system can easily lead to unequal competition and inefficient competition. The off-plan sales system has relatively lowered the threshold for the real estate industry. The strength, brand, technology, and strategy of the developer are not very important. As long as they have the ability to contact powerful people in local governments and commercial banks, they can obtain cheap land resources and low-cost bank loans. , often means the success of the project. This has led to the real estate industry gathering a large number of small and medium-sized real estate developers, and some extremely poor real estate companies are still surviving well, while the competitive advantages of those companies with real strength, brand, technology, and management are not obvious.