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After three years’ implemen- tation， the limitations on purchasing houses are leaving the stages in many cities in various forms.
On July 15， Changzhou Daily published an article on its front page， calling for the citizens to buy houses. This is rated as the most “unchaste” measure to save the real estate market.
Saving the real estate market has become the topic for an increasing number of cities in China. 20 days before Changzhou Dailly’s article， Hohhot became the first Chinese city that completely ended the limitation on house purchasing in China. The Hohhot government announced that the citizens no longer need to provide the proofs about the number of their houses when they sign the agreement or online agreement， pay the tax， apply for loans and register the ownership of commercial residences （second- hand house included）.
This measure is generally interpreted by the market into the end of the limitations on house purchasing in Hohhot.
Some cities seek breaches in the limitation on house purchasing through relaxing the requirements for house buyers. Nanning housing administration issued a new rule in April， allowing the citizens in several other cities of Guangxi to buy houses in Nanning. This measure increased the number of potential buyers of houses in Nanning.
Some cities choose the hidden pattern different from the announcement. On July 2， Jinan government announced that they were studying into the adjustment of limitation on house purchasing and the new measures would be implemented once they were confirmed.
One week later， there were reports from the market the Jinan government was going to completely end the limitations on purchasing new houses and used houses. Both locals and outsiders are free from the limit in the number of houses they can buy. Though the gov-ernment never issued any written orders， the limitation on the number of houses the buyers can buy was really gone after July 10. As reported by local media， the number deals from July 10 to 17 （based on the number of online agreements） amounted to 3307 units， 254 units more than the number of deals in May.
In addition， there were reports about Xiamen’s elimination of the limitations on the deal of houses with the value of over 5 million yuan per unit. The city is reportedly looking for ways to relax the limitations more. It was also followed by Kunming， Fuzhou， Nanchang and Xi’an.
It is said that there are 40 cities that have issued the limitations on house purchasing since 2011. In 2014， 30 cities， except Beijing， Shanghai and other firsttier cities of China， are likely to put an end to this kind of limitation. Local governments have other methods to save the real estate market. Hangzhou issued the order of preventing the decrease of housing price. Any deal with the value 15% lower than the registered value of the property is going to have its online agreement technologically restrained. Tongling， Anhui， announced the subsidies to house buyers in housing pension， contract tax and residential per- mit to attract more house buyers.
Local Governments’ Initiative to Save the Market
The salvation of real estate market once happened in 2008 and 2009， but the with quite different methods from this year.
The last great efforts in saving the property market took place at the end of 2008 and the beginning of 2009. According to the statistical data from the National Bureau of Statistics， the housing price in 70 cities of China in February 2009 dropped 1.2% year on year or 0.2% compared with a month before. Meanwhile， the number of cities with the month-on-month drop in housing price is larger than the one of cities with increased housing price.
In May 2014， the same situation appeared again. The research institution found that the housing price in 70 cities saw the decrease for the first time in the last two years. Regionally， there are 35 cities with the decrease in the price of newly-built houses （compared with a month before）， 20 cities keeping the price at the same level and only 15 cities with higher price.
In 2008 and 2009， the real estate market met the largest fall in the housing price in eight years. At that time， the real estate developers all voiced their request of government to save the market. Before the opening of the parliamentary sessions in 2009， the real estate developers held a national meeting and sent out their advices through media and other platforms to save the real estate market.
However， in the new round of real estate market salvation， the local governments played a more important role in the action. They acted earlier than they did in 2009， in which they did not take any actions until some of cities have seen slump in the housing price. For example， the housing price in Shijiazhuang dropped 5.2% from a month before in February 2009； Wnezhou， 4，1%； Dandong， 3.7% and Jilin， 2.4%. This May， the biggest month-on-month drop in the newly-built commercial houses was only 1.4%.
The local governments also show strong will to save the market. Take Hohhot for example： this city published orders of lifting the limitations on house purchasing on June 20， which drew a lot of attention afterwards. Then the Hohhot government took back the order with the reason of detecting mistakes in them. This made outsiders guess that the salvation of real estate market by Hohhot might collapse， but on June 26， the government of this city officially issued the order of ending the limitations. Unexpected Cool Market
Why are the local governments showing such a strong will to save the market？
Take Hohhot for example： Ji Hangang， director of its Real Estate Development and Supervision Department， says that the government needs to take measures to guide the development of the real estate based on local conditions in light of the central government’s requirements about classified guidance of the real estate market and the urbanization. “The real estate market in Hohhot has already been in the period of rational development. There will be no problems in the panic buying and speculation. Thus， the measures of saving the market– they call it the guidance of the market– follows the demand of the reality.
Then， what is the reality of the real estate market in Hohhot？
Shanghai Easy Home Property Institute holds a research into the period of de-inventory of the existing commercial residence in 35 cities of China and found that the Hohhot has the largest inventory of commercial residence in these cities.
Yan Yue， a researcher with Easy Home， says that the cool-down of the market will accelerate the rhythm of saving the real estate market. The huge inventory of the houses and the underperformance of real estate developers have forced the local governments to take measures to save the real estate market.
What’s worse is that the cool-down of the market has no omens， which is really out of the expectations of local governments. In the first five months of 2013， the number of sold units of commercial residence in China increased by 35.6%， and the sales volume increased by 52.8%， but in the first two months of this year， the number of sold units and sales volume of commercial residences both encountered the negative growth.
A relevant director of the Macroeconomic Institute of National Development and Reform Commission says that the change in housing price in 2008 was a result of the long-term adjustment of the real estate. Now， the market turned around in a short year without any alternations in regulatory measures， leading to the difficulty to foretell it.
The local governments’ eagerness to save the real estate market also shows their increasing reliance on the land finance.
The income from the state-owned land-use right transfer was 4125 billion yuan in 2013， 2851.7 billion yuan in 2012 and 1037.5 billion yuan in 2008. Meanwhile， the public finance income in those three years respectively amounted to 12914.3 billion， 11721 billion and 6133.035 billion yuan.
That means the increase in the income from land is much faster than tha of the financial income. The land finance is taking an increasingly important part in the public finance.
On July 15， Changzhou Daily published an article on its front page， calling for the citizens to buy houses. This is rated as the most “unchaste” measure to save the real estate market.
Saving the real estate market has become the topic for an increasing number of cities in China. 20 days before Changzhou Dailly’s article， Hohhot became the first Chinese city that completely ended the limitation on house purchasing in China. The Hohhot government announced that the citizens no longer need to provide the proofs about the number of their houses when they sign the agreement or online agreement， pay the tax， apply for loans and register the ownership of commercial residences （second- hand house included）.
This measure is generally interpreted by the market into the end of the limitations on house purchasing in Hohhot.
Some cities seek breaches in the limitation on house purchasing through relaxing the requirements for house buyers. Nanning housing administration issued a new rule in April， allowing the citizens in several other cities of Guangxi to buy houses in Nanning. This measure increased the number of potential buyers of houses in Nanning.
Some cities choose the hidden pattern different from the announcement. On July 2， Jinan government announced that they were studying into the adjustment of limitation on house purchasing and the new measures would be implemented once they were confirmed.
One week later， there were reports from the market the Jinan government was going to completely end the limitations on purchasing new houses and used houses. Both locals and outsiders are free from the limit in the number of houses they can buy. Though the gov-ernment never issued any written orders， the limitation on the number of houses the buyers can buy was really gone after July 10. As reported by local media， the number deals from July 10 to 17 （based on the number of online agreements） amounted to 3307 units， 254 units more than the number of deals in May.
In addition， there were reports about Xiamen’s elimination of the limitations on the deal of houses with the value of over 5 million yuan per unit. The city is reportedly looking for ways to relax the limitations more. It was also followed by Kunming， Fuzhou， Nanchang and Xi’an.
It is said that there are 40 cities that have issued the limitations on house purchasing since 2011. In 2014， 30 cities， except Beijing， Shanghai and other firsttier cities of China， are likely to put an end to this kind of limitation. Local governments have other methods to save the real estate market. Hangzhou issued the order of preventing the decrease of housing price. Any deal with the value 15% lower than the registered value of the property is going to have its online agreement technologically restrained. Tongling， Anhui， announced the subsidies to house buyers in housing pension， contract tax and residential per- mit to attract more house buyers.
Local Governments’ Initiative to Save the Market
The salvation of real estate market once happened in 2008 and 2009， but the with quite different methods from this year.
The last great efforts in saving the property market took place at the end of 2008 and the beginning of 2009. According to the statistical data from the National Bureau of Statistics， the housing price in 70 cities of China in February 2009 dropped 1.2% year on year or 0.2% compared with a month before. Meanwhile， the number of cities with the month-on-month drop in housing price is larger than the one of cities with increased housing price.
In May 2014， the same situation appeared again. The research institution found that the housing price in 70 cities saw the decrease for the first time in the last two years. Regionally， there are 35 cities with the decrease in the price of newly-built houses （compared with a month before）， 20 cities keeping the price at the same level and only 15 cities with higher price.
In 2008 and 2009， the real estate market met the largest fall in the housing price in eight years. At that time， the real estate developers all voiced their request of government to save the market. Before the opening of the parliamentary sessions in 2009， the real estate developers held a national meeting and sent out their advices through media and other platforms to save the real estate market.
However， in the new round of real estate market salvation， the local governments played a more important role in the action. They acted earlier than they did in 2009， in which they did not take any actions until some of cities have seen slump in the housing price. For example， the housing price in Shijiazhuang dropped 5.2% from a month before in February 2009； Wnezhou， 4，1%； Dandong， 3.7% and Jilin， 2.4%. This May， the biggest month-on-month drop in the newly-built commercial houses was only 1.4%.
The local governments also show strong will to save the market. Take Hohhot for example： this city published orders of lifting the limitations on house purchasing on June 20， which drew a lot of attention afterwards. Then the Hohhot government took back the order with the reason of detecting mistakes in them. This made outsiders guess that the salvation of real estate market by Hohhot might collapse， but on June 26， the government of this city officially issued the order of ending the limitations. Unexpected Cool Market
Why are the local governments showing such a strong will to save the market？
Take Hohhot for example： Ji Hangang， director of its Real Estate Development and Supervision Department， says that the government needs to take measures to guide the development of the real estate based on local conditions in light of the central government’s requirements about classified guidance of the real estate market and the urbanization. “The real estate market in Hohhot has already been in the period of rational development. There will be no problems in the panic buying and speculation. Thus， the measures of saving the market– they call it the guidance of the market– follows the demand of the reality.
Then， what is the reality of the real estate market in Hohhot？
Shanghai Easy Home Property Institute holds a research into the period of de-inventory of the existing commercial residence in 35 cities of China and found that the Hohhot has the largest inventory of commercial residence in these cities.
Yan Yue， a researcher with Easy Home， says that the cool-down of the market will accelerate the rhythm of saving the real estate market. The huge inventory of the houses and the underperformance of real estate developers have forced the local governments to take measures to save the real estate market.
What’s worse is that the cool-down of the market has no omens， which is really out of the expectations of local governments. In the first five months of 2013， the number of sold units of commercial residence in China increased by 35.6%， and the sales volume increased by 52.8%， but in the first two months of this year， the number of sold units and sales volume of commercial residences both encountered the negative growth.
A relevant director of the Macroeconomic Institute of National Development and Reform Commission says that the change in housing price in 2008 was a result of the long-term adjustment of the real estate. Now， the market turned around in a short year without any alternations in regulatory measures， leading to the difficulty to foretell it.
The local governments’ eagerness to save the real estate market also shows their increasing reliance on the land finance.
The income from the state-owned land-use right transfer was 4125 billion yuan in 2013， 2851.7 billion yuan in 2012 and 1037.5 billion yuan in 2008. Meanwhile， the public finance income in those three years respectively amounted to 12914.3 billion， 11721 billion and 6133.035 billion yuan.
That means the increase in the income from land is much faster than tha of the financial income. The land finance is taking an increasingly important part in the public finance.