Shenzhen‘s second-hand housing market has transformed after the Communist Party’s Shenzhen authorities issued a guide price for second-hand housing on February 8. Officials said banks will lend according to the authorities’ guide price, which is tantamount to raising the down payment in disguise, greatly increasing the pressure on Home buyers, and some industry insiders said the move will drag the Shenzhen property market into a freeze.
8, the Communist Party of Shenzhen Housing Authority issued a notice on the reference price of second-hand houses, which provides a guide price significantly lower than the market price, the authorities issued a reference price for second-hand house transactions in 3595 neighborhoods and the current market listing price comparison can be found, the guide price issued is significantly lower than the market listing price and transaction price, especially the high-priced luxury homes and high-quality school district houses “price difference The “price difference” is more obvious. This move by the Shenzhen authorities is very confusing to the local people, because the gap with the market price is so large, simply can not be concluded, according to this price can not buy a house.
In this regard, some netizens said that the so-called guide price is mainly for the banks to lend for reference purposes.
According to brokerage China news, Shenzhen real estate and urban construction development research center director Wang Feng said on February 9, Shenzhen announced the purpose of the second-hand housing guide prices include promoting rational market transactions; guide intermediaries reasonable listing; guide commercial banks to reasonably issue loans, reduce leverage, to prevent financial risks. And banks will take the official reference price as an important reference for the issuance of loans, can be floating on this basis, but too far out of line may trigger an interview, and take responsibility for it.
In this regard, some industry sources said that the Shenzhen authorities’ move will give Shenzhen’s second-hand housing market transactions to cool down very quickly.
For example, if a property is officially given a reference price of 7 million, and the actual transaction price on the market is 10 million, the report said. If the buyer is a first-Time buyer, he or she can apply for a 70% mortgage. If the home loan is applied for according to the market transaction price, the home buyer can get a 70% mortgage i.e. a loan of 7 million; if the bank determines the loan for the house at the appraised price of 7 million according to the current regulations, the home buyer gets a lending amount of 4.9 million. As a result, the home buyer gets a bank mortgage from 7 million down to 4.9 million, and the down payment rises from 3 million to 5.1 million, that is, the down payment “from 30% to 50%.
The chief analyst of China Merchants Securities, Zhang Xia, analyzed in his circle of friends that the price of buyers and sellers are expected to be too big, if coupled with the lending according to the reference price, the actual down payment ratio increased significantly, the second-hand houses in Shenzhen to be frozen quickly.
The report said that a number of banks in Shenzhen have not yet received the relevant notice. Some banks said that the banks will cooperate with the relevant requirements to do a good job of real estate loans issued.
For Shenzhen to release the guidance price of second-hand houses, Shenzhen Centaline Managing Director Zheng Shu Lun believes that this policy release reference price releases the signal that the authorities want to start controlling the price of second-hand houses. But the control of the second-hand house market is very difficult. The main subjects of second-hand house transactions are different small owners and home buyers, and the information from offer to transaction is relatively closed and extremely asymmetric. Therefore, the transaction price of second-hand houses is more difficult to grasp, sometimes high and sometimes low.
The netizens also expressed different opinions on the practice of Shenzhen authorities, mainly spitting out that they can’t buy a house at all according to the guide price.
According to Zhuge, the average listing price of China Resources City, which was a big hit last year, is about 190,000 yuan (RMB) per square meter, but the guide price released this time is only 132,000 yuan per square meter, which is 3.84 million yuan cheaper than the current market price for an 80 square meter apartment.
There are also comments that the Shenzhen authorities do not start from the market, do not respect the market, but also in disrespecting both sides of the transaction, prompting both sides of the transaction to falsify, in fact, played a role in disrupting the market.
An intermediary staff said that in the field of second-hand housing transactions, “Yin Yang contract” may become a common phenomenon, that is, the buyer and seller signed the online contract according to the guide price, and then signed a supplementary contract, agreed to pay for the part of the house beyond the guide price. The agent said the supplemental contract is likely to require full payment of the house.
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