After the commercial tickets of real estate enterprises are included in the supervision scope of “three red lines”, the policy will start again. This time, it is to control the land acquisition expenditure of real estate enterprises from the use proportion of funds.
On July 26, it was reported that dozens of key real estate enterprises included in the “three red lines” pilot had been required by the regulatory authorities that the amount of land purchased should not exceed 40% of the annual sales. Informed sources told reporters that this proportion limit not only includes land acquisition by real estate enterprises in the open market, but also includes the expenditure on land acquisition through acquisition and merger.
The reporter of the international finance news confirmed the authenticity of the news to the “three red lines” pilot enterprises. As for the specific statistical caliber of the algorithm, he said that he had not received the exact news yet.
This also means that real estate enterprises should “set investment by sales”, Zhang Huadong, chief researcher of Yihan, said bluntly, “this also means that it is difficult for real estate enterprises to have greater expansion and growth in scale.”
According to Li Yujia, chief researcher of Guangdong housing policy research center, the background of the introduction of land acquisition sales ratio is that there are still many loopholes in the long-term mechanism, and the supervision means of “three red lines” need to be further improved. This time, it is clear that the key supervision “the amount of land purchase shall not exceed 40% of the annual sales”, It is to improve the regulatory efficiency of the “three red lines” and focus on some real estate enterprises with rapidly rising leverage.
Li Yujia believes that due to the shortage of funds in the early stage, the effects of a number of policies such as capital penetration supervision and financial loan concentration began to appear. At present, developers’ enthusiasm for land acquisition is falling, and the scale of land transfer in a single month has continued to show negative growth. While many developers reduce land acquisition, they increase the development progress of the original reserve plot, which is specifically reflected in the growth of construction area. Therefore, this policy will not have a great impact on the whole industry.
But he stressed that “it will have a greater impact on hot cities”. Therefore, after the implementation of the policy, it is expected that the heat of the second batch of centralized land supply will be reduced and the overall premium rate will be lower.
Control of land acquisition sales is better than the previous evidence.
Reprint indicated source：Spark Global Limited information