Anticipation: real estate regulation to establish long-term mechanism in season five levy property taxes

The total land supply should be crawling peg population increase, rather than a violation of law to reverse the economic regulation。In this sense, land targets should not be evenly distributed in each city, but to see who's large population, fast growth。  What kind of measures should be used to implement the system it balanced real estate?Late last year, Xi Jinping, general secretary of clear requirements in the central working conference: "adhere to the 'house is for living, not for speculation of' positioning ',' integrated use of financial instruments, land, taxation, investment, legislation, speed up study the establishment of national conditions, to adapt to the basic laws of the market system and the long-term mechanism, inhibition of the real estate bubble. "。This important indication is that we do a good job of real estate regulation and reform of the total real estate management system to follow。We must focus on functional positioning of real estate, to clarify the principal contradiction, to build a four-beam eight columns, supporting policies and measures in order to achieve long-term stable and healthy development of the real estate market。I think there are five basic current system is particularly important。  One long-term mechanism: first the land, control of the total land supply。  The total land supply a city of 100 square meters per person in general can be controlled, this should become a legal principle。1 million for the supply of 100 square kilometers of urban population。Crawling peg, striking。What does it mean?The city you have the ability, the concentration of population to 500 million and if previously only gives you 350 square kilometers, the next few years will gradually increase the supply of land each year, make up the gap。Not according to the will, we plan future urban population of 5 million, now only 2 million, it is necessary 500 square kilometers, the result of the next decade really gives you 300 square kilometers, an additional 300 million people that you did not come, or just to 100 million people, or even the original 200 million people still go some people wrong with this land, who is responsible?  To land crawling peg, not that you go to the imaginary regulation, the will。This is because the floor plan can become a reality intent of factors, not just the land issue, but also involves factors industrial clustering capabilities, infrastructure capacity, investment and financing capability to match。Among these factors, factors that bring up the rear of the land, and should not be blind expansion of investment leader。  In short, the total land supply should be crawling peg population increase, rather than a violation of law to reverse the economic regulation。In this sense, land targets should not be evenly distributed in each city, but to see who's large population, fast growth。In principle, we should follow function in accordance with industry go, people to go along with the industry, along with population and industrial land away to form a relatively complete land control logic chain。  Second, controlling the ratio of land structure。  100 square meters per capita urban construction land, how to allocate it?Are not used to engage in infrastructure, public facilities, nor are used to engage in commercial and residential。In general, there should be 55 square meters for infrastructure and schools, hospitals, cultural facilities and other public transport, municipal services, green space, which is the basic needs of the urban environment design。Of industrial land should be controlled within 20 meters, one square kilometer to be 100 billion yuan output value。In this regard, would like to Shanghai to study, as early as in the development of Pudong in the 1990s, Jinqiao Industrial Zone planning 10 square kilometers, was requires at least 10 billion yuan of output per square kilometer, in fact Jinqiao industrial zone on the annual output to 2000 up to 150 billion yuan a。  Now some cities, industrial land input-output ratio is too low, or even only 2 billion per square kilometer?3 billion of output, waste too serious, we must increase the rigidity of the constraints of the past too generous industrial land Forced down。If the 10 million people of the city, 1000 square kilometers of land for construction, they can engage in commercial facilities, 50 square kilometers of land。Residential land of 200 square kilometers, equivalent to 200 million square meters, if the average floor area ratio 1:02, is 400 million square meters, the urban population of 10 million, 40 square meters per capita housing should be balanced。Therefore, to change the past in order to engage in wasteful investment industry, the proportion of industrial land in question is too high, the 20% of urban land for residential development, 5% for commercial development, this ratio is finalized use as a rule of law。  Third, control the price of land auction。  In general, the floor price of not more than one-third of the current rate。If a land surrounding the current prices 10,000 yuan / square meter, land take 3300 yuan / square meter will stop, otherwise it will artificially push up prices。When the land supply is relatively sufficient, reasonable, and effective time, if land prices, and put the government reserves to balance it out more than a few sell。In another case, the transformation of the old city, the demolition cost is high, but in order not to lose money while the government can not take high land prices, selling land should be joint income suburbs, the part to balance out a way to cover the cost of renovation of the old city。The Government appears to be a point to eat a small loss, but overall a good investment environment, industrial and commercial development of the economy, the balance between the real economy and real estate, the city will eventually develop long-term health。  Long-term mechanism of the two: First finance, developers firmly hold its own funds to get to the bottom of this。  Any developers get the money must be its own funds, this provision has long been。In general, developers engage in real estate, the proportion of social capital and financing in general should be 1: 3。Now, the average national real estate intermediation and how much?A conservative estimate is 1:09, some developers may reach 1:50.  1:09 is how come it?Take the money Panax open, if a piece of land 1 billion yuan, 300 million yuan out of their own, in addition to 700 million yuan borrowed from financial institutions, then at least the land mortgaged to the bank loans sixty-seven billion, making good house again take over the sale of mortgage loans。This process, if the land rose to 2 billion yuan three years later, the developer can get 1.5 billion mortgage。Finally, financing the entire development process can add leverage to 1:09.  Behind the "King" emerging, not only is the shortage of land auction mechanism problems, also related to financial and unlimited overdraft, than the financing ability of developers。So, as long as the money to buy all the land of all allowed borrowing, with these firewalls, and now a lot of money in M2 can not enter into the real estate。This way, the "king" phenomenon will certainly be wiped out more than half。  Second, and more resolutely prevent developers account borrowing。  Developers made during development bonds, bank loans, considered a fairly standard, but sometimes it is private equity funds, private equity funds seems to be, but the "real debt-shaped shares", and sometimes also the financial capital, usury did you get。If a developer has 30% of the capital is a clear, 70% of loans are essentially banking, trust, the bond market to, and that is also decent。If a developer involved in debt one hundred financial institutions on dozens, all kinds of usury, "the usury" accounted for more than 50% of all financing, your account is a state of crisis at a glance。The development operation of such developers must be vigilant。  Third, carefully manage mortgage loans。  The most direct regulation of real estate credit market, the most effective approach is to set reasonable leverage ratio between the down payment and mortgage。If this ratio is too high, such as zero down payment, will result in the real estate bubble, triggered systemic financial risk; too low, such as zero mortgage, will make people buy a house difficult, the macro will result in the property market downturn, restricting the development of real estate market。Therefore, according to the different levels of demand and price trends, implement differentiated mortgage system。  To do this, the problem is the people involved in the approved loans and revenues。  Three long-term mechanism of: the first tax form has to contain the high-end, mid encouragement, there are low-end differentiated tax system security。  There are high-end containment, this is on the high-end residential villas, to implement differentiated tax policy, if ordinary commercial tax rate is 1%, then we must consider the villa closed 5%, if you want to sell three to five years, can be re-transaction tax rose 8%。Hong Kong is to continue to increase the stamp duty, no one would dare added real estate。In the end there is encouragement, it is to let ordinary people can afford to buy from the housing, such as money the first suite of mortgage loans can be deducted personal income tax。Future tax reform should take their ordinary real estate mortgage income tax deduction of such policies。This is the prevailing global real estate tax policy。The low-end secure, that not only taxes, but also help the government built public rental, low-price guarantee people and housing。  Second, timely property tax or property tax。  This has four major advantages: First, a sound tax system。In western countries, often 40% of total direct tax revenue。China is generally indirect taxes, the lack of direct tax, property tax is part of the holders of direct taxes, in line with international experience。Second, it is an important means to effectively curb speculative real estate speculators。1% tax rate to calculate the property tax, a $ 2 million house even years to double to 400 million yuan, the book made a profit of 200 million, but the appreciation of the process of real estate tax, plus the process of the sale to pay deed tax, VAT and so on, and then consider the funding of the final value of the coefficient, motivation will greatly reduce real estate speculation。Third is due to hold part of the cost increase to help optimize the allocation of resources, the prosperity of the housing rental market。The fourth is a huge adjustment for the whole ideology will be social housing concept, the concept of real estate and housing areas。  Overall, property taxes should include five elements: (1) a variety of house stock, a clean sweep increment, increment, close together stock。(2) based on the amount of housing appreciation tax, if the tax rate of 1%, worth 100 million houses will levy $ 10,000 to five million yuan appreciation tax rose to 50,000 yuan。(3) the higher the cost of ownership of high-end housing, but also the relative tax rate increase。(4) low-end, midrange houses have a deductible item, so that 70% of the whole society?80% of the tax pressure in the low-end housing is not。(5) After the implementation of property tax, leased land can no longer expire after 70 years of secondary payment of land transfer, orderly system to succeed。The five basic principles of the property tax should be considered。  Third, land tax study。  Eighth session of the Third Plenary, constructive allow rural collective land transfer, lease, shares, equivalent to the market and the implementation of state-owned land, with the right to the same price。The implementation of the reform measures, tax policies need follow-up。For example, an acre of rural collective constructive land sold for 500 million, how to achieve it?This is not only determined by the cost of land acquisition, but also closely related to supporting social resources and inputs。State-owned land transfer income, after deducting the cost of land acquisition and relocation, is Na Quxiu subway, building schools and other public infrastructure。After the shoot rural collective constructive land, all owned by farmers and collective economic organizations, is clearly unreasonable。In addition, the location of the different plots, due to the use of different purposes, some engage in financial and commercial facilities, cultural facilities and some engage in school, their prices are not the same, a sold 5 million yuan / mu, a shoot 50 yuan / mu, two local farmers and collective economic organizations, it is not fair。In Europe and the United States and China's Taiwan region, land tax is levied, after deducting costs, value-added within 50% to 40% of income tax, value-added 50%?100% 50% income tax, value-added more than 100% of the income tax 60%。Now, the introduction of land tax policy has not led to a lack of land resources like real estate taxes on tax。  Four long-term mechanism of: China's housing market lease rental system can be divided into public housing and rental housing two categories of goods。  First, improve the government's public housing system。General Secretary Xi Jinping had to accelerate the construction of housing security and supply system to emphasize that by 2020, mainly to public rental housing affordable coverage to reach 20%。Implement this requirement, not only can fully demonstrate the real estate property of public goods, so that the basic housing needs of urban families with protection。And, if we can get the public rental configured, will inevitably bring about the development of the developers and owners of all types of goods rental housing system, the entire system will be more balanced housing supply。  Overall, the construction of public rental should take a good five points: (1) the total amount, generally to cover 20% of the urban population, 20 square meters per capita to support the city of 1 million people is enough to build 4 million square meters the。(2) services including migrant workers, the new generation of college graduates and urban housing hardship, obvious features of these objects, easily approved。(3) simultaneously supporting hospitals, schools, police stations, neighborhood committees and other public service facilities and institutions, in one step。(4) gathering area rational layout, public rental housing and public facilities generally form shared with 1:03, schools, hospitals, public housing can not become a slum。(5) charge a reasonable property costs, generally priced at 50% with lots of real estate?60% rent accounted for about 1/6 of the annual income of low-income families。For the government, public rental real property, real estate prices will rise public housing rents, construction costs are able to balance good。Typically, about 60% of the construction of public rental cost of the loan, the interest on the loan balance can rent out。Like Singapore, more than five years of public rental housing, tenants can buy in the past, become common property room。If the total property room to be sold only in accordance with the market price to sell affordable housing management sector, government and then leased to a new security object。So the cycle, you can consistently do so。  Second, cultivate real estate rental market。  For developers hold rental, it is not reluctant to hold developers, but developers rely mainly on financing development model, determines its lessors do not hold the house。Imagine, 1:09 funding, some even half usury, after the house was built, roll up interest, developers will have to sell the house as soon as possible, in order to return the funds to repay the loan。From this perspective, the developers do not want to not engage in leasing of real estate holdings, but subject to the financing structure had to give up 1:09。Chinese real estate leasing too, in large part because developers and capital structure related。  In this sense, the government should allow developers to enter the first 1:03 of the financing structure, improve the access threshold for the developers, so there is capital strength of the developers involved in land leasing, not only help to curb speculation phenomenon, as well as contribute to the development of real estate rental market。In addition, to engage in long-term leases of real estate developer, to form a set of incentives, including tenant can use the housing fund to pay rent, transaction tax, deed tax, personal income tax rate higher deductible, etc.。Two suites for rent to people, there should be incentives。At the same time, from the legal guarantee rental housing residents and property residents enjoy the same national treatment in education, health care, household, etc.。  Five long-term mechanism: the ticket system of China's population, per capita arable land less than half the level of the world。In this context, we have to do two things: on the one hand, you want to cherish the country's land targets, strengthen conservation and intensive land use。At the same time, to explore new mechanisms to exit the rural homestead and construction land after the establishment of farmers into the city。  In the past one or two hundred large-scale urbanization process, is a common phenomenon in the world, various countries and regions of farmland not only did not decrease but increase。Why is this?The reason is that, living in rural areas due to the dispersion of per capita land for construction of 250?300 square meters; in the city, more intensive and saving about 100 square meters of land per capita。A farmers into the city, in theory, it can save more than 100 square meters of land for construction, if it reclaimed, cultivated land will increase。However, Chinese farmers have "two area" construction land in rural homestead and did not quit, and city construction land for a match, so the total amount of arable land declining。  How to solve this problem?The ticket design should follow three principles: First, we must reflect the nature of rural land ownership is collective; Second, farmers are the main body of rural reform, to protect their interests; third is to strictly implement the rural land use controls, between urban and rural areas the transaction is subject to votes of land for construction, it does not involve any arable land。  According to these three principles, approved by the central Chongqing ticket transaction carried out to explore。The so-called land ticket, meaning the homestead farmers to idle land and ancillary facilities, land for township and village enterprises, rural public facilities, land and other rural public construction land, construction land is arable land reclamation arising。As the main subject matter of the soil Exchange trading, with annual new construction land use plan targets and assigned by the State, the same functionality occupation and retrieval index, tickets may be consistent with land use planning, urban master plan in Chongqing City area agricultural land, in accordance with legal procedures into state-owned construction land levy。  Formation and use of the ticket, there are four basic aspects: First, reclamation, and second, acceptance, third, transaction, fourth is to use。Through this process, the farmers into the city, the rural homestead and constructive idle arable land turned into arable land developed suburbs joint is smaller than the cultivated area of rural reclamation, and finally the total area of arable land has increased。  On the one hand, the ticket system has financed "Agriculture" distinctive features。Mainly reflected in: first, to implement the most stringent farmland protection system。The ticket system will land mode from "preemptive after the meeting" to "before occupation" to avoid in the past accounted for more than make up less or even not only the phenomenon。Moreover, after thousands of years of agricultural civilization, our country can cultivate land development has been basically completed, lack of arable land reserve resources。"To vote" to solve the reclamation of arable land reserve resources shortage。Since most of the places in which the idle rural homes, abandoned school, township and village enterprises and other flat terrain, abundant water, neither in fear after the destruction of the ecological reclamation, but also to ensure the quality of additional land。  Second, breaking the space limitations of land resources allocation。As a virtual ticket to the standardization of trade goods, have virtual sex difference, bills resistance, also has a strong radiation, the transaction achieved through cross-earth, so that farmers can live thousands of miles away in remote areas to enjoy the big city suburbs land rent。  Third, give farmers more property rights。Increase farmers 'income, the key is to improve the farmers' property income。Chongqing ticket per acre average price of $ 200,000, net of reclamation costs more than 20,000 yuan, and net income of roughly $ 180,000。The money prorated 15:85 to collective economic organizations and farmers per acre farmer can get 15 million, it is a large property income。At the same time, the ticket as the securities used as collateral financing, asset-backed provide a realistic frame of reference for the evaluation of rural housing loans, so as to solve the problem of insufficient credit farmers。  Fourth, support the new rural construction。Ramshackle, ex situ poverty alleviation relocation has always been a problem of new rural construction, the main reason is that the peasants money。In practice, the Chongqing idle rural homestead reclamation and renovation of dilapidated buildings in rural areas, the relocation of geological disasters in hedge, alpine ecology combine poverty alleviation relocation work together to promote, to "vote" with "three room" effect。  Fifth, promote agricultural transfer of population into the cities。Through land reclamation and land ticket trade, migrant workers in cities have a "settling-in allowance", the corresponding pension, housing, medical care, children's education and the purchase of furniture and other issues, can be solved, no doubt Transfer residents can make better integrated into the city。  On the other hand, the ticket system available on the regulation of urban real estate in particular, play an important role in the supply of land。  Just mentioned, in recent years, the state has control of new construction land planned targets, but also the main supply infrastructure, public service facilities and industrial warehouse space in the configuration of the use of land for construction, insufficient supply of land for real estate。The ticket system can solve this problem to a certain extent, because land targets the ticket system formed, the market indicators, may be equivalent to the national land targets, it specializes in providing land to developers demand for real estate development time, which make up real estate the problem of insufficient development land。  Take Chongqing speaking, in recent years, Chongqing's state-assigned construction land 160,000?17 acres。Actual use, Chongqing priority to ensuring the infrastructure and livelihood projects of land, reasonable assurance mining warehouse space, can be used for real estate land is extremely limited, only about 10%, 2 acres。However, thanks to the ticket system, the annual market for 20,000 acres of land, nicely complement the required land for housing construction。Including Chongqing Wanzhou, Fuling, including twenty or thirty small cities relatively weaker, urban development process is a new construction land assigned by the State, the main city of nearly a million people in the large cities, 20,000 acres per year leasing of real estate development index, substantially all of the votes from the transaction。This is equivalent to Chongqing real estate development land index more than doubled the amount of land supply has doubled, greatly enhance the ability of real estate regulation。Chongqing to explore this has now been incorporated into the national "deepen rural reform and comprehensive plan" be promoted。  Institutional arrangements above these five areas, in accordance with the requirements of the central, four-beam eight columns to build a good, long-term mechanism of supply-side structural reforms, later gradually form of laws and regulations。China should have "real estate tax" should have "Housing Act" should have "rental method" will cure down to some basic institutional and long-term mechanism。  (The author is deputy director of the NPC Financial and Economic Committee。This article is my validation。Abridged) (Original title: five long-term mechanism to establish real estate regulation) (Editor: DF309)