Monday, April 9, 2012

tera gold but the overall look - RBC

129773822082968750_41"Cover plate is cut, this is a tough choice.  "Face on the stock page the whole screen" green oil ", a sale of real estate enterprises in Shanghai General Manager Li Yaoping into tangled again.  This is the afternoon of March 14, sunny weather in Shanghai, Li Yaoping mood was not improved as the continuous rain in the past. On this day, Wen Jiabao, the Premier of the State CouncilThe "two sessions," said at a news conference, some local house prices are far from return to reasonable prices, regulation cannot be relaxed.  On that day, in Shenzhen and Shanghai Stock Exchange property index fell and 4.72% respectively, within less than an hour, more than 700 million yuan of funds fleeing from the real estate sector. Late last year, the boss Li Yaoping "cover plate" proposal tera power leveling, now he had toTime to make a decision.  Policy---to the left or right? The end of 2010, Li Yaoping almost proposed price real estate.  At that time, the number of Shanghai Jiading district, some say price 30% real estate, at the sales office was a mess, have accumulated very high popularity.  One thing has changed his attitude. One night, Yu Jing Xi is located in the Pudong sea-shoreReal estate issued a message: starting at 11 o'clock in the evening selected.  After the sale to "purchase price", price dropped from 22,000 yuan/square meter around 17,000 yuan/sq m. Li Yaoping also arrived that evening the road are not fixed sales office, sees the crowded scene, also met to try to ascertain the strength of the peer, and concluded that as long as "Real "price 10% you can quickly activate the market. Come back the next day, Li Yaoping on her recommendations to the boss. "At that time, we feel that the end of regulation and policy have emerged, after the spring, the market will pick up. Of course, everything depends on the local Government's policy enforcement. "Li Yaoping said, spread all sorts of rumours in the industry at that time, the conclusion is highly---Local government section would gradually relax control. "Later, we found that people who called the price of real estate, although the contributed to a wave of contract at that time, but the overall look, as long as the actual fall not reached the level of publicity, sales promotion to sales is very limited. It makes a lot of developers are more inclined to the tiller. "Li Yaoping didn't expect is that the unexpected"Relax" so tortuous and terrifying.  In February of this year, Shanghai to the original policy "new interpretation" approach, allowing foreign domicile resident holding a long-term residence permit for three years to buy second homes. This was widely interpreted in the industry as: "new interpretation of old political" is to reduce the sensitivity of the condition, brings to market the actual turnover. Coupled with the February 16, Shanghai GeneralHousing standards raised, developers generally believe that local governments began a probe into the new round of easing regulation. "Shanghai is a demonstration effect of first-tier cities. Governments are now in a wait-and-see, and would like to find a breakthrough to ease regulation. "A medium-sized real estate enterprises in Shanghai General Manager Wang Cheng (pseudonym) told the look East magazine, he is now some two or three lines in Anhui Province cityDevelopment of residential projects, Wuhu new policies "collapse" to the pressure on local governments, "dare to act rashly, but relax the impulse seems to be much stronger. If no new deal in Shanghai is shut down, just to keep up. "On February 9, the second city of Wuhu in Anhui Province issued a notice: buy ordinary goods 2012 in Wuhu area housing (passive house), the financial sector toIs satisfied that the grant of contract 100% and 50-300 yuan/square meter of housing subsidies.  Wuhu city, but on February 12, the Government announced the suspension of the implementation of the policy. "The 5th day when happy. "Wang Cheng said, since the new deal in Shanghai after the news, his work the first thing is to look at the news," relax restriction policies in Foshan,Adhering to 1 day; Wuhu new deal there are only 4 days. Shanghai's sensitivity, everyone feels that after four or five days, until his passing by.  "This is just an empty field of joy, despite the stress that it is" old politics ", but the city 's" new solutions "was interrupted for 1 week after.  "Pick up"---run is the price? On February 27, the Shanghai new real estate transferControl notification requirements, "the Hukou households, children later in life, due to marriage, and the children no property rights to housing, restriction of 1 housing units in the city, and in strict accordance with existing policy. "Interpretation of the policy was part of the County of Shanghai as an unmarried adult children as long as the total set of property rights and parents, not on behalf of their children and then buy a House; if you want to buy the wedding roomShall apply for a marriage certificate before they can be treated as a new family, then went to buy a House.  Its severity once Li Yaoping alarmed, and spent the whole day time inquire "messages". "Final argument is that policy, the Department of housing management tells the district, their grasp of implementation, the following do not know the grasp of what it means.  "Li Yaoping said. For a few daysHou, Shanghai again on policy interpretation, saying the terms "property rights of the child without houses" was misread by Centre County real estate transactions, actually refers to the child personally do not own property rights housing separately.  At this point, Li Yaoping was relieved, in his view, local Government's attitude was "uncertain".  But he still can't continue to "her" determination. On one hand,Subtle changes in policies, soon has been reflected on the volume, made Li Yaoping feel warmer near the property market, on the other hand, Shanghai property market volumes pick up, was to a large extent driven by price. China real estate information Corporation monitoring data show that February new Shanghai Commercial residence sold area of 403,200 square meters, rose 89.83%, doubling over the same period last year, rising, or 126.95%. New supply area of 309,000 square meters per cent rise near 200%, 22.7% per cent decline last year.  Contract price $ 19,831/square meter per cent decline to 12%, down 4.04%. February 20 to 26th, Shanghai Commercial residence volume 140,000 square meters, has been restored to the level of the second half of 2011.  February 27 to March 4, Shanghai commercial housing turnover 200,000 square meters, breaking the record trading volume in the week since the August 2011. Shanghai new houses sold for average price fell below $ 20,000 this month, broke through the lowest for nearly 19 months, but it seems to Li Yaoping that stillIs a good sign. "Ten sale before the February contract area, 4 in Baoshan tera gold, 1 in Qingpu district, 2 in Jiading, others in Pudong. Seen from the lot, is rural, Central regional, from the perspective of positioning, are required. Shanghai in February new home sold price decline is not a bad thing, but prove that just needed a lot of market. "Li Yaoping says, is more important, trading volume moreSeveral buildings, several buildings of the Jiading district, did not repeat itself at the end of 2011 "70 percent" price. According to regional monitoring of 21st century real estate Shanghai, Shanghai new homes market there have been returning to the price. In its monitoring of 40 benchmark real estate, apartments each have 1 in the large and rising real estate prices, up about 8%; small apartment 2 a rise, or 5%To 11%.  21st century real estate Shanghai General Manager Ye Houbiao said that although the "prices" are consumed is due to early housing stock is low price, but also proves that the developers cut prices will weaken.  Secondary housing market, is out on the feels of hyperbole "rebound". In February, the PuTuo wuning stocks, brokers increased average daily volume than the second half of 2011Long 70%-80%, 21st century real estate Shanghai Rui Feng ping look road Branch Manager Zhang Zhiqiang told the weekly in the East, the plate second-hand house prices fell by nearly half a year to about 20%, but still before the seller and in a State of stalemate, "$ 1.5 million to $ 2 million for a new House, the seller and the psychological difference in between 5%. "The general housing standard adjustmentsHou, total cost $ 1.7 million to 2 million between the inner and outer ring road in Shanghai secondary housing, due to standards increases from an ordinary room into a normal room, buyer and seller save tax of approximately 100,000 yuan.  This is a second-hand buyers and sellers the key to breaking the stalemate.  Some popular stocks and real estate in Shanghai, the new policy is also the landlord uphold reason. 21st century fixedProduction Shanghai regional analyst Huang Hetao told looking Oriental weekly under, Spring Festival Qian, Pu Dongchang in plate 2 million Yuan around of times new homes, section Qian also has 30,000 yuan to 50,000 yuan of bargain space, Minhang spring Shen plate of some landlord also willing to price 3% to 4%, but since new deal yilai, Chang in plate basic no landlord willing to bargain, spring Shen plate landlord of can bargain space has reduced to1%. Minhang qibao plate, hot small apartment of second-hand housing price from $ 18,000 in the first two months back 20,000 yuan/square meter/square meters.  In Pudong, Zhou Kang plates, also landlord of 3% per cent increase.  Root causes of debt regulation---relax? Hongwei ZHANG China Strategic Advisory Research Center Director, did not think so optimistic。 Adjustment of Shanghai in late February to child marriage and housing policy, indicating that the policy level to "directed easing".  Shortly thereafter, Beijing also announced a similar policy, Beijing registered permanent residence adult unmarried children of the families in the qualification of the purchase as a another family. Hongwei ZHANG says, "This suggests policy fine-tuning to be consensus. "If Beijing and Shanghai for the interpretation of the concept of the family be impliedOther cities will follow. Really pushing trading volume up, also is the developer's price. "One of Baoshan Gucun real estate, 210 sets of houses sold within 5 days, rates of up to 70%, price is lower than the average price last year 12%. "Hongwei ZHANG said, near to Shanghai in February sales a good sale, are used to change policies, reduction in 10%15%, "there is no price, sold very well. "Hongwei ZHANG said, price is no longer as the end of 2011 mostly hype composition," more real, stands up to comparison of buyers. "Li Yaoping is not aware of these. Problem is, for each developer, is "wants to ensure a good level of sales, and ensure developmentRight margin of the company. 10% price for developers ' profits, and would constitute a greater influence. "" If there is no immediate pressure, who will then stick to adhere to. "Li Yaoping said, as he still maintained a wait-and-see attitude of the developers there," there is also plenty of enterprise funds, it is intended that such support, prices do not rebound in the second half, next yearWill rebound.  "Not all developers have" to wait "conditions. "Developers are generally short of money throughout the country, especially the small and medium-sized developers of two or three cities. "Singapore looked Redwood Group General Manager Zhang Yonghe, told the weekly in the East, in the past, his work but is the important content of the project, but now," in addition to the project of Shanghai, a foreignWill not be seen.  "Said Zhang Yonghe, from national view, urgent blood transfusion of real estate projects is increasing at an alarming rate, even in the cities of Beijing, Shanghai, project financing equivalent to about 70 percent, or even more. "For private equity funds, and bottom reading are too busy to care about. "Said Zhang Yonghe, capital dare to enter at this time, confidence comes from the local debtSupplies tendency and land market judgment.  The end of 2011, China Banking Regulatory Commission Chairman Shang Fulin has an internal meeting warned that 35% due loans within the next three years, local platform is about to face a debt servicing peaks. According to data published by the Audit Commission, by the end of 2010, of national provincial, city and county-level local government total debt balance 10.7 trillionYuan.  From 2012 to 2014, 3 years expire, 17.17% and 9.28%, respectively, a total of $ 4 trillion.  Many local governments, land a realistic approach seems to be the solution to the debt problem. According to the data released by the Ministry of land and resources, national land leasing contract total price of about $ 1.59 trillion for 2009,When the same financial level $ 3,258,074,000,000 of three 2010 is about $ 2.7 trillion, an increase of 70.4%, equivalent to income $ 4,061,304,000,000 of three local level over the same period. In some counties, extra-budgetary revenue proportion of land rent is more than 50%, or even 80%Above. On access to information, show that in 2012, Beijing revenue is estimated to be 90 billion yuan, less than the 2011 completion of a number of more than 30 billion dollars.  2011 land revenues for Beijing, has a 6.5% decline in 2010. 2011 Shanghai City's total transaction management (excluding evictions rehousing land) 171 per cent increaseAdd 11.04%; contract total land area of 6.573 million square meters, up by 24.6%; total contract price of 89.24 billion yuan, up by 31.6%; contract floor prices to an average of 7001.8 Yuan/sq m, up by 24.2%. Follow the data group research centre of the Central Plains, in 2011, Shanghai land rent for 121 billion yuan, ranking first in the country, but fell 20%.  4, Hangzhou, Wuhan, Nanjing, Changchun City land transfer payment per cent fell, 36%, 31%, respectively.  Recently relaxed regulation test of cities, land revenue decline is quite obvious. 2011 budget implementation in Wuhu, 2011Annual residential land rent revenue is $ 4.64 billion, fell by 51.4%; on the other hand, 2011 financial expenditure is expected to be completed in Wuhu city $ 7.96 billion, an increase of 52%.  Foshan 2011 land rent income of 25.339 billion yuan, down 31%. Figures released by the Central Plains real estate show: 2012Months, 300 city blocks of residential transactions with an average premium is 2%, down 35%.  In 13 major cities in January residential stream rate up to 44%, where Tianjin launches 6 blocks, 4 blocks stream; launched 40 plots in Wuhan, 15 blocks stream; Changsha launched 6 blocks, 4 blocks stream. In 2011, a cityLand in stream has 900 cases, residence with a stream of which 420; and in 2010, this stream was 280 in 130 cities. According to centaline data: weakness of the market reached its peak in November 2011, December, this 2 months in 130 cities of stream received close to 300, with residential land stream accounted for aHalf.  In this context, many cities have not been completed land supply plans in 2011. For example, in 2011, the Beijing commercial housing land use plans for 1220 HA, actually sold 687 hectares; planned for 12 million square meters in Shanghai, real deal 10.31 million square Guangzhou land transfer payment of the actual income of $ 29 billion, than the meter$ 21.25 billion less.  Flow---the weakness of local governments? "If you go to city walk around two or three lines, also found that some local governments really had some worried. "Wang Cheng said," some two or three tier cities to attract developers to become more easily persuaded. Premium discounts, volume rate can be modified, payment can be discussed. IntegratedCount down, in some places, taking roughly half of the end of 2009. Was also in the trade rumors that first-tier cities, also developers got to 40 percent or even lower prices.  "Of course, first-tier cities, and two or three tier cities there are very different. Wang Cheng said, and two or three cities facing the market decline "overwhelmed" different,Some tier land market downturn, subjective "cover" also played a role. "On the one hand, when the Government land, additional conditions, they are bound to concessions on land premium; on the other hand, since the 2011 assignment or the flow of the plot of the many floor, general condition is below 2009 levels. "Wang Cheng said that in 2011 1February, Shanghai Qingpu Zhao Xiang block of the transaction, for example, attached conditions, including the block shall not be built single and semi-detached house, plot of domestic demand and distribution building 5% jingshifang, an area of 7368.6 square meters, and it cannot be built in an area. "Configuration jingshifang is that many developers do not want to, because on quality and price of real estate has a lot of influence. "In addition, 2011Year, the Government launched the plots in the peripheral facilities, transport, environmental conditions are worse than before, said Wang Cheng, for two reasons, "is a good block, after all, limited priced in by the market before many; the second is local Government saw the land price is low now, is not willing to block out good. "Wang Cheng said that the decline in total number of land transfer cities 2011 gold, And also launched the plot is located in the suburbs of these cities, poor.  In fact, local governments do not want to sell too cheap, it is also another consideration to ease regulation.  A typical example of February 2012, Shanghai land market ushered in the year of 2011 "King of Chongming island". On February 28, city of Chongming Island Bridge House Al-1,2nd lots up for sale, selling area of 155318.5 square meters, the starting selling price is 535.85 million RMB. A year ago, on February 12, 2011 tera gold, this plot has been selling once, when set in Shanghai (Group) limited jointly won the $ 1,001,910,000 Shanghai investment limited, plot or floor price for 6451 Yuan/sq m, a premium rate of 115% Nevertheless, unit price and total price of Chongming island "King" records.  Later, two companies are back. And when compared to the purchase price, now the starting quote greatly shrunken, but attention is now the starting quote, the actual starting price increases $ 69.85 million a year ago. Moreover, more than the transfer of theRequirements: "small and medium sized unit type (90 square meters), residential area shall not be less than the total area of the plot of residential 28%, 47,116 for square". "The request of the Government in improving. "Said Zhang Yonghe, which in part prompted the local Government to developers" decompression "," If the developer is almost dead, local governments do not like to see。  "If that is the case, the local government" relax "idea has some understanding of the. In January 2012, total 20 sites in Beijing bid, reserve price, sold over rare. In February, Beijing after the Spring Festival, one of the first to sell plotsThan, the contract floor price than in 2010 dropped by almost 40%.  In December 2011, featured residential lots of 16th and Hsia Yang, Zhao Xiang town West of Park Road, Huaqing road on the north side of the street blocks two pure Homestead at upset prices invoiced. Among them, Zhao Xiang block contract price is $ 1.4087 billion, equivalent to the floor about 9,559 RMB/sqm, less than 2When 007 standard.  At that time, longhu properties in the plate when you take the floor price for 10,672 Yuan/sq m, 2009 King records group created in the sector of floor price is $ 14,500/square meter. Public information displays, in 2010, a total of 64 House in Shanghai to deal with, the average premium rate is 115%, which has 27 floorsMillion; contract before December 14, 2011 59 blocks of residential land, the average premium rate is 43%, of which only 8 million floor price. Others:

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