How will the real estate market go next year？ The central authorities revealed these signals.

　　Data map. China News Service reporter Wei Liang photo

　　BEIJING, Beijing, December 18 (Zhongqing) The Central Economic Work Conference, which officially closed on December 16, put forward a new orientation and work deployment for the real estate market in China. The statement that "houses are used for living, not for speculation" is regarded as weakening the financial attributes of housing. At the same time, the meeting’s deployment in curbing the real estate market bubble, increasing land supply, and implementing the linkage between people and land will also determine the tone and market trend of the property market regulation next year.

　　"The house is for living, not for speculation."

　　— — In the future, financial funds will be strictly guarded against real estate speculation.

　　"The house is for living, not for speculation". When deploying the real estate market in China in 2017, the Central Economic Work Conference took the lead in clarifying this strategic position.

　　What is the meaning behind the seemingly easy-to-understand expression? Ni Pengfei, director of the Urban and Competitiveness Research Center of China Academy of Social Sciences, told the reporter of Zhongxin.com (WeChat WeChat official account: cns2012) that the above positioning is intended to weaken the financial attribute. Housing is a durable consumer product, and its basic function is to live, not to invest and speculate to make money.

　　Ni Pengfei said that the key to financial supervision in the future is to prevent the stock market, bond market, insurance and bank funds from illegally entering the property market. "The main reason for this round of overheated property market is that financial institutions take advantage of regulatory loopholes and take different forms to let funds detour into the real estate market".

　　"The most terrible thing about real estate speculation is not to use its own funds to speculate in real estate, but to use financial funds to speculate in real estate. The participation of financial institutions is the main factor causing high leverage." Niu Fengrui, former director of Urban Development and Environment Research Center of China Academy of Social Sciences and vice president of China Urban Economics Association, said frankly in an interview.

　　As a practitioner, Yan Yuejin, research director of the think tank center of Yiju Research Institute, explained that "the policy meaning is very clear, the housing demand should continue to be guaranteed, and the demand for real estate speculation should be controlled and contained".

　　In order to ensure the normal demand for housing and loans, the meeting proposed that the currency should be controlled at the macro level, the micro-credit policy should support the reasonable self-occupied housing purchase, and strictly limit the flow of credit to investment speculative housing purchase.

　　Data map. China News Service reporter An Yuan photo

　　Curb the real estate bubble and prevent ups and downs.

　　— — We must adhere to the classification and regulation, and make policies according to the city and the place.

　　The meeting called for the comprehensive use of financial, land, fiscal, taxation, investment, legislation and other means to accelerate the study and establishment of basic systems and long-term mechanisms that conform to national conditions and adapt to market rules, so as to curb the real estate bubble and prevent ups and downs.

　　"It can be seen that the policy clarifies the overall thinking of real estate regulation next year." Yan Yuejin told reporters that the first is to curb the real estate bubble, mainly the bubble in the land market and housing prices; The second is to prevent the market from ups and downs and make the market more stable, so that it is expected to be more stable. "

　　After the real estate bubble is squeezed out, the real relationship between supply and demand is easier to show. Ni Pengfei analyzed that the decision-makers are clearly aware of the positioning of real estate and will never tolerate the proliferation of speculation. If measures are taken to ensure that housing returns to the residential and consumption attributes, it will help the real estate market to squeeze out the bubble and show the real relationship between supply and demand, which is conducive to the healthy and stable development of the real estate market.

　　The meeting made it clear that in terms of destocking, it is necessary to adhere to classified regulation and control, and focus on solving the problem of excessive real estate inventory in third-and fourth-tier cities due to local policies. It is necessary to combine destocking with population urbanization, improve the interconnection of infrastructure between third-and fourth-tier cities and megacities, improve the level of public services such as education and medical care in third-and fourth-tier cities, and enhance the attractiveness of agricultural transfer population.

　　Data map. China News Agency issued Zhang Hengwei photo

　　Implement the policy of linking people with land

　　— — First-and second-tier cities may increase land supply indicators.

　　The meeting pointed out that it is necessary to implement the policy of linking people with land and allocate construction land indicators according to the population flow. To implement the main responsibility of local governments, cities with high pressure of rising housing prices should reasonably increase land supply, increase the proportion of residential land, and revitalize idle and inefficient land in cities. Megacities should speed up the dismantling of some urban functions and promote the development of surrounding small and medium-sized cities.

　　Ni Pengfei believes that it is necessary to treat it differently: the situation in third-and fourth-tier cities is that local governments supply a large amount of land, but because of the large supply, house prices will be low; However, in first-and second-tier cities, due to the subjective and objective functions, the land supply is insufficient, resulting in land hunger and shortage, and the land auction system makes the land price particularly high.

　　"The rise in land prices and housing prices caused by insufficient supply in the first-and second-tier land markets can be solved from two levels." Ni Pengfei suggested that, first of all, we should increase the land supply index and adopt the mode of linking people with land; Secondly, because there are more land stocks in first-and second-tier cities, there is also room for revitalization.

　　Yan Yuejin said, "The original intention of the policy is to consider the different characteristics of population movements in major cities." It is expected that cities that continue to implement purchase restrictions next year will have more opportunities in obtaining development land and land transfer. The tight supply situation in the property market in the second half of 2017 is expected to change.

　　Data map. China News Service reporter Tang Yanjun photo

　　Accelerate the legislation of housing rental market

　　— — The urban housing structure will be further improved.

　　The meeting also pointed out that it is necessary to speed up the legislation of the housing leasing market and accelerate the development of institutionalized and large-scale leasing enterprises. Strengthen the supervision and rectification of the housing market, and standardize the development, sales and intermediary activities.

　　In June this year, the General Office of the State Council issued "Several Opinions on Accelerating the Cultivation and Development of the Housing Rental Market", proposing that by 2020, a housing rental market system with diversified suppliers, standardized business services and stable rental relationship will basically be formed, and a public rental housing security system with basic security, fairness and sustainability will basically be formed. In order to speed up the cultivation and development of the housing rental market, real estate development enterprises are encouraged to carry out housing rental business, and commercial buildings are allowed to be converted into rental housing according to regulations.

　　In Yan Yuejin’s view, the development of housing rental market is to cater to the rental needs of housing users at all levels in the city; Or from the perspective of further improving the urban housing structure.