The "silver age" of real estate
The beginning of 2014, real estate investment growth is declining, inventory, sales growth started to appear, land sales began to decline, the local government risk accumulation, become a drag on the fixed assets investment in real estate investment and macroeconomic growth pain points. Against this background, the government has issued a series of stimulus policies. In November 2014, the central bank cut interest rates for six consecutive times and maintained a loose pattern of funds. In 2015, the central bank joined several ministries and commissions to introduce "330" new policies to reduce the down-payment ratio of loans, and the business tax was changed to a full second tax exemption, followed by the issuance of supporting policies everywhere. On November 10, 2015, at the 11th meeting of the central economic and financial leadership group, xi jinping made his first statement to resolve the real estate inventory and promote the sustainable development of the real estate industry. Then, at the central economic work conference, "destocking" was positioned as China's five main tasks in 2016.
Since 2014, China's real estate industry has ended high growth. The term "silver age" has also been mentioned. The real estate industry enters the "silver age", which is a basic consensus. Form the consensus on the most basic reason is that since 2012, restrain the investment demand and speculative demand, control prices from rising too fast, to digest inventory, ensuring residents living demand, is policy advocate fundamental key. Under such a policy background, the real estate industry ended a decade of rapid growth.
The end of the "golden age" of real estate and the arrival of the "silver age" do not mean the end of the adjustment of the real estate industry. The real estate industry should not end in the "silver age". "The silver age" means that profit margins in the real estate industry is relatively high, the real estate industry is artificially imposed financial attribute has not fully subsided, house prices relative to the purchasing power of residents or on the high side.
"We must put the focus of development economy on the real economy and improve the quality of the supply system as the main target, and significantly enhance our economic quality," the report said. "Insist that the house is used for living, not to be used for speculation, to accelerate the establishment of multi-agent supply, multi-channel guarantee, rent and purchase and housing system, so that all the people can live in the house." In the future, real estate will develop in a more stable manner.
