In the new situation where there are significant changes in the supply and demand relationship of the real estate market, it is timely to adjust and optimize real estate policies, and to use policy tools effectively according to the conditions of each city...

Following the central government's new assessment of the current situation of the real estate industry, the Ministry of Housing and Urban-Rural Development immediately made its voice heard, proposing three measures to save the market: reducing the down payment ratio and loan interest rates for the purchase of the first home, tax reduction for the purchase of improved housing, and "recognizing the house but not the loan" for personal housing loans.

How will the real estate market go in the second half of the year?

How should the purchase restriction policy be adjusted?

What else does the government need to do to ensure the housing needs of residents?

Today's Headlines and Tsunami Vision have specially invited Meng Xiaosu, the policy maker of housing mortgage loans and the former leader of the national housing reform subject group, to talk about related topics.

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"I never talk about saving the real estate market.

I think it is now on one hand supplying oxygen to the market, and on the other hand, there is a hand strangling the neck of the market.

I think it is enough to let go of the hand that is strangling the neck, and there is no need to supply oxygen.

This patient can slowly recover.

So this is the existing regulatory policy, including the purchase restriction policy, which is the time to be canceled."

Regarding the impact of the purchase restriction policy on the current real estate industry, Meng Xiaosu used a metaphor to describe it.

The following is a transcript of the conversation, organized by Tsunami Vision: "Recognizing both the house and the loan" suppresses the rights of the people to improve their lives and violates the original intention of the mortgage policy.

Meng Xiaosu: The central government has clearly written six big characters, "support for housing improvement."

What is the second mortgage loan?

Isn't the second mortgage loan for the improvement of demand?

Especially the people, he sold his first house according to the regulations, transferred it, paid off the mortgage, and according to the regulations, when selling, the taxes should be paid.

We have clearly seen that the increase in the down payment ratio and the interest rate of residential housing mortgage loans in recent years is related to the purchase restriction and loan restriction policies in recent years, which are promoted by policies and taken advantage of by some banks.

Now it is necessary to restore the origin, after all, our housing mortgage loans, especially those provided for low and middle-income families, are for the people.

Because high-income families can say that they do not need to buy a house with a loan, they can pay in one lump sum.

However, we have seen that under the influence of purchase restriction and loan restriction policies, this policy has changed its taste, especially the "recognizing both the house and the loan" that has appeared in some places, you see the second mortgage loans in the cities of Beijing, Shanghai, Guangzhou, and Shenzhen, they have raised it to 80% of the down payment, and can only borrow 20% of the funds.

Why when you buy the first house, you say it is the second mortgage loan, and you want 80%, this is unreasonable, this has hit the confidence of residents to consume, and suppressed the rights of the people to pursue their own life improvement.

Can the upper and lower two skins be changed?

It should be as you said, "recognizing the house but not the loan", the loan is still according to the house.

You have no house, no matter if you have had it before, you are a loan household, no matter if you have had a loan before, you are the first set, in this way, a normal loan cycle channel is formed, allowing financial leverage to better serve more people, especially serving low and middle-income families.

The real estate market is not saved by one hand strangling the neck and the other hand supplying oxygen.

Meng Xiaosu: I never talk about saving the real estate market, many experts do.

I think it is now on one hand supplying oxygen to the market, and on the other hand, there is a hand strangling the neck of the market.

I think you just need to let go of the hand that is strangling the neck, you don't need to supply oxygen, you let go of the hand that is strangling the neck, this patient can slowly recover, so these are the existing regulatory policies, including the purchase restriction policy, which is the time to be canceled.

The purchase restriction policy has "tortured" China for 11 years.

At the beginning, it was said to be a temporary measure taken when the real estate market was overheated, but I didn't expect that later it would become a chronic disease, and the purchase restriction could not be separated, even in the past two years when the real estate market was too cold, the real estate market fell, and the real estate market dragged down the economy.

We can clearly see that the related industries and the real estate industry are now declining.

In this situation, we still insist on not canceling the purchase restriction.

Where should the purchase restriction be canceled?

I advocate canceling the purchase restriction for the first-tier cities from the commercial to residential changes, especially the commercial to residential changes in Beijing should first cancel the purchase restriction.

The commercial to residential houses are only 1/3 of the price of commercial housing.

If you release the commercial to residential, then sell more, it can also show that the average housing price in Beijing has decreased, so as not to cause too much panic and pressure on the people, which is a very good thing.

There are 40 million square meters of commercial to residential housing in Beijing, with 80 billion yuan of funds, most of which are from banks.

So now we need to try every means to prevent the risk of real estate from transferring to the financial risk.

It has already transferred to the financial risk, and we need to stop it quickly.

I think at the appropriate time, we should decisively propose to cancel the purchase restriction and loan restriction in the first-tier cities of Beijing, Shanghai, Guangzhou, and Shenzhen, which is meaningful for driving the whole country.

As soon as it comes to the purchase restriction, some people always confuse it with the principle of "housing is not for speculation", which is wrong.

"Housing is not for speculation" is an important principle, it is very correct, the house is used for living, not for speculation, positioning.

So some people misinterpret the four characters of "housing is not for speculation", interpreting into several different situations, one is that the house is used for living, not for buying, restricting the people to buy a house.

The second is that the house is used for living, not for selling, restricting you to sell the house, not giving you a sales certificate.

There is also a saying that the house is used for renting, not for selling, you see, it seriously violates the central government's requirements for "renting and selling together".

Of course, there are also people who say that when you buy a house, I will not give you a loan in the normal way, that is, the so-called "recognizing both the house and the loan", which is another misinterpretation of "housing is not for speculation".

What we need to restrict is speculation, not the normal buying and selling of residents.

I think at the appropriate time, it is necessary to emphasize the original intention of "housing is not for speculation" again, to remove all the wrong interpretations on "housing is not for speculation", and to activate the real estate market consumption on the basis of adhering to the positioning of "housing is not for speculation", to pay more attention to the construction of affordable housing, to let commercial housing and affordable housing operate on two tracks, and to allow them to jointly drive the economy.

I hope to promote a new "housing reform" so that young people can afford to buy a house.

Meng Xiaosu: Now some young families, they are helpless in the face of high house prices, but they do not know that these low-income families and new families should not be tortured by the high prices of commercial housing.

Affordable housing should be provided for them because in the past, we neglected this point, which led people to have a misunderstanding that everyone can only go to the commercial housing market to face the high prices of commercial housing.

I hope to promote another housing reform and provide affordable housing for these young people again, such as the public rental housing provided by the current rent and sale together.

These public rental houses were rented at the beginning, and after a period of time, when the renters have the conditions and wish to buy, they should be allowed to buy at the price of affordable housing.

Moreover, they should be allowed to integrate their houses into commercial housing and enter the market circulation after a certain number of years and pay a certain amount of fees.

Entering the market circulation does not mean that they must sell, but their value can be compared with the current commercial housing value.

In this way, these young families and new citizens can also obtain the dividends of the rise in house prices, and as the economy and currency operations drive the rise in house prices, they can also keep up with the pace of common prosperity.

These issues have been recognized, and now all aspects are emphasizing the construction of affordable housing, and I hope this measure can be truly implemented.

Young families should not face the commercial housing market, they should have the right to enjoy affordable housing.

The price of affordable housing should be 1/3 of commercial housing, and some cities should moderately overbuild.

Meng Xiaosu: What level should the construction of affordable housing reach?

First of all, it is a large-scale construction.

Some people say that there are too many houses, and my affordable housing is still very insufficient, and affordable housing needs large-scale construction, and affordable housing needs to be moderately overbuilt in major cities, so that its house prices cannot rise.

Some people say that the living level of Chinese people is too high, they do not see so many young families and new citizens, they can't even rent a house, the houses in the city are too expensive, and many people rent houses in the villages in the city, and the price of those houses is also rising.

So why can't the government build on a large scale?

After the tenants rent for a period of time, they should be allowed to buy at the price of affordable housing.

The price of affordable housing should actually be 1/3 or lower than the price of commercial housing.

You see in Singapore, their housing price is about 1/3 of the price of commercial housing.

In the future, these young families want to change from tenants to landlords, can they?

Can they become homeowners?

Of course, they can, and they should be encouraged to buy.

When buying, they can also deduct the rent of the first few years, isn't this equivalent to a seniority discount?

Wasn't our seniority discount such a reason?

Now you see that 25 years have passed, and the house prices have risen so many times, in Beijing, Shanghai, Guangzhou, and Shenzhen, many of the housing reform houses of that year have risen to 10 million or more than 10 million.

These old employees are not only based on their labor, but also based on the rise in house prices, and have become millionaires, relying on the operation of the economy and currency, making them on the road to common prosperity, which is what happened that year.