2014-09-29

Hangzhou Restarts Land Sales, With Restrictions

Hangzhou's Yuhang district will sell land next month with important stipulations: only 10% of the project can be pre-sold. The rest can be sold after completion. The purchase also requires a 50% deposit, which will be forfeit if the developer gives up the land. These rules all but eliminate cash strapped developers and will keep inventory from hitting the market until late 2015 or into 2016.

杭州土地出让试水现房销售 业内:降房价减库存

Nearly six months of silence, Yuhang District, Hangzhou, residential land, has finally launched a new land.

Hangzhou Yuhang District Bureau of Land and Resources Bureau of recent announcements, Yu Cheng Chu out [2014] No. 39 plots were selling mid-next month, but the transfer conditions were strict rules: "The project total floor area of 10% can be pre-, post-rest completion, sales of existing homes. "This also means that the project 90% of listings to sales of existing homes. Meanwhile, the land transfer starts at 631.2 million yuan, the margin of 315.6 million yuan, reaching 50% of starting.

"Daily Economic News" reporter noted that in the harsh conditions of the transfer, while the floor price of the land has shrunk dramatically compared to the past, compared to January of this year to sell the future of science and technology city of Hangzhou plots belong floor price of 6899.34 yuan / square meters, the floor price of 4773 yuan plots / square meter, down 30.81%.

Dean of College of Business Administration, Zhejiang University Yuxiao Fen think of selling land to set up a strict transfer conditions, seeks to introduce high-quality developers, unfinished room control, risk quality disputes. That "existing home sales" provisions, but also to some extent slowed the rate of inventory.

High-quality low-cost transfer of land

Statistics show that more than government savings out of [2014] No. 39 plots for the future of science and technology city of Hangzhou to sell 83 plots of 60,114 square meters of selling area, floor area ratio of 2.0 to 2.2, starting at 631.2 million yuan, equivalent to the floor price of 4773 yuan / square meter. It is learned that the land was recently listed, ending six months of Yuhang District Homestead window period. If nothing else, the land will be held on October 15 formally transfer.

Reporters learned that, in this case the future of science and technology city in which the land is located in Wuchang Xixi wetlands and wetlands radiation core area, near the main roads in Hangzhou Wenyi Road, just 400 meters from the planned Metro Line 5 Chang Road Station. Nearby Alibaba Taobao City, Zhejiang Polytechnic Institute and a sea-disciplinary Arts Park and other projects, regional location and ecological environment have substantial advantages, it is currently the hot plate.

Recently, the city of the future of technology transfer is the only piece of residential land transaction on January 17 this year, more than government savings out of [2013] No. 87, who was competing for KWG, the price of 734 million yuan, the floor price of 6899.34 yuan / square meter.

In contrast, Yu Cheng Chu out [2014] No. 39 plots equivalent to the floor price of 4773 yuan / square meter price can be quite inexpensive. Yu Xiaofen believe, along with Hangzhou lowered prices will certainly affect the premium adjustment. Meanwhile, the plot margin rose, existing home sales and other conditions, to increase the share of the cost of funding the developer, if land prices are still ranks high level of profitability of developers will be greatly decreased.

"Existing home sales" help slow overstock

According to the announcement, Yu Cheng Chu out [2014] No. 39 plots transfer starting at 631.2 million yuan, the margin of 315.6 million yuan, reaching 50% of starting. According to the contract, scored land owners, if you want to retire, the deposit would be forfeited. The land transfer price to pay in two installments, "the first period of a month to settle the transfer price of 95% (including margin), the second phase of the 12 months to settle the transfer price of 100%."

But because land is not yet up to standard net delivery, so the real land delivery time, until October 30, 2015. In addition, in accordance with the provisions of the contract, "10% of the project total floor area can be pre-, post-rest completion, sales of existing homes."

For the above provisions, the bureau of Hangzhou Yuhang Branch responsible person told the "Daily Economic News" reporter, said, "This project future technology transfer conditions according to the city of Hangzhou CMC letter written request, submitted by the Bureau district government land assessment After the meeting discussed and adopted, re-announcement to sell. currently existing home sales requirements only for the project, while 50% of the margin ratio is set according to different projects, mainly based on local government projects in the investment process, as the case may be. "

Yu Xiaofen that the development of strict rules, showing increase government awareness of risk prevention, "the establishment of high margin, to prevent developers blind expansion, and even beyond their financial capacity to take, so that the strength of the developer into the control from the source the risk of development. "Meanwhile, 90 percent of existing homes sales, is for now" problem room downtown "phenomenon prone. "Avoid pre-sale housing to bring the dispute, but also for the development of units proposed higher requirements, estate quality to stand the test of the market."

There are professionals that is assumed in accordance with the opening price, according to 4500 yuan / square meter of development costs, a two-year development cycle, 15% of the financing costs considered, until the opening of the time node, the cost of this project will reach about 1.6 billion yuan , unit cost of 12,000 yuan / square meter or more.

According to Transparency houses network data, the project is being sold the land surrounding the average transaction price of about 16,094 yuan / square meter.

Yuxiao Fen believes that "existing home sales" provisions, but also to some extent slowed the rate of inventory. "The benefit is to increase sales of existing homes from the sales turnaround time to get to, and Forward House sales only takes a year or even shorter time to market for high inventory pressures still exist in Hangzhou property market is a good thing."

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