Continued under the control of the property market, many cities have staged land unsold, bids the phenomenon of land sale revenue dropped significantly, many local governments rent house shanghai do nothing to boil the
The data show that in 2011, 130 cities total land premium of 1.86344 trillion yuan, down 13%. Some second and third tier cities, land prices dropped substantially by 40%, into the "one hundred billion club" only Beijing and Shanghai. Data is equally bleak this year, 13 major cities total land premium of only 66 billion yuan in the first two months, up dropped almost half expected a year may sell less 600 billion.
Land the financial purse strings more and more deflated. In response to the depletion of financial resources of the dilemma, some local governments began to innovative land sales model, for example, introduction of land shares, installment in order to attract developers. On one hand, the overall tight control policy makes the operation of the space is limited; the other hand, further amplified the risk of local government debt. Once the developer funds withdrawn from circulation problems, the local government land transfer income can not be guaranteed.
As the saying goes, one not to eat a fat man, the same weight loss but also you to. Land transfer easily accounted for 50% of fiscal revenue for local governments, a sharp decline in income will lead to a series of social risk.
The first is the risk of local financing platform.
10.7 trillion of debt financing platform and real estate regulation may result in the property market crash, once regarded as China's two economic time bomb. Shortly before the CBRC chap loan extension to allow the platform to meet the conditions. But extended only to delay the debt, the money eventually have to repay part of which will inevitably translate into bad debts of banks. Moreover, pre-investment project also needs a steady flow of funds, while the gate of bank credit more tightening. Transportation industry is said to spread a piece: "In 2008, the provincial traffic director, Director of Finance told Grandpa to sit legs crossed to the office, the bank sounded Duixiao home to seek his loan, the interest rate but also to float downward 10%. are, in turn, the director of the initiative to come by the Commissioner, loans still difficult, and the interest to go up. "
The piece is owned by the piece, a grim fact is that since the middle of last year, has been suspended due to funding strand breaks nationwide in highway. Regulators apparently aware of the risks, the CBRC recently issued verbal warnings about to stop the financing of the trust company for local financing platform.
Followed by local, arbitrary charges of the risk of re-opened.
Some people say, land finance is forced out. The reason is that after the implementation of the tax system since the 1990s, the bulk of the tax was taken away by the central, local lack of quality and stability of tax subjects. There is some truth in these words, on the one hand, the local face of regional competition pressure GDP contest as an investment subject directly on the runway; income on the property rights, on the other hand, at the same time, the decentralization trend is clearly does not match the result of both Government payments imbalances. But it is undeniable that in the context of local budgets "soft constraints", the increasingly bloated government agencies, more and more works of racking our brains and spend money more and more lavish habits is also the root cause of deterioration of the fiscal revenue and expenditure a.
The results of income over expenditure is spread of q69°a! In place before the "meat and potatoes" of land finance, democratic legal endless once the ban rather than absolute, farmers and business in particular has become the official told us of some sectors mouth. One can imagine, if no suitable financial revenue streams instead of declining land finance, local re-opening of the risk of arbitrary charges.
Finally, there is the risk of various government livelihood spending dropped.
In recent years, functional expenses of the local land income continues to grow. Such as the central requirement of not less than 10% for low-rent housing security, not less than 15% the proportion of agricultural land development, 10% for the construction of water conservancy, and 10% for education funding. If the real implementation, means the place to come up with more than half of the land revenue for livelihood security. Once the sharp drop in revenue from land sales, means that the government of the people's livelihood inputs will also be discounted.
How to defuse the risk? Already reached a consensus to reform the tax system has been implemented for 18 years, local financial authority and powers to match. With the decline shanghai villa of the land finance "camp changed by" the full implementation of (the business tax is a local tax, VAT is divided into tax), tax system reform has been no turning back, had to be transmitted.
Post je objavljen 09.03.2012. u 14:39 sati.