In the future, there are old-age pensions for housing。
At a press conference on the theme “towards high-quality development”, held on 23 august, the deputy minister of housing and urban and rural development tung jianjiang stated that a study was being conducted on the establishment of three systems: house check-ups, housing pensions, housing insurance, and long-term mechanisms for safe house management throughout the life cycle。
Among them, the accounts of the individual housing pension have been established through the special housing maintenance fund, with the pilot focusing on the establishment of public accounts by the government。
In fact, as the real estate market progresses into an age of stock, the maintenance and management of housing becomes a high-profile focus。
“as is currently the case for the maintenance and renovation of public buildings, utilities and facilities, the main use is of funds earmarked for the maintenance of dwellings, which are limited in size because of the fact that the funds for the special maintenance of houses in the country generally come from the owner's own contributions”。
According to a report by the shanghai institute of real estate sciences, the total balance of funds available for specialized residential maintenance is more than rmb 1 trillion and in cities such as shanghai, beijing and hangzhou it is only about 10 per cent of the cumulative total, about 4 per cent and 5 per cent, respectively, in chengdu and shenzhen, large amounts of funds are not being used effectively and individual usage rates are uneven。
In this regard, the above-mentioned chinese school analysts believe that, as our real estate market gradually enters the stock age, by the end of 2022, the proportion of existing houses in china's towns had been built for more than 30 years, the proportion of old houses in need of maintenance and rehabilitation had risen rapidly, and that the need for maintenance and improvement in small areas had become difficult to meet with special home maintenance funds alone, and that additional funding was urgently needed。
Thus, the establishment of a housing pension system will also provide important financial support for house examinations and housing insurance。
It is a matter of concern that the ministry of housing and construction has explicitly mentioned that the pilot has been carried out in 22 cities, and that, on the basis of the recent offer by the shanghai city to start the pilot this year in the podong district, the city-wide pace of the pilot was significantly accelerated。
According to a number of interviewees, the piloting of the housing pension system is undoubtedly a major livelihood project that has far-reaching implications not only for the quality and safety of the population but also for the stability and sustainable development of the real estate market。
One of the most important external concerns is where housing pensions are financed。
“with regard to housing pensions, the ministry of housing and construction has proposed that the pilot focus be on the establishment of public accounts, the financing of which has also been the focus of attention. The value-added gains of maintenance funds, financial subsidies, the creation of supporting financial products, etc., or important directions for exploration, are calculated in proportion to project land concessions. “the above refers to the hospital analyst。
The sino-culture securities analyst also believes that the sources of funding for housing pensions may include contributions from owners, financial subsidies, and the surplus on the value-added of maintenance funds。
Among them, in terms of the sources of financing, which are based primarily on contributions from owners, under the housing special maintenance funds management scheme, established in 2007, owners of commercial dwellings and non-residents deposit funds for specialized residential maintenance in accordance with the building area of the property owned by them, and the initial deposit of funds for specialized residential maintenance per square metre of 5 to 8 per cent of the construction price per square metre of the local residential construction works. Property not sold is deposited by the construction unit. The balance of funds held by the owner for the exclusive maintenance of his or her household accounts, which was less than 30 per cent of the initial deposit, should be renewed in a timely manner. In the event of the establishment of an owner's conference, the continuation of the programme is decided by the owner's council. In the absence of an owner's conference, the specific management arrangements for renewal are developed by the government's building authority in conjunction with the same financial department。
With regard to financial subsidies, ningbo provided a sample. On 1 april 2023, a new version of the "house pension" scheme was introduced in ningbo, which provides for the establishment, storage, use, modalities and procedures, supervision and management of specialized maintenance funds. Of these, financial subsidies are paid to old districts that are refinancing the special maintenance funds of the property sector, through 60 per cent of new projects and 40 per cent of government subsidies。
“it is expected that the housing pension system will be similar to the individual pension system and consist of individual and public accounts.” the chief research fellow of the centre for housing policy studies of the city school of the guangdong province stated that the first pillar was the public maintenance fund, which was consolidated and co-owned by all owners when buying new homes and entered personal accounts; the second pillar, which was similar to enterprise annuities, such as a percentage of land concessions, fiscal awards, value-added gains from public maintenance funds, value-added gains from the provident fund, etc., entered public accounts; and the third pillar, which should be commercial housing pensions, including comprehensive housing security insurance and commercial housing pension supplements。
The analysts believe that, following this statement by the ministry of housing and construction, a critical step has been taken in the piloting of the housing pension system, which is expected to be further refined as the pilot proceeds and will be extended to more cities in the future, bringing about a completely new development pattern for the real estate sector。
