响应斑竹号召，贴一份今天的BLOOMBERG关于廉租住房和房地产发展的文章，看看地产商的血液里怎么开始流淌着道德的血液，这里用了一个词“
Mixed ”, 居住混合，利润混合，效果混合~由于帖子长度限制，非完整版（删节版），请谅解~
China’s Cheap Homes Plan MaySqueeze Profits
By Bloomberg News May 13, 2011
Chinese developers’ profit margins are set to shrink as they build public housing projects to stay on good terms with the government.
Chinais aiming to add a record 36 million units of affordable or social housing in thenext five years, to cover 20 percent of the country’s residential market, the government said. Building these homes will cut developers’ profit margins to a range of 3 percent to 8 percent, down fromat least 10 percent from private residential properties, according to Royal Bank of Scotland Plc’sestimates. Developers such as China Vanke Co. are taking part in the plan even as they struggle to profit from the projects: Vanke said it will take 57 years for the company’s first social housing project to breakeven.
Soho China Ltd. (410)has warned that at least half of the country’s developers will go out of business if they are forced to embark on such projects.
“Developers won’t do social housing if they can make more money in high-end,” said Donald Straszheim,Los Angeles-based director of China research at
International Strategy & Investment Group. “The government’s job is to make sure that the system works whereby they can’t get land for high-end without doing enough social housing.”
About10 million of those homes are planned for this year and next, almost twice the5.8 million target for 2010, the government said.Developers “are willing to take on these homes in exchange for later goodies from local governments, such as favorable policies when they bid for land in new cities,” Du Jinsong, a HongKong-based property analyst at Credit Suisse Group AG, said in a phone interview.
China is accelerating the development of affordable housing after home prices climbed for 19 straight months to December 2010,and increased in almost all 70 cities the government tracked in the first threemonths. The 36 million homes will house about 80 million people, Du estimates.
Local governments will lead the development of affordable homes based on the central authority’s targets. The capital Beijing has packaged some land sales where a portion needs to be set aside for social housing projects. The eastern city of Hangzhou has outsourced affordable projects to private developers, while Chongqing and other cities use government-owned builders, Du said.
Atleast 70 percent of land put up for sale should be allocated for social housing, the government said in its 12th five-year plan released in March.
A largenumber of these homes will be rented out basedon income limits, the government said.
Premier Wen Jiabaovisited an affordable housing construction site in Beijingduring the May 1 Labor Day weekend and reiterated the promise to bring down property prices. President Hu Jintaoalso urged local governments to increase capital investmentand land allocation for these projects, the official Xinhua news agency reported.
Affordable homes, usually built on the city’s outskirts and on locations with lower landvalues, are priced at a fraction of private apartments, according to CreditSuisse. RBS estimates that affordable homes are between 30 percent and 50percent cheaper than private apartments within the neighborhoods.
China’s construction of low-income homes will boost supply and stabilize thehousing market like a “sedative,” VicePremier Li Keqiang said, according to a summary of a speech posted last month on the website of Qiushi, the official Communist Party magazine.
Vanke,the largest developer by market value, plans to build more of these homes eventhough it hasn’t found a profitable model, President Yu Liang said in a March10 briefing. “We are building social housing projectsmainly because we are a responsible leader in the industry,” Yu said, according to a transcriptof the press conference posted on SouFun Holdings Ltd. (SFUN), China’s biggest real estate websiteowner. “We only request for 1 yuan of profit for these homes, because we need to tell our shareholders that we didn’t lose money on these.”
“Local governments need help from developers in building social housing,” said Jeffrey Gao, a Shanghai-based propertyanalyst at RBS. “Those that helped at the early stage will probably get some benefit from the government later on.” Shanghai Greenland Group Co., which announced plans on Dec. 8 for a 30 billion yuan ($4.6 billion) development that will be the world’s third-tallest building in the central Chinese city of Wuhan, said the same dayit would build 500,000 square meters of social housing for the city.
“Developers might not make much money from social housing inthe short term, but when the market expands, the early birds with good branding will not be left out,” said Danny Ma, Shanghai-based seniordirector for CB Richard Ellis Group Inc.
“When you goto neighborhoods with mixed-projects, you’ll find the social housing apartments in the worst location of each site, the ones with the afternoon sun and those facing noisy streets,” Mao said. “Developers will have to do that because of the margins, and the government knows that.”
The government imposed new curbs this year including higher minimum down payments for second homes and residential property taxes in Shanghai and Chongqing. Local governments in Beijing and Guangzhou followed with restrictions on housing purchases. The central bank also raised interest ratesfour times since October and yesterday increased the amounts banks need to set aside as reserves for an eighth time during that period.
“The government’s social housing plan is not for controlling home prices but bridging the gap of demand thatthe private market couldn’t meet,” said Nicole Wong, a Hong Kong- based property analyst for CLSA Asia-PacificMarkets.
--BonnieCao. Editors: Linus Chua, Malcolm Scott
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