Counselors' Office of the State Council special researcher: real estate tax pilot should be expanded as soon as possible

The regulation of the real estate market from falling prices prompted short-term goals into real estate to return to live in the main attributes of the ultimate goal。Short-term regulatory policies of moderate long-term, real estate prices remain stable until docking with the long-term mechanism should be able to avoid the release expected prices to rebound。To avoid regulation as in the past rounds of the real estate market as prices decreased slightly to be misled by the "collapse theory" and "decline" argument, resulting in regulatory policy is expected to be held hostage by panic, the firm should "is used to live in the house" concept, enhanced anyone reform, and increase enforcement and accountability mechanisms of real estate control policy。  With the changing environment of the real estate market, real estate control policies also have a new logic changes。In view of the absence of many abuses in the past the short-term and long-term mechanism of control policies, the key issue now is how do we build long-term mechanism based real estate stock market?  Before the author of two articles (see May 10, Japan 19 bar) are described in the domestic real estate market speculation and status quo oriented market mechanism failure, and proposed the key of the current real estate market is stable and healthy development of how government regulation intervention。Today we will talk about the focus of government intervention。The moment, the most basic principle of government intervention, real estate regulation is to ensure that the repair mechanism in the direction of the market rather than further distort market mechanisms。In achieving this goal, short-term and long-term control policy governance mechanisms need to be further improved and perfected。  First, the real estate market regulation to promote the goal from short-term price decline into the ultimate goal to return to the main residential real estate properties。Mainly speculative real estate market to undermine the market mechanism, the real estate market return to the "main residence" in the market to meet the premise of rational decision-making mechanism and utility maximizing market constraints, in order to truly repair market adjustment mechanism。The price dropped to the goal of regulation, there are short-term, "inhibiting" effect of speculative demand, but not long-term stability of prices, but the higher the prices will adjust, the greater the speculative demand more stressed。  To make real estate a "consumer product" which, in turn, achieve equilibrium price, as in the past to avoid regulation rounds of the real estate market as prices decreased slightly to be misled by the "collapse theory" and "GDP decline" argument, causing panic control policy is expected hostage, should be firm "is used to live in the house" concept, a profound understanding of real estate regulation is an important part of the reform of the supply-side structure。At the same time, changing the real estate industry is a pillar of the inertia of thinking, enhance concentration reform, and increase enforcement and accountability mechanisms of real estate control policy。  Second, regulatory policy to promote short-term and long-term mechanism of until docking。Over the years, such as the purchase of credit limit policy has served as a short-term control measures in a variety of complex reasons tune down and go, not only did not make the real estate market return residential property, but to make the price more volatile。The main form of real estate market in a day, so that regulatory policy is not expedient。Short-term regulatory policies of moderate long-term, real estate prices remain stable until docking with the long-term mechanism should be able to avoid the release expected prices to rebound。  Third, short-term regulatory policies to curb all Game regulation even beyond the moral bottom line behavior。Real estate speculators and other irrational speculation, as in the interests of unscrupulous, often appear fake debt disputes, divorce manufacturing breakthrough illusion restriction conditions, a down payment to break through consumer loans, credit limit constraints, through renovation loans disguised push up prices, etc. and the purchase limit Game of conduct policy loans and purchase of illegal fund-raising behavior so that regulatory policy can not achieve the desired effect。In this regard, all intermediaries, banks, other financial institutions and civil affairs departments should have the necessary strict constraints, accountability and punishment mechanism。At the same time, strengthen public pressure on the media undermine the fundamental values of real estate and other social behaviors of divorce。  Fourth, "a modest increase in land supply," clearly provides residential land supply structure of the houses。Theory and practice have indicated, once the real estate market has become dominated speculation, that "unlimited" by speculative demand is impossible to meet the ever-increasing supply。Therefore, in general terms, "a modest increase in land supply," the release signal insufficient supply, will guide the expected prices, demand for real estate will rise further; and supply "shortage" led to frequent the king, further pushing up prices。Demand and supply cross-phase driven price bubble further expansion is inevitable。So, a second-tier real estate market needs is a supply-side restructuring。Supply structure adjusted to the real estate market is consistent with the direction of the development of urbanization, increase real "steel demand" supply。The real rigid requirements are migrant workers in cities and towns to market-based housing, university graduates leaving the city to work to buy or rent affordable housing needs of the market, specifically "moderate land supply," just to be the main provider of housing supply structure, and supporting supply and demand necessary policies to ensure that such "rigid demand" supply and demand of residential housing reached "rigid housing" balance。Rigid hierarchy of living mainly in the real estate market, a good base for a market pricing mechanism in the true sense, and speculative demand to "just be" insufficient supply drives prices hype lost confidence。So, overall prices continue to rise, lack of motivation, real estate demand will gradually cool down, stepwise regression balance, living mainly supplied by real estate urbanization strategy will get a full opportunity for development。This is the right way to balance the two extremes of the real estate market expected。  Specifically for the "just be" modest increase land supply, but also help to curb local governments' land sales finance "。Land sale financial manufactured to the king, rising land prices, developers gone up, the cost passed on to the land prices, rising house prices boosters。Therefore, the sale of land finance is also an important reason for rising prices。Visible, short-term "moderate increase land supply," real estate is a short-term policy of structural adjustment, more important is to have a supply of land resources in order to meet long-term planning "main residence" housing demand。  Fifth, to create employment opportunities for the way human resources and gather popular way to ease the four-tier cities to the inventory of real estate pressure。Four-tier cities real estate inventory and blind investment, whereas the lack of opportunities, lack of employment opportunities, is not conducive to attract talent and retain qualified personnel, and thus difficult to improve the living needs of the important factors。Simple to encourage migrant workers in cities and towns by adding leveraged buyers, in addition to increased debt risk and may not really be able to achieve the purpose of inventory。Mergers and restructuring real estate companies just merge inventory, does not reduce the stock of。With three or four lines of their respective comparative advantages of the construction area features a way to create jobs, create opportunities to attract talent resources, the development of manufacturing some of the radiation effects, are more conducive to the inventory。  Sixth, expand a pilot property tax。The real estate market more stable prices or can keep living mainly in the property market, and real estate tax systems in order to effectively increase the curb speculative house holding costs directly related to most developed countries。After continuing short-term control policies to stabilize the market price, long-term mechanism should butt as soon as possible, living mainly in the real estate market in order to maintain long-term stable and healthy development。Now it is a comprehensive assessment of pre-trial time for the real estate tax system。To sum up experience, to expand the pilot as soon as possible。Real estate tax system can not long out of Taiwan, the real estate market may make the issue more deeply embedded。Moreover, real estate taxes more than the new part, is due to land compensation tight fiscal and financial best way to change local government, local government will enhance the willingness to give up land finance and accelerate the pace straighten out distorted prices formation mechanism。Logical that the introduction of 50 years should be considered as soon as possible, appropriate provisions for renewal after the 70-year land lease expires。  Term mechanism to control the real estate market, I think that the industry must strengthen academic research on foreign policy and institutional real estate market。Some of their practices, is worth learning。For example, some countries take the form of high capital gains tax on the profit margins shrink speculative behavior is very effective。Germany directly limit price gains over the provisions, in serious cases it will be recognized as a crime。German real estate prices decades to grow by about 25%, the real estate market management systems work best thing。  (The author is chief of staff of the State Council special researcher) reports (original title: the establishment of several key steps long-term governance of the property market) (Editor: DF319)

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