Research on the Reform of Advance Purchase System for Commodity Housing Towards the New Development Model for Real Estate:Operational Logic,Endogenous Contradictions,and Practical Pathways
The advance purchase system for commodity housing is an important foundational system in the real estate sector.In recent years,with continuous changes in the real estate market,real estate companies'marketing model that relies on pre-sale payments for high turnover has become difficult to sustain.The draw-backs of the system have become a heated topic again.The present paper explores theoretically the endoge-nous contradictions of the system from multiple dimensions.It points out that,though the system helps nar-row the funding gap for real estate companies,it has also contributed to the formation of a model of high debt,leverage,and turnover in the real estate sector.Given the major changes in the supply and demand rela-tion of the real estate market,the compatibility of the system with this relation has significantly decreased.The advance purchase model of off-plan housing involves information asymmetry,with the opportunism and moral hazard of real estate companies being particularly prominent.In addition,the tightening of supervision over pre-sale funds serves as a financial accelerator,which exacerbates the debt crisis of these companies by lowering cash flow expectations and the asset collateral prices,thereby exerting a significant impact on the stable and healthy operation of the market.To address the aforementioned contradictions,it is necessary to improve the diverse financing system for the companies,implement gradual reforms of the system,and en-hance mechanisms for preventing defaults,information disclosure,and risk defusing of the system.Further-more,it is essential to continuously normalize the supervision of pre-sale funds,adopt city-specific policies to promote the reform of the system in the short term,and gradually transit to available properties sale in the medium to long term.
advance purchase system for commodity housingnew development model for real estatesupply and demand relationfinancing of real estate development
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