Luzhiju Jingtai Court is now speculating that the Housing Authority members worry about speculation tools to tighten the green watch ban period

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Written by: Zhang Jiamin

2020-06-30 08:00

The first green home project, Jingtaiyuan, was launched in 2016. Recently, some units have made more than double the book profit after changing hands, and more than 2.6 million yuan from sellers. According to the resale restrictions of the Housing Authority, within the 3rd to 5th year of the purchase of units, the units can be sold to Green Watch persons in the second market without paying land premiums.

Yin Zhao, a member of the Legislative Council and a member of the Housing Authority’s Subsidized Housing Committee, insisted that she was shocked by the speculation situation and suggested that the Housing Authority should consider extending the ban period to five years to avoid becoming a tool for speculation. However, he admitted that due to insufficient housing supply, it is difficult to completely suppress the speculation by extending the ban period. Another member, Director General of the Public Housing Association Zhao Guowei, also suggested that the HA should extend the period that the regulations must be sold back to the HA at the original price.

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According to the current resale restrictions for Green Homes, both Jingtai Garden and Li Cui Court stipulate that within the first two years of purchase, the owner can only sell the unit to the HA at the original price. The HA will not repurchase units, but will nominate Green Form buyers to purchase units at the original price. As for the third year to the fifth year, the owner can sell the unit to the Green Form buyer nominated by the Housing Authority or the Green Form purchase qualification certificate at the price agreed by the owner in the second market without paying land premium. Book holder.

Jingtaiyuan can buy and sell land premium freely in the 5th year after purchase

The owner of King Tai Court can sell the flat to the Green Form or White Form buyers nominated by the Housing Authority in the HOS Secondary Market at a price agreed upon by the owner without paying the premium after the fifth year; or pay After the land price, sell the unit on the open market. As for the owners of Li Cui Court, in addition to the public sale of land premiums, the units can also be sold to Green Watch sellers without paying premiums.

Lvzhiju Jingtai Court "Hook Up" recorded 9 transactions of 500-foot units in 8 months and earned 2.62 million

Have discussed the implementation of stricter transfer restrictions

When the government discussed the resale restrictions of King Tai Court, it was stated that Green Home and HOS are both subsidized sale units. It is not unreasonable to adopt the resale restrictions of HOS. Later, when it was transferred, the HA would not repurchase units. , But will require the owner to identify buyers who meet the qualifications of the Green Form. In early 2018, when the Housing Authority discussed the results of the review of King Tai Court, there was a suggestion at the time that the resale restrictions on green home purchases should be "overweight" to reduce speculation, but the Housing Authority believed that the establishment of very strict The resale restrictions will reduce the attractiveness of green homes, and will increase the risk of unsold units, which is contrary to the purpose of promoting the circulation of public housing units.

In June of the same year, Chief Executive Lin Zheng Yuee announced the "New Housing Policy", announcing a new pricing policy for subsidized sale units, and recommended that the Housing Authority tighten the transfer restrictions. The HA has discussed the implementation of stricter transfer restrictions, including permanent restrictions on the sale of green homes to green watch buyers, but it has been shown that when the resale restrictions are too severe, it will reduce the attractiveness of green homes.

In the end, the Housing Authority approved that from 2019 onwards, Green Home Owners will only be able to resell units in the free market after 10 years. In the first 2 years, it can only be sold to Green Form buyers at a price not higher than the original price; from the third year onwards, it can be resold to Green Form applicants at a price negotiated by them without paying the premium.

The HA believes that the relevant plan has already responded to concerns about short-term speculation, and has retained greater flexibility in the circulation of units in the secondary market to free up more public housing units for those in need.

Yin Zhaojian suggested that the Housing Authority could increase the sales limit for green watch buyers from 3 years to at least 5 years. (Profile picture)

Yin Zhaojian: The extension of the sale period failed to curb speculation

The Housing Authority earlier tightened the resale restrictions on subsidized home sales, increasing the ban period for public sale from 5 years to 10 years, that is, it is not possible to sell land at a premium for 10 years after the purchase, but sell it to Green at its own price. The sales restriction period for watch buyers remains at 3 years.

Yin Zhao, a member of the Legislative Council and a member of the Housing Authority’s Subsidized Housing Committee, insisted that she was shocked by the speculation in King Tai Court and believed that it was against the original intention of subsidizing the sale of houses. He suggested that the HA can increase the sales limit for green watch buyers from 3 years to at least 5 years, so as not to reduce green houses to speculation tools. However, he emphasized that the purpose of extending the sale restriction period is only to ensure that the purchase of homeowners meets the needs of housing, showing that the Housing Authority does not encourage speculation, or it can reduce speculation and profit cases, and may not completely suppress the occurrence of speculation. He added that in the case of insufficient housing supply, the extension of the sale period is only to "chop toes to avoid sandworms".

Zhao Guowei, director general of the Public Housing Association, is worried that the speculation will continue. (Profile picture)

Zhao Guowei, director general of the Housing Authority’s subsidized housing group and the Public Housing Association, said that speculation cases in King Tai Court were not too many, but the unit’s change of profits increased greatly, and it was worried that the speculation phenomenon would continue. He suggested that the HA can observe the sales of Green House in the secondary market. If speculation continues, it may consider extending the life of the HA at the original price.

Lvzhiju Jingtai Court "Hook Up" recorded 9 transactions of 500-foot units in 8 months and earned 2.62 million

Only 16 buyers from 857 units of Green House Jingtai Court are public housing applicants

Luzhiju 2019｜The price list is about 200 units and the entrance fee is less than 1 million.

[Green House 2019] 12,000 units of subsidized housing are expected to be sold this year

Green House Housing Authority