Long-term rental apartment enterprises frequently fall into the crisis of "explosion" and issue documents to regulate the rental market.

The "Thunder" storm of long-term rental apartment enterprises continues. Recently, Danke Apartment, as a well-known long-term rental apartment enterprise, has successively reported negative news such as arrears of supplier accounts and landlord rents, which triggered a heated discussion in the market. With the approaching tide of migrant workers returning home at the end of the year, the rental market has gradually turned into the off-season, which is undoubtedly worse for long-term rental apartment enterprises facing financial pressure. Since June 1 1, many hot cities such as Shenzhen, Nanjing and Foshan have issued documents to regulate the rental market, which is expected to reverse the depressed rental market.

Form capital precipitation

China securities journal reporter combed and found that some well-known long-term rental apartment enterprises have frequently fallen into negative turmoil recently, such as arrears of employees' wages, tenants queuing to refund deposits, deep liquidity crisis, or bankruptcy, App paralysis, loss of housekeepers, arrears of suppliers' payment, and continuous being listed as executors. At the same time, some tenants broke the news and paid the rent, but the long-term rental apartment enterprises did not pay the rent to the landlord, resulting in the landlord not receiving the rent to drive away the tenant, and the tenant's money could not be returned. Others, because the platform defaulted on the landlord's rent, were driven away by the landlord by cutting off water and electricity.

Faced with the "thunder storm" faced by many well-known long-term rental apartment enterprises, Hu Jinghui, chief economist of Jing Hui think tank, pointed out that because apartments and owners pay monthly or quarterly, while tenants pay half a year/year, the time difference of payment forms capital precipitation. With the help of rent loan, many long-term rental apartment operators require tenants to pay rent every year, even longer, and can deposit at least 13 months' funds at a time. Lending companies that provide rental loans are usually not formal banks, but some online lending companies or informal financial institutions, which magnifies the risks.

Hu Jinghui emphasized that if the rent (short money) to be paid in one year is used for the rolling development, decoration and assembly of enterprises, this kind of investment usually needs at least 36 months of amortization and depreciation in financial treatment, that is, putting the money to be paid in one year into a three-year cycle is doomed to be a Ponzi scheme. Once there is no new tenant to enter, the rent will be overpaid by means of rent loan, and without new investors to provide funds, the cash flow of long-term rental apartment enterprises will be broken, and then there will be problems such as bursting positions and running away.

Hu Jinghui said that at the same time, we also saw the positive side of the industry. 20 19, 19 On February 25th, the Ministry of Housing and Urban-Rural Development and other six departments issued the Opinions on Rectifying and Regulating the Order of the Housing Rental Market. In May this year, the China Securities Regulatory Commission and the National Development and Reform Commission jointly issued the Notice on Promoting the Pilot Work of Real Estate Investment Trusts (REITs) in Infrastructure. Many local governments began to rectify the rental market, and the Ministry of Housing and Urban-Rural Development began to issue the upcoming housing rental regulations.

Strengthen supervision in many places

China securities journal reporter combed and found that several regions recently issued documents to regulate the rental market. There are many hot first-tier cities among them.

Shenzhen Housing and Urban-Rural Development Bureau issued the Emergency Notice on Effectively Regulating the Business Behavior of Housing Leasing Enterprises (hereinafter referred to as the Emergency Notice). It is pointed out that some long-term rental apartments adopt the methods of "AG low rent" and "long income and short payment", which causes the problems of "lightning explosion" and "running away", which has aroused great concern from government departments and society. Housing leasing enterprises shall not be allowed to drive up the rental price by means of "AG low price" and "long receipt and short payment", which will increase the risk of enterprise capital breakage and infringe upon the legitimate rights and interests of housing rights holders and lessees; Housing leasing enterprises should fully realize that adopting the mode of "low output of AG" and "long income and short payment" to expand the market will lead to the operational risk and legal risk of capital chain breakage. At the same time, the housing leasing enterprise shall not require the lessee to use the housing rental consumer loan by means of concealment, deception or coercion. , shall not be in the name of rent installment, rent concessions to induce the lessee to use housing rental consumer loans. , shall not be related to the housing rental consumer loans embedded in the housing lease contract.

In terms of establishing and improving the dispute mediation mechanism, the urgent notice specifically pointed out that in order to compact the main responsibility of housing leasing disputes, housing leasing enterprises should establish a leasing dispute handling mechanism, promptly accept housing leasing complaints, and properly resolve disputes with relevant parties. If a house leasing enterprise has a house leasing dispute with the owner of the house or the lessee, which cannot be resolved through consultation, it shall be resolved through people's mediation, litigation, arbitration and other legal channels, and the lessee shall not be expelled by threats, intimidation, water and electricity cuts and other violent means.

In addition to Shenzhen, Nanjing, Foshan and other regions have recently issued normative documents on the rental market to regulate the rent level and the renovation of stock houses.

In terms of regulating the rent level, on June 5438+065438+ 10/9, the Housing and Construction Bureau of Nanhai District, Foshan City issued the Announcement on Public Solicitation of the Results of the 2020 Nanhai District Housing Rental Market Guidance Rent Standard Project and the 2020 Nanhai District Public Rental Housing Government Guidance Rent Evaluation Project. According to the announcement, Nanhai District of Foshan regularly announces the market rent level of different types of houses and the government guidance price of public rental housing rent by region. Cultivate and develop the housing rental market, support housing rental consumption, gradually establish a housing rental system with both purchase and rent, establish and improve the housing security system, gradually solve the housing difficulties of low-and middle-income families through multiple channels, and promote the healthy development of the housing rental market.

On June 5438+065438+ 10/8, Nanjing Urban and Rural Construction Committee, Nanjing Planning and Natural Resources Bureau and Nanjing Housing Security and Real Estate Bureau jointly drafted the Detailed Rules for the Transformation of Nanjing Stock House into Leased House (for Trial Implementation), which further standardized the procedures for the transformation of Nanjing Stock House into Leased House.

The rental market has entered the off-season.

It should be pointed out that the current rental market has turned into the off-season. Compared with last year, the transaction volume and transaction price in the leasing market decreased significantly. The decline in both turnover and rent is undoubtedly worse for brand long-term rental enterprises that are currently facing financial pressure.

According to institutional data, in terms of the national leasing market, the turnover of the leasing market in key cities decreased by 7% last week 18, and the overall leasing market activity continued to decline, and the market continued to get cold. The overall rent level was basically flat, with a slight increase of 0.3% from the previous month and a decrease of 5. 1% from the same period last year. In terms of cities, among the key cities in 18, Guangzhou, Nanjing, Shenzhen, Dalian and Hefu increased month-on-month, while the rental volume of other 13 cities declined to varying degrees, with Beijing, Xi 'an, Shanghai, Qingdao, Jinan and Yantai all falling more than 10% month-on-month.

In addition to the decline in transaction volume, the overall rent level has also decreased compared with the same period last year. 18 The average rent level of Zhouyue, a national key city, was 4 1.8 yuan/m2, down 5. 1% year-on-year and slightly higher than the previous month. In terms of cities, the rents of Shanghai, Beijing, Guangzhou, Dalian, Tianjin, Jinan, Chongqing and Langfang rose by less than 3% last week, while other cities all fell by less than 4%. From a year-on-year perspective, rents in Shanghai, Hangzhou, Nanjing, Chengdu, Xi and Hefei were all higher than the same period of last year, with Shanghai and Hangzhou maintaining a year-on-year increase for seven consecutive weeks, while rents in other cities were all lower than the same period of last year.

"The rental market has an obvious off-season. Generally speaking, the rework tide in February and March after the Spring Festival and the graduation season from July to September are the peak season of the rental market, and the rest of the time is the off-season. Since the beginning of this year, affected by the epidemic situation and other factors, the number of migrant workers has dropped significantly, and the rental market is sluggish. At present, the weather is getting colder, many outdoor jobs are gradually decreasing, and the rental market is shrinking. " A person in charge of a rental market store in Beijing told china securities journal, "At present, the rental market in Beijing has turned into a seasonal off-season, and there is little demand for new rental housing except for a few house changes and the renewal of previous contracts. According to previous years, this situation is expected to last until after the Spring Festival. "