Why do experts suggest that the proportion of rent paid by consumer loans should be properly controlled?

2065 438+08. 8. 27 It was reported that some long-term rental apartments were illegally used with "rental loans" after being exposed as "driving up prices and pushing up rents to grab houses". Recently, Dingjia, a long-term rental apartment company in Hangzhou, was also considered to be related to its illegal use of "rental loans", which triggered more doubts and concerns about the "financial instruments+long-term rental apartments" model.

However, some media reported that Wei Yongfeng, the chairman of Dingjia, resumed "breaking the news" and said that the core of the news was not P2P, transfer of assets, funds and other reasons. The core problem is that the house is not well controlled, resulting in high house prices and many vacancies. At the same time, the operating cost is too high, and there are loopholes in management, which are exploited by sales staff. Poor management leads to a short-term shortage of funds, coupled with a run, which leads to this result.

Despite this, people in the industry are still worried about the risk of "capital precipitation" expansion caused by the "term mismatch" of long-term rental apartments.

Zhang Dawei, a real estate analyst, believes that the biggest problem in the rental market is the rising rent, but the bigger problem behind it is the possibility that the capital chain of long-term rental apartment enterprises will break. From the perspective of enterprises with standardized operations, leasing agents earn rental service fees and price differences, which is basically risk-free for leasing enterprises. However, more and more enterprises take advantage of the rent difference, that is, pay the landlord monthly, and charge the tenant quarterly or even half a year, which brings the rent difference. Using this rent difference to establish a fund pool for other purposes will inevitably lead to operational risks.

He Liangyu, general manager of Zhonglian Fund, also believes that "maturity mismatch" and "fund precipitation" are risky, especially if the company's ability to continue operations is insufficient or the deposited funds cannot be used for other purposes. There are three kinds of irregularities in consumer loans: first, the lease with the tenant is paid in one year, but the consumer loan is two or even three years; Second, leasing companies do not fully introduce various payment methods, deliberately guide or even conceal fraudulent tenants and induce them to adopt consumer loans; Third, after the leasing enterprise obtains the "precipitation funds", it does not expand its main business and uses it for other purposes.

However, He Liangyu also pointed out that the deposit and management of funds is the actual situation brought about by the second landlord's business model and is not necessarily related to consumer loans. The consumer loan model supports the development of industry-regulated enterprises and leading enterprises, helps enterprises and markets to form a scale quickly, and also brings benefits to tenants. It is "good finance". However, in the process of development, there are indeed violations of laws and regulations, which lead to risk exposure. Even if some of them are legal and compliant, there are cases or trends of excessive use of consumer loans.

To this end, He Liangyu suggested that the first is to ensure that the term of the rent payment contract matches the term of the loan. Second, the loan behavior must be fully disclosed, and tenants should not be induced to choose consumer loans by deliberately guiding or concealing information. Third, we should properly control the proportion of using consumer loans to pay rent. On the one hand, we can consider the proportion linked to the net assets of enterprises, on the other hand, we can appropriately control the proportion of using consumer loans to pay rent in all leasing activities. Fourth, properly supervise the use of wholesale rent, which should be mainly used for the expansion of main business to prevent misappropriation risks. "Of course, banks in China have no account management function. Any business model has the problem of cash management, which belongs to the company's own free funds and is not completely owned by the company. It is a challenge to supervise the nature and use of funds. " He said.