The housing and construction department has stated that Zhuhai's new properties will be discounted by 50%? Operating techniques exposure

Release time:Apr 15, 2024 08:27 AM

On the 22nd, a news that a real estate company in Zhuhai launched the first shot of selling a house at a 50% discount, with a well-known property in Jinwan District having a registered price of 28000 yuan per square meter and a developer offering a discount of 14000-15000 yuan per square meter, attracted widespread attention on social media.

First Financial learned from multiple sources that the above-mentioned online rumors refer to the "Jinwan Baolong City" project located in Aviation New City, Jinwan District, Zhuhai, jointly operated by listed real estate companies Baolong Real Estate and Yagor Real Estate. The real estate project is mainly aimed at the demand group, with a housing area of approximately 68-110 square meters. In 2020, the commercial housing project obtained a pre-sale certificate, and some of the properties for sale are expected to be delivered in June next year.

"Not long after the record price was lowered again, the initial record price was around 24000-28000 yuan/square meter, and the actual average sales price was also between 25000 and 26000 yuan/square meter. According to the latest housing price record rules of the Zhuhai Housing and Urban Rural Development Bureau, the actual sales price must not be lower than 85% of the record price. Currently, after the record price was lowered, the Baolong City project is discounted by a minimum discount of 85%, and the actual selling price is reduced to around 15000 yuan/square meter. For homebuyers, if they buy now, it is equivalent to a net profit of 10000 yuan per square meter." A real estate agent at Lianjia told reporters on the evening of the 22nd.

According to the latest public information on the official website of Zhuhai Housing and Urban Rural Development Bureau, on July 26th, a total of 196 housing units in Area D of Phase III of Jinwan Baolong Plaza were adjusted in price. After the adjustment, the average recorded price was 18967.07 yuan/square meter. Three months ago, on April 3rd, the recorded prices of 214 units in D area were lowered from the initial average recorded price of 26889.95 yuan/square meter in 2021 to 20804.33 yuan/square meter.

It is worth noting that some of the aforementioned properties have lowered their filing prices twice this year. Taking Room 1201, Building 1, Zone D, Phase III of Jinwan Baolong Plaza as an example, the total area of the property is about 69 square meters. The initial recorded price in 2021 was 28002.57 yuan/square meter, which was lowered to 21745.32 yuan/square meter in April this year and 19783.96 yuan/square meter at the end of July. The recorded price alone has decreased by about 30%.

On the morning of the 23rd, a reporter from First Financial called the Housing and Urban Rural Development Bureau of Jinwan District, Zhuhai. A staff member in charge of the real estate trading department stated over the phone that the current price reduction and promotion approach adopted by the Baolong City project is a reasonable market behavior. In Zhuhai, local real estate developers can apply to the Zhuhai Municipal Housing and Urban Rural Development Bureau to adjust the filing price of new houses once a quarter. After the adjustment, as long as the selling price is not less than 15% off the filing price, online signing can be processed normally.

In 2016, Zhuhai City issued a notice on the filing of sales prices for commercial housing in our city, which required that starting from October 6th of that year, new commercial housing in the entire city of Zhuhai must complete price filing before being sold, and strictly implement the principle of "one unit, one price". In April 2022, Zhuhai City adjusted the housing price filing rules and regulations, and the actual sales price was adjusted from 90% of the previously recorded price to 85%; The interval for adjusting the average filing price should be at least 3 months.

"For example, some people may have spent over 20000 yuan to buy a house a few years ago, but as the market improves, the registered unit price of this property may rise to 30000 yuan, and the developer cannot ask these owners to make up for 10000 yuan." The staff member further said. He said that currently, there is a proportion limit for the quarterly increase in the filing price of newly-built commercial housing in Zhuhai, but there is no proportion limit for the decrease. Recently, some developers may have a tight funding chain and hope to accelerate the return of funds or activate real estate projects in other regions by exchanging price for quantity. As long as it is based on the current filing rules and approved by the municipal housing and construction department, it is considered a compliant behavior.

According to a review by First Financial, since last year, a large number of new housing projects in Zhuhai, such as "Jinwan Baolong City," have seen record price reductions for both essential and improved properties. Among them, this phenomenon is particularly evident in non central urban areas such as Jinwan and Doumen.

For example, the Twin Stars Building, located in Doumen District and with a building area of approximately 90 square meters, is developed by Zhuhai Gree Real Estate Co., Ltd. In 2019, the initial average filing price for buildings 1 and 2 of the property was 18002.01 yuan/square meter. These two properties were delivered in October 2021, but there are still some properties that have not been sold so far. On July 26, 2023, the average filing price of 19 unsold new houses in Buildings 1 and 2 of the property was lowered to 10795.56 yuan/square meter, and the actual selling price was further discounted by 85% on the basis of the filing price, which is about 9200 yuan/square meter. The current selling price is also equivalent to about 50% of the initial recorded price.

Improved new housing prices are relatively more resilient, but even so, some popular projects have also experienced record price reductions. Taking the Yunshui Guantang Garden project, developed by Rongchuang and located in Jinwan District, as an example, in October 2022, the average registered price of the three buildings in Block A of the project was 27066.53 yuan/square meter. However, on August 2 of this year, the average unsold price of 78 units of the three buildings was reduced to 25959.62 yuan/square meter.

A large number of new housing record prices have been lowered in areas such as Jinwan and Doumen in Zhuhai, which is related to the large inventory of new housing in the two areas and the difficulty of disposal.

According to research reports from WorldLink, the transaction volume of Zhuhai's real estate market in each month of 2022 has declined compared to other months in 2021, with transaction prices showing a slight linear decline. The overall market is relatively cold, and project opening and promotion have also slowed down, leading to an overall downturn in the real estate market. Among them, due to the scarcity of housing resources and the absence of new projects entering the market, the transaction prices of some commercial housing projects in the central urban area have still increased; However, in areas such as Doumen and Jinwan Aviation New City, due to a large number of projects on sale, severe homogenization of projects, and incomplete supporting facilities, the main focus throughout the year was on destocking, and housing prices continued to decline.

After entering 2023, the minimum interest rate for first-time home loans in Zhuhai has dropped to 3.6%, and the real estate market transactions have also slightly rebounded. However, due to the large inventory of new houses in non central urban areas, developers are still in the stage of "internal competition" discount promotions. Taking the Jinwan District where the Baolong City project is located as an example, according to a research report by the World Bank, the supply in Jinwan has significantly declined in the first half of this year, and the regional market has shown a trend of exchanging quantity for price. The volume of aviation new city and its surrounding projects has accelerated, while housing prices continue to decline.

However, for the aforementioned "Jinwan Baolong City" project, some locals also told reporters that although the price has been significantly reduced, some homebuyers still have hesitation, which may be related to the tight financial situation of Baolong Real Estate and the temporary suspension of the surrounding commercial project Baolong Plaza.

The developer of the "Jinwan Baolong City" project is Zhuhai Pengwan Real Estate Co., Ltd. According to Qichacha information, the company is a wholly-owned subsidiary of Zhuhai Baolong Jiana Real Estate Development Co., Ltd., which is jointly controlled by Yagor Real Estate Holdings Co., Ltd. and Shanghai Pengchi Industrial Development Co., Ltd., each holding 50% equity. Among them, Yagor provided a guarantee of 300 million yuan for Zhuhai Pengwan Real Estate Co., Ltd.

Recently, an investor asked the Secretary of the Board of Directors of Yagor on an investor trading platform: Recently, the filing price of Jinwan Baolong Plaza, a subsidiary of Zhuhai Pengwan Real Estate Co., Ltd., a joint venture of Yagor, has continued to decline. Has the company's management noticed this? Will the price of commercial housing in this project have a significant adverse impact on the company's future cash flow? The company has provided guarantees to Zhuhai Pengwan Real Estate Co., Ltd. Do you have any understanding of the current business situation, relevant public opinion, and credit risk of Zhuhai Pengwan Real Estate Co., Ltd?

On the evening of August 22, Yagor responded that the company's guarantee plan for Zhuhai Pengwan had been approved by the shareholders' meeting, but it did not actually occur. According to relevant regulations, if any incidents occur, the company will promptly disclose them. In addition, the company will continue to monitor the market and operational situation of the Zhuhai project.

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