China Real Estate wrongs Peng Zhaozhi/Xinhua/ZumaPress

Čínské realitní mouchy

PEKING – Čínský realitní sektor už několik let budí vážné obavy, poněvadž vystřelující ceny nemovitostí rozdmýchávají strach z přehřátí na trhu s bydlením. Vzhledem ke zvolnění růstu cen se však zdá, že konečně začíná zabírat vládní snaha zkrotit v oblasti nemovitostí riziko. Nebezpečí teď tkví v tom, že trh s bydlením zkolabuje – a stáhne se sebou čínské ekonomické vyhlídky.

Čínská vláda ve snaze dostat pod kontrolu rostoucí ceny bytové výstavby uskutečňuje devět různých politik, z nichž ne všechny plní svůj účel. Přestože politiky jako omezení hypoték na ty, kdo si bydlení kupují poprvé, a požadavky na minimální dobu pobytu při koupi nemovitosti ve městech prvního stupně, jako je Peking a Šanghaj, pomohly uvolnit poptávku, taktiky na straně nabídky, kupříkladu omezování úvěrů dostupných realitním developerům a zavádění nových daní z prodeje nemovitostí, se ukazují jako kontraproduktivní.

Tento mylný přístup umožnil pokračování vytrvalého růstu čínských cen bydlení, nafukující významné bubliny bytové výstavby, zejména ve městech prvního stupně. Průměrný obyvatel Pekingu by musel veškerý svůj příjem spořit 34 let, aby si mohl napřímo koupit byt. V Šanghaji a Kuang-čou to vychází na 29, respektive 27 let – mnohem víc než v jiných významných mezinárodních městech.

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