The three red lines of developers mean that the asset-liability ratio excluding advance payment shall not be greater than 71%, the net debt ratio shall not be greater than 111%, and the cash short-term debt ratio shall not be less than 1 times. According to the contact situation of the "three red lines", it will be divided into four gears: red, orange, yellow and green, and all three red lines of the red gear are touched, and no interest-bearing liabilities can be added. The annual growth rate of liabilities when the orange file encounters two lines shall not exceed 5%. The yellow file touches a line, and the annual growth rate of liabilities shall not exceed 11%. The three lines of the green file have not been met, and the annual growth rate of liabilities shall not exceed 1.5%.

1. Calculation formula of three red lines

1. Red line 1: Asset-liability ratio after excluding advance receipts = (total liabilities-advance receipts)/(total assets-advance receipts).

2. indicator of red line 2: net debt ratio = (interest-bearing liabilities-monetary funds)/consolidated equity.

3. Three indicators of red line: cash short-term debt ratio = monetary fund/short-term interest-bearing debt.

2. What are the goals of the three red lines of real estate

1. Prevent the financing crisis of real estate enterprises and control the risks of the financial system.

in recent two years, a large number of housing enterprises have experienced capital crisis, including hundreds of billions of housing enterprises, and some enterprises have defaulted on their debts. From the management's point of view, because the financial attribute of the real estate industry has been strengthened unprecedentedly in recent years, the operational problems of large housing enterprises have affected the security and stability of the financial system. If a large housing enterprise collapses, it may affect a group of banks, cause a pile of bad debts and even trigger a domino effect. The risk has actually appeared before, but now it seems that the prevention mechanism should be put forward. Avoid dealing with problems again, and strive to reduce the possibility of risks by controlling the debt ratio.

2. Reduce the scale of the real estate industry and free up resources to develop other fields.

The real estate industry has developed to an unprecedented scale in China, with annual sales of nearly 16 trillion yuan, accounting for 16% of the national GDP of 111 trillion yuan last year. Such a huge market is close to the top, so it is necessary to plan other alternative growth points in advance, which requires guiding resources and reducing the occupation of social resources by the real estate industry. Second, in such a large-scale market, how to divert a large amount of surplus every year is also the focus. All the funds will flow back to the real estate market, which will inevitably lead to the mutual push-up effect of land price, house price and income. This kind of mutual promotion will cause a "vicious circle" to a certain extent. At present, there are some signs, so it is not a rainy day to take action now.

3. indirectly control the land price.

In the past, local governments artificially set a land auction price ceiling policy, which was meaningless to control land prices. The superficial "cap price" can neither effectively reduce the land cost, nor cool down the land market, nor restrain the impulse of housing enterprises to take land. The policy of simply tightening funds into the real estate sector is also weakening, because the original supervision method is being gradually broken by housing enterprises with various "edge balls". The "high leverage" development model is still adopted by many housing enterprises. For housing enterprises, high leverage development can achieve leap-forward development; Second, the debt scale is large enough, but it is safe enough (creditors dare not collect debts too tightly). Faced with the impulse of increasing leverage, the top management has been trying different ways to deal with it in recent years.

4. Transform the real estate industry into manufacturing and service industries, and reduce its financial attributes.

In other words, the real estate industry is actually the financial industry. In the end, big housing enterprises are playing the capital game, and products and services are just coats, not the composition of core competitiveness. This is true not only for the real estate industry, but also for every family in China. According to statistics, at present, more than 71% of China's family wealth is concentrated in real estate. Making money is to invest in buying a house, which has become the most important way to precipitate wealth for most high-net-worth families, and even the basic thrust of the whole family life operation. The strong supervision of real estate financing aims at reducing its excessive financial attributes and transforming real estate enterprises into manufacturing and service industries.

3. What to know before buying a house

1. Geographical location: Geographical location is directly related to the convenience of travel, the perfection of surrounding facilities, and the future development potential and profit of the property. If you ignore the geographical location, you may face inconvenient transportation and imperfect supporting facilities, which will affect your future residence.

2. supporting facilities: whether the supporting facilities of various leisure and entertainment facilities such as vegetable market, medical care, school, business and catering are complete directly affects the convenience of life. For example, it is very inconvenient to go to the vegetable market to buy food or eat a bowl of noodles on Saturday and Sunday, and it will take a long bus ride.

3. Huxing: Some Huxing waste too much area, which makes the space unreasonable; Some units have unreasonable dynamic and static partitions, which disturb each other and the privacy cannot be guaranteed; Some units have dark rooms or poor orientation, which leads to poor lighting and ventilation conditions. The quality of apartment directly affects the level of living comfort.

4. Daylighting: Many people think that daylighting is not good, which can be solved by decoration and electric lighting. But in fact, if the lighting of the house is not good, it is easy to be dark and humid, and it is easier to breed bacteria, which is not conducive to people's health. Besides, natural lighting and electric lighting definitely give people a different feeling.

5. Property service: Many people don't pay attention to the property when buying a house. But in fact, buying a house for a while, the property for a lifetime. A good property is our intimate housekeeper, which can make our life comfortable and secure.

Legal basis

Law of the People's Republic of China on Urban Real Estate Management

Article 25 Real estate development must strictly implement urban planning, and implement comprehensive planning, rational layout, comprehensive development and supporting construction in accordance with the principle of integrating economic, social and environmental benefits.

article 26 if the land use right is acquired by means of transfer for real estate development, the land must be developed in accordance with the land use and the development period agreed in the land use right transfer contract. If the development has not started for one year beyond the date agreed in the transfer contract, a land idle fee equivalent to less than 21% of the transfer fee for land use rights may be levied; If the development has not started for two years, the land use right can be recovered free of charge; However, unless the commencement of development is delayed due to force majeure or the actions of the government and relevant government departments or the preliminary work necessary for the commencement of development.

article 27 the design and construction of real estate development projects must conform to the relevant national standards and norms.

a real estate development project can only be put into use after it is completed and accepted.