Economic development and cultural background are similar, and the real estate industry has the same starting point;

The land management system is similar to the tax system;

The government has played a leading role in solving the housing shortage problem;

The demand for real estate has changed from quantity to quality;

Real estate development has gone through the development process from government-led to both public and private, and then to private enterprises.

Everyone has experienced the process of real estate concentration, and real estate development companies with core competitiveness are in this process.

The scale expanded rapidly and eventually occupied a considerable market share;

Limited internal market, major housing enterprises began to seek markets from abroad, in order to spread business risks and increase business growth points.

Second, differences.

The real estate cycle experienced by Hong Kong has experienced great ups and downs, while Singapore has less ups and downs.

Singapore's housing provident fund system is both mandatory and flexible, which has a good reference for the economic development of Hong Kong and the Mainland.

The development of real estate in Singapore tends to be dominated by the government, so most real estate companies have state-owned shares. For example, the real estate developed by Sheng Bang Xinye Company (GDB Company), which is developed by the Housing and Urban Development Company (HUDC), a wholly-owned subsidiary of the Housing Development Bureau, occupies most of the market share; Hong Kong's highly market-oriented characteristics make its large real estate companies basically listed companies.

The specific comparison is as follows:

1. Hong Kong's economic policy: The government adopts the policy of "helping as much as possible and reducing intervention", and its economy is highly liberalized (the American Heritage Foundation rated Hong Kong as the freest economy in the world, ranking first for 10 years in a row).

Singapore's economic model: "government-led" market economy: the government is the representative of national and social interests and the planner, organizer and coordinator of economic development.

2. Hong Kong's land ownership: Following the British land system, the core is that the land ownership belongs to the government, and the government only grants the land use right for a certain period of time (the lease period is generally 75 years, and the lease can be renewed at the expiration, but the land price must be paid). The transfer of land or buildings on it is only the transfer of its service life, similar to the land system in China.

? Singapore's land system: Singapore's public sector occupies 80% of the country's land. The Housing Development Bureau, which is responsible for the construction of government housing, can obtain the land allocated by the government free of charge, but private real estate developers must obtain the land use right through land lease. The government strictly controls the development cost of real estate, and reduces the cost by optimizing land use, saving design cost and improving construction efficiency.

3. Hong Kong's land management, lease, transaction and resumption system: Hong Kong has a sound land legal system, including the Real Estate Law, the Crown Land Resumption Ordinance, the Land Requisition Ordinance, the Deed Clauses and the Real Estate Auction Ordinance. The government only manages according to these laws. There are strict procedures and requirements for land leasing in Hong Kong, and the requirements for land use are detailed in the terms of land leasing. There are four main forms of leasing: public auction, public bidding, private agreement and temporary leasing. The first two are the main forms. No matter what form of land acquisition, the expropriated person must sign a land contract with the government.

The Hong Kong government's policy on land resumption is: fair and reasonable compensation, so that the affected units or individuals can recover not only land losses, but also business losses. If both parties still disagree, they can submit the dispute to the Lands Tribunal.

Singapore's land acquisition and transaction system: According to the land acquisition law, any land needed for public use can be forcibly acquired by the government. In order to prevent the power given by the land expropriation law from being abused, the government has detailed regulations on land expropriation procedures, operational procedures and land compensation standards. Land transactions use auction, tender, valuable lottery, temporary lease, etc., to transfer the land use right to users for a certain period of time. After the transfer, the land can be freely transferred, sold and leased, but the term remains unchanged. After the expiration of the use period, the government will recover the land and its attachments on the ground free of charge; If you want to continue to use it, you must get the approval of the government and get the specified use period, but you must re-evaluate the land price according to the current market price and buy the land for the second time.

4. Tax system of Hong Kong's real estate industry: Direct or indirect land revenue is an important and stable financial source for the Hong Kong government. The proportion of land auction revenue to fiscal revenue generally accounts for about 15%, and some fiscal years are as high as 37%. The specific taxes and tax rates are:

Stamp duty on real estate transactions (the tax rate is 0.75%-2.75%);

Property tax levied on property owners (based on the balance after deducting 20% from the rental property, the tax rate is15%);

Rates levied on property users (generally levied at a certain rate of rent);

Inheritance tax (the inheritance tax rate is 6%- 18%), in which the estate with a value of less than HK$ 2 million is exempt from inheritance profits tax;

Individuals or companies engaged in professional or part-time real estate business in Hong Kong are required to pay profits tax (also known as profits tax), and the tax rate is 16.5%.

? Singapore's real estate tax policy-there are four main items:

Real estate tax: the tax rate is 23%, and its valuation is based on the total rental income of real estate every year. Vacant land is calculated at 5% of the estimated cost, hotel rooms are calculated at 15% of the total annual income, and hotel catering is calculated at 5% of the total annual income.

Stamp duty and attorney's fee: the transfer price difference of real estate below 90,000 yuan 1%, 2% for 90- 1.5 million yuan, and 3% for 1.5 million yuan or more. The lawyer's fee shall be charged according to the Law on Lawyers' Fees. The cost is 0. 15%-0.20% of the real estate value, and the target value is more than 20 million yuan, which can be determined through negotiation.

Development income fee: 50% of the development income fee for the value-added part shall be paid when the land is increased by changing the use zoning, increasing the density ratio or planning ratio.

Inheritance tax: the tax rate is estimated according to the market price of the estate. Less than 500,000 yuan is tax-free, less than 5% of 6,543.8+million yuan (excluding all license fees), and the above part is 654.38+00%, and the license fee is capped at 3 million yuan.

5. Hong Kong's real estate financial policy:

For real estate enterprises, the financing channels are smooth, which can not only get the support of banks, but also raise funds by issuing stocks and bonds at a lower cost;

For property buyers, the government provides legal protection and supports banks or financial institutions to issue mortgage loans. Down payment 10%, and the remaining 90% will be paid in cash by banks or financial institutions at one time. Give the deed to the bank or financial institution as collateral, and repay the principal and interest to the loan unit in installments on a regular basis. According to the practice in Hong Kong, the best interest rate for such loans is about 1.5%, and the interest rate is adjusted every three months, and the longest repayment period is 15 years.

? In addition, the support of government funds is also an important source of funds. In the 1970s and 1980s, about 60% of the public housing funds built by the HA came from the development loan fund of the Hong Kong Government.

? Financial policy of Singapore real estate industry;

? Sources of housing funds: Central Provident Fund Bureau and Postal Savings Bank account for 80%, and commercial banks, finance companies, development banks, contract funds and other institutions account for 20%.

Real estate finance is basically controlled by the government. The Central Provident Fund Bureau directly exercises the function of housing finance, and the Postal Savings Bank raises funds for the Housing Development Bureau by investing in government bonds. These two government agencies have become important institutions to solve the housing fund problem.

Financial institutions can closely cooperate with the government's real estate development plan and provide all kinds of necessary financial services, and their economic benefits have far exceeded the scope of housing finance. It has not only promoted the settlement of the housing problem as soon as possible, but also promoted the formation of a virtuous circle of "high accumulation-high investment-high efficiency-high growth" in the macro economy, and promoted the vigorous development of the entire national economy.

The opportunity for a virtuous cycle of housing funds lies in that the central provident fund, as a welfare fund, adopts a financial operation mode, gives a small amount of subsidies or financial assistance for the purpose of borrowing and repaying (plus interest) funds, and concentrates social welfare funds on housing development, making it a development fund.

6. Hong Kong's housing welfare policy:

Since 1970s, Hong Kong has been implementing the housing welfare policy and investing heavily in the construction of public housing. The government's annual investment in housing construction accounts for about 6% of the gross national product.

(1) Ten-year housing construction plan (starting from 1972): build10.5 million public housing, and increase the per capita living area of public housing to 3.5 square meters; 10, the annual building speed is over 30,000 sets, and more than 40 residential quarters with different specifications have been built.

The housing construction plan of 10 has not been fully realized, but it has accelerated the construction of public housing. By 1977, the number of residents living in "low-rent housing" reached 2 million.

(2) Home Ownership Scheme (1977- 1985): enabling low-and middle-income families to buy houses at reasonable prices;

46 "Home Ownership Scheme" housing villages have been built, with 66,000 houses and 230,000 people living in them;

"Home Ownership Scheme" has good quality, complete facilities, a construction area of 50-60 square meters and thoughtful services. The management and service of housing estates charge a certain fee, but only maintain basic expenses, not making a profit.

Excluding land premium, the selling price of Home Ownership Scheme buildings is about 25% lower than that of private development buildings.

Only those who meet the following conditions can purchase the Home Ownership Scheme:

Not less than two family members;

B. The total household income is less than HK$ 8,500 per month;

C at least one family member of the applicant is a permanent resident of Hong Kong;

D family members cannot own any post-war buildings and pre-war houses that are not supervised or occupied by the owners.

Those who buy Home Ownership Scheme flats should give up the low-rent flats originally subsidized by the government and allocate them to families in greater need. People who used to rent private buildings have their own homes through this scheme.

(3) "85,000" plan (1997- 1999): Starting from 1997, 85,000 sets of public housing will be built every year to provide housing for low-and middle-income people. The formulation of the plan contributed to the policy of "home ownership" and effectively leveled the excessive housing prices at that time; However, due to various factors, the house price plummeted around 1999, and was finally forced to announce the cancellation of the plan.

? Singapore's welfare housing policy: Civil housing is mainly composed of government housing and commercial housing.

Among them, government apartments similar to affordable housing in China are invested and built by the government, and the prices are also uniformly set by the government, and they are sold or rented to low-and middle-income groups at low prices. Commercial housing, including high-grade apartments and private houses, such as condominiums, are built by private investors and sold at market prices.

After the completion of government housing, the Singapore Housing Development Board made a reasonable allocation according to the national income level and the principle of fairness.

Residents who meet the conditions for government allocation of housing are all waiting in line for government allocation of housing. Low-income people can enjoy cheap rental treatment, and middle-income people can enjoy cheap housing treatment. The price of each apartment ranges from S $654.38+S $500,000 (S $654.38 +0.52) to S $250,000. Those who meet the requirements can apply for preferential mortgage loans from the Housing Development Bureau. The central provident fund set up by 1955 is the main source of funds for Singaporeans to buy houses. When buying a house, the provident fund can be used to pay the down payment or the "monthly payment". In addition, the government also provides a large number of housing subsidies to citizens in various forms, so as to keep the apartment price within the affordable range of ordinary people.

The Singapore government strictly monitors the real estate market to prevent sharp fluctuations in house prices.

Singapore's welfare housing policy mainly includes "five-year housing construction plan" and "home ownership policy", which is characterized by:

Establish specialized agencies and establish the government as the main body of housing construction and housing supply;

Public housing implements preferential land and financial policies;

According to the different income levels of residents, determine the housing category and price policy;

Implement the provident fund system to ensure the implementation of the plan to build houses and protect the people.

Singapore's housing provident fund system: the amount of provident fund managed by the Central Provident Fund Bureau is about S $60 billion, which is Singapore's "biggest money-making machine". Every year, the operation of the provident fund has created hundreds of millions of dollars in profits. The employees of the Provident Fund Bureau implement a salary system similar to that of civil servants, and their salary income is not linked to the economic benefits of the operation of the Provident Fund. Every expenditure of the Provident Fund Bureau must be carried out according to the specified plan, which avoids the deviation of the Provident Fund Bureau from the purpose of serving its members in pursuit of profits and ensures the integrity of the provident fund management organization and team.

The provident fund system implemented in Singapore enables the country to "afford" housing and families to "afford" housing, thus solving the housing problem of residents in a short time.