<p style="margin-bottom:0px;max-width:100%;font-family:&quot;font-size:16px;line-height:25.6px;white-space:normal;widows:1;background-color:#FFFFFF;box-sizing:border-box !important;margin-top:0px;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <span style="font-family:&quot;font-size:16px;">2017年9月，全国在租售并举的调控理念下，房地产拟向居住属性转向。北京、上海、南京、杭州、佛山等地均出现了开发商100%自持地块用于出租的现象。</span></p><p style="margin-bottom:0px;max-width:100%;font-family:&quot;font-size:16px;line-height:25.6px;white-space:normal;widows:1;background-color:#FFFFFF;box-sizing:border-box !important;margin-top:0px;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <span style="font-family:&quot;font-size:16px;">企业市场化竞价拿地自持出租物业，资金从何而来，运营模式如何获利，是否可持续？</span></p><p style="margin-bottom:0px;max-width:100%;font-family:&quot;font-size:16px;line-height:25.6px;white-space:normal;widows:1;background-color:#FFFFFF;box-sizing:border-box !important;margin-top:0px;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <br /></p><p style="margin-bottom:0px;max-width:100%;font-family:&quot;font-size:16px;line-height:25.6px;white-space:normal;widows:1;background-color:#FFFFFF;box-sizing:border-box !important;margin-top:0px;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <span style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;font-family:&quot;font-size:16px;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;">就这些问题，近日，《中国新闻周刊》专访了华远集团原董事长任志强。</span></p><p style="margin-bottom:15px;max-width:100%;font-family:&quot;font-size:16px;white-space:normal;widows:1;line-height:2em;background-color:#FFFFFF;box-sizing:border-box !important;margin-top:15px;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <strong style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><span style="font-family:&quot;font-size:16px;">中国新闻周刊：</span></strong><span style="font-family:&quot;font-size:16px;">你认为，在中国住房市场中，商品房、租赁房、保障房的合理比例应该是怎样的？</span></p><p style="margin-bottom:15px;max-width:100%;font-family:&quot;font-size:16px;white-space:normal;widows:1;line-height:2em;background-color:#FFFFFF;box-sizing:border-box !important;margin-top:15px;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <strong style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><span style="font-family:&quot;font-size:16px;">任志强：</span></strong><span style="font-family:&quot;font-size:16px;">国际上成熟的大都市、发达城市的租赁市场，占比大致在40%~50%之间，但它绝不是一个国家标准住房政策，因为一些小的城市根本不需要租赁市场。</span></p><p style="margin-bottom:15px;max-width:100%;font-family:&quot;font-size:16px;white-space:normal;widows:1;line-height:2em;background-color:#FFFFFF;box-sizing:border-box !important;margin-top:15px;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <strong style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><span style="font-family:&quot;font-size:16px;">相比于美、英、法等国家，中国租房占比小。平均来看，中国租房人口户数比大概在21%左右，美国和英国都在35%左右，法国则达到39%。纽约的租赁市场占到50%，北京的租赁市场目前大约占20%，还大有潜力。</span></strong></p><p style="margin-bottom:15px;max-width:100%;font-family:&quot;font-size:16px;white-space:normal;widows:1;line-height:2em;background-color:#FFFFFF;box-sizing:border-box !important;margin-top:15px;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <span style="font-family:&quot;font-size:16px;">所以，在租赁住房政策问题上，不应该一刀切，而要根据城市人口容量和发展特征来决定。</span></p><p style="margin-bottom:15px;max-width:100%;font-family:&quot;font-size:16px;white-space:normal;widows:1;line-height:2em;background-color:#FFFFFF;box-sizing:border-box !important;margin-top:15px;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <strong style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><span style="font-family:&quot;font-size:16px;">任志强回答：</span></strong><strong style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><span style="font-family:&quot;font-size:16px;">我的一个基本判断是，未来中国的租赁人口占比大约三分之一左右，就是城市里面大概有三分之一的户数通过租房解决居住问题，三分之二通过自有住房解决居住问题。</span></strong></p><section style="box-sizing:border-box;max-width:100%;font-family:&quot;font-size:16px;line-height:25.6px;white-space:normal;widows:1;background-color:#FFFFFF;word-wrap:break-word !important;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;" powered-by="xiumi.us"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><section style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><p style="box-sizing:border-box !important;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <span style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;font-family:&quot;font-size:16px;color:#000000;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;">但每个城市的租赁市场占比不一样。一线城市大约40%~50%，二线城市大约20%~30%就够了，三线城市有5%~10%就够了，再到下面几乎就不需要了。</span></p><p style="box-sizing:border-box !important;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <br /></p><p style="box-sizing:border-box !important;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <span style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;font-family:&quot;font-size:16px;color:#000000;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;">租赁房的量化比例，全国并不需要统一。各地可根据城市化进程制定精准政策投放和管理，政策可以留有适当冗余调整空间。</span></p><p style="box-sizing:border-box !important;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;text-align:center;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <br /></p></section></section></section><section style="box-sizing:border-box;max-width:100%;font-family:&quot;font-size:16px;line-height:25.6px;white-space:normal;widows:1;background-color:#FFFFFF;word-wrap:break-word !important;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;" powered-by="xiumi.us"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:3px;margin:10px 0px;padding-right:3px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;height:6px;width:6px;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px 0px 0px -3px;padding-right:0px;background-color:#5f9cef;border-radius:100%;"></section><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;border-left:#5f9cef 1px solid;margin:0px;padding-right:0px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:3px;padding-top:3px;padding-left:10px;margin:0px;padding-right:10px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;" powered-by="xiumi.us"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><p style="box-sizing:border-box;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <strong style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><span style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;font-family:&quot;font-size:16px;color:#000000;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;">除在农村集体土地上建设租赁住房外，还有企业通过市场招拍挂方式竞得土地，建房自持出租，对此任志强表示：</span></strong><span style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;color:#000000;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><strong style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"></strong></span></p></section></section></section></section></section><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;width:662px;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;border-top:#5f9cef 1px solid;width:662px;float:left;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"></section><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;height:6px;width:6px;float:right;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:-3px 0px 0px;padding-right:0px;background-color:#5f9cef;border-radius:100%;"></section></section><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;border-left:#5f9cef 1px solid;margin:0px;padding-right:0px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:3px;padding-top:3px;padding-left:10px;margin:0px;padding-right:10px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;" powered-by="xiumi.us"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;text-align:justify;padding-top:0px;padding-left:0px;margin:0px;line-height:1.75;padding-right:0px;"><p style="box-sizing:border-box;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <span style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;font-family:&quot;font-size:16px;color:#000000;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;">无论是在农村集体土地建设租赁房，还是房地产开发企业竞拍城市国有土地建房只租不售，也只是目前住房政策的一个补充，只能在大城市或人口净流入特殊城市解决部分人的居住问题，而不是问题的全</span><span style="font-family:&quot;font-size:16px;">部。</span></p></section></section></section></section></section><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;height:6px;width:6px;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px 0px 0px -3px;padding-right:0px;background-color:#5f9cef;border-radius:100%;"><br style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;" /></section></section></section><section style="box-sizing:border-box;max-width:100%;font-family:&quot;font-size:16px;line-height:25.6px;white-space:normal;widows:1;background-color:#FFFFFF;word-wrap:break-word !important;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;" powered-by="xiumi.us"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;text-align:justify;padding-top:0px;padding-left:0px;margin:0px;line-height:1.75;padding-right:0px;"><p style="box-sizing:border-box;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <br /></p></section></section></section><p style="margin-bottom:0px;max-width:100%;font-family:&quot;font-size:16px;line-height:25.6px;white-space:normal;widows:1;background-color:#FFFFFF;box-sizing:border-box !important;margin-top:0px;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <span style="font-family:&quot;font-size:16px;">企业通过竞拍方式获得城市国有土地建房仅用于出租的做法不可持续。若不引入金融和税收支持，从长远看，有可能执行不下去。</span></p><p style="margin-bottom:0px;max-width:100%;font-family:&quot;font-size:16px;line-height:25.6px;white-space:normal;widows:1;background-color:#FFFFFF;box-sizing:border-box !important;margin-top:0px;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <br /></p><section style="box-sizing:border-box;max-width:100%;font-family:&quot;font-size:16px;line-height:25.6px;white-space:normal;widows:1;background-color:#FFFFFF;word-wrap:break-word !important;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;" powered-by="xiumi.us"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:3px;margin:10px 0px;padding-right:3px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;height:6px;width:6px;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px 0px 0px -3px;padding-right:0px;background-color:#5f9cef;border-radius:100%;"></section><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;border-left:#5f9cef 1px solid;margin:0px;padding-right:0px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:3px;padding-top:3px;padding-left:10px;margin:0px;padding-right:10px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;" powered-by="xiumi.us"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><p style="box-sizing:border-box;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <span style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;font-family:&quot;font-size:16px;color:#000000;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;">按照现行政策，这种做法有不合理的地方。</span><strong style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"></strong></p></section></section></section></section></section><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;width:662px;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;border-top:#5f9cef 1px solid;width:662px;float:left;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"></section><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;height:6px;width:6px;float:right;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:-3px 0px 0px;padding-right:0px;background-color:#5f9cef;border-radius:100%;"></section></section><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;border-left:#5f9cef 1px solid;margin:0px;padding-right:0px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:3px;padding-top:3px;padding-left:10px;margin:0px;padding-right:10px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;" powered-by="xiumi.us"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;text-align:justify;padding-top:0px;padding-left:0px;margin:0px;line-height:1.75;padding-right:0px;"><p style="box-sizing:border-box !important;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <span style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;font-family:&quot;font-size:16px;color:#000000;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;">第一，企业竞地价是价高者得，竞地价的结果是租金一定很高，房租是不是也得价高者得？</span></p><p style="box-sizing:border-box !important;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <span style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;font-family:&quot;font-size:16px;color:#000000;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;">国际惯例是，房地产建筑置业，财团贷款期限最高20年，一般情况下，本息收回的期限最长14年，中国是含建设期7~8年收回本息，这是比较好的置业。</span></p><p style="box-sizing:border-box !important;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <span style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;font-family:&quot;font-size:16px;color:#000000;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;">所以租金价格要满足企业资金回报需求，不然像万科这样的上市公司也扛不住。不可能在土地价高者得的情况下降低房租，只有国有单位才可以，等于是给租房补贴。</span></p><p style="box-sizing:border-box !important;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <span style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;font-family:&quot;font-size:16px;color:#000000;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;">第二，租金高了谁会租，租给谁？现在建设租赁住房，各试点城市出台的政策是为了吸引优秀人才，如果不是这样，房子租给谁？以北京为例，一方面限制人口，外迁低端产业，低端产业就业人口就减少了，房子租给谁？另一方面出台优惠政策，吸引高端人才，这是矛盾的。</span></p><p style="box-sizing:border-box;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <br /></p></section></section></section></section></section><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;height:6px;width:6px;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px 0px 0px -3px;padding-right:0px;background-color:#5f9cef;border-radius:100%;"></section></section></section><section style="box-sizing:border-box;max-width:100%;font-family:&quot;font-size:16px;line-height:25.6px;white-space:normal;widows:1;background-color:#FFFFFF;word-wrap:break-word !important;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;" powered-by="xiumi.us"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;text-align:center;padding-top:0px;padding-left:0px;margin:10px 0px;padding-right:0px;"><br style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;" /></section></section><p style="margin-bottom:0px;max-width:100%;font-family:&quot;font-size:16px;line-height:25.6px;white-space:normal;widows:1;background-color:#FFFFFF;box-sizing:border-box !important;margin-top:0px;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <span style="font-family:&quot;font-size:16px;">目前示范性较强的上海张江地块，张江获得的土地成本远远低于市场价，万科则是通过市场招拍挂竞地价竞得土地，成本不一样。万科在北京的永丰地块目前尚未有动作，一旦借助银行贷款动作起来，未来万科的财务报表会很难看。</span></p><section style="box-sizing:border-box;max-width:100%;font-family:&quot;font-size:16px;line-height:25.6px;white-space:normal;widows:1;background-color:#FFFFFF;word-wrap:break-word !important;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;" powered-by="xiumi.us"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:10px 0px;padding-right:0px;"><section style="box-sizing:border-box;overflow:hidden;word-wrap:break-word !important;max-width:100%;height:2.12em;width:2.12em;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;border-top:#989898 1px solid;width:2.12em;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;transform:rotate(45deg);transform-origin:left top 0px;"></section><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;border-top:#989898 1px solid;height:1.5em;width:1.5em;padding-bottom:0px;padding-top:0px;padding-left:0px;border-left:#989898 1px solid;margin:-1px 0px 0px;padding-right:0px;"></section></section><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:-0.5em 1em -1.5em 1.25em;padding-right:0px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;" powered-by="xiumi.us"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;text-align:justify;padding-top:0px;padding-left:0px;margin:0px;line-height:1.75;padding-right:0px;"><p style="box-sizing:border-box !important;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <span style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;font-family:&quot;font-size:16px;color:#000000;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;">这种有价证券可以在市场上流通，可以帮助持有收租物业企业融资，但并非直接作为融资渠道。</span></p><p style="box-sizing:border-box !important;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <span style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;font-family:&quot;font-size:16px;color:#000000;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;">若没有REITs（房地产置业信托基金），这项政策基本执行不下去，没有哪个房地产开发企业能扛得住银行融资成本。</span></p><p style="box-sizing:border-box !important;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <span style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;font-family:&quot;font-size:16px;color:#000000;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;">类似上海张江地块，与集团客户定向合作，将50年租赁权转换给国有单位。即便是国有企业，数量少还扛得住，若大规模铺开这种方式，国有企业也肯定不行。</span></p><p style="box-sizing:border-box !important;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <span style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;font-family:&quot;font-size:16px;color:#000000;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;">万科竞得永丰地块，也想走与大企业合作这条路，比如找小米公司整租，但这种变相买房合作方式没被批准。未来万科有可能做升级服务，配好家具家电，升级成酒店式人才公寓出租，由政府指定租户。</span></p></section></section></section></section><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;height:2.25em;border-right:#989898 1px solid;width:2.25em;border-bottom:#989898 1px solid;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px 0px 0px auto;padding-right:0px;"><br style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;" /></section></section></section><p style="margin-bottom:0px;max-width:100%;font-family:&quot;font-size:16px;line-height:25.6px;white-space:normal;widows:1;background-color:#FFFFFF;box-sizing:border-box !important;margin-top:0px;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <br /></p><section style="box-sizing:border-box;max-width:100%;font-family:&quot;font-size:16px;line-height:25.6px;white-space:normal;widows:1;background-color:#FFFFFF;word-wrap:break-word !important;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;" powered-by="xiumi.us"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;text-align:center;padding-top:0px;padding-left:0px;margin:0.5em 0px;padding-right:0px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;border-top:#5f9cef 2px solid;height:20px;border-right:#5f9cef 2px solid;width:20px;float:right;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><br style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;" /></section><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;margin:0px;padding-right:0px;"></section><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:-20px 0px;padding-right:0px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;border-top:#e9e9e9 2px dotted;border-right:#e9e9e9 2px dotted;border-bottom:#e9e9e9 2px dotted;padding-bottom:10px;padding-top:10px;padding-left:20px;border-left:#e9e9e9 2px dotted;margin:0px;padding-right:20px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;" powered-by="xiumi.us"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;text-align:justify;padding-top:0px;padding-left:0px;margin:0px;line-height:1.75;padding-right:0px;"><p style="box-sizing:border-box !important;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <strong style="box-sizing:border-box !important;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><span style="font-family:&quot;font-size:16px;">从国际经验来看，任志强认为：</span></strong><span style="font-family:&quot;font-size:16px;">我个人更推崇德国的方式。德国房价合理，房价收入比偏低，保持了长期稳定的房价，在全球“独善其身”，德国国家标准租赁市场的政策经验值得借鉴。</span></p><p style="box-sizing:border-box !important;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <span style="font-family:&quot;font-size:16px;">德国是按照住房合作社的方式建立租赁住房市场，其居民私人持有住房大约40%，大部分居住需求，采用税收调控租赁住房供应量和租金涨幅，国家保障住房合作社的受益高于一般置业，比如国债、股票。有不到20%的租赁住房由REITs持有，均是以长期稳定的租金受益为主，我们将其称为社会化租赁，既不是单位的，也不是政府的，因此德国没有炒房的概念和空间。</span></p><p style="box-sizing:border-box !important;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;min-height:1em;padding-right:0px;"> <span style="font-family:&quot;font-size:16px;">此外，欧洲的意大利、法国，美洲的美国、亚洲的新加坡的一些经验都可以借鉴，尽管这些外国经验不能解决中国租赁市场的全部问题。</span></p><p style="box-sizing:border-box;margin-bottom:0px;max-width:100%;margin-top:0px;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:none;min-height:1em;padding-right:0px;"> <br /></p></section></section></section></section></section><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;height:20px;width:20px;border-bottom:#5f9cef 2px solid;float:left;padding-bottom:0px;padding-top:0px;padding-left:0px;border-left:#5f9cef 2px solid;margin:0px;padding-right:0px;"></section><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;height:20px;border-right:#5f9cef 2px solid;width:20px;border-bottom:#5f9cef 2px solid;float:right;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"></section><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;clear:both;margin:0px;padding-right:0px;"></section></section></section></section><section style="box-sizing:border-box;max-width:100%;font-family:&quot;font-size:16px;line-height:25.6px;white-space:normal;widows:1;background-color:#FFFFFF;word-wrap:break-word !important;color:#3e3e3e;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;" powered-by="xiumi.us"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;padding-top:0px;padding-left:0px;margin:0px;padding-right:0px;"><section style="box-sizing:border-box;word-wrap:break-word !important;max-width:100%;padding-bottom:0px;text-align:justify;padding-top:0px;padding-left:0px;margin:0px;line-height:1.75;padding-right:0px;"></section></section></section><span style="font-family:&quot;font-size:16px;"></span><br />