Rise of New Brokerages and the Restructuring of Real Estate Value Chain (eBook)

Shusong Ba, Xianling Yang (Autoren)

eBook Download: PDF

2018 | 1. Auflage
191 Seiten
Springer Singapore (Verlag)
978-981-10-7715-9 (ISBN)

Infos

This book elaborates on the six pillars of a healthy and standardized real-estate brokerage industry: the generation, distribution and matching of information; the transaction system; circulation finance; mobile Internet; the supervision system; and professional brokers. With each of these pillars playing a role, they also mutually interact to constitute an integrated framework that regulates the brokerage industry. Presenting practicable, extensive and cutting-edge research that encompasses various areas of the industry and detailed case studies from around the globe, the book provides a number of suggestions that have already been adopted and have begun to take effect. It also explores the frontiers of the real-estate brokerage industry - the incorporation of the internet, the blurred boundary between online and offline service where brokerages are moving online, client acquisition is via the internet, and benchmark companies are focusing more on their trading service capacity, each building their own controllable trading environment.

Ba Shusong, is a well-known Chinese economist, Chief China Economist of HKEx, and Chief Economist of the China Banking Association.

Yang Xianling is the Director of Lianjia Real Estate Research Institute. He has been involved in research into the real-estate industry for the pst six years. 

Inhalt

Preface: The Redefinition of Intermediaries 5
Acknowledgements 8
Contents 9
1 The Six Pillars 14
1 Indicators of the Present Situation and Existing Problems of Chinese Real Estate Brokerage Industry 14
1.1 Circulation Rate 15
1.2 Brokerage Penetration Rate 17
1.3 Commission Rate 18
1.4 Commission Splits 19
2 The Changes that Re-defined the Brokerage Industry 20
2.1 A Housing Environment Centring on Brokerage Starts to Show Itself 20
2.2 People from Different Walks of Life are Participating 21
2.3 The Transactional and Financial Attributes of Real Estate are Merging 23
2.4 Brokerage Now Plays an Important Role in the Macro-economic Regulation and the Control on Real Estate 24
3 The Six Pillars 25
2 The Generation, Distribution and Matching of Information 29
1 The Connotation and Determinants of the Information in Existing Home Transactions 30
1.1 The Definition and Connotation of Information 30
1.1.1 The Information of Listing 30
1.1.2 The Information of Physical Condition 32
1.1.3 The Information of Ownership 32
1.1.4 The Information of Matchmaking 33
1.2 Factors that Influence the Quality of Housing Resource Information 33
2 International Experiences in the Generation, Distribution and Matching of Information 34
2.1 The Generation of Housing Resource Information 34
2.1.1 The Listing of Housing Resources shall be Legal and in Writing 34
2.1.2 The Exclusive Right-to-Sell Listing is Dominating the Market 35
2.2 The Distribution of Housing Resource Information 38
2.2.1 Traditional Information-Sharing Platforms 39
2.2.2 The Distribution System of Housing Resource Information in an Era of Internet 43
2.3 The Matching of Housing Resource Information 46
2.4 The Verification and Assurance of Housing Resource Information 47
3 The Present Situation and Its Causes of the Generation, Distribution and Matching of Information in China 48
4 Summary and Suggestions 50
4.1 Regulate Home Entrusting Systems, Provide Property Information Inquiry Services 50
4.1.1 Compulsively and Comprehensively Implement a System of Written Housing Resource Entrustment 50
4.1.2 Comprehensively Implement the Property Condition Disclosure Statement 51
4.1.3 Establish Online Platforms for Property Title Inquiry Services, Provide Housing Information Inquiry Services to Registered Real Estate Institutions and Certificated Brokers 51
4.2 Integrate the Housing Resource Information Supervision System and Standardize the Information Release Mechanism 52
4.2.1 Establish a Information Supervision System that Covers Multiple Participants 52
4.2.2 Implement a Real-Name Housing Resource Information Release System 52
4.2.3 Establish a Deposit Mechanism for Authentic Housing Information 52
4.2.4 Set up a Blacklist System for the Release of False Housing Information 53
4.3 Optimize the Information Disclosure System and Establish a Generic Information Assessment System of Housing Resource Information 53
4.3.1 Add Basic Information to the Disclosed Housing Resource Information 53
4.3.2 Set up and Standardize a Market Information Disclosure System 53
3 Transaction Systems 54
1 The Connotation, Determinants and Present Situation of Existing Home Transaction Systems 55
1.1 One Connotation: Six Key Procedures 55
1.2 Three Key Words: Security, Efficiency and Customer Experience 56
1.3 Background and the Current Situation 57
2 Transaction Systems in Different Countries and Regions 59
2.1 The Security of Transaction Systems 60
2.1.1 Japan: The System Eliminating the Risks of Mismatches Completely 61
2.1.2 America: The System Double Protected by Fund Custody and Title Insurance 65
2.1.3 Taiwan: The System Combining Independent Third-Party Judiciary and the Custody of Funds 70
2.1.4 Britain: The System Highly Dependent on Solicitors 76
2.2 The Efficiency of Transaction Systems 77
2.2.1 America: The Transaction Efficiency in a System Led by Fund Custodians 79
2.2.2 Japan: The High Transaction Efficiency in a System with Brokerage Companies at Its Core 80
2.2.3 Taiwan: The High Transaction Efficiency Under a System Featuring Multi-party Communication with Brokerage Companies at the Core 83
2.2.4 Britain: The Low Efficiency Under a Transaction System with All Burdens Taken on by Solicitors 83
2.3 Customer Experience 86
2.3.1 America: New Customer Experience Brought About by the Emerging Electronic Custody of Funds 87
2.3.2 Japan: The Customer Experience Affected by Fixed Time and Place of Transactions 88
2.3.3 Taiwan: The Customer Experience Improved with the Development of the Internet 89
2.3.4 Britain: Good Customer Experience at the Cost of the Solicitors’ Heavy Burden 89
3 The Present Situation and Problems of Chinese Transaction Systems 90
3.1 Transaction Security: The Present Situation and Problems 91
3.1.1 Procedures in Beijing’s Classic Existing Home Transactions 91
3.1.2 The Risks in the Procedures of China’s Existing Home Transactions 93
4 The Inadequacy of the Custody of Funds 94
4.1 Transaction Efficiency: The Present Situation and Problems 96
4.1.1 Transaction Procedures that Feature Low Efficiency 96
4.1.2 The Root of the Low Transaction Efficiency and the Inadequacy of the Custody of Funds 97
4.2 Customer Experience: The Present Situation and Problems 100
5 Some Policy Suggestions 100
5.1 Conditionally Disclose Title Information to the Public 101
5.2 Forcefully Implement the Policy of Fund Custody 101
5.2.1 Regulate the Procedures of Fund Custody and Establish Standard Custody Procedures 102
5.2.2 Establish Reporting and Verification Mechanism of Information 102
5.2.3 Implement the Internet?+?Plan to Upgrade Customer Experience 103
5.2.4 Recognize Third-Party Payment Firms as Qualified Fund Custodians with Permission to Allocate Funds 103
5.3 Encourage Professional Institutions to Provide Various and Diversified Transaction Services and Products 103
4 Liquidity Finance 105
1 The Background and Function of China’s Liquidity Finance 107
1.1 The Background of the Generation of Liquidity Finance 107
2 The Function of Liquidity Finance 109
3 China’s Liquidity Financial Service Practice 112
3.1 Redeem House Loan 114
3.2 Final Payment on Account 115
4 The Sprouting of the Third-Party Payment 116
5 Mature Market Liquidity Financial System 117
6 Summary and Suggestion 122
5 Mobile Internet 124
1 Key Changes 125
2 Three Dilemmas and Three Directions 126
2.1 Three Dilemmas 127
2.2 Three Directions 129
6 Supervision System 134
1 Legal Constraints 134
1.1 Role: Legal Constraints Being the Bottom Line and Red Line 135
1.2 International Experience: Agent, High Entry Level, Professionalism, Severe Punishment, and Appropriate Protection 135
1.2.1 Defining the Basic Legal Relationship Between Broker and Client as Agent 136
1.2.2 Setting High Industry Entry Threshold 136
1.2.3 Establishing High Business Code of Conduct 137
1.2.4 Constructing a Mechanism for Industry Complaints and Penalties 138
1.2.5 Creating a Proper Protection Mechanism 138
1.3 China: Lack of Upper-Level Legislation and Suitable Regulations Ineffective Supervision, Execution and Punishment
1.3.1 Lack of Upper-Level Legislation 140
1.3.2 Improvements Desirable in Existing Laws and Regulations 141
1.3.3 Ineffective Law Enforcement 141
2 Industry Self-discipline 142
2.1 Role: Self-discipline for Checking Market Failure and Government Mistakes 142
2.2 International Experience: Improving Association Functions According to Industrial Needs 143
2.2.1 Birth and Growth of Industry Association Due to the Growth of Industry Scale and Professionalization 143
2.2.2 Different Organizational Structures and Responsibilities but Same Focus on Setting Standards, Executing Supervision, Educating and Training 144
2.3 China: Absence of Associations, Lack of Independent Management and Finance, Vague Responsibilities 147
2.3.1 Absence of Association 147
2.3.2 Lack of Independent Management 148
2.3.3 Lack of Independent Financial Rights 148
2.3.4 Vague Responsibilities 149
3 Management Mechanism 149
3.1 Role: An Efficient Mechanism for the Full Play of the Management Body 149
3.2 International Experience: “Small Government, Big Association” Being the Best Practice 150
3.2.1 The US Model: Big Association, Small Government 150
3.2.2 Japanese Pattern: Law First, Government-Leading and Association-Subordinating 151
3.2.3 Pattern of China’s Taiwan: Government Authorization, Association Leading 151
3.2.4 Pattern of China’s Hong Kong: Strong Administration, Weak Associations 152
3.3 China: Irrational Management Mechanism 152
4 Summary and Suggestions 154
4.1 Constructing a Comprehensive System of Industry Laws and Regulations 154
4.2 Establishing Industry Associations and Improving Their Functions 156
4.3 Promoting a Mechanism of “Small Government, Big Association” 157
7 Professional Brokers 158
1 The Definition, Connotation and Importance of Brokers’ Professionalization 159
1.1 Definition and Connotation 159
1.2 The Necessity for Professionalism 159
1.2.1 Low Consumer Experience Caused by Low Professionalism 159
1.2.2 Brokers’ Low Sense of Accomplishments 160
1.2.3 Hindering Enterprise and Industry Development 160
2 Status Quo and Problems of Broker Professionalization 161
2.1 The Status Quo in China 161
2.1.1 Low Level of Education 161
2.1.2 High Employee Loss Rate 163
2.1.3 Low Industry Recognition 164
2.1.4 Wage Growth not in Pace with Experience 165
2.2 Roots of the Problems 166
2.2.1 Absence of an Industry Entry Regulation 166
2.2.2 Lack of Information Protection 168
2.2.3 Lack of a Cooperation Mechanism 169
2.2.4 Lack of a Scientific Commission Division Mechanism 170
2.2.5 Transaction-Oriented Rather Than Customer-Oriented 170
3 International Experience of Broker Professionalization 170
3.1 International Experience of Broker Specialization 171
3.1.1 Strict Entry and Full cycle Control 171
3.1.2 Restraint and Punishment Mechanism 175
The Punishment Mechanism 175
The Constraints on Brokers by brokerage Firms 175
3.2 The International Experience of Value Recognition 176
3.2.1 Selfrecognition 176
3.2.2 Industry Recognition 176
3.2.3 Social Recognition 176
4 Summary and Suggestions 177
4.1 Implementation of Real-Name Practice, Establishment of Qualification Files, and Establishment of Examination System 177
4.1.1 Implementation of Real-Name Practice System, Establishment of Brokers’ Integrity File 177
4.1.2 Establishment of a Broker Qualification Review System, Providing Learning Courses to Lay a Good Foundation for the Promotion of the Brokerage Registration System 177
4.1.3 Speeding up the Broker Qualification Examination and Enhancing Its Value Through Careful Course Design 178
4.2 Implementation of Qualification Examinations, Establishment of a Dynamic Evaluation System, Strengthening Professional Ethics, and Improving Broker Evaluation System 178
4.2.1 Full-Scale Implementation of the Broker Qualification Examination 178
4.2.2 Establishment of Broker’s Ethical Standards 178
4.2.3 Establishment of a Dynamic Online Broker Evaluation System 179
4.3 Full Implementation of the Licensing System and Gradual Implementation of a Lifelong Learning System 179
4.3.1 Full Implementation of the Broker License Management System 179
4.3.2 Strengthening Professional Education for Establishment of Life Long Learning System 179
8 Policy Checklist 180
1 Step One: Setting the Bottom Lines for Brokerage Operation 181
1.1 To Promote the Broker Admittance System Step by Step, and Set the Bottom Line for Market-Oriented Industry Admittance 181
1.1.1 Implementing a Real-Name System for Practice Establishing Credit Files for Brokers
1.1.2 Setting up a Qualification System for Brokers Laying the Foundation for the Full-Scale Implementation of Broker Licensing Admittance System
1.1.3 Accelerating the Establishment of Qualification Examination and Providing Training Courses for Brokers 182
1.2 Standardizing the Process of Information Generation and Distribution and Establishing the Bottom Line for Authentic Housing Information 182
1.2.1 Setting Unified Criteria for Authentic Housing Sources 182
1.2.2 Enforcing Full and Compulsory Written House Commission System 183
1.2.3 Enforcing Full Implementation of the System of Description of Houses 183
1.2.4 Enforcing Real-Name Release System 183
1.2.5 Establishing a Deposit System for Real House Sources 184
1.2.6 Establishing a Blacklist System for False House Sources 184
1.3 Full Implementation of Capital Supervision System Establishment of a Bottom Line for Secure Transaction
1.3.1 Identifying the Process, Rules and Regulatory Body of Capital Supervision 184
1.3.2 Establishing Information Submitting and Verification System of Capital Supervision 185
1.3.3 Encouraging Qualified Professional Institutions to Provide Diversified Financial Supervision 185
2 Step Two: Establishing the Code of Conduct and Standard Business Process for Practitioners 185
2.1 Improving Laws and Regulations of the Industry and Establishing a Supervision System Covering Multiple Subjects 186
2.1.1 Revising the Law of the People’s Republic of China on the Administration of the Urban Real Estate 186
2.1.2 Strengthening the Dominant Role of Market Regulation of Industry Association 186
2.2 Establishing a Code of Conduct for Brokers and Improve the Overall Quality of Brokers 187
2.2.1 Promoting Phased Broker Business Licensing System 187
2.2.2 Setting Ethical Standards of Brokers 187
2.2.3 Establishing an Online Dynamic Evaluation System for Brokers 187
2.3 Implementing a Verification System of Housing Property Rights to Reduce Transaction Risks 188
2.3.1 Establishing a Compulsory Verification System of Housing Property Rights 188
2.3.2 Establishing an Online Information Inquiry Platform 188
2.3.3 Offering Real Time Changes of Property Information During Transaction 188
3 Step Three: Promoting Professionalization and Transformation of the Brokerage Industry 189
3.1 Introducing “Internet +” Technology to Enhance Intelligent Experience of Transaction 189
3.1.1 Establishing a Decision-Making Information System for Consumers Based on Big Data 189
3.1.2 Upgrading “Internet Plus” for Transaction Process 189
3.2 Exploring the Liquidity of the Financial System Framework to Promote the Innovation of Transaction System 190
3.2.1 Acknowledging the Lubricant Role of Financial Liquidity in Second-Hand Housing Transactions 190
3.2.2 Encouraging Innovation and Exploration of the Liquidity of Finance 190
3.2.3 Gradually Allowing Qualified Brokerage Institutions to Provide Financial Services to Second-Hand Housing Transactions 190
4 Improving Broker Quality for Long-Term Development and Professional Transformation 190
4.1 Fully Implementing the Broker’s License Management System 191
4.2 Strengthening Professional Training and Gradually Establishing Brokers’ Life Cycle Learning System 191

Produkt-Details

• Erscheint lt. Verlag: 26.4.2018
• Übersetzer: Menghan Deng, Chunqiu Xia, Feng Yue, Hanxiong Zhu
• Sprache: englisch
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Rechnungswesen / Bilanzen
• Themenwelt: Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Immobilienwirtschaft
• ISBN-10: 981-10-7715-0 / 9811077150
• ISBN-13: 978-981-10-7715-9 / 9789811077159