被“打折”的房票：多方博弈中，该何去何从

Core Insights - The introduction of housing vouchers has created a trading chain involving demolition households, homebuyers, and intermediaries, with over 90 cities implementing this policy nationwide [1][12][13] - Many demolition households are willing to sell their vouchers at a discount to quickly convert them into cash, reflecting a lack of interest in purchasing new homes [9][10][11] - The housing voucher system is seen as a tool for local governments to accelerate the de-inventory of real estate while meeting the housing needs of residents [9][17] Summary by Sections Housing Voucher Market Dynamics - Housing vouchers are being traded at discounts, with prices generally ranging from 9.2% to 9.6% below face value, and some cities seeing discounts as steep as 7-8% [4][5] - In Xiamen, a new policy allows vouchers to circulate citywide, covering various property types and offering a 5% purchase incentive [5][15] - The trading of vouchers has led to the emergence of "professional voucher collectors," who facilitate transactions and often charge fees for their services [8][11] Demolition Households' Perspectives - Many demolition households prefer to sell their vouchers for cash rather than use them to purchase homes they do not want or need [10][11] - Concerns about the quality and location of available properties, as well as the risk of developers raising prices, contribute to the decision to sell vouchers at a discount [10][11] - The urgency to liquidate vouchers stems from the fear of depreciation if they remain unused past their validity period [11][18] Government Policy and Market Impact - The housing voucher policy has evolved from strict regulations to more flexible and inclusive measures, allowing for cross-regional circulation and broader usage [12][14] - The policy aims to stimulate housing demand and has shown positive effects on real estate sales in various cities, with significant increases in transactions involving vouchers [15][17] - Experts suggest that the sustainability of the voucher system depends on balancing flexibility and fairness, ensuring that demolition households are not disadvantaged [18][20]