物业服务｜物业费，指导价还是市场价：政策拐点将至系列一

Core Viewpoint - The article emphasizes that good housing requires good services, and good services necessitate quality and reasonable pricing. It predicts that the strong price limit policy for property fees in Chongqing in 2023 will not set a nationwide trend, but will encourage quality and reasonable pricing, potentially reversing market expectations for pricing and profitability in the property service industry [1][10]. Summary by Sections Policy Changes - In late 2023, Chongqing introduced a new property service fee management method, establishing a government-guided price for residential property service fees, which alters the previous market-adjusted pricing for high-level services. The highest service fee was set at 1.9 yuan per square meter per month, with potential exemptions for vacant properties [2]. Impact of Price Limits - The strong price limit policy may lead to a significant decline in the collection rate of existing property service contracts, creating negative externalities. The pricing constraints on existing contracts are deemed reasonable, as buyers have no bargaining power. However, the 1.9 yuan per square meter limit is considered outdated, as many listed companies charge above this rate. As of October 2024, 34% of local communities in Chongqing charged over 2 yuan per square meter [3]. Industry Challenges - Four main factors suggest that strong price limits are not advisable: 1. Overall property service quality in China is insufficient, with property fees/rent ratios significantly lower than in other countries, leading to rapid depreciation of housing value [4]. 2. The profitability of basic services in property companies is already low, and imposing price limits could drive out quality providers, negatively impacting living conditions [5]. 3. The complexity of establishing homeowners' committees and collective decision-making complicates the implementation of price limits on existing contracts [6]. 4. Residents often lack awareness of the quality of property services, which can lead to a misunderstanding of the implications of low property fees [6]. Future Policy Directions - The article anticipates that future policies will guide property service companies to enhance service quality and promote the concept of quality and reasonable pricing, rather than merely imposing price limits. The government has already repealed previous price limit documents, indicating a shift towards ensuring that any price limits set are above the average service costs of quality property service companies [7][8]. Investment Strategy - The article suggests that the property service sector is currently experiencing a dual low in valuation and profitability due to policy concerns and other factors. However, it is expected that there will be significant upward elasticity in the future, making it a sector worth monitoring for policy turning points [10].