百人摇号抢购，四代住宅高达150%得房率暗藏多个陷阱

Core Viewpoint - The real estate market in Xi'an is undergoing significant changes, particularly with the emergence of "fourth-generation" residential properties that boast high usable area ratios, but these come with potential compliance risks due to the nature of "gifted area" that often cannot be registered for property rights [2][4][5]. Group 1: Market Dynamics - The popularity of fourth-generation residential properties is driven by two main shifts: a transition from suburban to urban locations, enhancing their value, and a pricing strategy that includes high registration prices, substantial gifted areas, and real discounts to capture the urban market [5]. - In the context of a cooling housing market, many new developments across various cities, including Xi'an, are offering significant gifted areas, with some projects reporting usable area ratios exceeding 150%, which is relatively rare in the broader market [5][6]. Group 2: Usable Area Ratios - Specific examples of high usable area ratios include a 111.73 square meter unit with a usable area ratio of approximately 111.53%, and a 128.58 square meter unit with a ratio of about 131.27%, while some units even exceed 150% [4][6]. - The trend of increasing gifted areas has evolved, with earlier models offering around 30 square meters of gifted area for an 85 square meter unit, now escalating to claims of 225 square meters usable from a 139 square meter unit [5][6]. Group 3: Risks and Compliance - Experts warn that while high usable area ratios can enhance living comfort and stimulate demand, they also exacerbate market fragmentation, putting pressure on lower-ratio projects and leading to intensified competition [8]. - There are significant risks associated with gifted areas, including potential issues with property rights, as these areas often cannot be included in property certificates, and compliance risks related to government approvals [8][9]. - The market is also seeing a shift in sales narratives, moving from "hot lottery" to emphasizing "sufficient customer base," indicating a potential decrease in future lottery opportunities for buyers [9]. Group 4: Regulatory Environment - National and local policies are increasingly regulating the calculation of usable areas, with recent regulations in various cities aiming to limit the definition and extent of gifted areas, which may shift the focus of competition back to space efficiency and building quality [9].