No coins: the fund for saving shareholders turned out to be unprofitable

The fund, which was supposed to protect citizens participating in shared construction, turned out to be unprofitable. This means that he does not have money to complete the construction of housing for bankrupt companies.

Details

• The Fund for the Protection of the Rights of Citizens - Participants in Shared Construction was established at the end of 2016. In order to protect equity holders, the authorities then obliged housing developers to transfer 1.2% of the amount of each equity participation agreement to the fund. In the event of bankruptcy of the companies, the collected money was supposed to be spent on the completion of housing.
• The very first reporting of the fund showed the whole inconsistency of this idea, writes Kommersant . The fund's net loss in 2017 exceeded RUB 493 million. At the end of the year, the fund received about 95 million rubles mainly from developers, while the estimated value of the fund's liabilities exceeded 550 million rubles. Based on this, the report states that current receipts to the fund do not cover the risks of equity holders.
• To reach a break-even level, contributions to the fund should be increased from the current 1.2% to 6.7% of the amount of DDU, the report says. Otherwise, the Ministry of Finance actually assumes obligations for the annual additional capitalization of the fund, one of the federal officials told the publication.
• In general, this is exactly what is happening - the collapse of Urban Group, the largest housing developer in the Moscow region, which concluded a DDU for 80 billion rubles, will cost the federal budget 3 billion rubles in 2018 alone. “In theory, the fund itself should have found these funds, but it does not have such an opportunity. Therefore, in the case of Urban Group, he has to deal with the transfer of budget funds, ”says one of the interlocutors of the publication.
• But in Russia, the problems are not only with equity holders of the Urban Group. According to the Ministry of Construction, as of April 1, 2018, the construction of 1.26 thousand houses was stopped, and the number of defrauded equity holders across the country reaches 150-200 thousand people.
• But if developers are obliged to transfer even more to the fund, housing will rise in price by at least 3-4%, and some of the houses will simply not be commissioned, they warn.
• And this despite the fact that housing has already risen in price due to new restrictions in the legislation on working with equity holders, which partially came into force on July 1 (we described them in detail here ).

What do I get from this?

In the first half of the year, the Moscow housing market experienced a real boom - the number of real estate transactions increased by 25%. Sales in new buildings under equity agreements grew even more - by 42%, and the mortgage lending market - by 74% at once. At the same time, as it turned out, there is still no effective mechanism for protecting equity holders, and all innovations in this market have yet to prove their worth.

Irina Malkova