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The crisis facing the unique residential rental system in Korea, Jeonse


韓國特殊住宅租賃制度——傳貰的存亡危機


在韓國房地產市場中,有一種獨有的房地產租住制度——傳貰(전세),或當地華人會稱為全租。傳貰就是租客付出一定額度的保證金給業主,從而獲得在一定時間內的房地產使用及收益權。而對於業主來說,傳貰比銀行貸款可以更快及簡單地獲得一筆大金額,另一好處則是傳貰所得的收入是不徵稅的,但月租收入是需要繳稅的,傳貰可以有助省下一筆稅金。

隨着月租房數量提高,那些靠傳貰金周轉的業主難以將之前的押金歸還給租賃合同到期的租戶,這導致業主傾向以大幅折扣拋售房產,推動房價下跌,韓國今年的房價,較去年的高位下跌4.5%。倘若房價下跌10%,大約四分之一的房東將無力償還傳貰房押金。由此可見,傳貰權在很大程度上受到房地產價格及利率影響,一旦遇上加息週期,業主的資金鏈有機會面臨斷裂,或許導致災難性的結果。故此韓國這特殊的傳貰系統,亦有機會面臨系統性的消失。


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The crisis facing the unique residential rental system in Korea, Jeonse


In the Korean real estate market, there is a unique rental system called "Jeonse," also known as "全租" among the local Chinese community. Jeonse refers to a system where tenants pay a certain amount of deposit to the landlord in exchange for the right to use and profit from the property for a certain period of time. For landlords, Jeonse allows them to obtain a large sum of money more quickly and easily than a bank loan. Another advantage is that the income from Jeonse is tax-free, while monthly rent income is subject to taxation, which can save landlords a significant amount of money.

However, as the number of rental properties increases, landlords who rely on Jeonse deposits may have difficulty returning the deposits to tenants when the lease expires. This has led to landlords tending to sell their properties at a significant discount, driving down housing prices. In South Korea, this has resulted in a 4.5% drop in housing prices this year compared to last year's high. If housing prices fall by 10%, about a quarter of landlords may not be able to return Jeonse deposits. It can be seen that Jeonse rights are largely affected by real estate prices and interest rates. Once encountering an interest rate hike cycle, the landlord's funding chain may face a chance of breaking, which may lead to catastrophic consequences. Therefore, this special Jeonse system in Korea may also face the possibility of systematic disappearance.

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