From our correspondent in Beijing
It became the big hot topic on the Chinese Internet to the desktop as local leaders. The distress of Chinese SMEs in need of cash is in China proportions "hysterical", according to press reports in Hong Kong. To the point that the government has announced a package of measures to help them and calm the unrest.
The crisis of Chinese SMEs is symbolized by the incredible epidemic of bankruptcies in the city of Wenzhou, in the heart of the exporting province of Zhejiang. The Chinese press said Thursday that since the beginning of the year, more than 200 patrons had fled or hid after their coffers have dried up. Others have committed suicide. Some 20% of the 360,000 SMEs in the region have already had to close shop for lack of money.And the situation will get worse in January, when the Chinese New Year, traditionally the time when patrons enjoy a vacation to disappear without paying their employees. According to the New China News Agency, SMEs create around 80% of jobs in the country.
The State Council (Chinese government) has subsequently announced Tuesday a series of measures, financial and tax to help small and medium enterprises. The first is to facilitate access to credit. To do so, against the current of their policy, the authorities will allow the minimum reserve ratios "comparatively low" for local banks lending to SMEs, while this ratio was usually around 21% for large banks. Moreover, these small businesses can more easily borrow by issuing bonds. The other part is to exempt SMEs from a battery of taxes and charges.Banks are also prohibited from charging their services at prices "unreasonable."
"Informal Credit"
Wenzhou has become a symbol for it is the Chinese capital of the "informal credit". Private reserves by banks, which prefer to grant loans to large corporations, small businesses are strangled. They have no recourse but to turn to private security companies that have developed lending. The rates are incredibly high, ranging from 20% to over 100% … Some analysts believe that the share of informal loans may exceed 25% of total credit in the country. Credit Suisse has estimated that black market credit of 456 billion euros, with an increase of 50% per year.
Chief economist at the Development Research Centre of the State Council, Zhang Wenkui believes that the latest measures only bring temporary relief.And nothing will change until the banking sector do not be reformed, by offering different services to different types of customers. He has a vivid picture to describe the current situation: "It's like an irrigation system with water that would go to large trees and ignore all the shrubs." The problem is that in the short Beijing term can not open the floodgates too, failing to challenge its efforts to the credit crunch.
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Former vice president of PayPal, Reid Hoffman, 44, is a key figure in Silicon Valley. It was the first to invest in Facebook, along with Peter Thiel, in 2004. His most recent investments include Ping.fm, Zynga and Grouply.
LE FIGARO. -What is the project founder of LinkedIn?
Reid Hoffman. – I always look for broad trends. When I started to think of LinkedIn, in 2001-2002, I saw two. The first is that the world of work is changing. Around the world, lifetime employment is disappearing and every individual is responsible for developing their own skills, in a connected world. The second was the rise of the Internet. Result, LinkedIn is the platform that allows each person to develop itself to show who she is, she works with, access to other experiences and skills.We are still at the beginning of the implementation of this vision. For now, people see the opportunity in LinkedIn to stay connected with others and find experts. It is not yet to the point where people question the means to invest in themselves, become more efficient. Today, everyone googlise names and everyone can be found on Google. What people do not realize is that they can ensure that what the first track of their professional profile.
How do you change the world of social networks?
The existence of other networks has been good for us. But people still think they choose to participate when we are already in a networked world. The question is: how will we navigate intelligently in this world? Today, Facebook is the barbecue in your garden. Twitter is the equivalent of the media.LinkedIn is the desktop. There is room for other networks but it has to offer is both broad and unique. There are broad categories such as religion or sports that are not occupied. I think there will be a big player that we do not yet know who will emerge within five years.
You see Google + as a potential competitor?
+ Google is a good social product. The question is: how will he differentiation? It is not yet a competitor of LinkedIn. It could go in that direction but it is not safe. To serve the professional market, it must be specialized. LinkedIn Today provides information to industry sources. A circle with your co-workers does not go into this level of specificity.Moreover, the context is important: what do you see on your screen?
What do you think valuations of Internet companies today? Is there a bubble?
Valuations are a sensitive issue. This is the net worth based on what we think is the future. My view is that social networks are fundamental phenomena that will change the world, yes. But with regard to the numbers, I let the markets decide. There are bubble if the prediction is bad, but I argue that change is very deep.
These networks generate data and make business. Is not this a problem?
In the case of LinkedIn, the use of data turns to the advantage for our users. There is no question of location of Internet users or photos of their children but rather to know what skills are likely, and so on.Users can not feel taken aback by the use of data. When you have a technological transformation, people fail to recognize that transparency is good for them massive. Surfers will discover that to move towards more openness and transparency is beneficial for them. We are often asked about our practices and always act quickly. Must maintain confidence.
LinkedIn helps determine business strategy according to their recruitment. This can be problematic vis-à-vis their competitors?
When a company publishes a job, it puts as much detail as possible to attract the best profile. We can already draw a lot of information of such data. But we must look at the return: a company wants us to know in which area it recruits to form the best teams.For investors, this can also be good to know in which direction it goes. So there is more value to be open and transparent. Finally, for us, the interest of the individual will always pass before that of the company. We want our users to have a positive experience.
Personally, you are investing in numerous start-up early, including Facebook and Zynga. What is your strategy?
I look at three things when I invest: market places that inspired me to invest in newly-Airbnb, networks, Zynga is a network of games and platforms-as Shopkick. It is also important that there is no conflict of interest with my work at LinkedIn. So I'm on the board of Zynga, but not Facebook.This is useful in that I see common trends on both sides, parallels that are used for my investment as my work at LinkedIn.
Where do you come the next big technological breakthrough?
I closely monitor the field of open source hardware.
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Wall Street opens again in the red Friday. The NYSE is not spared by the new storm that struck the European exchanges, which has already passed on the stock exchanges in Asia this morning. A few minutes after the start of trading, the Dow Jones fell by 0.81% to 10,901.20 points, the Standard & Poor's 500 by 0.75% to 1132.08 points and the Nasdaq Composite 0.76% 2362.48 points.
Yesterday, as elsewhere, the New York Stock Exchange closed down a massive, affected by disappointing indicators released during the meeting confirming the poor performance of the U.S. economy. Moreover, operators, already worried by the economy of the euro area, were cooled by the large loan dollars awarded by the European Central Bank (ECB) to a bank in Europe, whose identity has not been revealed.This action has reinforced doubts about the ability of banks to refinance the region. The euro also declined against the dollar and is trading around 1.4290 dollars against 1.4319 on Thursday.
Finally, Morgan Stanley confirmed the fears of a global economic slowdown by scaling back its growth forecasts for 2011 and 2012. The bank also said the United States and Europe were "dangerously close to recession."
Evidence that the operators' confidence is at its lowest, gold, a safe haven par excellence, is powered from yesterday to new heights. On Friday, an ounce reached a new record in 1864 dollars after jumping up to 1867.30 dollars in the morning.For its part, a barrel of U.S. light crude oil, which fell 6% yesterday, lost another 65 cents to 81.73 dollars at the opening while Brent gives 62 cents to 106.37 dollars.
Values of the day
On the corporate side, Hewlett-Packard tumbles to 18.74% to 23.98 dollars. The group published its results on Thursday lowered its annual forecast for the third consecutive time. It now expects an annual turnover of between 127.2 and 127.6 billion dollars, against a previous estimate of between 129 and 130 billion. The group, which has made a takeover offer for the British publisher of software Autonomy, has also announced plans to dispose of its business in personal computers.Another major surprise: HP goes out of business in the mobile, arresting the development of tablets and smartphones.
Autodesk (1.09% to 26.80 dollars) has reported a 6% increase in revenues in the second quarter and a net profit better than expected at 71.2 million euros, or 30 cents per share.
Gap (5.03% to 16.30 dollars) on Thursday posted a quarterly profit above analysts' expectations despite lower sales to a number of store. Net income for the group totaled $ 189 million (131.8 million), or 35 cents a share, against $ 234 million, or 36 cents per share a year earlier.
Bank of America (-1.07% to 6.94 dollars) will remove 3500 positions during the quarter, according to an internal document cited by Reuters.
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With the crisis and declining purchasing power, one might think that the French would focus on the lowest prices, even if only buy foreign products cheaper. It is not. According to a study by the Research Center for the Study and Observation of Living Conditions (Credoc), nearly two in three French (64%) say they are willing to pay more for locally produced industrial goods, rather and away from Europe.
Despite the absence of type on the goods consumed (cars, food, etc.), the survey published echoes of "a profound change of attitude": "Five years ago, only 44% of respondents said they were willing to pay that surcharge, "says the document. Action for Fanette, who led the study, the French are "searching for meaning" in their consumption.Clearly, they are aware of the impact of their purchases on the industrial fabric. And local procurement, plus a recognition of "the quality of national expertise," would be a way to "show support to employees and companies most exposed to the crisis."
Low incomes also concerned
For a year before the study, the year 2009 was marked by numerous layoffs. Particularly affected, the industry lost 170,000 jobs during the height of the crisis, according to figures from INSEE. "During the crisis, when people or their relatives lose their jobs or face poverty, they are more careful about how they eat," Analysis Fanette Appeals. According to her, even if logically high incomes are most likely to pay any additional cost of "Made in France", the low-income households are not left behind."The majority of those who earn less than 900 euros per month is estimated to do the same," argues the specialist.
In detail, this attention to the origin of goods "is more pronounced among the elderly," says the study, since approximately 70% of those over age 60 say they are willing to pay more for a good French. But "this attitude is spreading in recent years among 25-60 years, especially among the assets, whether officers, employees or workers."
Buy local: an activist
In contrast, less than 25 years "exception." Their preference for "Made in France" has "increased somewhat since 2005," says the survey. Even "if they focus more than before European products."According to the survey, young people are "more attached to Europe" than their elders, "with a sense of belonging to a larger geographic area" than France.
Thus, preferred the "Made in France" in difficult times resembles a militant act. In this case, attention to product origin sounds like a new message to the government against industrial decline of France.
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China's competitiveness is being eroded in favor of the United States. Producing in China soon will cost more than 10-15% cheaper than in the U.S. by 2015, reports a study in the Boston Consulting Group (BCG). Taking into account all costs associated with transport and storage, the Chinese advantage will be reduced to less than 10% or even completely canceled, said the U.S. consulting firm. This is mainly because of the progressive narrowing of the gap between industrial wages in both countries.
BCG how he arrives at this conclusion at odds with the traditional discourse of economists? BCG has adjusted the salary cost of the two countries based on the productivity of workers, Americans are more efficient – such as better trained – than the Chinese. It also took into account the fact that the Chinese currency, the yuan will continue to rise against the dollar in the coming years.BCG analysts believe, after these adjustments, the wages in industrial cities like Shanghai or very dynamic Tianjin will be lower than 30% of those in the United States.
"Because of the lack of skilled labor in China, wages increase by 15% to 20% per year," said Harold Sirkin of Boston Consulting Group in a study published late last week. "We therefore expect that the net cost of labor in industry in China and the U.S. converge around 2015." Before concluding: "We will see many more" Made in USA "in the next five years."
Americans more productive
While China sees its labor costs rise, the U.S. productivity gain in parallel.More flexible labor code, public grants and favorable agreements negotiated with unions: "Many U.S. states, like Mississippi, South Carolina or Alabama, improve their attractiveness as centers of production to lower cost," says BCG . Some big names in American industry have recently relocated their production to the United States. Caterpillar has recently announced the expansion of a factory production of hydraulic excavators in Texas. About 500 jobs will be created. Previously, NRC had repatriated in 2009 its production of ATMs in Georgia.
Large manufacturers, however, are not going to desert China so far. Goods produced in large scale and require much labor will continue to be produced in China, recognizes BCG.It must be said that the Chinese advantage in terms of cheap labor and unskilled labor remains unparalleled. A study by the U.S. Department of Labor published in April, the average hourly wage cost of a Chinese worker in 2008 represented only 4% of that of a U.S. worker. And only 3% of average wage costs practiced in the eurozone.
The crisis has failed to overcome the magic of the park in Marne-la-Vallee. Euro Disney revenues increased its turnover by 7.7% in the first semester (from October 2010 to March 2011) to 559.1 million euros. Despite an economic environment that remains sluggish, the visitors came more numerous than in the first half of last year. Park attendance increased by 0.4 million people (5%), reaching 6.9 million people who trod the soil of the French parks of the group. On average, each spent 43.32 euros per visit, entrance fee included, which is stable. However, hotel guests of the site have spent more on them: improving spending per room, from 6% to 200.60 euros, is one of the most significant.
With this increased activity improves the group's biannual report even if it remains in the red.Euro Disney shows an overall net loss of 99 million euros, with a net loss after minority interests of 82.9 million euros in the first half, reduced by 13% over one year. In addition, net cash available now stands at 323.7 million euros, 40.2 million euros more than the previous year.
Few concerns despite the occurrence of Easter Monday
After the accident last April 25 in one of the top attractions "Mine Train", a decrease from the coast of confidence in the Euro Disney park could have been fear payday loan no faxing. However, according to a statement of management to AFP on Tuesday, closing the "Train of mine has had no impact" on traffic on the park.
The title had also not undergone any impact after the announcement, indicating that investors did not foresee a drop in visitors following the incident.Always about the accident, Philippe Gas, the CEO of the group, told AFP that the company would "never compromise on safety."
This enthused the "sharp increase" in attendance by customers French, Belgian and British, who are its key markets.
As for prospects for the second half, high season for the group, Euro Disney is confident. At Treasury, returned after borrowing up to 46 million euros this semester, the group expects a return of 77.5 million euros during the second half.
Around 14 pm on Euro Disney's stock price was 9.35 euros, down from 1.27% in a market up 1.56%.
May
6
The NYSE Closing Thursday in dark red. The Dow Jones loose 1.10% to 12,584.17 points in the final gong. The Nasdaq lost 0.48% to 2814.72 points and the S & P dropped 0.91% to 1335.08 points.
An unpleasant surprise has fallen on the macro: new jobless claims rose sharply during the last week of April. The day earlier, figures from the firm ADP showed that job creation in the private sector had slowed in April, below analysts' expectations. Two ads ominous before the highly anticipated monthly report on employment and unemployment, American, expected tomorrow, Friday.
Non-farm productivity and unit labor costs have gone unnoticed.Productivity, which measures hourly output per employee grew at an annual rate of 1.6% over the period January-March after rising 2.9% (revised from 2.6%) in the previous quarter. Over the period, the unit cost of labor has on his side rebounded 1.0% after having fallen by 1.0% (revised from -0.6%) over the last three months of 2010. Analysts had forecast an increase of 0.8% in the first quarter.
Plummeting oil
These indicators have led to lower oil prices. On the New York Mercantile Exchange (Nymex), the price of a barrel of light sweet crude for June delivery broke down the psychological barrier of $ 100 for the first time since mid-March.It closed at 99.80 dollars, a plunge of 9.44 dollars compared to the previous day (-8.64%).
On the foreign exchange market, the European single currency falling, it strongly against the dollar after the ECB decided to keep interest rates unchanged. The euro is trading at 1.4529 dollars at the close of trading, having again exceeded $ 1.49 during the meeting Wednesday.
Intel and Advanced "historic"
The side of values, the raw materials sector was suffering just like Exxon Mobil (-2.55% to 82.65 dollars) and Chevron (-1.86% to 102.73 U.S. dollars)
Moreover, the media group News Corp quick payday loans. (+0.06% to 17.35 dollars) announced a quarterly profit of 639 million, against 839 million a year ago. Turnover is a decline to 8.26 billion dollars against 8.79 billion dollars last year.The group had enjoyed last year's commercial success of Avatar, analysts said Aurel BGC. And they say, the release of "Rio" should support the profits of the current quarter.
For its part, the Texas chain Whole Foods Market (+0.35% to 59.95 dollars) has announced a 33% increase in its quarterly profits to $ 89.9 million. Turnover was up 12% to $ 2.4 billion. Comparable store sales were up 7.8%. Positioning the dispenser on a high-end clientele limit sharply the impact of rising gasoline prices on consumer behavior of its customers.
The publisher of games, Electronic Arts (8.84% to U.S. $ 21.68) announced a profit of 151 million against 30 million last year.Turnover was up 17% to 995 million.
Facebook and Google (-0.28% to 534.27 dollars) would, each in turn, is negotiating a possible takeover of Skype, or a substantial stake.
World number one Intel microprocessors (+0.47% to 23.61 dollars) announced Wednesday a new advanced "historical" in the history of microprocessors.Result of ten years of research, the new 3D transistor ultra-powerful mobile devices will provide more capacity while using less battery.
An internal investigation of the U.S. cosmetics group Avon (-5.24% to 28.73 dollars) discovered possible cases of corruption among its employees not only in China but also Brazil, Mexico, Argentina, India and Japan, said Wednesday the Wall Street Journal.
General Motors (-3.21% to 31.98 dollars) on Thursday posted a profit more than tripled in the first quarter, thanks to the recovery of the U.S. market and strong sales in Asia, but the prices of its vehicles were disappointed analysts.
The CAC 40 continues on the path of this increase jeudi.Les early trade on start up from 0.68% to 4095.42 points. As in Asia, Paris markets in turn react positively to the long-awaited announcement of the Fed on U.S. rates. The latter decided to pousuivre monetary policy accommodative for a prolonged period. Following these findings, Wall Street has ended sharply higher on Wednesday and the Nasdaq hit its highest level in ten years.
On other European markets, the upward trend is also valid. The London Stock Exchange has opened up 0.32% to 6087.6 points. For its part, the DAX index of the Frankfurt Stock Exchange gained 0.62% to 7450.57 points.
But investors remain wary.Several key statistics are expected across the Atlantic on Thursday, beginning with the first estimate of first quarter GDP and weekly jobless claims (1430). The promises of sales in March are also expected (16 hours). The ball quarterly publications will also be given to: Procter & Gamble, Microsoft, Expedia and Colgate Palmolive are scheduled.
Side currency, the euro climbed sharply against the dollar since the Fed announcement. The single currency traded 1.4862 dollar. On oil markets, a barrel of light sweet crude for June delivery gained 61 cents to 113.37 dollars while that of Brent North Sea also June delivery increased 62 cents to 125.75 dollars.
Rafale PUBLICATION IN
As for French companies, investors will also have enough to do:
Saffron: 3.80% to 24.99 euros (largest increase in the SBF 120)
The group announced on Thursday a rise in its quarterly revenue exceeding its target for the year, driven by activities of aerial and optronics, and reaffirmed its forecast for 2011 and its confidence for the following years.
Eramet: 0.43% to 270.45 euros
The mining group has achieved a turnover of 973 million euros in the first quarter, up 23%, thanks to increases of 35% nickel and 30% in alloys.Its operating income should be at least semi-equal to the corresponding period of 2010 excluding special items, after a surge in sales in the first quarter.
Gemalto: -0.37% to 34.93 euros
World number one smart card noted in the first quarter up 17% of its sales to 444 million euros a year, driven by its main activities. It confirms its outlook for fiscal 2011.
Technip: -2.65% to 74.81 euros
The specialist oil and gas equipment announced better than expected margins in the first quarter and confirmed its overall outlook for 2011. He always aims for this year a turnover of approximately 6,500 to 6.7 billion euros against 6.082 billion in 2010.
Sanofi-Aventis: +0.15% to 53.34 euros
The group released on Thursday quarterly earnings affected by competition from generics, but slightly better than expected and announced that its annual results would be reviewed during the semester. In late March, the turnover came out down 1.5% to 7.78 billion euros, generics that cost him 569 million euros in turnover over the first quarter of 2010.
Suez Environnement: 3.15% to 15.39 euros (largest increase in the ACC)
The group has published performance increase in the first quarter thanks to strong growth internationally, and has confirmed all its targets for the period 2011-2013.The turnover reached 3.514 billion euros in the first quarter, registering an increase of 14.3% (+13.5% at constant exchange rates), while EBITDA was $ 592 million, an increase of 28.6% (+25.6% at constant exchange rates).
Imerys: -0.32% to 52.50 euros
The group announced on Thursday a net improvement in its quarterly results, benefiting in particular the improvement of the construction market in France, said he expected an improvement in its performance throughout the year. Imerys has improved its operating margin by 1.9 points to 13.2% and increased its turnover by 13.7% at constant exchange rates to 882.7 million euros in the first quarter.
PPR: 1.94% to 120.75 euros
The group saw sales jump 26% in luxury in the first quarter, boosted by a dynamic Asian still as powerful and a brilliant performance in the United States.
Gameloft: 4.80% to 4.80 euros
The group announced a 20% growth of its turnover in the first quarter of 2011 to 39,500,000 euros. The company anticipates a year again growing at its turnover and profitability.
NextRadioTV: 0.32% to 15.70 euros
The media group has announced a turnover up 14% to 35 million euros, 15.7 million (+15%) for its flagship radio and 10.2 million for its TV division (+25%) . He announces "positive outlook for the first half of 2011."
Technicolor: -2.10% to 5.12 euros
The group announced on Thursday a rise of 15.4% of its turnover to 812 million euros in first quarter (+16.2% at constant exchange rates) and confirmed its targets 2011.
Always on the side of publications, after market, Saint-Gobain, Sechilienne-Sidec, Crit and Vinci will unveil their turnover in the first quarter.Compagnie des Alpes will unveil its second quarter revenues. The results of the first quarter of Sequana, Saft, and Bongrain are also expected.
Eurotunnel, Danone and Plastic Omnium will hold their general meetings respectively 10:15, 14:30 and 17 hours.
Ipsos confirms its objectives
Ingenico: -0.23% to 32.72 euros
The group raised its growth target for 2011. It is now targeting sales at constant scope and exchange rates, greater than or equal to 985 million euros, while it had announced a target located between 965 and 985 million euros.
Ipsos: 0.33% to 35.48 euros
The group confirmed its targets for 2011 after recording an increase of 6.2% of its turnover in the first quarter despite the continuing fall in the market for public education in Britain.
Klépierre: -0.39% to 27.04 euros
The group announced a slight increase in rents in the first quarter, thanks to its shopping centers, despite a slowdown in consumption in Europe.
Unibail-Rodamco: 0.97% to 156.56 euros
The group has appointed Christophe Cuvillier, former CEO of FNAC and Conforama, the Executive Group property as "General Manager Operations."He replaces Michel Dessolain, board member since 2007, appointed Director General of the strategy.
New field for Total
Total: 0.85% to 42.95 euros
The oil discovered in south-eastern Bolivia a major gas field that could initially produce up to 6.5 million m3 per day.
Bioalliance Pharma: 1.49% to 6.14 euros
The group has announced an expansion in Germany and Spain for its Phase II clinical trial of clonidine Lauriad in patients with cancer of the head and neck.
The CFE-CGC does not disarm. The plant managers could not veto the recent agreement on supplementary pensions, failing to persuade two other unions. So she decided to sue or riders to the 1947 Convention establishing Agirc, which translate this agreement or the ministerial orders that will extend (the process would then proceed to the State Council).
The CFE-CGC is indeed very bad agreement for executives. It denies such a cap on family benefits (1000 euro annual "bonus" of up to three children), while contributions are not capped. According to the CFE-CGC, this device violates the founding convention of 1947.
The union sees this text signed by all social partners at the time exceed the following agreements, as the Constitution is above the law.If the court confirmed this analysis, the impact on the future of supplemental plans are uncertain. The CFE-CGC think we should negotiate a new agreement.
Faced with the explosion in property prices Paris took 17.5% in 2010 according to the Chamber of Notaries – an elected official in Paris, proposes to amend the rules of homeownership, shaking the roots to the passage of earth French traditionally very attached to the stone.
Jean-Yves Mano, deputy PS Paris Mayor Bertrand Delanoe plans to establish in the capital, a kind of property fixed term whose main effect would be virtuous to put pressure on prices overheating. His idea is to convince developers to build housing on land that would remain the property of the City of Paris and would be leased for a period of 99 years (leasehold). The buyer purchasing only the frame, the prices should, according to the chosen logically be lower.Once the loan repaid, the purchaser would carry out with the then mayor of rent from 1500 to 2000 euros per month for leasing the land. In an interview in Paris-Today in France, Jean-Yves Mano said that the new long leases could affect future new developments planned in the 13th and 17th (Batignolles) districts, or about 2,000 homes.
Specify the nature of the lease
For now, the idea seems to appeal to developers. Marc Pigeon, president of the National Federation of Builders developers estimated that the initiative is to dig "because she can walk as is the case in other European countries." "We do not yet know the precise rules of the lease that the City Council may establish, including the issue of the renewal, it is still too early to tell," he says though.He said the effect will not be immediately noticeable especially on the volumes of housing construction. "120,000 new homes are built each year, we're not going to suddenly build 20,000 with long leases. He assured however that the measure will inevitably have an impact on prices.
One consequence that Peter does not consider whether Bazaille automatic. Notary in Lyon, he began by stating that Jean-Yves Mano invented nothing since the dissociation between buying a property and the land on which it is built, is made in the capital of Gaul over a century. "Much of the buildings of the 6th and 3rd district of Lyon – including the recent district of La Part-Dieu – were built on land belonging to the Hospices," he says. Upon expiration of the leases, civil hospitals are free to renew or not.And if the lease is not renewed, the owners must leave their homes to be destroyed.
Theoretical effect on prices
In theory, this sword of Damocles may put pressure on prices when the owner wants to sell his property. "However, there are agreements in Lyon Sudreau-Pradel, said the lawyer. They predict that in case of non-renewal of the lease and enter into a new contract with another developer for reconstruction, it must compensate the owners of homes that will destroy. " Compensation is calculated on the basis of market prices, and secures a little uncomfortable payday loan. The first leases "long term" were signed in 1860, some are expired, allowing notaries to note that "the price difference with buildings built on their own land is minimal," says Peter Bazaille.As developers, they do not really propose attractive prices.
For him, if the city of Paris decides to implement such a system, it will provide rules to prevent speculative. Buying an apartment with a long lease created a real property right, that is to say that the buyer can sell quite well with the idea of making a capital gain, thus challenging the opposite effect to that intended. "We could for example provide a framework for the resale prices of these buildings, or establish the principle that beyond a certain limit, the owner pays a portion of its added value to the community," offers Peter Bazaille .
Change of mentality
Finally, it remains to accept the notion of temporary ownership to the French for whom the earth and stone are sacred."Unlike the English, we made our revolution," says the lawyer who says that the London scheme based on the payment of occupancy tax, is very close to what was happening in France under the old regime. "This is not because the French are very attached to property that can not fly, tempers Marc Pigeon, the idea of buying even for a limited period may attract people who prefer not to remain renters. Especially if the lease is renewable. "
The long lease at 3 points
• The long lease, to construction, real estate lease is a long term of between 18 and 99 years.
• It is granted upon payment of a fee, by a "lessor" which remains the owner, or a "taker" who will not diminish the value of the property and building on the ground.The idea is to ensure mutual economic interest: the customer built cheaply because it does not have to buy the land. The landlord gets a property with its buildings to the deadline without having to compensate the contractor who built. Exception to the rule, the leases provide for Hospices Civils de Lyon at the end of the contract, land shall be delivered bare and buyers compensated
• The long-term lease of real property gives the tenant a right in rem may be mortgaged, sold or seized.
• The leasehold can not be extended automatically at the end of the lease.Renewal requires a new agreement.
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