Overnight, the macro signals all changed.
On March 16, the Financial Stability and Development Committee of the State Council held a special meeting and proposed that monetary policy should be proactively responded to and new loans should maintain moderate growth. Regarding real estate enterprises, it is necessary to study and propose effective prevention and mitigation of risk response plans in a timely manner, and propose supporting measures for the transformation to a new development model.
Subsequently, the Ministry of Finance, the Securities Regulatory Commission, the Banking and Insurance Regulatory Commission, the Central Bank, and the Foreign Exchange Bureau took turns to express their positions, which is undoubtedly a powerful booster for the current real estate.
It is directly reflected that the real estate stocks that have fallen as a whole in recent days have rapidly risen in the afternoon of March 16, ushering in a big rise, and the real estate sector (Shenwan) rose by 3.02% as of the close.
Is the most difficult period in the property market finally coming to an end?
01
The meeting of the Financial Commission of the State Council set the tone for the macro market
The Treasury Department announced a delay in property tax reform
At the meeting of the Financial Commission of the State Council, there is a sentence that is very critical and direct: actively introduce policies that are beneficial to the market, and cautiously introduce contractionary policies.
This is a strong tone set for the macro market throughout this year. In addition, some of the words used in the meeting are also worthy of in-depth study, which is quite severe, which is really rare.
| Source: Financial Associated Press
The Financial Commission also proposed accountability when necessary, and under this harsh wording, the view expressed at the meeting was very clear: in today's market environment, the relevant authorities must study and introduce policies that are favorable to the market. We cannot do nothing to ensure the stable operation of the financial environment.
Therefore, in response to the boiling real estate tax that has been rumored since last year, the Ministry of Finance has finally given everyone a "reassuring pill": this year does not have the conditions to expand the real estate tax point and reform the city.
That said, there may be in the future, but this year is not suitable for any more contractionary policies.
From the current environment, the macro-economy and social economy and the real estate market are facing greater downward pressure, the purchasing power of the consumer market is overdrawn, and the space for residents to continue to add leverage to buy houses is significantly limited. Therefore, at present, it is not the time window period for landing real estate tax.
02
Multiple ministries and commissions collectively speak out
Strive to ensure the real estate economy
At the same time as the Ministry of Finance announced the postponement of the real estate tax, there are a number of other ministries.
CSRC: Actively cooperate with relevant departments to effectively resolve the risks of real estate enterprises;
Banking and Insurance Regulatory Commission: Encourage institutions to carry out M&A loans in a sound and orderly manner, focus on supporting high-quality housing enterprises to merge and acquire high-quality projects of difficult housing enterprises, and promote a virtuous cycle and healthy development of the real estate industry;
Central Bank: Adhere to steady progress, prevent and resolve real estate market risks;
SAFE: Cooperate with relevant departments to promote the healthy and stable development of the real estate market.
Summarizing the voices of the five ministries and commissions, the benefits for housing enterprises are mainly: supporting mergers and acquisitions, credit relaxation, supporting reasonable financing needs, boosting the market, and helping housing enterprises resolve risks.
All kinds of measures, almost all of them target the current pain points of housing enterprises, help housing enterprises to resolve the risks they are facing now, and hope to let high-quality housing enterprises get more dividends in this time when various departments join forces.
The intensity of the five ministries and commissions speaking out intensively, such an alarming degree of attention, can also clearly feel the attitude of the central government - all policies, all statements, all given confidence.
For the current real estate industry, confidence is actually more important than gold.
Conclusion
The development of the property market has been until now, and similar positives have been heard before, but the signal has never been so strong and direct as it is now. This shows that this meeting is more influential and far-reaching than we believe. This can be said to be a collective rescue for the macro economy, a major meeting to implement the will of the top level, and boosted industry confidence at a critical moment.
However, it should be noted that the central credit policy focuses on moderate debinding rather than comprehensive stimulation, that is, it is necessary to support residents' self-occupation and improved housing consumption, support the reasonable financing needs of housing enterprises, and at the same time resolutely curb the resurgence of real estate bubble financialization.
All in all, the future development of the real estate industry is still worth looking forward to, and the overall recovery of the property market will also be just around the corner. For ordinary home buyers, they should also give some confidence in the property market.
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