Just now, the National Standing Committee has set the tone for real estate! The real estate market policy is about to be relaxed again?

According to CCTV news, Premier Li Qiang of the State Council presided over an executive meeting of the State Council on March 22 to study measures to coordinate the construction of financing credit service platforms and improve the financing convenience of small and medium-sized enterprises, and listen to the relevant information on optimizing real estate policies and promoting the stable and healthy development of the real estate market.

The meeting pointed out that the real estate industry chain is long and wide-ranging, which is related to the vital interests of the people and the overall situation of economic and social development. Since last year, various localities have optimized real estate regulation and control according to city policies, implemented a series of measures such as guaranteeing the delivery of buildings and reducing mortgage interest rates, and maintained the bottom line of no systemic risks. It is necessary to further optimize the real estate policy, continue to do a good job in ensuring the delivery of buildings, ensuring people's livelihood and ensuring stability, further promote the implementation of the urban real estate financing coordination mechanism, systematically plan relevant support policies, effectively stimulate potential demand, increase the supply of high-quality housing, and promote the steady and healthy development of the real estate market. It is necessary to adapt to the development trend of new urbanization and the changes in the supply and demand relationship of the real estate market, accelerate the improvement of the "market + security" housing supply system, reform the basic system related to commercial housing, and strive to build a new model of real estate development.

Industry Perspectives:

In the second quarter, various localities may once again usher in a wave of real estate policy relaxation

Yan Yuejin, research director of the E-House Research Institute, pointed out that the meeting was very systematic and mentioned real estate-related content, emphasized the importance of the real estate industry, and put forward "one long and one wide", requiring all localities to pay attention to the healthy development of real estate. In the second quarter, it has a positive orientation for clarifying the policy orientation and continuously optimizing the real estate policy.

Yan Yuejin said that the meeting made important arrangements for the work after the two sessions this year - "to further optimize the real estate policy". The meaning of this sentence is very clear, that is, in the second quarter, all localities should continue to optimize real estate policies. In our view, this provides a very clear guide for us to clarify the policy direction in the second quarter, especially the general direction of policy easing." Yan Yuejin said that this also means that in the second quarter, all localities will once again usher in a wave of real estate policy relaxation. Including local governments, real estate enterprises, sales offices, home buyers, etc., should be aware of this important direction and trend.

Yan Yuejin analyzed that the meeting clarified five important things for the second quarter. First of all, continuing to do a good job in ensuring the delivery of buildings, ensuring people's livelihood and ensuring stability is the first place. Secondly, we will further promote the implementation of the urban real estate financing coordination mechanism. The focus of this statement is on "effectiveness", that is, to truly solve the problem of project funding difficulties, which also shows that the current various financial support policies will be further increased. Third, although the "systematic planning of relevant support policies" does not clearly say which type of policy, the "systematic planning" has new ideas for policy relaxation and policy optimization in the second quarter, that is, the policy should have a systematic view, and the coordination between various departments should be strengthened, especially the housing, land planning and financial departments.

The fourth relates to the effective stimulation of latent demand. "In the past, there were very few similar expressions, and they are relatively new expressions in this policy. This not only shows that there is potential demand, but also shows that the focus of work in various places should emphasize 'effective stimulation', which can be understood as the demand for housing purchases, so there will be sufficient articles on how to wait and see the housing demand and the housing demand that needs to be helped appropriately in the second quarter." The fifth item is about "increasing the supply of high-quality housing", which is somewhat similar to "demand for improved housing", and its focus is on "high quality", especially in the areas of house type, building materials, digitalization and low-carbon energy saving. "To a certain extent, the next real estate companies should pay close attention to high quality around this sentence, and whoever does a good job can have new opportunities in this round of real estate development."

Yan Yuejin further pointed out that it is very rare for the National Standing Committee to mention real estate in a large way, which also shows that the importance of real estate has increased again. The overall direction of the work is to "optimize the real estate policy", which is very enlightening for understanding the policy trend in the second quarter, and the next big move in the property market may appear.

First-tier cities continue to optimize, and second-tier cities are expected to fully cancel restrictive policies?

Chen Wenjing, director of market research at the China Index Research Institute, pointed out that the meeting continued to emphasize the importance of real estate, real estate sales improved, housing prices stopped falling and stabilized, which is crucial to stabilizing market expectations this year, and the smooth operation of the real estate industry can better protect the interests of the people and provide important support for the realization of the GDP target of about 5%.

Chen Wenjing analyzed that the meeting emphasized effectively stimulating potential demand on the demand side, and focused on increasing the supply of high-quality housing on the supply side. Previously, Minister Ni Hong made it clear at the press conference on the theme of people's livelihood at the two sessions that "the city government should make good use of the autonomy of regulation and control", and then Hangzhou responded positively and canceled the second-hand housing purchase restriction policy. From the perspective of policy trends, first-tier cities may continue to optimize the purchase restriction policy, second-tier cities are expected to fully cancel restrictive policies, and core cities still have room to reduce the down payment ratio, reduce mortgage interest rates, reduce transaction taxes and other policies. Among them, policy support for diversified improvement needs is also expected to continue to increase, for example, core cities such as Beijing, Shanghai and Shenzhen can relax the purchase restriction policy for large-scale housing. In addition, more cities can also support the improvement of demand by lowering the threshold for multi-child families and elderly families to buy a house, increasing the amount of CPF loans, and increasing the number of CPF loans.

On the one hand, it is expected that local governments will increase the supply of core high-quality land plots to provide high-quality land security for more high-quality housing, and at the same time optimize the 1.0 limit of the plot ratio of suburban residential projects, optimize the project price limit, etc., these policy optimizations will be more conducive to enterprises to create high-quality products; Enterprises with good materials, good equipment and strong product strength will play a greater role in increasing the supply of high-quality housing in the future.

Chen Wenjing believes that the construction of affordable housing will accelerate in 2024, and in terms of reforming the basic systems related to commercial housing, it is expected that the land management system, housing transaction system, housing security system, housing finance system, housing tax system and other aspects will usher in the improvement and reform of the system that is compatible with the new stage and new model. In addition, the word "focus" also further reflects the attitude of the central government towards the construction of a new model of real estate development, as the real estate industry enters a new stage of development, the construction of a new model of real estate development is accelerating.

Written by: Qiu Yongfen, reporter of Nandu Bay Finance Agency