May 17th
The People's Bank of China issued three consecutive circulars
The specific notice is as follows
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The People's Bank of China on adjustment
Notice of interest rate policy for commercial personal housing loans
People's Bank of China Shanghai Headquarters, branches of all provinces, autonomous regions, municipalities directly under the Central Government and cities with separate planning status; Commercial banks in various countries, Postal Savings Bank of China, joint-stock commercial banks:
In order to implement the decisions and arrangements of the Party Central Committee and the State Council, adapt to the new changes in the relationship between supply and demand in the mainland real estate market, the new expectations of the people for high-quality housing, and promote the steady and healthy development of the real estate market, the following notice is hereby given on matters related to the adjustment of the interest rate policy for commercial personal housing loans:
1. Abolish the lower limit of the interest rate policy for commercial personal housing loans for the first and second houses at the national level.
2. Each provincial-level branch of the People's Bank of China, in accordance with the principle of city-specific policy, guides the self-discipline mechanism of market interest rate pricing at the provincial level, and independently determines whether to set the lower and lower limits of the interest rate of commercial personal housing loans in each city within their jurisdiction (if any) in accordance with the real estate market situation of each city within their jurisdiction and the regulation and control requirements of the local government.
3. Banking financial institutions shall, in accordance with the lower limit of interest rates (if any) determined by the self-discipline mechanism of market interest rate pricing at the provincial level, reasonably determine the specific interest rate level of each loan in combination with the operating conditions of the institution, customer risk status and other factors.
In the event of any inconsistency between the previous relevant provisions and this Notice, this Notice shall prevail.
People's Bank of China State Administration of Financial Supervision and Administration
About the adjustment of personal housing loans
Notice of the Minimum Down Payment Percentage Policy
People's Bank of China Shanghai Headquarters, branches of all provinces, autonomous regions, municipalities directly under the Central Government and cities with separate planning status; the supervision bureaus of the State Administration of Financial Supervision and Administration; Commercial banks in various countries, Postal Savings Bank of China, joint-stock commercial banks:
In order to implement the decisions and arrangements of the CPC Central Committee and the State Council, to adapt to the new changes in the supply and demand relationship of the mainland real estate market, the new expectations of the people for high-quality housing, and to promote the steady and healthy development of the real estate market, the relevant matters of the personal housing loan policy are hereby notified as follows:
For households that take out loans to purchase commercial housing, the minimum down payment ratio for commercial personal housing loans for the first house is adjusted to not less than 15%, and the minimum down payment ratio for commercial personal housing loans for second houses is adjusted to not less than 25%.
On this basis, the provincial-level branches of the People's Bank of China and the dispatched agencies of the State Financial Supervision and Administration independently determine the lower limit of the minimum down payment ratio for commercial personal housing loans for the first and second houses in each city under their jurisdiction in accordance with the requirements of urban regulation and control and in accordance with the principle of city-specific policies.
The People's Bank of China issued a report on the downward adjustment
Notice of the interest rate of the personal housing provident fund loan
People's Bank of China Shanghai Headquarters, branches of all provinces, autonomous regions, municipalities directly under the Central Government and cities with separate planning status; All policy banks, state-owned commercial banks, Postal Savings Bank of China, and joint-stock commercial banks:
The People's Bank of China decided to reduce the interest rate of personal housing provident fund loans by 0.25 percentage points from May 18, 2024, and the interest rate of the first set of personal housing provident fund loans for less than 5 years (including 5 years) and more than 5 years will be adjusted to 2.35% and 2.85% respectively, and the interest rate of the second set of personal housing provident fund loans for less than 5 years (including 5 years) and more than 5 years will be adjusted to not less than 2.775% and 3.325% respectively.
The real estate sector has risen in a straight line
On the afternoon of May 17, the real estate sector rose rapidly, as of press time, the development of urban construction touched the daily limit, Tiandiyuan returned to the daily limit, Binjiang Group rose more than 7%, Hefei urban construction, the first shares, etc. followed.
On May 17, the National Bureau of Statistics released housing price data for 70 cities.
Judging from the data, in April, among the 70 large and medium-sized cities, housing prices in all lines continued to decline, and the year-on-year decline expanded. The number of cities with a month-on-month decline in new home prices increased to 64, and the number of cities with a month-on-month decline in second-hand home prices increased to 69.
It is worth noting that the month-on-month increase in new home prices in Shanghai has ranked first in the country for two consecutive months.
Industry insiders believe that there have been new changes in the market situation in April, and it is urgent to have a more accurate and efficient destocking policy to stabilize housing prices and expectations, and it is expected that a series of blockbuster policies will be introduced in the near future.
According to data from the National Bureau of Statistics, in April, among the 70 large and medium-sized cities, housing prices in all lines continued to decline, and the year-on-year decline expanded. The number of cities with falling new home prices increased, from 57 in the previous month to 64. There was only 1 city where second-hand housing prices rose, and 69 cities saw a decline in housing prices.
From the perspective of new housing data, the price of new homes in first-tier cities fell by 0.6% month-on-month, an increase of 0.5 percentage points from the previous month. Among them, Beijing, Guangzhou and Shenzhen fell by 0.7%, 1.3% and 1.0% respectively, and Shanghai rose by 0.3%. New home prices in second- and third-tier cities fell by 0.5% and 0.6% month-on-month respectively, with the decline rate both increasing by 0.2 percentage points from the previous month.
Judging from the second-hand housing data, the price of second-hand housing in first-tier cities fell by 1.1% month-on-month, an increase of 0.4 percentage points from the previous month. Among them, Beijing, Shanghai, Guangzhou and Shenzhen decreased by 1.6%, 0.8%, 1.4% and 0.7% respectively. Second-hand housing prices in second- and third-tier cities both fell by 0.9% month-on-month, and the decline rate increased by 0.4 percentage points from the previous month.
From the ranking of the month-on-month increase in housing prices, the top price increases in new homes are: Shanghai increased by 0.3%, ranking first; Taiyuan and Zunyi both rose by 0.2%, tied for second; Tianjin, Xi'an, and Pingdingshan all rose by 0.1%, tied for third. There is only one city in Kunming where second-hand housing prices rose month-on-month, with an increase of 0.2%.
In terms of year-on-year data, in April, the price of new homes in first-tier cities fell by 2.5% year-on-year, an increase of 1.0 percentage points from the previous month. Among them, Beijing, Guangzhou and Shenzhen fell by 0.5%, 6.9% and 6.7% year-on-year respectively, and Shanghai rose by 4.2%. The prices of new homes in second- and third-tier cities fell by 2.9% and 4.2% year-on-year respectively, an increase of 0.9 and 0.8 percentage points respectively from the previous month.
In the year-on-year data of second-hand housing prices, first-tier cities fell by 8.5% year-on-year, an increase of 1.2 percentage points from the previous month, of which Beijing, Shanghai, Guangzhou and Shenzhen fell by 8.0%, 7.5%, 10.2% and 8.5% respectively. Second-hand housing prices in second- and third-tier cities fell by 6.8% and 6.6% year-on-year respectively, both of which increased by 0.9 percentage points from the previous month.
Source: Oriental Net, CCTV News Client, People's Bank of China, CCTV Finance, National Bureau of Statistics, Securities Times