Chao News client reporter Zhang Rong
Recently, the four departments of Beijing issued the "Notice on Optimizing the Policies and Measures for the Stable and Healthy Development of the Real Estate Market in the City", which clearly implemented the adjustment of the minimum down payment ratio and the lower limit of the interest rate of commercial personal housing loans, adjusted the minimum down payment ratio of personal housing loans of the housing provident fund, supported the needs of families with many children to improve housing, increased the amount of provident fund loans for the purchase of green buildings and other housing, and organized and carried out housing "old for new" activities and other policy measures.
Yan Yuejin, research director of the E-House Real Estate Research Institute, said that since May 17, the People's Bank of China, the State Administration of Financial Supervision and Administration and other departments issued a series of measures to support real estate, the four first-tier cities have made systematic optimization and adjustment of housing purchase policies.
Source: Visual China
Yan Yuejin said that in addition to the relaxation of the housing purchase policy for local and foreign household registration, first-tier cities have relaxed operations in single groups, divorced families, multi-child families, corporate house purchases, gifts, etc.
Photo courtesy of the interviewee
Under the guidance of the relevant new policies, the down payment ratio of four first-tier cities has been reduced, among which the minimum down payment ratio for the first home in Beijing, Shanghai and Shenzhen is 20%, and the minimum down payment ratio for the first home in Guangzhou is 15%. Yan Yuejin said that at present, the down payment ratio in the four first-tier cities has reached the lowest level in history, and based on the orientation of job-housing balance and the guarantee of improved housing demand, Beijing and Shanghai have implemented a more relaxed down payment ratio policy for second homes in key areas of job-housing balance.
Photo courtesy of the interviewee
At the same time, the four first-tier cities have lowered their mortgage interest rates, which are at a low level based on the current LPR (loan prime rate) and basis points.
Photo courtesy of the interviewee
In terms of provident fund loans, the reduction of the down payment ratio of provident fund is consistent with the commercial loan policy; The reduction in the interest rate of provident fund loans is in line with the overall tone set in the country, such as the reduction of the interest rate on the first home in five years from 3.1% to 2.85%; The threshold for the withdrawal and use of provident fund has also been positively adjusted, for example, Guangzhou allows the withdrawal of provident fund to pay for the down payment for the purchase of the first newly built commercial housing.
Photo courtesy of the interviewee
Implementing the policy orientation of "coordinating the study and digestion of stock real estate and optimizing incremental housing", "trade-in" has become an important innovative policy in first-tier cities this year.
According to the monitoring data of the China Index, as of June 25, 2024, more than 85 cities across the country have launched housing "trade-in" measures, which can be divided into two mainstream models: "state-owned enterprises collecting the old for the new" and "intermediaries giving priority to selling", with more than 30 or 40 cities participating respectively. In this adjustment, Beijing clarified that "guide industry associations to build a tripartite docking platform for development enterprises, brokerage institutions, and home-buying families, encourage development enterprises and brokerage institutions to provide high-quality services, implement preferential measures, and support home-buying families to 'trade in the old for the new'", which belongs to the "intermediary priority selling" model.
Yan Yuejin believes that through the work of "exchanging the old for the new", the vitality of second-hand housing in first-tier cities has increased, and at the same time, the enthusiasm for new housing subscription has also increased significantly.
Photo courtesy of the interviewee
In Yan Yuejin's view, at present, the four first-tier cities have opened a relatively relaxed housing purchase cycle in history, which has a very strong signal significance and is also of great significance for the healthy development of the national real estate industry.
First, first-tier cities are the key cities in this round of major adjustments in the relationship between supply and demand, and there are many new changes in both market conditions and market characteristics. The policy adjustment and optimization efforts of first-tier cities are unprecedentedly large, which is completely consistent with the new situation under the major changes in the relationship between supply and demand, and also reflects the orientation of timely optimization of overly strict policies during the overheating period.
Second, the first-tier cities have systematically adjusted and optimized various housing purchase policies, fully reflecting the city-specific policies, comprehensive policies, and precise policy orientation, and better meeting residents' rigid housing needs and diversified improved housing needs.
Third, in the process of this round of property market recovery, first-tier cities need to bear greater responsibility, their urban fundamentals are generally good, and the market performance has also attracted considerable national attention. Under such continuous easing policies, the market has a tendency to further boost, which will also play a positive role in boosting the confidence of the national market and recovering in an all-round way.
Photo courtesy of the interviewee
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