Property market policy
The new "Combo Punch" is here!
At 10 a.m. on Thursday, October 17, the Information Office of the State Council held a press conference, at which Ni Hong, Minister of Housing and Urban-Rural Development, Song Qichao, Assistant Minister of Finance, Liu Guohong, Vice Minister of Natural Resources, Tao Ling, Deputy Governor of the People's Bank of China, and Xiao Yuanqi, Deputy Director of the State Administration of Financial Regulation, introduced the relevant situation of promoting the stable and healthy development of the real estate market.
According to the press conference, the Ministry of Housing and Urban-Rural Development, in conjunction with relevant departments, will guide all localities to act quickly, grasp the implementation of stock policies, grasp the introduction of incremental policies, and play a set of combination punches to promote the market to stop falling and stabilize.
How do you fight a "combination punch"?
To sum up, there are four cancellations,
Four decreased, two increased
Four cancellations
City governments should be given full autonomy in regulation and control, and city governments should adjust or cancel all kinds of restrictive measures according to the city's policies. It mainly includes the cancellation of purchase restrictions, the cancellation of sales restrictions, the cancellation of price restrictions, and the cancellation of ordinary residential and non-ordinary residential standards.
Four lowered
- The interest rate of housing provident fund loans was reduced by 0.25 percentage points;
- The down payment ratio has been reduced, and the minimum down payment ratio for the first and second home loans has been unified to 15%;
- Lowering interest rates on existing loans;
- Reduce the tax burden of "selling the old and buying the new" for housing.
Through the implementation of these policies, the cost of housing for residents will be reduced, the pressure of loan repayment will be reduced, and the demand for rigid and improved housing will be supported.
Two increases
- Through monetization and resettlement, an additional 1 million units of urban villages and dilapidated houses have been renovated.
- By the end of the year, the credit scale of "whitelist" real estate projects will be increased to 4 trillion yuan.
Since the release of relevant policies, the effect of the policy has begun to appear, real estate development investment, new commercial housing sales and other major indicators of decline continued to narrow, especially since the end of September, the number of first-hand house visits, visits, and contracts has increased significantly, the number of second-hand housing transactions has continued to rise, and the market has seen positive changes. According to media reports, real estate policy support in many places has increased, and the property market in first-tier cities has recovered across the board.
State Administration of Financial Supervision: All loans for commercial housing projects have been managed according to the "white list" mechanism
According to the relevant person in charge of the State Administration of Financial Supervision, at present, the conditions for managing all loans for commercial housing projects in accordance with the "white list" mechanism have been met, and the real estate projects that meet the standard conditions of the "white list" should be managed according to the "white list", so as to "make every effort to advance".
As of October 16, 2.23 trillion yuan of loans have been approved for "whitelist" real estate projects. It is expected that by the end of 2024, the amount of loans approved for "whitelisted" real estate projects will double to more than 4 trillion yuan.
Ni Hong, Minister of Housing and Urban-Rural Development: Five policies support monetized resettlement housing and allow local governments to issue special bonds
Ni Hong said that 1 million new sets of urban village renovation and dilapidated housing will be implemented through monetized resettlement housing, mainly considering that some conditions are mature, the masses are eager to transform, and the preliminary work is relatively solid, and monetized resettlement can better meet the needs of the masses to choose the type and location of the house independently, and there is no need to wait for the transition period.
- What kind of projects can receive policy support?
First, the masses have a strong desire to transform and have prominent potential safety hazards.
Second, the two plans of the project should be mature: one is that the expropriation and resettlement plan is mature and solid, and the other is that the funds are balanced, so as to achieve the overall balance of the project and avoid the risk of new local debts.
- Five main support policies
The first is to give priority support to cities above the prefecture level, the second is to give special loans to development and policy-oriented financial institutions, the third is to allow local governments to issue special bonds, the fourth is to give preferential tax treatment, and the fifth is to issue loans by commercial banks according to assessment.
The Ministry of Housing and Urban-Rural Development responds to the "siphon effect" of the property market: policies are implemented according to the city
In response to a question about the "siphon effect", the Ministry of Housing and Urban-Rural Development said that from the perspective of law, the "siphon effect" is a common phenomenon in the development process of cities around the world. However, from the perspective of impact, the "siphon effect" has advantages and disadvantages, and the "siphon effect" will have different impacts in different cities and different stages of development of cities.
In the process of urbanization, China has focused on the strategy of guiding the coordinated development of large, medium, and small cities and towns. City-specific policies are an institutional arrangement to prevent the siphoning of negative effects in the real estate sector.
Ministry of Housing and Urban-Rural Development: In order to adapt to the birth of a second child, it is necessary to support local governments to increase the housing area of the guaranteed objects
The Ministry of Housing and Urban-Rural Development said that in order to meet the needs of having a second child, support the local government to combine the actual situation and increase the housing area of the target of the guarantee, the city governments must optimize and improve the real estate policy in combination with the local reality, and at the same time, we must increase the security and strengthen the bottom line of housing security. By the end of this year, it is planned that 4.5 million young people and new citizens will be able to live in affordable housing.
Ministry of Housing and Urban-Rural Development: 2.46 million units have been delivered
According to the person in charge of the Ministry of Housing and Urban-Rural Development, the State Council has deployed the battle of "ensuring the delivery of housing" for five months, and at present, the battle of "ensuring the delivery of housing" has been vigorously promoted in various places, and 2.46 million units have been delivered, with obvious results. The battle of "guaranteeing the delivery of housing" has given buyers a "reassurance", and the expectations of the market have also changed dramatically.
In the process of implementation, the Ministry of Housing and Urban-Rural Development will work with relevant departments to form a joint force and play a good combination. Set up a special team, together with the development and reform, finance, auditing, public security, courts, banks, natural resources, financial supervision and other departments to focus on two hands: one hand to grasp the "white list" to solve the problem of construction funds for the project; Grasp the progress of delivery with one hand, through the responsibility of local governments, real estate enterprises, financial institutions and other parties, in accordance with the principle of marketization and rule of law, one floor and one policy, classified advancement, and strive for the early delivery of housing.
At the same time, the Ministry of Housing and Urban-Rural Development will speed up bankruptcy reorganization or liquidation of insolvent and problematic projects in accordance with the principles of rule of law and marketization, and effectively safeguard the legitimate rights and interests of home buyers.
According to the Ministry of Housing and Urban-Rural Development, in the work, it is also particularly emphasized that those who violate laws and regulations and harm the interests of the masses must be resolutely investigated and dealt with, and they must not be allowed to get out of their shells, nor can they be fooled.
The Ministry of Housing and Urban-Rural Development judged that the housing sales data in October will be a positive and optimistic result
According to the relevant person in charge of the Ministry of Housing and Urban-Rural Development, the relevant departments have introduced a series of policy measures such as fiscal and taxation and finance, and local governments have also canceled or adjusted restrictive measures due to urban policies to support rigid and improved housing demand, which has greatly boosted market confidence. Judging from the reaction of the market, the number of housing visits and visits in many cities and projects has increased significantly, the sales volume has also increased in different ways, and the main indicators of real estate have also improved significantly. The National Bureau of Statistics will release relevant data in the near future. In particular, the first-tier cities have stabilized across the board since October, and at the same time, we have also seen that China's real estate market has begun to bottom out after three years of continuous adjustment under the effect of a series of policies. The Ministry of Housing and Urban-Rural Development judged that the data for October would be positive and optimistic.
ZhiduoD: Taking Guangzhou as an example, from the implementation of the new policy on September 30 to October 12, the city's first-hand residential subscriptions were 6,687 units, 2.37 times that of the same period last year, and 3,771 second-hand residential units were signed online, a year-on-year increase of 23%.
Ministry of Finance: The acquisition of stock commercial housing with special bonds shall be implemented by local independent decision-making and voluntariness
The Ministry of Finance said that for the acquisition of stock commercial housing by special bonds for affordable housing, this policy is implemented by local independent decision-making and voluntariness, following the principle of rule of law, in accordance with the market-oriented mode of operation, and on the basis of ensuring the balance of project financing income, local governments arrange special bonds to purchase stock commercial housing.
In terms of specific operation, the purpose of special bonds for land acquisition and storage is mainly to support all localities to reasonably determine the purchase price in light of the actual situation and with the owners and enterprises of the stock land, properly handle the creditor's rights and debts involved in the recovery of the stock of land, reasonably determine the scope of special bond projects, and arrange the issuance and expenditure of special bonds in a timely manner.
The stock mortgage will be adjusted in batches on the 25th of this month
The person in charge of the People's Bank of China introduced that on September 29, the People's Bank of China released relevant policy documents to improve the pricing mechanism of commercial personal housing loan interest rates. On October 12, major commercial banks issued detailed operating rules, and at present, commercial banks are working overtime to change contracts, revise systems, and make various preparations. It is expected that most of the existing housing loans will be adjusted in batches on October 25, which means that everyone can check the adjustment results through the designated channels of the lending bank on October 26. Some small and medium-sized banks may complete the adjustment slightly later, and it is generally expected to be completed before October 31.
For convenience, the vast majority of borrowers do not need to visit a bank branch:
- For the housing loan with a floating interest rate, the borrower does not need to apply, and the commercial bank will adjust it in batches, and this part of the stock of housing loans accounts for more than ninety percent.
- For the mortgage with a fixed interest rate, the borrower can apply for it through the online banking and mobile banking of the commercial bank, and there is no need to go to the bank branch.
- For those who obtain housing loans from small and medium-sized banks, the borrower needs to go to the bank branch to handle the loan because the network system of some small and medium-sized banks is not complete.
For details, please pay attention to the announcement of the lending bank.
Source: CCTV News Client, CCTV Finance, South+
Editor-in-charge: Li Jiani
Editor: Anne Xu