撰写Xinhua News Agency, Beijing, August 9th Question: What signals are released from the continuous adjustment and optimization of the real estate policy?
Xinhua news agency reporter
Extend the implementation period of the loan support plan for Baojiaolou, guide banks to adjust the interest rate of existing individual housing loans, and further implement the "no need to recognize housing loans" … … Recently, relevant departments have frequently voiced their voices, and the real estate policy has been continuously optimized and adjusted. What signals have these new policies released? What impact will it bring?
Optimize policies to support rigid and improving needs.
"The down payment ratio of the second suite has dropped to 40%, the interest rate has dropped to 4.8%, the amount of provident fund loans for our couple has increased to 1 million yuan, and the tax has been refunded by 40,000 yuan … …” Mr. Zhao, a citizen of Nanjing who recently bought a set of improved housing of more than 120 square meters, gave reporters a detailed account of the many preferential policies they enjoyed.
Since the beginning of this year, various localities have continuously optimized their real estate control policies, from optimizing the policy of restricting purchases and sales to lowering the minimum down payment ratio, from granting housing subsidies to strengthening the support of provident fund policies, from housing deed tax subsidies to "mortgage transfer" of second-hand houses … … The real estate policy has been continuously optimized and adjusted, which has strongly supported the rigid and improved housing demand.
This is also reflected in the credit data: in the first half of the year, personal housing loans totaled 3.5 trillion yuan, more than 510 billion yuan more than the same period last year; In June, the interest rate of individual housing loans was 4.11%, down 0.51 percentage points year-on-year.
In the medium and long term, China’s real estate market is shifting from high-speed development in the past to steady development. The the Political Bureau of the Communist Party of China (CPC) Central Committee meeting held on July 24th proposed that we should adjust and optimize the real estate policy in time to adapt to the new situation of great changes in the relationship between supply and demand in China’s real estate market and make good use of the policy toolbox.
Recently, the Ministry of Housing and Urban-Rural Development said that it will further implement policies and measures such as "recognizing housing without recognizing loans" for individual housing loans; The National Development and Reform Commission said that it is necessary to strengthen policy reserves in better meeting the rigid and improved housing needs of residents.
"Considering that the relationship between supply and demand in China’s real estate market has undergone profound changes, there is room for marginal optimization of policies that have been introduced in the long-term overheating stage of the market in the past." Zou Lan, director of the Monetary Policy Department of the People’s Bank of China, said.
When the People’s Bank of China recently deployed its work in the second half of the year, it was clearly stated that the differentiated housing credit policy should be accurately implemented due to the city’s policy, and the interest rate of individual housing loans and the down payment ratio should continue to decline, so as to better meet the rigid and improved housing needs of residents. Guide commercial banks to adjust the interest rate of existing individual housing loans in an orderly manner according to law.
"Taking practical measures from the demand side as soon as possible to better meet the demand for rigid and improved housing will help stabilize and boost residents’ housing consumption." Dong Ximiao, chief researcher of Zhaolian Finance, said that the relevant departments put forward clearer requirements, responded to market calls and sent a positive signal.
In some places, the policy of "testing water" was promoted.
Recently, the policy orientation such as adjusting the interest rate of existing individual housing loans, "no need to recognize housing loans", and tax relief for improved housing purchases has become the focus of market attention. With the encouragement and guidance of relevant departments, some localities and institutions have responded positively.
First-tier cities such as Beijing, Shenzhen, Guangzhou and Shanghai have voiced their voices and will support residents’ rigid and improved housing needs in light of their own real estate conditions. Zhengzhou, Henan, Wuzhou, Guangxi and other places have optimized the standards for determining the number of housing units, and Zhenjiang, Yangzhou, Suzhou and other cities in Jiangsu have introduced preferential tax policies for buying houses … …
Property buyers are also full of expectations for the adjustment of real estate financial policies. A senior agent of a Meikailong Aijia store in Jinqiao District, Pudong New Area, Shanghai, told reporters that the number of customers who came to the store to consult policies has increased significantly recently, and they generally pay special attention to the policy of reducing the down payment ratio and loan interest rate.
Yan Yuejin, research director of Yiju Research Institute, believes that "recognizing houses without recognizing loans" is conducive to activating the housing replacement chain and activating market transactions. Reducing the interest rate of some existing mortgage loans will help reduce residents’ early repayment and illegal "lending" behavior, and boost residents’ willingness and ability to expand consumption.
Dong Ximiao believes that the recent statement of the central bank has changed from "support and encouragement" to "guidance" in response to the adjustment of the interest rate of existing mortgage loans, which sends a more positive signal and will help accelerate the implementation of policies.
Meet the reasonable financing needs of housing enterprises
To consolidate the stabilization and recovery of the real estate market, we must not only boost residents’ housing consumption, but also meet the reasonable financing needs of the real estate industry.
In Changsha in early August, the sun was like fire. The reporter saw in the Ziquetai real estate in Zhengrong Riverside that the workers moved in and out to carry building materials, the installation works of entrance doors, railings and doors and windows were finishing, and the garden landscape projects in the community were also progressing in an orderly manner.
"Due to the shortage of cash flow, the project has been shut down several times since December 2021. At the end of last year ‘ Article 16 of Finance ’ After the implementation of the policy, Zhengrong Real Estate received 124 million yuan of special loan support from Baojiaolou with the help of the special class of Baojiaolou, which quickly realized the project’s resumption of work and ensured the delivery progress. " The person in charge of the project told the reporter.
The picture shows the Ziquetai property located in Zhengrong Riverside, Changsha City on August 5, with workers under construction. Xinhua News Agency reporter Liu Wangmin photo
In November last year, the financial management department issued 16 policies and measures to support the stable and healthy development of the real estate market, to maintain the stability of key financing channels for real estate, and to vigorously promote the resumption of construction of projects in various places. In the first half of this year, development loans increased by more than 420 billion yuan, an increase of about 200 billion yuan over the same period last year.
The financial management department recently extended the application period of the relevant policies of "Article 16 of Finance" and the implementation period of the loan support plan for Baojiaolou, so as to guide banks to continue to extend the stock financing of real estate enterprises and increase financial support for Baojiaolou. A few days ago, the People’s Bank of China held a symposium on financial support for the development of private enterprises, and the main leaders of a number of housing enterprises were invited to attend. The meeting emphasized that financial institutions should meet the reasonable financing needs of private real estate enterprises.
Wen Bin, chief economist of China Minsheng Bank, believes that with the implementation of a series of financial support policies, the cash flow of high-quality housing enterprises will be more strongly guaranteed, and the security building will be steadily promoted, and the risks will tend to converge. After the risk is cleared, the industry will gradually enter a benign development track. (Reporter Wu Yu, Zheng Juntian, Deng Huaning, Liu Wangmin)