Sino-Singapore Jingwei Client February 25 (Xue Yufei) Since February, in order to unfreeze the frozen real estate market, various regions have introduced policies to stabilize the property market. The client of Sino-Singapore Jingwei noted that in recent days, some localities have shifted from the rescue policy for housing companies to shifting efforts on the demand side to support home buyers. For example, Henan Zhumadian issued a policy to reduce the down payment ratio of the first housing provident fund loan, becoming the first city in the country to reduce the down payment ratio.
The industry believes that the previously issued stable real estate market policies are mainly focused on the deferral of land payments and the relaxation of pre-sale conditions. This can only relieve short-term pressure on enterprises and has limited stimulus effect on the market. force. At present, some cities have begun to introduce new measures to relax settlement conditions and issue housing purchase subsidies, and more benefits will be introduced one after another.
Bail-out housing companies to ease short-term funding pressure
Photograph by Dong Jingyi of Xin Jingwei in a building group in Chengdu
In the face of the outbreak of the new crown pneumonia epidemic, many cities require the sales department and other staff-intensive places to suspend business, and the property market "Xiaoyangchun", which had been expected by the industry, died out.
Kerr Data Research Center said that more than 100 cities across the country have suspended the opening of sales offices, more than 90 cities have zero supply of housing, and 24 cities have zero transactions during the Spring Festival holiday (New Year's Eve to the sixth day of the year), which is a month-on-month decrease from the week before the outbreak. 93%. The following week expanded to 27 cities with zero transactions, a 95% drop from the week after the holiday last year.
Faced with this situation, policies to stabilize the real estate market are on the agenda. Looking back on the policy of stabilizing the property market that continues to this day, multi-regional and multi-sectoral efforts were initially made on the supply side, starting with relieving the short-term difficulties faced by real estate companies.
Kerr Data Research Center previously stated that there have been more than 10 provinces and cities such as Hebei, Tianjin, Chongqing, Zhejiang, Shanghai, Xi'an, Wuxi, Nanchang, and Hangzhou, and introduced a new phased rescue policy for the real estate industry, especially real estate companies. Afterwards, data show that more than 20 provinces and cities have adopted similar policies. It was found that the rescue policies mainly include deferred or instalment payment of land transfer fees, reduction of land auction deposit ratio, relaxation of pre-sale conditions, deferred payment of taxes, and enterprises with difficulties can apply for exemption of real estate tax and urban land use tax.
"These policies are intended to ease the pressure on real estate companies' capital turnover and support the healthy and stable development of the local real estate market and macro economy." The above-mentioned research center believes.
However, Zhang Dawei, the chief analyst of Zhongyuan Real Estate, said that the clients of Zhongxin Jingwei said that these policies can play a role in alleviating the short-term funding pressure of real estate enterprises, but that slowing down is not a non-payment, and has little effect on stabilizing the market. Yang Hongxu, deputy dean of Shanghai E-House Real Estate Research Institute, said that the local government mainly provides certain support policies to real estate development enterprises affected by the epidemic that cannot normally start, sell, and acquire land, mainly on the supply side, but determines short-term changes in the real estate market. The factor is on the demand side.
At the same time that supply-side support policies have been introduced in various places, some real estate industry associations have begun to recommend starting from the demand side to improve the market environment. For example, Anhui Real Estate Chamber of Commerce, Jiangxi Provincial Real Estate Association and other associations have proposed a number of measures, including appropriate relaxation of purchase restriction policies, reduction of the mortgage down payment ratio, and reduction of taxes and fees on second-hand housing transactions. However, these suggestions are just the ideas of industry associations, and they have not really come true.
Down payment policy appears after subsidies arrive
Photograph by Xue Yufei of Xinjingwei in the exterior of a community in Fangshan District, Beijing
Xie Yifeng, Dean of the China Urban Real Estate Research Institute, said that although there are some related policies for housing companies, but they are not national, corporate financing is still strict, and the market needs to work hard on the demand side to allow companies to recover money through sales. To improve funding. Kerrie Data Research Center believes that the epidemic has made the property market that was already in a downward phase even more downturn. With the epidemic being effectively controlled, policy support entities will also shift from various real estate companies to stimulate demand for housing. Strategy.
On February 14, the ten departments of Hengyang City, Hunan Province issued a total of 17 property market policies. In addition to the preferential policies for enterprises, on the demand side of housing purchases, Hengyang also introduced housing purchase subsidies, expanded the scope of talent purchase housing subsidies, and increased housing provident fund support. Measures. According to the regulations, for the purchase of newly-built commercial houses (including residential and non-residential) and existing houses, an online signing agreement is signed and the deed tax is paid. The deed tax rate paid is fully subsidized at 1%. A one-time housing subsidy of 50,000 yuan for full-time undergraduates from non- "double first-class" universities.
In order to ensure the resumption of production and resumption of business, the Xiangcheng District of Suzhou issued a notice on February 20th to relax the restrictions on those who have full-time undergraduate and higher education degrees who are willing to work in the “same” sector. High-skilled talents of one month are included in the scope of issuance of talent certificates, and house purchases in the district are not affected by restrictions such as household registration, social security, and points.
In other words, the Xiangcheng District of Suzhou not only lowers the threshold for entry, but also highly qualified talents who meet certain conditions can bypass the property market restriction policy and directly buy a house.
On February 21, Zhumadian City, Henan Province issued a statement saying that the housing provident fund loan amount was increased from 450,000 yuan to 500,000 yuan; the down payment ratio of the housing provident fund loan for the first house was reduced from 30% to 20%, and the down payment ratio for the second house loan was still The implementation is unchanged at 30%; subsidies for the purchase of the first set of residential housing are given at 200 yuan / ㎡ for various talents, 150 yuan / ㎡ for college graduates and above, and 100 yuan / ㎡ for migrant workers.
Zhumadian reduced the down payment ratio of the first set of provident fund loans from 30% to 20%, attracting market attention. Zhang Dawei pointed out that this is the first city in China to reduce the down payment ratio. Yan Yuejin, research director of the Think Tank Center at the E-House Research Institute, told the client that the adjustment of the down payment ratio is a strong “warm property market” policy that will stimulate demand for home purchases.
Regarding the subsidy policy for house purchase, Yan Yuejin said that Zhumadian's subsidy policy covers a full range and also pays attention to the occupation and characteristics of buyers. Recently, many cities including Hengyang and Ma'anshan have launched similar initiatives. It is expected that home purchase subsidies will become an important tool for stabilizing the property market.
The sales department gradually opened and the loose policy was successively implemented
Photograph by Xiong Xiyi of Xinjingwei in the community
After hard work, the current situation of epidemic prevention and control is expanding. At present, some places have begun to resume production in an orderly manner. As far as the real estate industry is concerned, positive signals are accumulating.
On February 20, the Nanjing Municipal Bureau of Housing and Urban-Rural Development issued a Work Plan on Orderly Restoration of Commercial Housing Sales. The plan states that in the main urban areas such as Xuanwu, Qinhuai, Jian'ou, and Drum Tower, which have a high concentration of personnel, adhere to the priority of epidemic prevention and control. Promote the opening of sales offices in an orderly and safe manner; in areas such as Qixia, Yuhuatai, and Jiangning, make every effort to promote the opening of sales offices under the premise of safety and control.
On February 21, the Henan Provincial Housing and Construction Department and other departments said that under the condition of ensuring the prevention and control of the epidemic, support for real estate companies' offices, sales offices, and project construction sites in minor epidemic areas should be fully resumed and should be resumed to guide the impact of the epidemic. Orderly resumed production in heavy areas.
However, the Kerri Research Center said on the 22nd that through investigation of 6,880 projects in 48 cities in the new housing market, it was found that nearly 70% of physical sales offices have not yet opened, and only 20% of urban sales offices are open more than 60%; Second-hand brokers have 8383 stores in 25 cities, of which 60% of the stores are closed, and the other 40% of the stores have been converted to online offices, and only 4% of personnel provide physical services.
On the other hand, as the epidemic has a certain impact on China's macroeconomic operation, the industry also predicts that in order to keep economic growth in a reasonable range, financial policies may appear loose. For example, on February 20, a new loan market quoted interest rate (LPR) was announced. Compared with the previous month, the one-year term fell by 10 basis points to 4.05%, and the 5-year term and above fell by 5 basis points to 4.75%.
On February 24, Chen Yulu, deputy governor of the People's Bank of China, said that the People's Bank of China will make the sound monetary policy more flexible and appropriate. Continue to maintain a reasonable and abundant liquidity, and guide the overall interest rate of the market to continue to fall through the guidance of policy interest rates, reducing corporate financing costs.
Yan Yuejin predicts that starting from March, the situation similar to the reduction of the down payment ratio of provident fund loans will gradually increase, and the market for house purchase transactions is expected to improve. The Kerr Research Center believes that more second- and third-tier cities will partially or even fully relax regulation and control, and cities with greater downward pressure on the market will even introduce policies to stabilize the real estate market, such as subsidies for housing purchases and reductions in taxes and fees.
Xie Yifeng said that last year or even earlier, some cities have gradually relaxed their regulatory policies such as price restrictions, sales restrictions, and visa restrictions. Affected by the epidemic, purchase and loan restrictions in third-, fourth-, and even second-tier cities may also be adjusted in March and April this year, but this adjustment will be relatively slow and there will not be a situation where all of them are released at once. (Zhongxin Jingwei APP)
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