After a year of running the second-hand housing reference price, yesterday, the Shenzhen Municipal Bureau of Housing and Urban-rural Development stated that it will adjust the second-hand housing reference price in due course depending on regulatory requirements and market conditions, releasing a positive signal of stabilizing the property market.

　　Under the "housing and not speculating", the city-specific policy on property market regulation has become more and more clear, with the purpose of promoting a virtuous circle and healthy development of the real estate industry.

According to statistics, more than 60 cities have introduced policies to loosen the property market.

Analysts said that for cities with a sluggish market and high inventory pressure, policy loosening will become a trend, while for the property market and well-developed first-tier, new first-tier, and hot second-tier cities, there will be no major adjustments.

　　Second-tier cities take the lead in relaxing property market "restrictions"

　　In 2022, it is the second-tier cities that will take the lead in relaxing the "restriction of sales" to stabilize the property market.

　　On March 1, Zhengzhou City issued the "Notice on Promoting the Virtuous Cycle and Healthy Development of the Real Estate Industry", which launched the "first shot" of this year's comprehensive relaxation of purchase and loan restrictions with the "19 new policies".

　　According to the regulations, if their children and close relatives work and live in Zhengzhou, the elderly are encouraged to come to Zhengzhou to invest in relatives for the elderly and allow them to purchase a new house; Conditions apply for a loan again to buy ordinary commercial housing, and implement the first-home loan policy.

　　"Since 2017, the real estate market in Zhengzhou has continued to be sluggish, and factors such as epidemics and floods are superimposed. It is necessary to introduce policies to stabilize the property market to stabilize the economy." Yan Yuejin, research director of the Think Tank Center of E-House Research Institute, analyzed.

　　After the introduction of the New Deal, the activity of the real estate market has increased.

The monitoring of intermediaries shows that in the two weeks after the policy was released, the transaction volume of new and second-hand houses in Zhengzhou increased by 4.3% and 10.9% respectively compared with the previous two weeks.

　　Harbin, which is also the provincial capital, also announced on March 23 that the regional real estate sales restriction policy introduced in 2018 had completed its phased control mission, so it was abolished and no longer implemented the "newly purchased commercial housing in the 6 districts of the main city". It takes 3 years to be listed and traded”.

　　Send a positive consensus signal to the market

　　In addition to Zhengzhou and Harbin's comprehensive loosening of restrictions on purchases and loans, Dongguan, Beihai, Tangshan and other places have also recently introduced relevant measures such as reducing the down payment ratio of provident funds, increasing loan quotas, and relaxing conditions, creating a window period for the stabilization and recovery of the real estate market.

For example, in Dongguan, the liquidity coefficient of housing provident fund loans has been adjusted from 0.8 to 1 since March; in Beihai, the minimum down payment ratio for working families purchasing a second house or applying for a second housing provident fund loan has been reduced from 60% to 40%. %.

　　According to data from the Central Plains Real Estate Research Institute, since 2022, more than 60 cities across the country have introduced various policies to stabilize the property market.

　　"Policy loosening mainly covers six aspects: relaxing purchase restrictions, loan restrictions, lowering down payment ratio, lowering mortgage interest rates, loosening provident fund loans, relaxing sales restrictions, and housing subsidies." Guan Rongxue, an analyst at Zhuge Housing Search Data Research Center, said that the current round of the property market is underway. Most of the cities that have been loosened have the characteristics of high inventory pressure, and they have gradually extended from the third- and fourth-tier cities to some second-tier cities where market sentiment is relatively low. The coverage has gradually expanded, and the city-specific policies have become more targeted.

　　It can be seen that although different urban development characteristics lead to different levels of policy loosening, the signals released to the market are consistent and positive.

This is also in line with the central government's city-by-city policy to promote a virtuous circle and healthy development of the real estate industry.

　　Attention should be paid to the continuity of city-specific policy regulation

　　This year's "Government Work Report" made it clear that the commercial housing market should be supported to better meet the reasonable housing needs of buyers, and city-specific policies should be implemented to promote a virtuous circle and healthy development of the real estate industry.

　　Analysts said that this means that localities should not only maintain the continuity and stability of regulatory policies, but also pay attention to avoid excessive adjustment and prevent risks.

　　"Since 2017, especially since last year's strict capital control policy, it has been difficult for real estate developers to operate and realize a virtuous circle in the real estate industry." Zhao Xiuchi, a researcher at the Institute of Economic and Social Development of Megacities of Capital University of Economics and Business, said that all localities should The actual property market situation can be adjusted flexibly, with different degrees of correction.

　　This flexibility has already been reflected in first-tier cities.

Just yesterday, the Shenzhen Municipal Bureau of Housing and Urban-rural Development stated that it will adjust the reference price of second-hand housing transactions in due course depending on regulatory requirements and market conditions.

On February 8, 2021, in order to curb the overheating of the property market, Shenzhen became the first city in China to establish a reference price release mechanism for second-hand housing.

　　"Shenzhen's establishment of a second-hand housing transaction reference price release mechanism in 2021 will objectively promote price stability and combat second-hand housing price speculation, which is of positive significance." Yan Yuejin said that moderate adjustment of the reference price after a year of operation is of great significance. It is to guide house prices to truly reflect the value of the house itself.

The policy itself is not rigid, and the local government will actively make flexible adjustments based on the new situation, which is also in line with the policy orientation of "one city, one policy".

　　At the same time, in March, popular cities including Beijing, Shanghai, Shenzhen, Guangzhou, etc. cut mortgage interest rates one after another.

According to data released by the Shell Research Institute, in March 2022, the mainstream first-home loan interest rate in the 103 key cities it monitored was 5.34%, and the second-home loan interest rate was 5.60%, down 13 and 15 basis points from the previous month, respectively.

　　With the arrival of spring in March, what changes will the future property market policies have?

Guan Rongxue said that it is expected that cities with a sluggish market and high inventory pressure will continue to unwind, while first-tier cities and other cities with strong property market resilience will not usher in a major adjustment.

It should be noted that while all localities are appropriately loosening their own market conditions, they must also fully consider potential risks.

At the same time, the supervision and analysis of the market cannot be relaxed. If risk flows in, the policy can be tightened again.

Our reporter Lu Yang