(Economic Observation) Using two "supports" in a row, the Political Bureau of the Central Committee released three major signals of property market regulation
China News Agency, Beijing, April 29th: Using two "supports" in a row, the Political Bureau of the Central Committee released three major signals for the regulation of the property market
China News Agency reporter Pang Wuji
When talking about the real estate market at the Politburo meeting of the CPC Central Committee held on the 29th, it used two "supports" in a row: supporting local governments to improve real estate policies based on local conditions, supporting rigid and improved housing needs, optimizing the supervision of pre-sale funds for commercial housing, and promoting real estate. The market developed steadily and healthily.
A number of experts analyzed that this meeting not only mentioned the demand side, but also the supply side, which marked a more unified top-down real estate policy goal and released three major policy signals.
First, the demand side: supporting reasonable housing needs
The above two "supports" mean that there is still room for further efforts to improve policies on the demand side in the future, and city-specific policies will continue to be the focus of this year's regulation.
According to incomplete statistics from the Zhuge Housing Data Research Center, more than 85 cities have issued supportive real estate-related policies since the beginning of this year, with more than 100 introductions, including increasing the amount of provident fund loans, reducing the down payment ratio of commercial loans, and reducing housing loans. Interest rate, relaxation of purchase restrictions, loan restrictions, sales restrictions, etc.
Since April, local regulation has become more intensive and more intensive, and some high-energy cities have also begun to adjust their policies.
Li Yujia, chief researcher of the Guangdong Provincial Housing Policy Research Center, pointed out that the meeting emphasized "starting from the local reality", which means that the city-specific policy will be further refined, and the local city-specific policy and the authority to adjust the policy will increase.
Some restrictive policies that are too strict are expected to be gradually loosened, such as: purchase restrictions, loan restrictions, sales restrictions, etc., or will be adjusted flexibly.
Xu Xiaole, chief market analyst at the Shell Research Institute, said that housing loan interest rates, transaction taxes and other housing costs are expected to be further reduced to release rigid and improved demand.
Wang Xiaoqiang, chief analyst of Zhuge Housing Data Research Center, believes that follow-up policies will be inclined to support improved demand, such as shortening the VAT exemption period, shortening the sales restriction period, and strengthening the liquidity of the second-hand housing market.
Second, the supply side: optimize the supervision of pre-sale funds
Wang Xiaoqiang said that since the beginning of this year, policy adjustments have mostly started from the demand side, and there have been fewer supportive measures on the supply side.
This meeting clearly pointed out that the supervision of pre-sale funds for commercial housing should be optimized, reflecting that the policy pays more attention to the simultaneous efforts of both sides of supply and demand.
Optimizing the supervision of pre-sale funds can directly affect the cash flow of enterprises.
Chen Wenjing, market research director of the Index Division of the China Index Research Institute, said that regulators have paid attention to the problem of poor return of funds from housing companies in some cities.
She suggested that in the downturn stage of the industry, the efficiency of capital use should be improved on the premise of ensuring the safety of funds. It is necessary to seek a new balance between the supervision of "guaranteing the delivery of buildings" and the efficiency of capital use, and reasonably release the pre-sale funds to ease the short-term funds of housing enterprises. At the same time, it protects the legitimate rights and interests of upstream and downstream suppliers and stabilizes market confidence.
Li Yujia suggested that for the supervision of pre-sale funds, the separation of old and new funds can be adopted.
The new funds are closed and revitalized through new projects. The first thing to ensure is the delivery of the building, and then repay the new investors, and the remaining funds are used to solve other debts.
By repairing the parts piece by piece, the whole will be revitalized.
Third, "housing is not for speculation": keep the bottom line
Xu Xiaole believes that with the implementation of the follow-up policies, the demand for house purchases will gradually be released, the market will be deregulated, the liquidity risks of housing enterprises will be cleared, consumers' worries about purchasing new houses will be eased, market expectations will be improved, and positive feedback will be formed on both sides of supply and demand.
It should be noted that this meeting still reiterated the positioning of "housing and not speculating".
Li Yujia said that continuing to emphasize "housing and not speculating" means that the policy will not condone the stimulation of the property market without a bottom line.
The current downturn in the property market is largely related to the impact of the epidemic.
The policy cannot be short-term because of the short-term impact of the epidemic.
Policies must do something and refrain from doing something, and gradually guide the market to stabilize and improve expectations.
In addition, judging from the recent policy rhythm in various places, Li Yujia pointed out that policy support is by no means a one-off withdrawal or stimulation, but a gradual relaxation, taking one step at a time, leaving enough space for the future and preventing the market from ups and downs.