(Economic Observer) Four days and three cities relaxed purchase restrictions. China’s real estate market welcomes a period of intensive policy adjustments.

　　China News Service, Beijing, January 31st: Title: Purchase restrictions relaxed in three cities over four days, China’s property market welcomes a period of intensive policy adjustments

　　China News Service reporter Pang Wuji

　　After Guangzhou relaxed purchase restrictions on housing with a construction area of ​​more than 120 square meters on January 27, Shanghai and Suzhou also announced the relaxation of housing purchase restrictions within four days. The industry believes that this means that the property market purchase restrictions that have been gradually implemented in China’s hot cities since 2010 have a clear signal to relax, and China’s property market is ushering in a period of intensive policy adjustment.

　　The new house purchase policy recently issued by Shanghai City stipulates that starting from January 31, non-Shanghai residents who have paid social insurance or personal income tax in Shanghai for five consecutive years or more can purchase a house in areas outside the outer ring (except Chongming District) with a limit of 1 housing to better meet the reasonable housing needs of residents and promote regional job-housing balance and industry-city integration.

　　Previously, non-Shanghai registered residents had to meet two conditions: "five years of social security" and "married" to purchase a house. This time, the "married" requirement has been canceled for areas outside the outer ring of Shanghai.

　　According to statistics from the China Index Research Institute, in 2023, the transaction area and supply area of ​​commercial housing (excluding affordable housing) in Shanghai's outer ring road accounted for about 70% of the city's total, the transaction value accounted for 52.3% of the city's total, and the short-term inventory area accounted for 81.5% of the city's total. The area outside the outer ring covers some popular areas including Tangzhen, Huacao and Sijing.

　　Zhang Wenjing, general manager of Shanghai Data at the China Index Research Institute, said that Shanghai’s policy adjustments will help release more demand for home purchases, accelerate the destocking of new and second-hand homes outside the outer ring (except Chongming District), and have a positive guiding effect on market expectations. .

　　Recently, Qingpu District and Fengxian District in Shanghai have also successively optimized their housing purchase policies for talents. Yan Yuejin, research director of E-House Research Institute, pointed out that Shanghai’s optimized purchase restriction policy and the previous housing purchase policy for talents have formed a gradient policy system. In key areas such as the Lingang New Area of ​​the China (Shanghai) Pilot Free Trade Zone, Qingpu New City, and Fengxian New City, we will continue to implement the policies for housing and housing purchase for better talents. You can purchase a house after paying social security or personal income tax for three years.

　　Suzhou City has made greater policy adjustments. According to reports, Suzhou City has completely abolished the housing purchase restriction policy and no longer conducts home purchase qualification reviews. In September last year, Suzhou canceled the purchase restriction policy for commercial housing with an area of ​​more than 120 square meters.

　　On January 27, Guangzhou City announced that within the purchase restriction area, the purchase of housing with a construction area of ​​more than 120 square meters (not including 120 square meters) will not be included in the purchase restriction. At the same time, the local government also supports "rent one to buy one" and "sell one to buy one" housing.

　　Prior to this, many places in China had relaxed or withdrawn from housing purchase restrictions. Jin Ke, a senior analyst at the Suzhou Branch of China Index Research Institute, said that currently only some areas in Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Tianjin, Xi'an, Hangzhou, Hainan Province and other places still maintain purchase restrictions; among them, some cities such as Guangzhou and Chengdu have already maintained purchase restrictions. Implement area purchase restrictions.

　　Industry insiders believe that China’s real estate market will usher in a period of intensive policy adjustments in the near future. At the urban real estate financing coordination mechanism deployment meeting held by the Ministry of Housing and Urban-Rural Development of China on January 26, the Ministry of Housing and Urban-Rural Development emphasized that urban real estate regulation and control autonomy should be fully given to cities, and cities can adjust real estate policies according to local conditions. Guangzhou, Shanghai, and Suzhou all adjusted their purchase restriction policies shortly after the meeting.

　　In recent years, the supply and demand relationship in the real estate market in major cities in China has undergone major changes, and the volume and price of real estate transactions have entered a stage of adjustment. All localities need to adjust the strict and tight policies implemented during the overheated market. One of the representative policies is purchase restrictions.

　　At the end of April 2010, Beijing issued the country's first housing "purchase restriction order", and then the purchase restriction policy began to be gradually rolled out in first- and second-tier and other popular cities. Zhang Dawei, chief analyst of Centaline Real Estate, said that in response to the market situation, at most, more than 100 cities across the country have implemented housing purchase restriction policies.

　　Nowadays, among first-tier cities, Shanghai and Guangzhou have optimized and adjusted their purchase restriction policies. Will Beijing and Shenzhen follow suit?

　　Zhang Dawei believes that from the overall adjustment perspective, adjustments to real estate policies, especially purchase restriction policies, often follow the principle of implementing policies based on needs and one policy per district. In cities such as Beijing, it is not realistic to lift purchase restriction policies across the board. In the near future, adjustments may be made first in outer suburbs such as Yanqing, Pinggu, Miyun, and Huairou, as well as in areas such as Tongzhou and Fangshan.

　　Jin Ke also believes that Beijing and Shenzhen are expected to refer to Guangzhou and Chengdu in optimizing the purchase restriction policies for large apartments, and optimize purchase restrictions in a way that is based on districts and needs. Purchase restriction policies in second-tier cities are expected to be fully relaxed. (over)