Recently, the Ministry of Housing and Urban Rural Development, the People's Bank of China, and the State Administration of Financial Supervision jointly issued the "Notice on Optimizing the Standards for Determining the Number of Housing Units in Personal Housing Loans", which provided specific implementation standards for the "buy a house but not a loan" policy and included relevant policies in the "one city, one policy" policy toolbox. The official website of the Ministry of Finance has announced two tax preferential policies for the real estate market, covering multiple aspects such as residents' exchange for housing and public rental housing. Industry insiders have stated that multiple ministries have collectively issued policies to adjust and optimize the real estate industry, with the aim of reducing living costs and better meeting the demand for rigid and improved housing. The next step in implementing relevant local policies will be significantly accelerated, and the real estate market is expected to stabilize. On August 25th, the Ministry of Housing and Urban Rural Development and other three departments accelerated the inclusion of the "housing recognition without loan recognition" policy in the local optional "toolbox", clarifying that when a resident family (including borrowers, spouses, and underage children) applies for loans to purchase commercial housing, if their family members do not have a complete set of housing under the local name, regardless of whether they have used the loan to purchase housing, banking and financial institutions will implement the housing credit policy for the first set of housing. On the same day, the Ministry of Finance, the Ministry of Housing and Urban Rural Development, and the State Administration of Taxation issued a policy to extend the refund of personal income tax for replacement housing, which was introduced on September 30 last year and was originally due to expire at the end of this year, until the end of 2025. Taxpayers who sell their own homes before December 31, 2025 and repurchase their homes within one year will receive a tax refund discount for the personal income tax already paid on the sale of their current homes. Dong Ximiao, Chief Researcher of Zhaolian, stated that optimizing the recognition criteria for second homes and adding tax rebate benefits will help reduce the housing consumption burden of residents, better meet their rigid and improved housing consumption needs, and further boost their housing consumption willingness. Li Yujia, Chief Researcher of the Housing Policy Research Center of Guangdong Provincial Institute of Urban Planning, stated that the reduction in transaction costs, coupled with the implementation of the previous "buy a house but not a loan" policy, will release demand for improvement. At the same time, some small and low priced second-hand hard demand housing sources will also be released, which is conducive to hard demand getting on the car, thus forming a virtuous cycle of hard demand and improved demand, driving the real estate market to gradually stabilize. 'Buying a house and buying a loan' is a typical restrictive trading policy introduced during a period of market overheating, "said Yang Kewei, Deputy General Manager of the Kerui Research Center." Buying a house and buying a loan "mainly refers to the standard for banks to judge the first and second homes when issuing loans, which means that as long as there is a loan record nationwide, applying for a loan again will be granted according to the second home. This policy adjustment is aimed at appropriately optimizing the supply and demand relationship in the market to support and encourage the orderly release of reasonable housing demand. Zhang Jingjing, a macro analyst at China Merchants, stated that according to publicly available information, the main cities still implementing the "housing and loan subscription" policy are first tier and some second tier cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Xi'an, Xiamen, Chengdu, Changsha, Hefei, Fuzhou, Wuhan, Qingdao, Ningbo, Chongqing, Shijiazhuang, etc. According to data from the National Bureau of Statistics, in 2021, the above-mentioned cities contributed 28.3% of the national real estate development investment and 30.1% of the sales amount of commercial housing. Considering that in the past two years, other regions that do not subscribe to housing and loans are facing greater challenges