On the evening of September 1st, Shanghai and Beijing successively issued notices to optimize the criteria for determining the number of housing units in personal housing loans. When residential families (including borrowers, spouses, and underage children) apply for loans to purchase commercial housing, regardless of whether they have used the loan to purchase a house, banking and financial institutions will implement housing credit policies for the first housing unit. This means that the four first tier cities of Beijing, Shanghai, Guangzhou, and Shenzhen will fully implement the policy of "buying houses but not loans". A reporter from Economic Reference Daily found in multiple interviews that after the comprehensive implementation of the policy of "buying houses but not loans", the activity of the real estate market in first tier cities has significantly increased. Looking ahead, industry insiders have stated that the policy of "buying a house but not buying a loan", combined with the previous differentiated housing credit policy and the policy of lowering the interest rate of existing housing loans, will stimulate market demand and promote the stable and healthy development of the real estate market. After the policy was introduced, there was an immediate increase in work, "said a staff member from a real estate agency in Beijing. This weekend, there was a significant increase in both store consultation and viewing volume. Zhang Dawei, Chief Analyst of Zhongyuan Real Estate, said that on the first day after the new policy, transactions in first tier cities were active. Taking Beijing as an example, on the 2nd, Zhongyuan Real Estate sold about 1200 second-hand houses in Beijing, significantly exceeding the same period last week. It is worth noting that this data is still lower than the average of 1500 houses sold over the weekend in February and March this year. Similar to Beijing, on the 3rd, the sales center of Yuexiu and Yuefu properties located in Tianhe District, Guangzhou was bustling with customers. On the large screen in the sales center, the words "house recognition but not loan recognition" were printed. The current sales unit price of this property is about 85000 yuan/square meter. Sales personnel told reporters that due to recent favorable policies, the number of customers visiting has increased significantly. Shanghai Zhongyuan Real Estate Market Analyst Lu Wenxi also stated that on September 2nd, Shanghai Zhongyuan Real Estate's second-hand housing online signing data was 699 units, which is indeed a bit more than usual. The store's viewing volume has also significantly increased compared to last week's weekend, and there are also more customers consulting related policies. Lu Wenxi said that it is expected that the market will become more active in the next one to two weeks, and early indicators will gradually be converted into online signing data. Industry insiders generally believe that the recent implementation of a series of policies will effectively stimulate market demand and promote the stable and healthy development of the real estate market. Pang Ming, Chief Economist and Research Director of Jones Lang LaSalle in Greater China, stated that the implementation of the policy of "buying a house but not buying a loan" for personal housing loans in first tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen is a clear policy signal that reflects the timely adjustment and optimization of real estate policies, especially demand-side policies, under the new situation of changes in the supply and demand relationship in the Chinese real estate market, This reflects the effective use of the policy toolbox due to urban policies, which is conducive to continuing to consolidate the stable and rebounding trend of the real estate market, and better meeting the rigid and improved housing needs of residents. 'Buying a house but not a loan' can reduce the difficulty of purchasing a house under the reasonable demand of residents, reduce the down payment pressure of improving housing demand, especially the subscription cost of a second set of housing, and shorten the replacement cycle of buyers related to purchasing needs such as' selling one to buy one ', "said Pang Ming. China Chengxin International Research Institute