Recently, local policies to stabilize the real estate market have been intensively introduced. According to the statistics of Zhongyuan Real Estate Research Institute, as of May 20, more than 56 cities had issued policies to stabilize the real estate market that month. On May 23, Harbin also joined the ranks of stabilizing the real estate market and issued a notice abolishing the real estate market regulation policy introduced in May 2018. The reporter of the Securities Times found that this round of new real estate policies presents three new features: first, this round of new real estate policies is no longer simply to stimulate the demand for house purchase, but combined with local population policies and talent policies, hoping to achieve more with one stone, such as the latest real estate policies in Wuhan, Hangzhou, Dongguan, Luzhou, Changzhou, Shenyang and other places; Second, this round of house purchase policies is no longer relatively unified across the country, but all localities have more autonomy. They all take flexible and diverse measures to stabilize the real estate market according to their own conditions, such as Changsha, Hangzhou, Shenyang, Dezhou, Rizhao, Lianyungang, Huizhou, etc; Third, the regulation of first tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen and a small number of key second tier cities in China has not been significantly relaxed. The third and fourth tier cities have the greatest relaxation, and the gap between house purchase policies in different cities has widened. Many experts and insiders interviewed by reporters said that the biggest problem in the current real estate market is the lack of social confidence. The current policy adjustment is still not a major positive, but only a partial adjustment. It is difficult to have a large-scale boost effect on the market in the short term, but on the whole, the real estate market has begun to bottom up. Combination with population and talent policy Combining with other policies such as population policy and talent policy is not only the new feature of this new political tide of stabilizing the real estate market, but also a new trend in the future. On May 14, Dongguan Municipal Bureau of housing and urban rural development issued a new deal on the real estate market in the early morning, pointing out that commercial banks should implement differentiated housing credit policies and reasonably determine the down payment ratio and loan interest rate of commercial individual housing loans. In addition, residents who have two or three children in line with the national fertility policy are allowed to buy a new set of commercial housing. Coincidentally, the latest housing purchase policy in Nanjing also points out that families with two or more children can buy a new set of commercial housing while enjoying the most favorable loan interest rate of relevant banks. Hangzhou's new deal makes it clear that eligible three child families will give priority to "non housing families" when signing up for the public lottery sales of new commercial housing. There are many cases similar to the combination of the new deal of the real estate market and other policies. The conditions for the relaxation of purchase restrictions in Shenyang's latest house purchase policy are inclined to families with two or more children and young talents. Shenyang made it clear that for households with two or three children under the age of 18 who have owned two houses in the administrative area of Shenyang, they can buy another set of new commercial houses in the purchase restriction area of Shenyang. Shenyang also stipulates that the loan limit can be relaxed to 1.3 times of the maximum loan amount of the current period for families with two or three children under the age of 18 who have paid in the housing provident fund and use the housing provident fund loan to buy their own houses. In addition, for young talents, Shenyang has once again expanded the scope and strength of provident fund loan support. For full-time college graduates with bachelor degree or above who have been employed in Shenyang within five years, the provident fund loan limit can be relaxed to 1.2 times the maximum loan limit of the current period. On May 19, Luzhou, Sichuan Province also made it clear that active servicemen, retired servicemen, rural registered residence personnel in Luzhou City, personnel without registered residence in Luzhou City, University (including junior college and undergraduate) graduates who have graduated less than five years, and families with two or three children will be given a one-time subsidy of 2% of the total purchase price for new houses. In addition, Wuhu, Anhui Province, gives a house purchase subsidy of up to 200000 yuan to qualified young talents, Rizhao, Shandong province gives a house purchase subsidy of up to 100000 yuan to young talents, and increases the maximum amount of house purchase with the first provident fund loan to 1 million yuan. The relevant situation has become a trend. According to incomplete statistics, Hangzhou, Nanjing, Wuxi, Dongguan, Leshan, Mianyang, Dazhou, Suzhou, Luzhou and other cities have introduced new house purchase policies for multi child families, including issuing house purchase subsidies, increasing the amount of provident fund loans and relaxing the purchase restriction policy. In addition, the latest house purchase policies in Changzhou, Wuhu, Shenyang, Hebi, Rizhao, Yangzhou, Luzhou and other cities have given preference to the loan and sales restriction conditions for young talents. Zhang Lei, a postdoctoral researcher at Peking University, told the securities times that China will enter an aging society with fewer children. The decreasing newborn population and the increasing elderly population are China's population trend in the future. The policy experience of Japan and other developed countries shows that any single policy measure can not play a decisive role in improving the fertility rate. Only the establishment covers marriage and love, childbirth, education, housing, pension A package of family support plans in social security and other aspects, and optimizing the supply of public services and the allocation of public resources, can comprehensively ensure family development and enhance family fertility willingness, which is the reason for the combination of this round of new policies for multi place house purchase with policies such as talent and population. Yue Xiangyu, deputy director of Ping An real estate market research, also told reporters that taking many children as the prerequisite for easing restrictions actually narrowed the scope of policy application and reduced the intensity of easing, mainly because some regions hope to gradually increase the size through tentative easing to avoid the rapid warming of the market caused by the too fast pace of relaxation, which is more diversified than the previous easing policies. Many experts said that the combination with population and talent policies is gradually becoming a new trend in the optimization of a new round of real estate policies. The house purchase support policy for multi child families can not only promote the release of reasonable house purchase demand, but also encourage fertility and promote population growth to a certain extent. The combination with talent policies is conducive to attracting talent employment everywhere. It is expected that more cities will follow up in the future. Various forms and strategies for cities More flexible, diversified and localized house purchase policies are also a major feature of this round of municipal policy tide of stabilizing buildings. Among the policies issued in this round, all localities have flexibly adopted one or more measures according to their own conditions, such as adjusting the provident fund, optimizing loan restrictions, reducing the proportion of down payment, implementing deed tax concessions, reducing the number of years of sales restrictions, giving house purchase subsidies, revitalizing the rental market and so on, so as to adjust the house purchase policy of their cities. Changsha is regarded as a more eye-catching city in the new political tide of stabilizing the property market. Its latest purchase policy makes it clear that houses that have achieved online signature filing and delivery or have handled real estate registration will not be included in the calculation of family housing sets after revitalizing the houses for rental. In this regard, some voices believe that the Changsha new deal is equivalent to issuing a free "room ticket" to the vast majority of improvement families with strong replacement demand. However, the official reply of Changsha housing and Urban Rural Development Bureau said that the policy is still limited. For example, the owners need to sign the cooperation agreement on revitalizing the stock houses in Changsha for rental housing with the pilot enterprises, and the stock houses should be revitalised for rental housing for a period of no less than 10 years. At the same time, at present, when the qualification examination is conducted, one or more houses should be revitalised as a unit for leasing, Temporarily reduce the total number of family houses according to the principle of "one set for each household", that is, for families with multiple sets of houses for rent, only one set shall be reduced in the calculation of the number of family houses. A number of hot cities such as Tianjin, Dongguan, Huizhou, Foshan, Hangzhou, Suzhou, Wuhan and Jinan have also launched "optional actions" according to their own conditions. Tianjin raised the maximum amount of provident fund loans for the purchase of a family's first house from 600000 yuan to 800000 yuan; Dongguan adjusted the VAT exemption period for individual housing transfer from 5 years to 2 years, and commercial housing can be transferred if it has obtained the real estate property right certificate for more than 2 years; Huizhou cancels the purchase restrictions in Huiyang District and Daya Bay district; The number of second-hand houses in Foshan for five years does not account for the purchase quota, and there is no restriction on the purchase of transactions; Hangzhou's new policy stipulates that the social security requirement for buying second-hand houses within the scope of purchase restriction will be cancelled after settling down for less than 5 years, and non registered residence families can purchase houses after paying social security or individual income tax for 12 months, reducing the threshold of purchase restriction for second-hand houses; The three-year restriction on the sale of first-hand houses in Suzhou was adjusted to two years, and the restriction on the sale of second-hand houses was completely abolished. Some cities have launched a combination of measures to stimulate house purchase. For example, the latest stable property market policy in Luzhou, Sichuan involves giving house purchase subsidies, optimizing land transfer conditions, adjusting and implementing tax policies, implementing differentiated housing credit policies, canceling mortgage loan deposits, optimizing and improving the online signing and filing of second-hand houses, tax handling, transfer registration workflow and so on. Changzhou, Jiangsu Province and Shenyang, Liaoning Province also have sincere policies to stabilize the real estate market. Changzhou adjusted the sales restriction time from four years after obtaining the real estate certificate to two years. At the same time, it reduced the down payment ratio of the second housing provident fund loan from 50% to 30%, and increased the maximum loan amount of the provident fund from 300000 to 600000, and the family from 900000. In addition, Changzhou has also increased its support for high-end talents such as Changzhou doctors and masters under the age of 35. The new policies for stabilizing the real estate market in other cities are also rich and diverse. Luoyang, Shangrao, Lianyungang, Meizhou and other cities reduce the down payment ratio to 20%, and Zhuzhou, Nanyang, Huangshi, Yueyang, Hebi and other cities are financially "supporting the market" with deed tax concessions or house purchase subsidies; Wuxi adjusted the exemption period of value-added tax on individual housing transfer from 5 years to 2 years. There is a big difference in the loosening scale At present, Beijing, Shanghai, Guangzhou, Shenzhen and other national first tier cities have no other significant policies to stabilize the property market except the national interest rate reduction policy. The new policy of canceling the purchase restriction of second-hand houses in Nanjing was urgently deleted within three hours after the official announcement. Previously, the "relay loan" launched by a bank in Guangzhou in April this year was also stopped on the same day. It can be seen that in the property market, key cities such as Beijing, Shanghai, Guangzhou and Shenzhen are still not significantly relaxed. According to the analysis of China Index Research Institute, from the policy focus of each line of cities, the first tier cities fine tune their policies in terms of house purchase subsidies and settlement / talent introduction, the second tier cities pay more attention to optimizing purchase restrictions, adjusting provident fund, issuing house purchase subsidies and settlement / talent introduction, and the adjusted policies of the third and fourth tier cities focus more on issuing house purchase subsidies, housing support for multi child families and settlement / talent introduction, Weak third and fourth tier cities have relaxed the loan policy to the lowest level specified by the national policy, which is the strongest in this round of policy tide in terms of stimulating house purchase and consumption. China Index Research Institute believes that in the short term, the meeting of the Political Bureau of the CPC Central Committee will set the tone of the property market to "support all localities to improve real estate policies based on local conditions". The pace of implementation of urban policies is expected to be further accelerated and the intensity may continue to increase. It is expected that the policies of first tier cities will continue to focus on micro adjustment and take talent introduction or relief as a breakthrough to repair market confidence. The policies of other cities are expected to continue to increase, including loan restriction There are optimization expectations for restrictive policies such as sales restrictions. On April 18, the people's Bank of China and the State Administration of foreign exchange issued 23 measures to clarify the real estate setting tone of "stabilizing land prices, housing prices and expectations". On April 29, the meeting of the Political Bureau of the CPC Central Committee stressed the need to adhere to the positioning that houses are used for living rather than speculation, support all localities to improve real estate policies based on local conditions, support rigid and improved housing demand, optimize the supervision of commercial housing pre-sale funds, and promote the steady and healthy development of the real estate market. It is understood that this is a meeting of the Political Bureau of the CPC Central Committee that has paid special attention to the real estate industry for many years. It can be seen that the situation of the real estate market is grim. The central government supports all localities to improve their real estate policies based on local realities, which shows that the central government has implemented policies to improve real estate in all localities due to the city