How much purchasing power will be released when nearly 100 cities introduce new policies for housing provident fund?
2023-05-19
The down payment is not enough, so the provident fund will come to make up for it. Recently, multiple housing provident fund centers have issued a notice allowing the provident fund to be directly used for down payment when buying a house, injecting purchasing power into the market. According to incomplete statistics by Securities Times reporters, since the proposal of "promoting stable and healthy development of the real estate market through urban policies" in July last year, at least 82 cities have introduced new housing provident fund policies to support residents in purchasing houses, of which 29 cities can already use provident fund to pay down payments. What is the policy space for the current round of loose housing provident fund? Looking back on the past two decades, what role has the provident fund played in various macroeconomic adjustments? In the current wave of policy loosening, some cities with already high housing provident fund loan ratios need to be cautious about whether there will be liquidity risks in the future. On May 17th, the National Bureau of Statistics released the April 70 City Commodity Housing Sales Price Index. Among the 70 large and medium-sized cities, the number of cities with a month on month increase in commodity housing sales prices decreased, while the month on month increase decreased. Among them, the month on month increase in second-hand housing was more pronounced. The recovery process of the real estate market is slow. Since the executive meeting of the State Council in July last year proposed "promoting the stable and healthy development of the real estate market through urban policies", housing provident fund policies have been adjusted in various regions. According to statistics from Securities Times reporters, at least 82 large and medium-sized cities have introduced new housing provident fund policies to support housing consumption. Among the 70 large and medium-sized cities monitored by the National Bureau of Statistics, 65 cities have introduced more active housing provident fund policies. Among them, 13 cities including Shenyang, Dalian, Nanjing, Qingdao, Zhengzhou, and Hefei have supported the use of provident fund in down payment for home purchases. Provident fund is directly used to pay the down payment, which can alleviate the financing pressure of employees in the early stages of purchasing a house, eliminate the biggest "obstacles" on the road to buying a house, and make the purchase transaction more smooth. In the past, in order to comply with the regulatory policies of the real estate market, various regions required that the down payment for purchasing a house must be their own funds, and employees must raise their own down payment before applying for a loan from the provident fund center. In addition to supporting down payment, the relaxation policies in various regions also include raising the limit on provident fund loans and allowing families with multiple children to float up on top of the loan limit; Reduce the requirement of down payment ratio for provident fund loans; Increase the amount of "commercial to public" loans, optimize the process, increase the frequency of withdrawals, and so on. After policy adjustments, the withdrawal of provident fund and loans in some places have grown rapidly. Taking Qingdao as an example, the new policy was implemented in the second half of last year. From January to April this year, the amount of housing consumption withdrawals and loan disbursements in the city achieved double-digit growth; In April, the year-on-year growth rate of provident fund loans reached 104%, and the amount disbursed exceeded the historical highest in a single month; The withdrawal amount for housing consumption, such as supporting employees to purchase, rent, and repay loans, increased by 21% year-on-year. The new housing provident fund policy in Tangshan City focuses on supporting young people to purchase houses, and has abolished the system of linking the first housing provident fund loan to the balance. Since the implementation of the new policy on April 1st this year, the average amount of loans issued to the youth group in the city has increased by about 250000 yuan, and the proportion of homebuyers has increased by 4 percentage points, indicating a significant increase in demand. How much purchasing power will be released? At present, various regions are loosening their housing provident fund policies to support housing consumption and inject purchasing power into the market. How much "ammunition" is the housing provident fund expected to provide to the housing market? twenty
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：Securities Time
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