What signals do successive statements from the central to local authorities reveal?
2023-07-31
Recently, following the first clear proposal by the Political Bureau of the Central Committee to adapt to the new situation of significant changes in the supply and demand relationship in China's real estate market and adjust and optimize real estate policies in a timely manner, the Ministry of Housing and Urban Rural Development also made a clear statement on the direction of policy support. Subsequently, many regions also began to implement it quickly, with Beijing and Shenzhen, one of the first tier cities, making statements one after another. After carefully reading these statements from top to bottom, there are actually quite a few dry goods, so what signals are they revealing? Let's first take a look at the statement of the Ministry of Housing and Urban Rural Development. The full text is not long, but it clarifies the following policy directions: vigorously supporting the demand for rigid and improved housing, and further implementing the reduction of the down payment ratio and loan interest rate for purchasing the first home; Improve the reduction of taxes and fees for the purchase of sexual housing; Personal housing loans "buy a house but not a loan"; Continue to do a good job in ensuring the delivery of buildings and accelerate the delivery of project construction; To deepen the structural reform of the housing supply side, it is hoped that construction enterprises and real estate enterprises will actively participate in the construction of affordable housing, the renovation of urban villages, and the construction of public infrastructure for both emergency and emergency use. Beijing and Shenzhen have repeatedly expressed strong support for two types of housing needs. On the evening of the 29th, the Beijing Housing and Urban Rural Development Commission stated that it will adhere to the overall tone of seeking progress while maintaining stability, combine with the actual situation of the Beijing real estate market, and work with relevant departments to quickly implement the work, vigorously support and better meet the rigid and improving housing needs of residents, and promote the stable and healthy development of the Beijing real estate market. On the afternoon of the 30th, the Shenzhen Housing and Construction Bureau also stated that it will better meet the rigid and improved housing needs of residents, solidly promote the work of ensuring the delivery of buildings, effectively maintain the order of the real estate market, and promote the stable and healthy development of the Shenzhen real estate market. From the statements of the two cities, we can see that the rigid and improved housing needs of residents are the key directions for future policy support in these two cities. Why is there currently only a statement without specific measures? In recent years, real estate regulation policies have been announced by local people's governments, as policy adjustments involve multiple departments such as housing and construction, finance, and social security. Therefore, in the current statement, we can see that the Beijing Municipal Commission of Housing and Urban Rural Development has clearly stated that it will "work closely with relevant departments to implement the work", indicating that Beijing will actively make policy adjustments in the future, and it will be a combination of measures. And the Shenzhen Housing Construction Bureau also stated that it will "work with relevant departments of the city, central agencies stationed in Shenzhen, and various districts to implement and implement them well". Therefore, in the eyes of industry insiders, although there have been no concrete measures taken from the central to local governments this time, the signal of the statement is significant, indicating that various regions have begun to actively implement the relevant policy spirit, and also indicating that there will be actions or measures to be introduced in the near future. What are there in the policy toolbox? Against the backdrop of unwavering adherence to the principle of "housing does not speculate", the Ministry of Housing and Urban Rural Development has clarified the direction of policy development. Therefore, except for the possibility that investment speculative housing policies will not change, other policies have the possibility of optimization and adjustment. So, in the currently available policy toolbox, there is a possibility of policy adjustments and optimizations for local and non local home purchase thresholds, adjustments to down payments and interest rates, tax exemptions, and selling one to buy one or selling old to buy new. Taking Beijing as an example, loosening the restrictions on housing and loan recognition, as well as adjusting the standards for non ordinary residential properties, have now become many media outlets
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：CCTV
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