Yesterday, two first tier cities' official propaganda 'followed up on the policy of' housing recognition without loan recognition '. On the evening of August 30th, the Shenzhen Housing and Construction Bureau, the Shenzhen Branch of the People's Bank of China, and the Shenzhen Regulatory Bureau of the State Administration of Financial Supervision and Administration issued a notice on optimizing the recognition standards for housing units in personal housing loans in our city, which clearly stated that when residential families (including borrowers, spouses, and underage children) apply for loans to purchase commercial housing, if family members do not have complete sets of housing under the name of Shenzhen city, Regardless of whether the loan has been used to purchase a house or not, banking and financial institutions will implement the housing credit policy for the first home. This notice shall come into effect on August 31, 2023. Earlier, the General Office of the Guangzhou Municipal People's Government issued a notice on optimizing the standards for determining the number of housing units in personal housing loans in our city, which also clearly stated the same content. Slightly different is that the implementation time of this policy in Guangzhou is set on August 18, 2023. If a personal housing loan contract is signed after 0:00 on August 18, 2023, the new policy will be implemented. The implementation of the policy of 'buying a house without buying a loan' will enable more homebuyers to enjoy the down payment ratio and mortgage interest rate of the first home loan, which will help lower the threshold and cost of residents' home purchase, better meet the demand for rigid and improved housing, stabilize the real estate market expectations, and restore market confidence. "Yang Hongxia, General Manager of the South China Branch of China Securities Research Institute, told Securities Daily. It is reported that the down payment ratios for the first home in Guangzhou and Shenzhen were both 30%. However, based on the down payment ratios for the second ordinary home, Guangzhou is divided into three levels: the down payment ratio for those without a house and whose loan has been settled is 40%; The down payment ratio for a house with a fully settled loan is 50%; The down payment ratio for outstanding loans is 70%. There are two levels in Shenzhen: the down payment ratio for those without a house or a loan record is 50%; The down payment ratio for houses with loan records is 70%. From the 'house recognition without loan recognition' policy introduced by Guangzhou and Shenzhen on the same day, it has a very good policy direction and indicates that current first tier cities are paying close attention to this policy content. Yan Yuejin, research director of E-House Research Institute, predicts that Beijing and Shanghai are also expected to accelerate the implementation of the 'house recognition without loan recognition' policy in the near future. On the one hand, it is a strong policy signal released by the three departments to the outside world. On the other hand, since the second quarter, the overall supply and demand of the real estate market has significantly declined, which has made the industry anticipate the synchronous adjustment of the "housing recognition without loan recognition" policy in first tier cities. Taking Guangzhou as an example, according to data from the China Index Institute, the transaction area of newly built commercial residential buildings in Guangzhou decreased for four consecutive months in July compared to the previous month. The prices of new and second-hand houses are also in a fluctuating adjustment channel, and market expectations are weak. According to preliminary statistics, the transaction volume of newly built commercial residential buildings in Guangzhou continued to decline slightly in August, with a year-on-year decrease of about 30%. Homebuyers have a heavy wait-and-see attitude, and the market continues to be sluggish. In the opinion of Wang Xiaoqiang, Chief Analyst of Zhuge Data Research Center, after the implementation of this policy, it is expected that the release of some accumulated demand for "sell one buy one" housing purchases, as well as the demand for housing purchases with loans in other places but no local housing, will bring a certain stimulus effect, thereby improving the real estate market in Guangzhou City
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：Securities Daily
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