National Real Estate Policy Change Monitoring Report (November 2023)
Focus on the property market policy this 热门事件month
The central government has steadily promoted the improvement of the financing environment of housing enterprises, and local policy support for the local policy to strengthen housing demand -side policy support
In November 2023, my country's real estate policy continued to relax.At the central level, following the Central Financial Work Conference last month proposed that "one treaty to meet the reasonable financing needs of different ownership real estate companies", this month's departments have accelerated and implemented.Among them: the three departments of the Central Bank, the Financial Supervision Administration, and the Securities Regulatory Commission jointly held a symposium on financial institutions to propose that they insisted on "two unshakables" and did not hesitate to loans, draw loans, and break loans for normal real estate companies, and specifically proposed "three threeIt is not lower than the "important indicators of" the central bank, the National Development and Reform Commission, and other eight departments jointly issued the document to grasp the implementation of the healthy development of real estate support, maintain stable key financing channels such as credit, bonds;Do a good job of rational financing support and financing supervision of real estate enterprises; the financial regulatory authorities draft Chinese real estate enterprises "whitelist", and provide bonds, equity, credit and other aspects of financing support for the selected housing companies.
At the local level, 81 real estate regulation policies were introduced this month, which was slightly reduced from last month.Among them, there are 72 loose policies, 6 neutral policies, and 3 tightening policies.In general, the favorable local real estate policy has continued to release, and the focus of the first and second -tier cities is mainly to optimize the "four limits" and housing credit policies. Third and fourth -tier cities focus on the fiscal and taxation subsidies, house ticket placement, and provident fund policy support.This report mainly sorted out the real estate industry policy in November and analyzed it.
Central Policy: One treaty to meet the reasonable financing needs of different all ownership of housing enterprises
1. Policy tracking
2. policy summary
In November, the capital market's capital maintained a tight balance.In terms of public market operations, the central bank's inverse repurchase investment in the early month has shrunk, but with the continued tightening of the capital, the central bank has gradually increased the amount of inverse repurchase operations to maintain stable liquidity.At the same time, the central bank conducted a 1450 billion yuan MLF operation on November 15th to achieve MLF net investment of 600 billion yuan, the highest monthly month since 2017.In terms of capital interest rates, the average value of DR001 and DR007 in November was 1.77%and 1.97%, respectively. The DR007 continued to be higher than the 7 -day reverse repurchase interest rate.In terms of LPR, LPRs with 1 year and 5 -year LPR maintained 3.45%and 4.20%, respectively.
In terms of real estate, following the Central Financial Work Conference proposed "one treaty to meet the reasonable financing needs of different ownership real estate enterprises", this month, the Central Bank, the State Administration of Financial Supervision, and the Securities Regulatory Commission jointly held a symposium on financial institutions to reiterate the support of real estate companies' debt financing and financing and debt financing and support.Equity financing, and clearly proposed that "three are not lower than", that is, "the growth rate of the real estate of each industry is not lower than the average real estate growth rate of the banking industry;The growth rate of individual mortgages of non -state -owned housing companies is not lower than the growth rate of the mortgage of the Bank. "The eight departments of the Central Bank and the National Development and Reform Commission jointly issued a document that banking financial institutions should increase their support for the first loan and credit loan, actively carry out the industrial chain supply chain financial services, take the initiative to do a good job of the funds of private enterprises, do not blindly stop loans, pressureLoan, loan, and loan break, while promoting development and risk prevention.The CSRC proposes to prevent the risk of resolving large -scale housing companies, and do a good job of rational financing support and financing supervision of real estate enterprises.In addition, the financial regulatory authorities are drafting a "whitelist" of Chinese real estate companies, covering 50 large -scale real estate companies, and real estate companies entering the list will receive many aspects such as credit, bonds and equity financing.The financing expectations of housing enterprises are expected to improve steadily.
Local policy: The "four limits" of first -tier and second -tier cities continue to optimize, and fiscal and tax subsidies for third- and fourth -tier cities
1. Loose policy
(1) Administrative intervention policy
(2) Land policy
(3) Provident fund policy
(4) Population talent policy
(5) Other policies
2. Neutral policy
(1) Housing security policy
3. Tightening policy
(1) Market supervision policy
(2) Provident fund policy
4. policy summary
The "four limits" and housing credit policies in key cities have continued to optimize, fiscal and tax subsidies and house ticket resettlement policies for third- and fourth -tier cities
Monitoring and Statistics of the China Housing Research Research Research Center. In November 2023, 81 real estate regulation policies were introduced in November 2023, which was slightly reduced from last month.Among them, there are 72 loose policies, the content coverage optimizes the "four limits", increases the support of housing provident fund loans, issues financial tax subsidies, and optimizes housing enterprises and pre -sale management.The management of housing construction; three tightening policies, mainly involved pre -sale funds for commercial housing, and supervision of housing rental funds.In general, the favorable local policy this month has continued to release. Key cities such as Shenzhen, Xiamen, Changsha, and Kunming are mostly to optimize the "four limits" or optimize housing credit policies.The issuance of financial tax subsidies, increased housing provident fund policy support, and optimizing pre -sale management of housing companies.
The core measures of administrative intervention include optimization of "four limits", issuing fiscal purchase subsidies, optimizing land transfer and pre -sale management of real estate enterprises.
In terms of administrative intervention, core measures mainly include optimizing the "four limits", implementing housing tickets, issuing fiscal purchase subsidies, optimizing land supply and pre -sale management of housing enterprises.Typical representatives are: Xiamen has fully canceled the purchase restriction, adjusts the standards for the number of household housing sets for multi -children, and adjusts the minimum down payment ratio and lower limit of the two sets of housing commercial loans in Siming District, Huli District, and the lower limit of interest rates.Policies; Quanzhou, in addition to some housing sources in Licheng District, Fengze District, and Quanzhou Development Zone, new purchases of first -hand and second -hand housing are unlimited, and the scope of sales restrictions, shortening the sale limit, etc., Optimize the promotion of housing ticketing policies, optimize the pre -sale permit management, etc.; Changsha clearly purchases the two -suite is not subject to the time limit of the first house signed by the first home.144 square meters or more); Shenzhen adjusted the minimum down payment ratio of the second house to 40%, and relaxed the scope of ordinary housing recognition of the preferential policies; Hainan appropriately adjusted the differentiated housing credit policies in 9 cities and counties such as Lizhou City.In addition, Lishui, Xuchang, Shangqiu, Puyang, Yibin, Luzhou, Zigong, Yancheng, Jiujiang, Shannan and other places have released house purchase subsidy policies.
Land policy mainly involves land supply and high -quality utilization
Land policy mainly involves land supply and high -quality utilization.The "Several Opinions on the Municipal Municipality's High -quality Utilization of Land Resources" issued by Shanghai issued a revised "Several Opinions" proposed to optimize and improve the diversified housing structure, and reasonably allocate housing sleeve structures to meet the rigid and improved housing needs of residents.Optimize the supply structure of commercial land use, encourage development enterprises to hold the continuous operation of commercial and office properties, and improve the effectiveness and accuracy of commercial and office land supply.At the same time, comprehensively promote the construction of the "15 -minute community life circle".
The core measures of the provident fund policy include optimizing the number of housing sets, the maximum loan amount, and the minimum down payment ratio
In terms of housing provident fund policy support, core measures mainly include optimizing the number of housing sets, the maximum loan amount of the provident fund, the minimum down payment ratio of the provident fund loan, and the restrictions on the application of the provident fund loan application and the withdrawal restrictions.The typical representatives are: Jinan raised the maximum loan amount of the households' households to 500,000 yuan, and the maximum loan quota of the dual -deposit employee's family was adjusted to 800,000 yuan; Shangrao will increase the minimum down payment ratio of the two -sets of provident fund loans to 30%.The maximum amount of the first house provident fund loan was adjusted to 700,000 yuan, and the maximum amount of the two -suite provident fund loan was uniformly adjusted to 600,000 yuan; Jiangsu supported provident fund loan purchase method to shoot a house; Nanjing adjusted the maximum amount of the second home provident fund loan to 500,000 yuan/person, 1 million yuan/household; Guangzhou reduced the minimum down payment ratio of the first house provident fund loan to 20%, and the minimum down payment ratio of the second home loan after settlement was reduced to 30%.; Xiamen adjusted the minimum down payment ratio of Siming District, Huli District, and two sets of housing provident fund loans. The minimum down payment ratio of the first house was 25%, and the minimum down payment ratio of the second home was 35%.
The core measures for the introduction of population talents mainly include relaxation of settlement, relaxation of talent purchase restrictions, and distribution of talent purchase subsidies.
In terms of population talents, the core measures mainly include relaxation of settlement, relaxation of talent purchase restrictions, and issuing subsidies for talent purchase.Typical representatives are: Haining gives B, C, D, E, F, and G of B, C, D, E, F, G, and distribute 1.2 million yuan, 900,000 yuan, 600,000 yuan, 500,000 yuan, 200,000 yuan and 100,000 yuan, respectively.In purchase subsidies, a class A talent is discussed, up to 8 million yuan; Changsha cancels the restrictions on the relocation of talents and settle in the introduction of talents in the free trade zone to relax the graduation restrictions of students from large secondary school students;Later employment, the threshold for the settlement of professional and technical talents from senior titles to intermediate titles, the age of social security payment and age of college academic qualifications are relaxed;School students and graduates can be settled in Binhai New Area. They can be settled in Binhai New District for one year in Binhai New District and have been paid for one year. Yichang implements a "zero threshold" in Yichang.If the children and parents are relocated, they will give 10,000 yuan per household subsidy with the family housekeeper.The purchase subsidy of the yuan, 120,000 yuan, 80,000 yuan.
Neutral policies mainly involve affordable housing construction management
Neutral policies mainly involve affordable housing construction management.Typical representatives are: Chengdu supports various market entities to actively build affordable rental housing, and support it from the aspects of land supply, tax discounts, and funding subsidies; Dongguan has introduced public rental housing management measures to clarify public rental housing construction standards, guarantee groups, and groups, groups, and groups, groups, and groups, and groups, and groups, and groups, groups, and groups, groups, and groups, and groups, and groups, groups, and groups, and groups, and groups, and groups.There are many aspects of operation management; Xiamen deepen the housing security of R & D enterprises, improves the capacity of affordable housing housing in different R & D expenses, and gives enterprises to formulate autonomy of the distribution plan of affordable commercial housing.
Tightening regulation mainly involves pre -sale funds for commercial housing and supervision of housing rental funds
The tightening policy mainly involves pre -sale funds for commercial housing and the supervision of housing rental funds.The typical representatives are: Qinzhou introduced the implementation rules for the supervision of pre -sale funds for commercial housing, the content covers the bidding to determine the supervision bank, set up pre -sale funds monitoring accounts, adjust the requirements for key supervision funds, and clarify the requirements for the retention of funds in the supervision account.The risk prevention and control reminder of the leasing funds is clear that within 30 days after the signing of the housing lease contract, both parties to the leasing shall go to the competent department to apply for filing and register, encourage the leased parties to supervise the funds when the rent is paid, and encourage the local street office and the community to urge the housing lease contract to record andAssist the situation of housing leasing enterprises with high -risk operations.
Important matters in November
Real estate policy outlook
1. Central level
On November 27, the central bank issued a report on the implementation of the Chinese monetary policy in the third quarter of 2023 that the long -term fundamental fundamentals of my country's economy have not changed, and the toughness, potential, and vitality of development have been highlighted.In the next stage, it will pay more attention to the adjustment of cross -cyclical and inverse cycles, and comprehensively use a variety of monetary policy tools to maintain a reasonable liquidity and abundant liquidity, maintain the basis of the growth rate of monetary supply and the growth rate of social financing.Continue to deepen the market -oriented reform of interest rates, and further promote financial institutions to reduce actual loan interest rates.In terms of short -term liquidity, it is estimated that the scale of government bond issuance in December is about 1.44 trillion yuan, and the open market has 2681 billion yuan of inverse repurchase, 650 billion yuan MLF and 90 billion yuan in cash fixed in cash.Stress, the central bank is expected to hedrate the liquidity gap by reverse repurchase and sequel MLF. At the same time, it does not rule out the possibility of the reduction. The overall expectation of liquidity is stable and tight.
In terms of real estate, the central level proposes that "three are not lower than" and the "whitelist" of drafting housing companies will improve the expected improvement of real estate enterprises.However, because the current real estate is still downward, the blood transfusion of real estate companies is related to the operating profit and risk prevention and control of banking financial institutions. Specific rules and how to implement related tasks still need to continue to follow up.Sexual policies may usher in adjustment opportunities.In addition, the "three major projects" such as planning and construction of affordable housing, urban village reconstruction, and "flat use" public infrastructure construction are important measures in the new situation of the real estate market. The relevant work has been launched. It will also be considered to be quite long in the future.For the focus of work for a period of time, financial support is expected to continue to increase.
2. Local level
According to CRIC statistics, the supply of new commercial housing in the focus of 30 cities in November increased at a low level, rising by 30%month -on -month, but still decreased by 23%year -on -year.Among them, in terms of supply, first -tier cities and most second -tier and third -tier cities have increased the supply area of commercial housing, but some key cities such as Chongqing, Hefei, Dongguan, Wuxi, Changzhou and other supply are weak, which decreased to varying degrees from the previous month; transactions in terms of transactions;In the first -tier cities, the area of commercial housing in Shenzhen alone achieved positive growth month -on -month.On the whole, the current real estate market is still downward, and the downward pressure of most urban real estate markets is undiminished.Based on this, real estate policies need to maintain continuity and consistency, and continue to make efforts to promote the stability of the property market.Especially in December, it is an important node of the performance of housing enterprises sprinting. On the one hand, the local way can be organized by organizing Huimin Housing, issuing consumer coupons, further optimization of purchase restrictions, increasing fiscal and tax subsidies, and continuing to promote the reduction in mortgage interest rates.Stimulate and release the demand for buying housing. On the other hand, the price restrictions of the property market will be released in a timely manner, allowing real estate companies to reduce prices in an orderly manner, and help housing companies to remove inventory and market risks.
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