From January 27 to February 7, in just 12 days, China's four major first-tier cities Beijing, Shanghai, Guangzhou, and Shenzhen have all introduced new policies to relax housing purchase restrictions.
Industry experts believe that as the "wind vane" of China's property market, the demand-side policy of "tacitly" relaxing housing purchase restrictions in first-tier cities will form a resonance effect with the risk prevention and construction of the "three major projects" on the supply side (affordable housing construction, "level-emergency dual-use" public infrastructure construction, and urban village transformation), which is expected to drive the stability of the second-tier and even the national commercial housing market.
Shenzhen: On the evening of February 7, a new policy for the property market was introduced, stating that households with household registration in Shenzhen are limited to 2 houses, and adult singles with household registration in Shenzhen are limited to 1 house; The requirements for the number of years of settlement and the number of years of payment of individual income tax and social insurance will be abolished. In addition, non-Shenzhen household registration households and adult single persons who can provide proof of continuous payment of individual income tax or social insurance in Shenzhen for 3 years before the date of purchase are limited to 1 house.
In short, after the adjustment of the purchase restriction policy, you can buy a house immediately after settling down in Shenzhen, and those who are not registered in Shenzhen can buy a house and the social security or income tax payment period will be reduced from the original 5 years to 3 years.
Beijing: On February 6, the purchase restriction policy was adjusted, and the "double purchase limit" for housing in Tongzhou District was relaxed. After the adjustment, if families who have settled or worked in Tongzhou District need to purchase commercial housing in Tongzhou District, they can meet the purchase restrictions in Beijing, and the restrictions on settling in Tongzhou or paying taxes and social security for three years have been lifted.
Shanghai: Announced that from January 31, the purchase restriction for singles will be relaxed;
Guangzhou: On January 27, the purchase restriction on housing with a construction area of more than 120 square meters was lifted.
Optimizing and adjusting the strict and tight regulation and control policies introduced during the overheated real estate market period is the main direction of the recent property market policies in various parts of China. Most second- and third-tier cities have withdrawn from the purchase restriction policy. According to agency statistics, only Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Tianjin, Xi'an, Hangzhou, Hainan Province and other places still maintain purchase restrictions.
This time, the four first-tier cities have a tacit understanding in adjusting and optimizing the property market policy, and basically maintain the same rhythm. From the previous implementation of "recognising the house but not the loan" to reducing the down payment ratio and mortgage interest rate, and then to the recent adjustment of the purchase restriction policy, Yan Yuejin, research director of the E-House Research Institute, believes that the four first-tier cities have basically maintained a unified pace.
This also sends an important signal: local and various property market policies are expected to form a resonance.
Li Yujia, chief researcher of the Housing Policy Research Center of the Guangdong Provincial Urban Planning Institute, pointed out that the four first-tier cities concentrated on adjusting the purchase restriction policy before the Spring Festival, hoping to release a positive signal to the market through moderate adjustment of the policy pace, and at the same time bid farewell to fighting alone and forming a joint force to boost market expectations.
Comparing the current round of housing policy adjustments in first-tier cities, Li Yujia said that the specific policies between Beijing, Shanghai, Guangzhou and Shenzhen are obviously differentiated, and the characteristics of "one city, one policy" are prominent. In terms of city energy level, the property markets in Beijing and Shanghai are relatively stable, and the policies are more stringent, and they are relatively cautious in relaxing the purchase restriction policy, focusing on the implementation of the new model of housing and not speculation and promoting real estate development, and are not eager to withdraw from the purchase restriction policy based on short-term real estate market stability considerations. The property market policies in Guangzhou and Shenzhen are relatively strong, but there are also differences between Guangzhou and Shenzhen.
In general, Yan Yuejin said that first-tier cities still maintain the rhythm of "small steps and fast running", and have not completely canceled purchase restrictions, but maintain policy flexibility, which is an important feature of policy adjustment in core cities.
Looking ahead, Li Yujia believes that in addition to the centralized adjustment of purchase restrictions in first-tier cities, in the first quarter of this year, the loan market ** interest rate (LPR) and mortgage loan interest rates are also expected to be lowered. In addition, the list of projects supported by the "three major projects" on the supply side has landed, and after the recent launch of the real estate financing coordination mechanism, more and more project financing has landed, which will eventually boost the real estate market from both sides of supply and demand, and it is expected that the property market performance in the first quarter of this year will be better than in the fourth quarter of last year.
Author: Pang Wuji.
*: The country is a through train.