Reduce the down payment ratio, adjust the purchase restriction policy, increase the amount of provident fund loans, and issue housing subsidies ... In the first half of 222, the central government continuously released the signal of stabilizing the real estate market, and the relevant policies on the real estate market were intensively introduced, with the frequency of release reaching a new high in the same period of history; The local government played a "combination boxing" to promote the steady and healthy development of the real estate industry due to the city's policy.

With the gradual emergence of the policy effect, the data of the real estate market in May reversed the downward trend and the market margin was repaired. Many institutions believe that there is still room for adjustment in all aspects of policies, and it is expected that they will continue to exert their efforts and take more targeted measures in the second half of the year.

High-frequency adjustment of policies supports reasonable housing demand

On April 29th, Politburo meeting of the Chinese Communist Party proposed to support all localities to improve real estate policies based on local conditions, support rigid and improved housing demand, optimize the supervision of pre-sale funds of commercial housing, and promote the stable and healthy development of the real estate market. Subsequently, the frequency of the introduction of local policies was accelerated and the intensity was also increased. According to the statistics of the Central Finger Research Institute, in the first half of the year, more than 18 provinces and cities across the country have issued nearly 5 real estate control policies.

from the perspective of policy types, all localities are constantly making efforts to improve real estate policies from the demand side. The central level has repeatedly emphasized supporting reasonable housing consumption, and has lowered the threshold for buying houses by adjusting the policies of restricting purchases and loans, releasing more demand for buying houses to enter the market.

According to the statistics of Kerry Research Center, in the first half of the year, 36 cities relaxed their purchase restrictions and 54 cities relaxed their loan restrictions. Taking Zhengzhou as an example, in March, Zhengzhou issued 19 measures to stabilize the property market, taking the lead in canceling "recognizing housing and recognizing loans" and stipulating that the elderly can buy a new house when they rely on their families. The insiders believe that this regulation actually cancels the purchase restriction; In June, Zhengzhou Airport Port Area further increased its relaxation efforts, announcing that the minimum down payment ratio for the first suite is 2%, and that for the second suite, the outstanding loan minimum down payment ratio is 3%.

according to the analysis of yihan think tank, the adjustment of the current loan restriction policy is aimed at ensuring the release of residents' reasonable demand for housing purchase and improving consumers' ability to pay, which undoubtedly releases a good signal for some consumers who have housing demand but are unable to release it due to policy factors.

At the same time, some core cities such as Shanghai, Hangzhou and Hefei have relaxed the threshold for settling down. Among them, Shanghai stipulates that graduates from research institutes and universities in Shanghai, graduates from world-class universities and graduates from world-class disciplines can settle down directly without "scoring". CITIC Jiantou Research Report believes that this will continue to support the marginal repair of the sales market; Yihan think tank believes that the main goal of relaxing the threshold for talent settlement in core cities is to attract talents, which will also increase the market purchase base in the short term.

The interest rate of the first home loan in p>58 cities was lowered to 4.25%, and the room ticket system was restarted

Relieving the pressure on consumers to buy houses was also one of the main directions of the property market regulation policy in the first half of the year.

in may, the central bank announced that the lower limit of the interest rate for the first home loan was lowered by 2 basis points, and a few days later, it announced that the LPR for more than five years was lowered by 15 basis points, the largest single drop in history. Many cities have stepped up efforts to implement preferential policies on mortgage interest rates. According to statistics from Kerry Research Center, 58 cities including Suzhou, Zhengzhou, Jinan, Nanjing and Wenzhou have implemented the first set of mortgage interest rates of 4.25% and the second set of mortgage interest rates of 5.5%.

many cities have adjusted their policies related to provident fund. In June, Fujian province announced that the down payment ratio of employees' families applying for provident fund loans for the second time to buy a house was reduced to 3%; For families with two or three children in accordance with the national birth policy, the maximum loan amount of housing provident fund shall be appropriately increased. Zhejiang Province has increased its support for housing provident fund for three-child families, including increasing the loan amount, withdrawing the loan amount and giving priority to loans. Hangzhou, Shanxi and other places all stipulate that depositors who are affected by the COVID-19 epidemic and cannot repay the housing provident fund loans normally can apply for not to be overdue.

Room tickets also "reappeared" in the first half of the year. According to the statistics of Yihan think tank, by the end of June 222, 19 cities including Zhengzhou, Lishui, Shaoxing, Haining and Ezhou had introduced the "room ticket" system. Among them, Zhengzhou stipulates that if the expropriated person chooses the house ticket for resettlement, he can get a reward of 8% of the resettlement compensation rights and interests, and at the same time reward the expropriated person with a three-month transition fee in cash. "By encouraging the resettlement of housing tickets for resettlement groups, the government can play the role of supporting the market, which is conducive to the market destocking and boosting the confidence of the overall real estate market." Liang Botao, general manager of Henan Branch of the Middle Finger Research Institute, said.

in addition, some cities have taken measures such as granting subsidies for house purchase, adjusting sales restrictions, and reducing real estate taxes and fees to support the release of rigid and improved demand. From the supply side, they have taken measures such as adjusting the rules of land auction and the supervision policy of pre-sale funds to promote the healthy development and virtuous circle of the real estate market.

The effect of the policy appears initially, and it is expected to continue to adjust in the second half of the year

With the continuous introduction of local policies and the gradual weakening of the epidemic situation, the real estate market has stabilized. According to the data of the Central Finger Research Institute, the year-on-year decline in the sales area and sales of commercial housing nationwide in May narrowed by 7.2 and 8.9 percentage points respectively compared with April, and the market margin was repaired. The year-on-year decline in the transaction area of key 1 cities continued to narrow, increasing in May and continuing to grow in June.

however, the policy effect still needs to be further strengthened. Kerry Research Center believes that after the Politburo meeting on April 29, the frequency and intensity of local relaxation policies increased, but the actual results were still lacking. The core reason lies in weak policies and lack of systematic policies.

regarding the trend of industrial policies in the second half of the year, Kerry Research Center believes that the real stabilization of the market still needs the help of policy combination boxing, and the second-tier and third-and fourth-tier cities may completely cancel the restrictions on purchases, sales and prices, while the housing enterprises are expected to implement the necessary relief policies and measures.

many institutions also predict that policies will continue to be optimized and adjusted in the second half of the year. The Central Finger Research Institute said that at present, the regulatory policies in some cities are still relatively restrained, and the policy intensity is expected to be further strengthened as the market sales continue to decline. In the short term, the frequency of local policies will be maintained at a relatively fast pace, and there is still room for policies at both ends of supply and demand.

Zhuge Housing Search Data Research Center believes that although this round of policies covers a wide range of cities and the frequency of regulation is relatively frequent, in terms of strength, they are all slightly loosened on the basis of previous strict control, and the policy threshold is still in a relatively strict stage. At present, residents' demand for housing quality has increased, and the demand for improvement has increased. However, the threshold for buying houses above the second suite is still at a high level. The agency expects that there will still be room for relaxation in relevant policies in the future.