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A Securities Times reporter sorted out that recently, many places including Ya'an in Sichuan, Yingtan in Jiangxi, Zhanjiang in Guangdong, Bijie in Guizhou, and Lanzhou in Gansu have taken intensive measures to stabilize the real estate market. Among them, issuing housing purchase subsidies and optimizing provident fund loan policies have become the main contents.

On July 27, Ya'an, Sichuan, issued 18 measures to stabilize the property market. Among them, in terms of housing subsidies, it is proposed that people who buy their first or second new house between July 1 and December 31, 2024 will be given housing subsidies of different standards according to the purchase area. In particular, 12 groups of people, including faculty and staff, medical staff, and active or retired military personnel, will also enjoy additional housing purchase support during this period. In addition, citizens who buy ordinary second-hand houses will be given subsidies of 2% of the total house price; citizens who buy new house parking spaces and commercial premises will also enjoy subsidies of 3,000 yuan per parking space and 1% of the total house price, respectively.

The new Ya'an policy also states that between July 1, 2024 and June 30, 2025, citizens who purchase their own homes can withdraw the balance of their provident fund accounts in one lump sum to pay for the down payment, and the maximum loan amount for dual-income and single-income housing provident funds will be increased to 800,000 yuan and 700,000 yuan respectively. For families who give birth to two or three children in accordance with the national fertility policy, the maximum loan amount will be increased by 100,000 yuan and 200,000 yuan respectively. In addition, the interest rate for individual housing provident fund loans has also been reduced by 0.25 percentage points.

It is worth noting that on July 26 alone, four cities, including Yingtan in Jiangxi, Zhanjiang in Guangdong, Bijie in Guizhou, and Lanzhou in Gansu, took action to stabilize the property market.

For example, Yingtan, Jiangxi, has proposed a number of subsidy policies in its new policy to stabilize the property market, including the implementation of phased housing purchase subsidies, differentiated housing purchase subsidies for families with children, and strengthening housing purchase policy support for new residents. Among them, the purchase of new houses will be subsidized by the finance of the district (management committee) where the real estate project is located, and subsidies will be given at 0.7%, 1%, and 2% of the total purchase price for the first, second, third and above houses respectively; housing purchase subsidies will be given to families with two or three children per set, with a maximum total subsidy of 50,000 yuan for families with two children and a maximum total subsidy of 100,000 yuan for families with three children. In addition, citizens without houses in the central urban area, newly settled people and newly registered business entities in the central urban area will be given a one-time housing purchase subsidy of 20,000 yuan for the first purchase of new houses or a single purchase of non-residential properties such as commercial buildings, shops, apartments, office buildings, etc. of more than 100 square meters.

Yingtan's new policy also optimizes the housing provident fund loan policy, increasing the maximum loan amount for the first and second loans of employees who make contributions; at the same time, the maximum loan amount for families with two children is increased by 20%, and the maximum loan amount for families with three children is increased by 50%. For those who purchase high-quality housing such as prefabricated housing, star-rated green housing, and fourth-generation buildings, the maximum housing provident fund loan amount is increased by 20%.

On the same day, Zhanjiang, Guangdong proposed in its draft for comments on stabilizing the real estate policy to increase support for housing provident fund loans, including increasing housing provident fund loan quotas, optimizing non-local loan policies, optimizing the number of sets of identification standards, optimizing loan repayment withdrawal policies, and implementing the "second-hand housing transactionTransfer with pledge"wait.

Bijie, Guizhou and Lanzhou, Gansu have both optimized their housing provident fund loan policies. In Bijie, the maximum amount of housing provident fund loans for families with two or three children and qualified high-level talents who purchase their first self-occupied housing is increased by 20%, and the amount of housing provident fund loans is calculated as 20 times the balance of the borrower's housing provident fund account. Lanzhou's housing provident fund loan down payment ratio is adjusted from the current 20% for the first house and 30% for the second house to 20%, while increasing the actual loan amount and adjusting the upper limit of the monthly payment and income ratio of employee families from the current 50% to 60%.

Under the influence of a series of supporting policies from the central and local governments, the national commercial housing sales data has shown positive changes. The latest data from the National Bureau of Statistics shows that from January to June, the sales area of ​​new commercial housing in the country was 479.16 million square meters, a year-on-year decrease of 19%, and the decline narrowed by 1.3 percentage points from January to May; the sales of new commercial housing was 471.33 billion yuan, a year-on-year decrease of 25.0%, and the decline narrowed by 2.9 percentage points from January to May.

The "Decision of the Central Committee of the Communist Party of China on Further Comprehensively Deepening Reforms and Promoting Chinese Modernization" reviewed and approved at the Third Plenary Session of the 20th Central Committee of the Communist Party of China continued to emphasize in the part on real estate that "city governments should be fully given the autonomy to regulate the real estate market and adopt policies based on the conditions of each city", indicating that various regions will continue to optimize and adjust housing policies based on their own real estate market conditions.

Chen Wenjing, director of market research at China Index Academy, predicts that the policies of "stabilizing the market" and "destocking" are expected to continue to be implemented in the second half of the year. As various measures take effect and the high base effect is significantly weakened, the downward trend in new home sales in the second half of the year is expected to slow further, and the market activity in core cities may be restored.

Editor/Fan Hongwei