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a new property sales office in beijing, courtesy of the daily economic news

according to cctv finance on september 21, 130 cities across the country have launched housing "old for new" activities this year. beijing launched the "old for new" commercial housing campaign on july 19, and it has been two months since then. with the support of multiple policies, the transaction volume of beijing's new and second-hand housing markets has remained at a high level.

according to the online signing data of beijing municipal housing and urban-rural development commission, the online signing volume of second-hand houses in beijing in august was 14,363 units, a year-on-year increase of 31%; the online signing volume of new houses was 5,308 units, a month-on-month increase of 29.72%.

chen nan, project manager of the "old for new" project at a real estate brokerage company, said that some measures have been introduced for the "old for new" policy for commercial housing, such as accelerating the sales of old houses and a 90-day worry-free protection period for house returns, which have played a positive role in enhancing the overall market activity.

at present, there are 53 new housing projects, over 10,000 housing units and 507 home buyers participating in the "old for new" program in beijing.

in addition, beijing has introduced a number of real estate credit policies to support "trading old for new". in addition to reducing down payments and interest rates, beijing has also extended the housing fund loan period for old residential communities and increased the housing fund loan amount for green buildings, ultra-low energy consumption buildings and other types of houses. the two policies have improved the liquidity of old residential communities and have obvious benefits for new commercial housing that adopts green building technology.

data shows that by the end of july, beijing had received a total of 1,817 applications for old residential loans, totaling 1.417 billion yuan. among them, 104 applications were changed from "unable to loan" under the original policy to "available for loan", and 1,734 applications were changed from "short-term loan" under the original policy to "long-term loan", of which 1,219 applications had their loan terms increased by more than 10 years, and 266 applications had their loan terms increased by 20 years.

wang xian, director of the loan management department of the beijing housing provident fund management center, pointed out that in the two months since the policy was introduced, a total of 3,802 loans supporting green development of buildings have been accepted, with a total amount of 4.113 billion yuan, accounting for 30% and 36% of the number and amount of (all provident fund loans) accepted in the past two months respectively. the average loan amount is 1.0818 million yuan, an increase of nearly 370,000 yuan compared with the average loan amount of 713,400 yuan for the whole of last year.

on july 19, the beijing real estate association and the beijing real estate agency industry association jointly issued an initiative for beijing's commercial housing "old for new" campaign.

according to the initiative, from now until december 31, 2024, a "old for new" campaign for commercial housing will be carried out in beijing, calling on developers, intermediary agencies and related service industries across the city to actively participate, provide discounts and full-chain high-quality services for selling old houses and buying new ones, and support home-buying families in "trading old for new".

according to a reporter from the "daily economic news", 11 real estate agencies including lianjia, 51home, maitian and 21st century real estate and 31 real estate projects participated in beijing's first batch of "old for new" activities. the real estate projects are located in chaoyang, shunyi, changping, fengtai, fangshan, daxing and other areas.

"although beijing is the last first-tier city to launch the housing 'old for new' policy, its participation has undoubtedly added new vitality to the promotion of this policy." yan yuejin, research director of the e-house research institute, said that although the pace of beijing's housing 'old for new' policy is relatively slow, it can learn from the successful experience of other cities to better implement this policy.

"the implementation of this policy will help beijing to revitalize the second-hand housing market and have a positive impact on the activity of the entire real estate market."

in fact, beijing mentioned the concept of "trading old for new" when adjusting its real estate policy in early june this year, and clearly guided the industry association to build a three-party docking platform for developers, brokerage agencies, and home buyers, encouraging developers and brokerage agencies to provide high-quality services, implement preferential measures, and support home buyers to "trade old for new". now, this policy has been officially launched, and like shanghai and other cities before, it belongs to the "agent first selling" model.

chen wenjing, director of market research at china index academy, pointed out that various regions continued to optimize relevant policies during the implementation stage of "old for new". the two models of intermediaries giving priority to selling houses and state-owned enterprises buying old houses for new ones were gradually combined to jointly promote the implementation of "old for new".

it is worth noting that, as the current listing volume of second-hand houses in many cities is still high, if the intermediary-first sales model is to achieve transactions as soon as possible, it is inevitable that concessions will be made in terms of price. in the state-owned enterprise's old-for-new model, the price evaluation of old houses is also one of the important factors affecting the enthusiasm of old house owners to participate. if the second-hand house owner is not satisfied with the evaluation price, the company will "direct purchase + help sell" in parallel, adding the "agent sales" model in addition to the old house acquisition, to help the old house owner sell the second-hand house, and also give the house-changing owners more choices.

in addition, the expansion of the "old for new" rules may be one of the important directions for policy optimization in various places in the future, such as expanding the property types for purchasing old houses, expanding the scope of new houses that can be replaced, expanding the regional scope for purchasing old houses, etc. cross-city acquisitions of old houses may further strengthen the agglomeration effect of advantageous cities.

the "old for new" initiative is conducive to opening up the chain of first-hand and second-hand properties, and has a certain driving effect in increasing the activity of the property market. more cities may implement relevant measures in the future. however, it is worth noting that the scale of "old for new" in various places is still relatively low. state-owned enterprises rely more on self-financing on government platforms and loans from financial institutions to collect old for new. if more financial support is given in the future and further synergy is formed, it is expected to further expand the driving effect of "old for new" on the market and help the real estate market stabilize faster.

meijing real estate is integrated from cctv finance, national business daily (reporter zhen sujing), etc.

editor｜chen mengyu

cover image source | daily economic news file image ‍‍‍‍‍‍‍‍‍‍