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丨wednesday, september 25, 2024丨

NO.1 the central bank expects to lower the interest rate on existing mortgage loans by an average of 0.5 percentage points

on september 24, at a press conference held by the state council information office, pan gongsheng, governor of the people's bank of china, said that in terms of housing loans, the interest rates of existing housing loans will be lowered and the minimum down payment ratio of housing loans will be unified, guiding commercial banks to reduce the interest rates of existing housing loans to near the interest rates of newly issued housing loans, with an average reduction of 0.5 percentage points. the minimum down payment ratios for first and second housing loans will be unified, and the minimum down payment ratio for second housing loans at the national level will be reduced from 25% to 15%.

comments:this policy adjustment will help increase the willingness to buy houses, thus boosting the real estate market to a certain extent. however, whether it can significantly improve market confidence in the short term remains to be seen, especially in the context of a still tight market credit environment; at the same time, this may increase the operating pressure of small and medium-sized banks and lead to increased risks in the financial system.

NO.2 real estate development loans achieved positive growth in the first eight months compared with the beginning of the year

on september 24, li yunze, director of the state financial supervision and administration bureau, said that the urban real estate financing coordination mechanism has achieved good results. so far, commercial banks have approved more than 5,700 white-list projects, with a financing amount of 1.43 trillion yuan, supporting the timely delivery of more than 4 million housing units. as of the end of august, this year's real estate development loans have achieved positive growth compared with the beginning of the year, reversing the continuous decline in the past few years.

comments:the accelerated approval of "white list" projects by commercial banks shows the country's emphasis on stabilizing the supply side of the real estate market. this will not only help ease the liquidity pressure of real estate companies, but also ensure that projects are completed on time and boost market confidence. however, attention should be paid to the investment returns of these projects to prevent them from falling into long-term difficulties.

NO.3 hong kong's private housing completion volume in the first seven months accounts for less than 40% of the annual target

on september 24, data from the hong kong integrated buildings department showed that the number of private residential units completed in hong kong in july was 1,608, an increase of more than 40% from 1,136 in june. midland realty chief analyst liu jiahui pointed out that if the first seven months of this year are taken together, the number of private residential units completed in hong kong will be 8,423, accounting for only about 37.8% of the hong kong rating and valuation department's forecast of 22,267 units for the whole year, which means that more than 13,800 units need to be completed from august to december to meet the target, so it is believed that it will be difficult to meet the target this year. according to data, as of september 23, of the 8,423 units completed in the first seven months of this year, about 5,101 units have been sold, which means a sales rate of about 60.6%, and the remaining about 39.4% of the units have not yet been launched on the market for sale/have not yet been sold.

comments:the lower-than-expected residential completion in hong kong reflects the lag in project approval and construction cycles, which affects the balance of market supply and demand and the choice of homebuyers. if this situation cannot be effectively improved, it may affect future market expectations and overall housing supply. therefore, effectively solving the problem of slow approval and construction speed is still the key to boosting market confidence.

NO.4 sino-ocean group's offshore debt restructuring company agrees to further extend the fee deadline

on september 24, sino-ocean group announced that in order to encourage more creditors to join the restructuring support agreement, the restructuring company agreed to further extend the deadline for basic consent fees from 5:00 p.m. on september 24, 2024 (hong kong time) to 5:00 p.m. on october 18. on september 23, sino-ocean group announced that its offshore debt restructuring will be implemented through two parallel procedures on a conditional basis, namely, the restructuring plan implemented by sino-ocean group in accordance with part 26a of the companies act (the uk restructuring plan), and the arrangement scheme implemented by sino-ocean land (hong kong) in accordance with sections 670, 673 and 674 of the companies ordinance (the hong kong arrangement scheme).

comments:the progress of sino-ocean group's overseas debt restructuring shows that the company is facing difficulties in financing and debt management in the international market. the extension of debt restructuring may be to gain more support, but it may also lead to insufficient investor confidence. in the long run, the company needs to attach great importance to the adjustment of its financial status and operating strategy to ensure the sustainability of its operations and financing.

NO.5 shanghai has the highest apartment project in terms of average area and total price

on september 24, the shanghai luxury residential project green lake tiandi liuhe tianji residential project under shui on land completed the subscription at the weekend, with nearly 400 groups of subscriptions and a subscription ratio of 370%, far exceeding the 250% points trigger line, successfully triggering the points. it is reported that the average area of ​​green lake tiandi liuhe is as high as about 528 square meters, exceeding the record of about 526 square meters set by tomson yipin in 2006, becoming the largest apartment residential product in shanghai. at the same time, the project is also the highest residential project launched in shanghai, not only breaking many records in shanghai and even the domestic real estate market, but also becoming the apartment project with the highest average total price in shanghai's history, with an average total price of nearly 110 million yuan.

comments:this shows that the demand for high-end residential properties is still strong, especially in first-tier cities. however, the high average price of the project also reflects the concentration of residents' wealth and consumption capacity, but whether it can continue to stimulate the overall market recovery remains to be seen. at the same time, the success of high-end projects mostly depends on a small number of high-net-worth individuals and is not universal.

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