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(text/editor by xie hongjuan/ma yuanyuan) on september 29, shanghai, guangzhou, and shenzhen successively released new property market policies, and the overall intensity was within expectations. as of press time, beijing has yet to issue a follow-up document.

in terms of content, the new policies in shanghai, shenzhen, and guangzhou involve optimizing purchase restriction policies, reducing down payment ratios, and reducing the value-added tax exemption period. they focus on increasing the total demand for home purchases, lowering the threshold for home purchase, and reducing the cost of home purchase.

in terms of adjusting housing purchase restriction policies, guangzhou is the first first-tier city to fully lift purchase restrictions.

specifically, the guangzhou notice mentioned that in order to thoroughly implement the decisions and arrangements of the party central committee and the state council, respond to the concerns of the masses, and promote the stable and healthy development of the real estate market, with the consent of the guangzhou municipal people's government, various purchase restriction policies for households to purchase housing in this city have been cancelled. .

previously, the relevant policies of guangzhou city stipulated that yuexiu, haizhu, liwan, tianhe, baiyun (excluding jianggao town, taihe town, renhe town, zhongluotan town), nansha and other districts are housing purchase restriction areas, and purchase in the purchase restriction area there is no restriction on the purchase of houses with a building area of ​​more than 120 square meters (excluding 120 square meters). families and single persons who are not residents of this city can provide proof of personal income tax or social insurance payment in this city continuously in the 6 months before the date of purchase. in the purchase-restricted area, the purchase of two houses and one house (with a construction area of ​​120 square meters and below) is limited respectively.

after the adjustment of the purchase restriction policy, guangzhou’s household registration, non-household registration resident families and single persons purchasing housing within the city will no longer be subject to review of home purchase qualifications, and there will no longer be restrictions on the number of housing units purchased.

"as a first-tier city, guangzhou's policy adjustments are of bellwether significance." zhang bo, president of 58 anjuke research institute, pointed out that relaxing purchase restrictions is expected to stimulate demand for home purchases and boost market confidence, although cities including shanghai and shenzhen have not completely canceled the restrictions. purchase restrictions also indicate that under the background of the "dual-track system", the general direction will be to fully lift purchase restrictions in the commercial housing market.

zhang bo further said that the lifting of purchase restrictions will be more conducive to the entry of diversified and improved needs. since guangzhou is located in the core area of ​​the greater bay area and is also an important development zone for the guangzhou-foshan integrated economy, it is highly attractive to outsiders. in addition, guangzhou the wide gradient of housing prices makes it more conducive for outsiders to settle here. it is expected that this move will drive the transaction volume of guangzhou's property market to increase in october.

in contrast, shanghai's focus is still on optimizing the purchase restriction policy. among them, for non-local resident households and single persons who purchase housing outside the outer ring road, the number of years required to pay social insurance or personal income tax for the purchase of the house will be adjusted to the consecutive years before the date of purchase. payment has been made for 1 year or more. non-local resident families who hold a "shanghai residence permit" and whose points reach the standard value and have paid social insurance or personal income tax in this city for three years or more will enjoy the same treatment as shanghai resident families in purchasing housing units. . a more differentiated house purchase policy will be implemented in the lingang new area of ​​the free trade zone. for groups who work in the new area and have job-housing separation, on the basis of implementing the existing housing purchase restriction policy, they can purchase an additional house in the new area. promote work-housing balance.

shenzhen is also focusing on adjustments. families registered in the city (including families with some family members registered as residents in the city, the same below) are limited to purchasing two houses, and adult singles registered in the city (including divorced, the same below) are limited to purchasing one house. housing. on the basis of the implementation of the above housing purchase restriction policy, one more unit can be purchased in yantian district, bao'an district (excluding xin'an street and xixiang street), longgang district, longhua district, pingshan district, guangming district, and dapeng new district housing.

families and adult singles who are not registered residents in shenzhen are limited to purchasing one house. to purchase a house within futian district, luohu district, nanshan district and baoan district’s xin’an street and xixiang street, you must provide proof of continuous payment of personal income tax or social insurance in this city one year before the date of purchase. when purchasing a house in yantian district, bao'an district (excluding xin'an street and xixiang street), longgang district, longhua district, pingshan district, guangming district, and dapeng new district, there is no need to provide personal income tax or social insurance certificates.

in addition, families with two or more minor children who are not registered residents of this city can purchase one more house on the basis of implementing the above-mentioned housing purchase restriction policy.

zhang bo said that shanghai, shenzhen and guangzhou all issued policies before the holiday, undoubtedly to seize the opportunity of the national day holiday property market. in fact, since the politburo meeting in september set the tone and the state council information office introduced financial policies on september 24, market expectations for the future of the property market have improved significantly. however, national policies are the direction of the trend, and various localities need to implement "city-specific policies" to implement detailed plans. shanghai's policy is very timely at this time, which further allows the home-buying group to confirm their positive expectations for the future, and lays the foundation for the increase in the popularity of the property market during the national day. a good foundation in policy.

in zhang bo's view, the relaxation of purchase restrictions is in line with market expectations. shanghai has lowered the threshold for purchase restrictions in the first half of the year, and subsequently opened up corresponding restrictions on single groups purchasing second-hand houses, and lifted restrictions on divorced housing purchases, all aiming to better meet residents' reasonable housing requirements. demand and promote the stable development of the property market. in particular, in this adjustment, the "social security period for non-shanghai citizens purchasing housing outside the outer ring is changed from 3 to 1", which greatly reduces the difficulty of purchasing a house for people who work and live in shanghai but have temporarily obtained shanghai citizenship. it is also more conducive to the development of the property market in shanghai's outer areas. ization, which is more conducive to the balance of supply and demand in the market.

in terms of reducing the down payment ratio, the minimum down payment ratio for commercial personal housing loans for shanghai’s first homes is adjusted to no less than 15%. the minimum down payment ratio for commercial personal housing loans for second homes is adjusted to no less than 25%; the minimum down payment ratio for second home loans in areas with differentiated policies is adjusted to no less than 20%. the minimum down payment ratio for housing provident fund second home loans will be adjusted accordingly.

the minimum down payment ratio for commercial personal housing loans for first homes in shenzhen is adjusted to 15%, and the minimum down payment ratio for commercial personal housing loans for second homes in shenzhen is adjusted to 20%.

chen wenjing, policy research director of the china index research institute, pointed out that the down payment ratio in shanghai and shenzhen has dropped from the previous 20% to 15%. the down payment ratio for the second home in shanghai has dropped from the previous 30%-35% to 20%-25%. the reduction from the previous 30% to 20% will help further lower the threshold for residents to purchase houses; at the same time, shenzhen will provide more credit support to families with multiple children, and families with multiple children can purchase a second home with the credit of the first home, which will help to drive rigid demand. and the release of demand for improved housing.

in terms of reducing the value-added tax exemption period, shanghai has adjusted the value-added tax exemption period from 5 years to 2 years for personal housing sales; shenzhen has adjusted the value-added tax exemption period for personal housing transfers from 5 years to 2 years. year.

zhang bo said that the adjustment of the value-added tax exemption period from 5 years to 2 years is very much expected by the market. a large amount of trade-in demand exists in the market. however, the cost of replacing houses is high for home buyers, especially the high transaction taxes. this policy can effectively reduce transaction costs and help market revitalization.