中指研究院 中国房地产指数系统 X` 好的 北京大力度优化楼市政策，房地产市场有望加快筑底 2024 年 9 月 30 日，继上海、广州、深圳接连发布楼市新政后，北京从降低存量房贷利 率、下调个人住房贷款最低首付款比例、加大住房公积金贷款支持力度、调减非京籍家庭购 房社保或个税缴纳年限、调整通州区住房限购政策、及时取消普通住房和非普通住房标准、 加快构建房地产发展新模式等方面出台政策措施。 政务公开 政务服务 住房保障 市房地产相关政策的通知 | --- | --- | --- | --- | --- | |-------------------|-------|---------------|--------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------| | | | | 政策类型 新 ...

Investment Rating - The report indicates a positive outlook for the real estate sector following the central bank's recent measures to lower mortgage rates and adjust lending policies [3][15]. Core Insights - The central bank has implemented multiple financial support measures for the real estate sector, including a reduction in existing mortgage rates and adjustments to the minimum down payment requirements for home purchases [3][15]. - The new pricing mechanism allows borrowers to choose between fixed and floating interest rates, with the flexibility to negotiate terms with financial institutions [4][8]. - The initiative aims to enhance the liquidity in the housing market and stabilize market expectations by facilitating easier access to financing for homebuyers [15]. Summary by Sections Central Bank Announcements - The central bank has introduced a mechanism for borrowers to select fixed or floating rates for commercial housing loans, with floating rates based on the latest loan market quotation rate plus a margin [4]. - Starting from November 1, 2024, borrowers can negotiate the repricing cycle for floating-rate loans, allowing for more responsive adjustments to market conditions [4][13]. - The minimum down payment for commercial housing loans has been standardized to no less than 15%, regardless of whether it is the first or second home [4][6]. Market Rate Pricing Initiative - The initiative requires commercial banks to adjust existing mortgage rates by October 31, 2024, with a maximum reduction to LPR - 30 basis points for eligible loans [9][11]. - Major banks have already announced plans to publish operational details by October 12, 2024, to facilitate this adjustment [9][11]. Impact on Borrowers - The adjustments in mortgage rates are expected to significantly lower monthly payments for borrowers, with examples indicating potential savings of over 1,500 yuan per month for substantial loans [12]. - The removal of the one-year minimum repricing cycle for floating-rate loans allows for more timely adjustments in response to changes in the loan market quotation rate [13]. Overall Market Outlook - The rapid implementation of these measures reflects the central bank's commitment to stabilizing the real estate market and supporting economic recovery [15]. - The combination of lower mortgage rates and flexible lending terms is anticipated to enhance market liquidity and improve homebuyer sentiment [15].

Investment Rating - The report indicates a positive investment rating for the property service industry, with 29 companies experiencing stock price increases, and 22 outperforming the Hang Seng Index [1] Core Insights - The property service sector has shown resilience, with significant stock price increases, particularly for companies like Jingfa Property, which saw a rise of 144.67% [1] - The report highlights a robust pipeline of new projects, with 4,598 new land projects added in key cities, covering a total planned construction area of 179.45 million square meters [3] - The industry is adapting to changing consumer demands and regulatory environments, as evidenced by various local policies aimed at enhancing service quality and consumer experience [7] Summary by Sections Market Performance - In August, the Hang Seng Index closed at 17,989.07 points, reflecting a 3.72% increase [1] - 29 property service companies reported stock price increases, with 22 outperforming the Hang Seng Index [1] New Projects and Bidding Information - A total of 4,598 new land projects were reported in key cities, with residential projects accounting for 867, commercial office projects for 853, and industrial projects for 2,269 [3] - The non-residential sector saw a significant number of bidding opportunities, with 5,610 property-related bids issued in the Beijing-Tianjin-Hebei and Guangdong-Hong Kong-Macau regions [5] Company Operations - Jianye New Life reported a revenue of RMB 1.483 billion and a net profit of RMB 109 million for the first half of 2024, managing a total area of 188.06 million square meters [8] - Xinyuan Service achieved a 15.36% year-on-year increase in contracted area and a 9.71% increase in managed area, with a notable 220% increase in newly signed area [14] Industry Policies - National policies are focused on promoting high-quality service consumption, while local regulations in cities like Shanghai and Guangdong aim to standardize property management practices [7] Community Engagement and Services - Various property management companies are enhancing community engagement through initiatives like community markets and educational support for children, fostering a sense of belonging among residents [48][50]

Investment Rating - The report does not explicitly provide an investment rating for the property service industry. Core Insights - The rapid development of the internet has expanded information dissemination channels, allowing property companies to utilize both traditional and new media platforms to create a comprehensive communication matrix, achieving boundary-less and full coverage of information dissemination [1] - The report highlights the importance of leveraging new media channels such as WeChat and Douyin to enhance brand exposure and reach, thereby increasing brand awareness among target audiences [1] - The "2024 September Top 50 Property Service Companies in China" list is based on the monitoring of brand communication effectiveness through WeChat public accounts and video accounts [1] Summary by Sections WeChat Public Accounts - In September 2024, the total reading volume of the top 50 property service companies' WeChat public accounts reached approximately 3.254 million times, with an average reading volume of about 65,000 times per account [3] - The top three accounts by reading volume were "万物有云/邻居," "保利物业公众号矩阵," and "中海物业公众号矩阵," each exceeding 200,000 readings [3] - The average reading volume for the top 10 companies was 191,000 times, while the average for companies ranked 11 to 30 was 50,400 times [3] WeChat Video Accounts - The total likes and shares for the top 30 property service companies' WeChat video accounts in September 2024 amounted to 546,000, with an average of about 18,000 per account [5] - The top three video accounts were "新希望服务视频号矩阵," "建业物业/建业新生活," and "彩生活服务集团/彩之云," each exceeding 50,000 likes and shares [5] Douyin Video Accounts - In September 2024, the total likes and shares for the top 5 property service companies' Douyin video accounts reached 132,000, with "新希望服务" leading with over 70,000 likes and shares [6] - The other notable accounts included "建业物业," "RET 宝石花物业," and "绿都智慧服务矩阵," each with significant engagement [6]

Investment Rating - The report indicates a significant decline in sales performance for the top 100 real estate companies in China, with a total sales amount of 29,699.4 billion yuan, representing a year-on-year decrease of 38.8% [26][27] Core Insights - The sales performance of the top 100 real estate companies has shown a continued downward trend, with a notable increase in the rate of decline compared to previous months [26][27] - The report highlights that only six companies exceeded one billion yuan in sales during the first nine months of 2024, a decrease of eight companies compared to the same period last year [27] - The report anticipates a marginal improvement in the new housing market in the fourth quarter, suggesting a potential stabilization in the industry [26] Summary by Sections Sales Performance - The total sales amount for the top 100 real estate companies was 29,699.4 billion yuan, with a year-on-year decline of 38.8% [27] - In September alone, the sales amount for the top 100 companies decreased by 38.81% year-on-year and 2.20% month-on-month [27] - The number of companies achieving over one billion yuan in sales decreased to six, while the number of companies with sales over one hundred million yuan fell to 65 [27] Marketing Strategies - Companies are adopting innovative marketing tools and multiple strategies to boost sales amid challenging market conditions [26] Market Outlook - The report suggests that the "stop decline and stabilize" signal is the strongest indicator for the real estate market, with expectations for marginal improvements in the fourth quarter [26]

Investment Rating - The report indicates a positive outlook for the real estate market in first-tier cities following the implementation of new policies aimed at stabilizing the market and boosting demand [15][21]. Core Insights - Recent policy changes in Shanghai, Shenzhen, and Guangzhou are expected to stimulate housing demand by optimizing purchase restrictions, lowering down payment ratios, and reducing the exemption period for value-added tax [15][21]. - The adjustments in purchase restrictions include significant changes such as the reduction of social insurance or personal income tax payment requirements for non-local households in Shanghai from 3 years to 1 year, and the complete removal of purchase limits in Guangzhou [15][21]. - The lowering of down payment ratios to 15% for first-time buyers and 20%-25% for second homes in Shanghai and Shenzhen is anticipated to further reduce the barriers to home ownership [15][21]. - The reduction of the value-added tax exemption period from 5 years to 2 years in both Shanghai and Shenzhen is expected to lower transaction costs for buyers [15][21]. Summary by Sections Policy Changes - Shanghai has adjusted its housing purchase policy to allow non-local households to buy homes with only 1 year of social insurance or personal income tax payments, and families with residence permits can purchase 2 homes if they meet certain criteria [15]. - Shenzhen has removed purchase limits in suburban areas and reduced the social insurance requirement for non-local households from 3 years to 1 year [15][21]. - Guangzhou has eliminated all purchase restrictions, allowing both local and non-local residents to buy homes without qualification checks [15][21]. Financial Adjustments - The down payment ratio for first-time buyers in Shanghai and Shenzhen has been reduced to 15%, while the second home down payment ratio has been lowered to between 20% and 25% [15][21]. - The value-added tax exemption period has been cut from 5 years to 2 years, which is expected to decrease the overall cost of home transactions [15][21]. Market Impact - The report suggests that these policy changes will likely lead to an increase in housing demand and market activity in the coming months, with expectations of a recovery in both new and second-hand housing markets [15][21].

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies. Core Insights - The total reading volume of the top 50 companies' WeChat official accounts reached approximately 9.11 million times from July to September 2024, a decrease from approximately 10.77 million times in the same period of 2023 [6][17]. - In September 2024, the average reading volume of the top 50 companies' WeChat accounts was about 65,000 times, with the top three accounts exceeding 200,000 times [17]. - The report highlights the increasing use of digital media channels by property companies to enhance brand exposure and reach [41]. Summary by Sections WeChat Reading Volume - In July 2024, the total reading volume was approximately 2.72 million times, with an average of about 54,000 times per account [39]. - In August 2024, the total reading volume was approximately 3.14 million times, with an average of about 63,000 times per account [38]. - In September 2024, the total reading volume was approximately 3.25 million times, with an average of about 65,000 times per account [17]. Brand Promotion Analysis - Property companies are leveraging traditional and new media platforms to create a comprehensive communication matrix, achieving extensive information dissemination [41]. - Companies are designing personalized and practical functional modules on their platforms to enhance brand communication effectiveness [41]. Company Highlights - Poly Property has been actively expanding its service offerings, recently entering several major transportation projects [59]. - China Overseas Property's brand value was reported at 23.4 billion RMB, reflecting its strong market performance [60]. - Longcheng Property has been recognized for its community service initiatives, showcasing its commitment to customer care [62]. Community Engagement - New City Joy Service has been actively organizing community events, enhancing neighborhood interactions and cultural building [69]. - The report notes various community activities and events organized by property companies to foster engagement and brand loyalty [73].

Investment Rating - The report indicates a cautious outlook on the real estate industry, with a focus on the performance of top real estate companies in land acquisition and market dynamics. Core Insights - The total land acquisition amount by key real estate companies has seen a year-on-year decline of 38.1%, although the rate of decline has narrowed compared to previous months [8][9] - The Guangdong-Hong Kong-Macao Greater Bay Area has risen to the third position in land acquisition amounts among city clusters, reflecting a significant increase in activity [15] - Major cities are optimizing land auction rules to enhance market vitality, including the removal of price ceilings in certain areas [11][12] Summary by Sections Land Acquisition Performance - In the first nine months of 2024, the top 100 real estate companies acquired a total of 532.4 billion yuan in land, with a notable decrease in both the total amount and the average floor price of land [8][10] - Poly Developments, Greentown China, and Jianfa Real Estate ranked as the top three companies in terms of new value added, with 75.6 billion yuan, 65.7 billion yuan, and 61.2 billion yuan respectively [10][11] Market Dynamics - The land market continues to operate under low temperatures, with both government land supply and corporate confidence in land acquisition remaining weak [8][9] - The average floor price of land transactions in 300 cities has decreased by 13.3% year-on-year, indicating a trend of reduced bidding activity [9][10] Regional Insights - The top 10 companies in the Yangtze River Delta region led land acquisition with 111.5 billion yuan, while the Beijing-Tianjin-Hebei region followed with 85.4 billion yuan [15] - The report highlights that state-owned enterprises and large private companies are the primary players in land acquisition across major cities, with a focus on strategic areas [17]

中指研究院 中国房地产指数系统 表：2024 年以来中央重要会议中涉及房地产的内容梳理 9.26 政治局会议：促进房地产市场止跌回稳，京沪放松限购值得期待 9 月 26 日，中共中央政治局召开会议，分析研究当前经济形势，部署下一步经济工作。会议指出： ◼ 今年以来，…，经济运行总体平稳、稳中有进，新质生产力稳步发展，民生保障扎实有力，防 范化解重点领域风险取得积极进展，高质量发展扎实推进，社会大局保持稳定。 ◼ ……要抓住重点、主动作为，有效落实存量政策，加力推出增量政策，进一步提高政策措施的 针对性、有效性，努力完成全年经济社会发展目标任务。 ◼ 要加大财政货币政策逆周期调节力度，保证必要的财政支出，切实做好基层"三保"工作。要 发行使用好超长期特别国债和地方政府专项债，更好发挥政府投资带动作用。要降低存款准备金率，实 施有力度的降息。要促进房地产市场止跌回稳，对商品房建设要严控增量、优化存量、提高质量，加大 "白名单"项目贷款投放力度，支持盘活存量闲置土地。要回应群众关切，调整住房限购政策，降低存 量房贷利率，抓紧完善土地、财税、金融等政策，推动构建房地产发展新模式。要努力提振资本市场， 大力引导中长期资 ...

Investment Rating - The report indicates a positive outlook for the Beijing real estate market, suggesting that multiple policy optimizations are expected to be implemented soon, which could enhance market activity and investor confidence [4][15]. Core Insights - The Beijing real estate market is currently under pressure, with signs of weakening transaction volumes in both new and second-hand housing markets. The average daily transaction area for new homes has significantly decreased compared to the same period last year, and second-hand home transactions have dropped by 9.4% year-on-year [7][15]. - The report emphasizes the need for policy adjustments to stimulate the market, particularly in light of the strict purchase restrictions currently in place, which are among the most stringent in the country [7][15]. - There is a clear focus on supporting diverse housing needs, particularly for families with multiple children, elderly households, and those seeking work-life balance. The report suggests that policies should be tailored to support these groups, including higher loan limits for housing funds and allowances for additional home purchases [9][10]. Summary by Sections Policy Optimization - The report highlights significant room for policy optimization in Beijing's real estate sector, with expectations for the cancellation of ordinary and non-ordinary residential standards, which could lower housing costs and stimulate demand for improved housing [10][12]. - Recent policies have already led to increased market activity, particularly in the second-hand housing market, following the implementation of new regulations [4][15]. Housing Demand - The report identifies a growing demand for larger and higher-end homes, particularly among families looking to upgrade their living conditions. It suggests that removing restrictions on larger homes could facilitate this demand [9][10]. - The emphasis on improving housing conditions for various demographics, including families with children and the elderly, is seen as a critical area for future policy development [9][10]. Land Transaction Rules - The report notes that land transaction rules in Beijing are expected to continue evolving, with potential adjustments to optimize land auction processes and enhance the quality of housing developments [14][15]. - The report also mentions that other cities are making similar adjustments to their land transaction rules, which could serve as a reference for Beijing's future policy directions [14].