更大力度推动楼市止跌回稳 央地协同增量政策可期

Core Viewpoint - The recent State Council meeting emphasized the need for a multi-faceted approach to stabilize expectations, activate demand, optimize supply, and mitigate risks in the real estate market, aiming for a rebound in the sector [1][2]. Group 1: Policy Measures - The central government plans to implement a new round of supportive policies to stabilize the real estate market, including optimizing existing policies related to supplied land and ongoing projects [2]. - The meeting outlined a 16-character implementation path focusing on "stabilizing expectations, activating demand, optimizing supply, and mitigating risks," with an emphasis on stabilizing expectations as a key entry point for market recovery [2][3]. Group 2: Demand Activation - Cities like Guangzhou have reiterated the cancellation of purchase restrictions and lowered down payment ratios and interest rates, with expectations that major cities such as Beijing, Shanghai, and Shenzhen will follow suit to release demand [2]. - Additional policy space exists for initiatives like housing vouchers, optimizing provident fund loans, and increasing home purchase subsidies [2]. Group 3: Supply Optimization - The meeting highlighted the need for a comprehensive assessment of supplied land and ongoing projects, which is crucial for revitalizing the market and optimizing new land supply [3]. - High-quality housing supply is expected to stimulate demand for improved housing, supported by relevant policies [3]. Group 4: Risk Mitigation - Future policies are anticipated to focus on improving the financial situation of enterprises and reinforcing responsibilities related to ensuring housing delivery [3].