房产持有成本全面调整，三大政策影响上亿房主

Core Viewpoint - A significant transformation in China's real estate policy has begun, marked by a series of heavy-weight regulations aimed at property ownership, rental, and loans, reflecting a shift towards a healthier and more stable real estate market [1][9]. Policy Adjustments - The Ministry of Housing and Urban-Rural Development and the Ministry of Finance released the "Guiding Opinions on Adjusting Urban Housing Holding Costs," introducing a differentiated housing holding cost adjustment mechanism, where costs increase with the number of properties owned [1][2]. - The new holding costs are categorized into basic service fees, property management fees, and a newly introduced urban housing resource occupation fee, which will be charged progressively based on property valuation [2][3]. Taxation Changes - The "Management Measures for Individual Rental Income Tax" will enforce stricter tax collection on individuals with multiple rental properties, transitioning from a flat-rate to a 20% tax on actual rental income, with a higher rate of 25% for those owning five or more properties [3][5]. - The expected increase in tax revenue from these measures is projected to exceed 800 billion yuan, highlighting the potential for improved tax collection efficiency [5]. Loan Management - The "Notice on Strengthening Personal Housing Loan Management" sets stricter conditions for loans on multiple properties, with a minimum down payment of 50% for the second home and 70% for the third and subsequent homes [4][7]. - Loan interest rates will also increase with the number of properties owned, with the rate for a third home reaching 4.95%, significantly higher than the first home [7]. Market Reactions - Following the announcement of these policies, there was a 12.7% increase in the number of second-hand homes listed in major cities, while prices saw a slight decline of 1.3% [8]. - Many banks reported a more than 60% increase in early repayment applications, primarily from owners of multiple properties [8]. Long-term Implications - The policies are expected to suppress speculative buying and promote a healthier rental market, aligning with international practices in real estate regulation [8][9]. - The overall aim is to shift the focus of the real estate market back to residential needs rather than speculative investment, ultimately fostering a more sustainable development model [9].