【新华解读】政策成效明显 未来需更大力度推动房地产市场止跌回稳

Core Viewpoint - The Chinese government is implementing measures to stabilize the real estate market, with a focus on "city-specific" policies to promote recovery and prevent further decline [1][3]. Group 1: Market Performance - In the first half of the year, the national sales area of new commercial housing decreased by 3.5% year-on-year, a reduction of 15.5 percentage points compared to the same period last year [2]. - The sales amount of commercial housing fell by 5.5%, with a narrowing of 19.5 percentage points compared to the previous year [2]. - The transaction volume in the real estate market is showing signs of improvement, particularly in the second-hand housing market, which has seen an increase compared to last year [2]. Group 2: Price Trends - The overall decline in market prices has narrowed, with some cities experiencing price increases. In June, the year-on-year price decline for new residential properties in first, second, and third-tier cities narrowed by 0.3, 0.5, and 0.3 percentage points respectively [2]. - Cities like Shanghai and Changsha are leading in price increases, with Shanghai representing a strong market and Changsha benefiting from supportive purchasing policies [2]. Group 3: Funding and Debt Management - The funding sources for the real estate market have improved, with a 16.4 percentage point reduction in the decline of funds for real estate development companies compared to last year [3]. - Domestic loans for real estate increased by 0.6%, contrasting with a 6% decline last year [3]. - The inventory reduction has been positive, with a decrease of 4.79 million square meters in unsold commercial housing from May to June [3]. Group 4: Future Policy Directions - There is an expectation for increased support policies in the second half of the year, focusing on acquiring affordable housing, promoting urban renewal, and expediting loan disbursements for "white list" projects [4]. - The potential for targeted interest rate cuts on residential loans exists, although uncertainties remain regarding their impact on actual loan rates [4]. - The central government's upcoming meetings and local government initiatives are anticipated to further implement policies aimed at stabilizing and revitalizing the real estate market [4].