重要：8月开启，房地产调控正在完成180°的全面大转弯

Core Viewpoint - In 2025, the Chinese real estate market underwent a significant transformation due to prolonged high housing prices and increasing market risks, prompting the government to implement unprecedented policy changes in August to address severe supply-demand imbalances and systemic risks in the real estate sector [1] Group 1: Market Conditions - As of June 2025, the nationwide unsold commercial housing area reached an astonishing 680 million square meters, with over 70% concentrated in third and fourth-tier cities, leading to a critical oversupply situation [2] - The urbanization rate has surpassed 65%, but the growth rate plummeted from 1.2% in 2015 to 0.5% last year, indicating a significant decline in new housing demand and marking the end of the "housing shortage era" [2] - The market transaction data is bleak, with the July second-hand residential price index dropping to 19.7%, and new home transaction volume only slightly increasing by 5% month-on-month, reflecting a lack of confidence among buyers and sellers [2] Group 2: Government Response - In response to the dire situation, the government decided to implement comprehensive market rescue policies during the July city work conference, shifting focus from controlling demand to resolving inventory and from scale expansion to high-quality development [4] - Key measures include the complete relaxation of purchase restrictions in popular second-tier cities like Chengdu and Xi'an, as well as significant easing of restrictions in first-tier cities such as Beijing and Shanghai [4] - The down payment requirements for first-time homebuyers have been significantly lowered to below 20%, and mortgage rates have reached historical lows, with the 5-year LPR dropping to 3.50% and the first loan rate for housing provident funds at 2.60% [6] Group 3: Tax and Housing Policies - The new tax policies implemented at the end of 2024 have begun to show results, with the tax exemption rate for housing under 140 square meters increased to 1%, and second homes in major cities also included in the tax exemption [8] - The government plans to start construction on 1.8 million units of affordable housing in 2025, accelerating related policies to alleviate supply-demand conflicts and stabilize housing price expectations [8] - The series of policy implementations marks a fundamental shift in China's real estate regulation, transitioning from suppressing speculation to supporting self-occupancy demand, with clear goals of risk prevention and economic stability [10]