为什么这次是北京先松绑？

Core Viewpoint - Beijing has adjusted its housing purchase restrictions by lifting the limit on the number of properties that can be purchased outside the Fifth Ring Road, marking a significant policy shift in response to market pressures [1][5][10]. Policy Changes - The new policy allows eligible residents to purchase an unlimited number of properties outside the Fifth Ring Road starting from August 9, 2025, while maintaining a two-year social security requirement for non-Beijing residents [10][12]. - The housing provident fund loan support has been enhanced, with broader criteria for first-time homebuyers and increased loan limits for second homes [11][12]. Market Impact - The policy change is expected to stimulate demand in the outer districts of Beijing, particularly in areas like Haidian and Chaoyang, which have seen significant inventory pressure [19][24]. - Historically, transactions in the outer districts have accounted for about 80% of total sales, but recent trends show a shift towards inner districts due to stricter policies [19][24]. Comparative Analysis - Compared to other first-tier cities, Beijing's policy adjustments have been more conservative and delayed, with other cities like Guangzhou and Shanghai already implementing more aggressive measures [2][14]. - The lifting of restrictions in Beijing may set a precedent for similar actions in Shanghai and Shenzhen, which are also facing market pressures [5][24]. Economic Context - The adjustment is part of a broader strategy to alleviate inventory pressure, stimulate economic growth, and support population distribution and regional collaboration [24]. - The overall real estate market in Beijing has shown fluctuations, with a notable increase in transactions following previous policy relaxations, but recent months have indicated a decline in sales volume [16][19].