Core Insights - A significant transformation in China's real estate sector is underway, marked by a shift in policy focus from demand control to inventory reduction and high-quality development [1][3][4] Policy Changes - Comprehensive relaxation of purchase restrictions has been implemented, with cities like Chengdu, Xi'an, and Hangzhou easing residency requirements, and major cities like Beijing and Shanghai optimizing mortgage policies [3][4] - Downward adjustments in down payment ratios for first-time and second-time homebuyers have been observed, with some cities reducing the first-time home down payment to 15% [3][4] - The loan interest rates have reached historical lows, with the 5-year LPR at 3.50% and public housing loan rates as low as 2.60% [3][4] Tax Incentives - The new tax policies include significant reductions in transaction taxes, with the tax rate for homes under 140 square meters increased to 1% and exemptions for capital gains tax on properties held for over two years [3][4] Inventory Management - A special bond of 4.4 trillion yuan has been allocated to support the acquisition of housing for public welfare and urban village renovations, providing a new channel for inventory reduction [4] - Local governments are actively purchasing newly built homes under 90 square meters in first and second-tier cities to convert them into affordable housing [4] Market Dynamics - The market is experiencing a divergence in recovery, with first-tier cities showing a faster rebound compared to third-tier cities, which are facing prolonged inventory clearance periods [6] - The demand for larger homes is increasing, and a "quality revolution" is emerging, with new standards for residential quality being introduced [6] Consumer Behavior - Families are advised to focus on high-quality properties in core urban areas while avoiding older, poorly equipped homes in suburban regions [8] - The transformation in the real estate sector is not just a numerical adjustment but is fundamentally linked to the housing aspirations of ordinary families [8]
180°政策大转弯!中国楼市迎来历史性转折点
Sou Hu Cai Jing·2025-08-11 11:39