北京甩出“王炸”，沉睡楼市已到激活临界点？

Core Insights - The Beijing Municipal Housing and Urban-Rural Development Committee and the Beijing Housing Provident Fund Management Center announced a policy adjustment that allows eligible families to purchase an unlimited number of homes outside the Fifth Ring Road starting August 9, 2025 [1][4][5] Policy Adjustments - The new policy focuses on two main areas: relaxation of purchase restrictions and upgrades to the housing provident fund [4] - Purchase restrictions have been differentiated based on location, with no limits on the number of homes for eligible families outside the Fifth Ring Road, while existing restrictions remain for properties within the Fifth Ring Road [5][6] - The housing provident fund policy has undergone four significant upgrades, including relaxed standards for first-time homebuyers and increased loan limits for second homes [3][7] Market Reaction - The new policy has rapidly stimulated the market, particularly in areas outside the Fifth Ring Road, with significant sales activity reported immediately following the announcement [9][11] - Notable transactions included a high-end property sold for 60.81 million yuan and a project in Chaoyang district achieving sales of 10 units totaling 103 million yuan within 24 hours [9][11] Market Context - Data indicates that over 80% of new residential sales in Beijing from January to July 2025 occurred outside the Fifth Ring Road, highlighting the need for policy adjustments to alleviate inventory pressure [12][14] - The inventory of unsold properties in areas outside the Fifth Ring Road has exceeded 9 million square meters, with a depletion cycle of over 26 months, significantly higher than the city average [13] Policy Benefits - The upgrades to the housing provident fund are expected to lower the cost of home purchases, with potential reductions in down payments and monthly mortgage payments for buyers [16][18] - For example, a buyer of a 4 million yuan property could see a down payment reduction of up to 600,000 yuan and a monthly payment decrease of 253 yuan due to the new policies [16][18] Future Outlook - The policy changes in Beijing may signal similar adjustments in other first-tier cities like Shanghai and Shenzhen, which are expected to follow suit in optimizing their housing policies [19][21] - The recent adjustments mark several firsts, including the first substantial relaxation of purchase limits since 2010 and the introduction of differentiated purchase strategies based on location [21]