CSC(SH:601066) Zheng Quan Shi Bao Wang·2025-09-22 00:57Group 1 - The Shanghai Finance Bureau announced a policy adjustment on September 19, allowing non-local homebuyers to be exempt from property tax for newly purchased second homes if the average per capita housing area does not exceed 60 square meters [1] - This marks the first substantial optimization of the property tax pilot program since its inception in 2011, aimed at reducing disparities between local and non-local residents and encouraging talent to live and work in Shanghai [1] - The policy is expected to positively impact non-local families looking to purchase multiple homes, potentially boosting housing demand and transaction recovery [1] Group 2 - Recent policy optimizations in first-tier cities like Beijing, Shanghai, and Shenzhen, combined with seasonal demand, are anticipated to restore the real estate market's fundamentals [2] - Current real estate sector valuations are considered low, suggesting a favorable environment for investors to accumulate real estate stocks [2] - Developers focusing on core first and second-tier cities with a strong emphasis on improvement products and sustained land acquisition capabilities are recommended as potential beneficiaries of upcoming policy benefits [2]