“十四五”房地产成效答卷：从“房住不炒”到“止跌回稳” 3000次优化如何让首付15%、利率3.5%落地？

Core Viewpoint - The real estate market in China has entered a deep adjustment phase during the "14th Five-Year Plan" due to significant changes in cyclical fluctuations and supply-demand relationships, prompting timely adjustments and optimizations in real estate policies [1][3][7]. Policy Changes - Recent changes in real estate policies include a shift from "housing is for living, not for speculation" to a focus on "stabilizing and stopping the decline" [3][6]. - Since 2022, approximately 3,000 real estate optimization policies have been implemented across the country [3]. - Key financial policies include the introduction of the "Financial 16 Measures" and "Three Arrows" to support reasonable financing needs of real estate companies [4][11]. Market Outlook - A report indicates that starting from Q4 2024, the market is expected to show signs of recovery, although the effects of recent policies have weakened, and a complete halt to the decline is still distant [2][7]. - The report anticipates that the market will return to being supply-demand driven, with further market differentiation expected [13]. Financial and Tax Policies - Financial policies have adjusted the down payment ratio for first-time homebuyers to 15%, lowered mortgage rates, and reduced personal housing fund loan rates [4][9]. - Tax policies have included tax incentives for homebuyers and adjustments to the conditions for value-added tax in first-tier cities [11]. Achievements - During the "14th Five-Year Plan," approximately 5 billion square meters of new residential properties were sold, with positive growth in sales area and sales revenue observed in Q4 2024 [15][16]. - Over 7 million units of unsold housing have been delivered, ensuring the rights of homebuyers are protected [17]. Future Developments - The upcoming report titled "Prospects for the '15th Five-Year Plan': Exploring the 'Golden Pit' of the Non-Restricted Purchase Cycle in the Real Estate Market" is set to be released on October 30 [20].