锚定“房住不炒”各地“因城施策” 助力楼市止跌回稳

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" in the market [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 - The report anticipates a phase of market recovery starting in Q4 2024, although the effects of recent policies have weakened, and a complete halt to the decline is still distant [2][7]. - The market is expected to experience significant differentiation, with resilient cities and properties standing out [2][13]. Financial and Tax Policies - Financial policies have adjusted the down payment ratio for first-time homebuyers to 15%, eliminated the national lower limit for mortgage rates, and reduced housing provident fund loan rates [4][9]. - Tax policies have included tax incentives for homebuyers, such as tax refunds for home exchanges and reduced transaction tax rates [11]. Achievements - During the "14th Five-Year Plan," approximately 5 billion square meters of new residential properties were sold [15]. - By Q4 2024, both the sales area and sales revenue of new residential properties have shown positive growth, maintaining a trend of stabilization [16]. - Over 7 million units of previously sold but undelivered housing have been successfully delivered, ensuring the rights of homebuyers [17]. Housing Security and Urban Renewal - The government has made significant progress in urban village renovations and the construction of affordable housing, with over 11 million units of various types of affordable housing built during the "14th Five-Year Plan" [19]. - The Ministry of Housing and Urban-Rural Development has emphasized the importance of continuing urban village renovations and expanding support policies to more cities [19].