锚定“房住不炒”，各地“因城施策”正助力楼市止跌回稳

Core Viewpoint - The real estate market in China is undergoing a deep adjustment during the "14th Five-Year Plan" period, with policies shifting from "housing is for living, not for speculation" to "stabilizing and stopping the decline" as of late 2024, leading to a phase of market recovery, albeit with diminishing policy effects [1][2][6]. Policy Changes - Since 2022, approximately 3,000 real estate optimization policies have been implemented nationwide, marking a significant period of policy adjustments [2]. - Key financial policies include the introduction of the "Financial 16 Measures" and "Three Arrows" to support reasonable financing needs of real estate companies [3]. - In May 2024, several demand-side policies were optimized, including reducing the down payment ratio for first-time homebuyers to 15% and canceling the national lower limits on mortgage rates [4]. Financial and Tax Policies - The central bank has lowered the LPR for five years and above a total of eight times since 2022, reducing it by 1.15 percentage points to 3.5%, with public housing loan rates also reaching historical lows [8]. - Tax incentives for homebuyers include individual income tax refunds for home exchanges and reduced deed tax rates, while also supporting real estate companies through various financing measures [10]. Market Performance and 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 late 2024 [14][15]. - Over 7 million units of previously sold but undelivered housing have been successfully delivered, ensuring the rights of homebuyers are protected [15]. - The construction and collection of various types of affordable housing and urban village renovations have reached over 11 million units, benefiting more than 30 million people [17]. Future Outlook - With most restrictive policies lifted, the real estate market is expected to return to a supply-demand-driven model, potentially leading to further market differentiation [12].