如何推动房地产止跌回稳？邢自强：收库存、保主体、贴按揭

Core Viewpoint - The article discusses the need for targeted policy interventions to stabilize China's real estate market, which has been in decline for five years, and emphasizes that without a recovery in the real estate sector, it will be challenging to break the cycle of low prices and weak consumption [1][7]. Group 1: Policy Recommendations - The economist proposes three main policy directions: "inventory reduction," "protection of key players," and "mortgage subsidies" to stabilize the real estate market [3][9]. - "Inventory reduction" focuses on selectively acquiring housing stock in first- and second-tier cities with stable rental yields and net population inflow over the next five years, suggesting that targeted efforts in a few key cities can significantly influence market expectations [3][9]. - "Protection of key players" aims to balance accountability and support, recognizing that while the banking system remains stable, the downturn in real estate has affected various stakeholders, including suppliers and middle-class wealth [3][9]. Group 2: Economic Implications - The implementation of these three policy measures is expected to shorten the downturn cycle of the real estate market and lay a solid foundation for increasing consumer spending and achieving high-quality economic development during the 14th Five-Year Plan period [4][10]. - The "mortgage subsidies" policy suggests providing interest rate subsidies of 100 basis points or more on mortgage loans in major cities, which could help align rental yields with mortgage rates and stimulate reasonable housing demand [3][9].