北京以“创新”方式率先优化调整楼市政策

Core Viewpoint - Beijing is the first city among first-tier cities to implement real estate optimization policies aimed at releasing housing demand through measures such as loosening purchase restrictions and optimizing credit policies, effective from December 24, 2025 [1][8] Demand Side Precision Relaxation - The policy adjusts the duration for non-local residents to purchase homes, requiring two years of social insurance or income tax payments for properties within the Fifth Ring Road and one year for those outside [2][9] - The housing consumption potential in Beijing is concentrated among long-term residents who are non-local, driven by rigid housing needs due to family formation and education [2][10] - The demand release was previously limited due to high property costs and stringent purchase thresholds, but recent policy optimizations have made it feasible to release accumulated housing demand [10] - The core feature of the policy is the "layered release" of demand, particularly benefiting non-local buyers with reduced thresholds, which aligns with the purchasing pace of new residents [10][11] Market Structure Impact - Approximately 80% of new residential transactions in Beijing occur outside the Fifth Ring Road, which is also a key area for second-hand housing transactions [3][10] - The policy supports multi-child families by allowing them to purchase an additional property within the Fifth Ring Road, enhancing the demand for upgraded housing [3][11] Financial and Supply Side Policy Optimization - Financial institutions are now required to set mortgage rates without differentiating between first and second homes, which is expected to lower borrowing costs significantly [4][12] - The minimum down payment for second homes using public housing funds has been reduced from 30% to 25%, which is anticipated to increase the volume of public housing loan applications [5][13] - The policy simplifies the approval process for real estate development projects by changing the project approval from city-level to district-level, which is expected to enhance developer confidence and efficiency [6][12][14] Overall Market Outlook - The policy is designed to avoid a "flooding" approach and instead focuses on precise control and tailored measures for different groups, ensuring the release of reasonable housing demand while preventing market overheating [7][14] - As the effects of the policy become evident, the Beijing real estate market is expected to transition from stabilization to structural recovery, with core area upgraded housing and peripheral area demand housing becoming the main growth points [7][14]