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地方化债、地产去库，财政增量政策提信心
Guolian Securities·2024-10-12 08:03

Investment Rating - The report maintains an "Outperform" rating for the real estate sector, indicating a positive outlook compared to the broader market [6]. Core Insights - The Ministry of Finance announced a comprehensive policy package aimed at supporting local governments in resolving debt risks and stabilizing the real estate market. This includes increasing debt quotas and utilizing special bonds to alleviate hidden debts, which is expected to benefit urban investment real estate companies [3][6]. - The report highlights three key areas of real estate policy: 1. Special bonds can be used for land reserves, benefiting strong credit real estate companies first. 2. Support for using special bonds to acquire existing homes for affordable housing. 3. Optimizing tax policies to reduce home purchase costs and promote stable market development [3][6]. - The report suggests focusing on first-tier and core second-tier cities, emphasizing companies with sustainable land acquisition capabilities and strong competitive real estate brokerage platforms [3][6]. Summary by Sections Industry Events - On October 12, the Ministry of Finance announced measures to support local governments in addressing hidden debt risks, including a significant increase in debt quotas and the use of special bonds to stabilize the real estate market. This is expected to alleviate financial pressure on urban investment real estate companies and boost market confidence [6]. - The report anticipates that the use of special bonds for land reserves will enhance the ability to manage land supply and reduce liquidity and debt pressures on local governments and real estate companies [6]. - The report also notes that the government plans to support the acquisition of existing homes for affordable housing, which is expected to positively impact the supply-demand structure of the real estate market [6]. - Tax policy adjustments are being researched to promote stable and healthy market development, which could lower costs for homebuyers and support market expectations [6].