10.12财政发布会提出专项债等工具助力房地产市场

Investment Rating - The report maintains a "Positive" rating for the real estate industry [4] Core Views - The real estate index underperformed compared to the CSI 300 index and the ChiNext index in week 41, with a relative return of -5.0% compared to the CSI 300 index [11][12] - National policies are focused on controlling the increase of new housing projects, optimizing existing stock, and improving quality, with an emphasis on increasing loan availability for "white list" projects [14][15] - New home sales decreased by 3.2% in week 41 compared to week 40, while second-hand home sales increased by 106.4% [19][26] - The land market's activity decreased in week 41, with a total of 36 plots sold across 36 major cities, and land transfer fees dropped significantly [29][36] Summary by Sections Market Review - In week 41, the real estate index closed at 2139.74, with a weekly decline of 8.3%, while the CSI 300 index rose by 3.3% [11][12] - New home sales in 44 major cities totaled 16,200 units, down 3.2% from the previous week, while second-hand home sales in 21 major cities reached 14,000 units, up 106.4% [19][26] Policy Updates - The National Development and Reform Commission (NDRC) is implementing strict controls on new housing projects and enhancing the quality of existing stock [14][15] - Local policies include increased maximum limits for housing provident fund loans in cities like Qingdao and Jinan, and a unified minimum down payment ratio of 15% in several regions [16][18] Company Announcements - Companies such as Vanke A, Tianjian Group, and Poly Developments have released announcements regarding guarantees and sales performance for September 2024 [42][43] Investment Suggestions - The report suggests utilizing special bonds to acquire existing housing stock for affordable housing, which may provide more flexibility compared to existing policies [44][45]