房地产10月17日国新办发布会点评：政策“组合拳”推动房地产市场止跌回稳

Investment Rating - The report maintains a neutral rating for the real estate industry, indicating that the expected overall return in the next six months will be between -5% and 5% relative to the CSI 300 index [12]. Core Insights - The "policy combination" introduced by the government aims to stabilize the real estate market, with measures including the cancellation of purchase restrictions, price limits, and the reduction of housing loan rates and down payment ratios [4][11]. - The introduction of 1 million new urban village renovations and dilapidated housing improvements is expected to stimulate demand, potentially releasing around 600,000 housing units for purchase [5][7]. - The "white list" project financing mechanism will expand, with an expected increase in approved loans from 2.23 trillion yuan to over 4 trillion yuan by the end of 2024, facilitating project financing and ensuring timely construction [8][9]. Summary by Sections Policy Measures - The government has introduced a series of policies summarized as "four cancellations, four reductions, and two increases," aimed at reducing the cost of home purchases and stabilizing the market [4][11]. - Specific measures include the cancellation of restrictions on purchasing and selling properties, as well as lowering the rates for housing provident fund loans and the down payment ratios for housing loans [4]. Market Demand - The report highlights a significant demand for urban village renovations, with 1.7 million units identified across 35 major cities, indicating a substantial potential for future projects [7]. - The anticipated increase in housing demand is supported by the historical data from previous renovation projects, suggesting a potential for similar success in the current initiative [5]. Financing and Support - The report emphasizes the importance of the "white list" for real estate projects, which will ensure that all qualified projects receive necessary financing, thereby supporting the completion of housing projects [8][9]. - The government is also exploring the use of special bonds for land acquisition and the purchase of existing housing for affordable housing projects, although specific details are still pending [10].