房地产行业：重磅！五部门联合发声，房地产“组合拳” 有望快速见效

Investment Rating - The report indicates a positive outlook for the real estate industry, highlighting a series of supportive policies aimed at stabilizing the market and promoting healthy development. Core Insights - The central government has introduced a "combination punch" of policies to stabilize the real estate market, including the cancellation of various restrictions, reduction of loan costs, and an increase in funding for specific projects [1][11]. - The "white list" project loan approvals are expected to double by the end of 2024, reaching over 4 trillion yuan, which will significantly enhance funding for housing projects [3][11]. - The report emphasizes the importance of improving housing supply through the construction of "good houses" that meet the new expectations of residents, which is crucial for high-quality development in the industry [8][9]. Summary by Sections Policy Measures - Four key cancellations include the removal of purchase restrictions, sales restrictions, price limits, and the standards for ordinary and non-ordinary residential properties [11]. - Four reductions involve lowering housing provident fund loan rates by 0.25 percentage points, standardizing down payment ratios for first and second homes to 15%, reducing existing loan rates, and lowering tax burdens for home exchanges [11]. - Two increases include the implementation of 1 million units of urban village and dilapidated housing renovations through monetary compensation and an increase in the credit scale for "white list" projects to 4 trillion yuan by year-end [1][11]. Market Dynamics - The report notes that over 40 cities have announced plans to acquire existing housing for affordable housing purposes, with the central bank increasing support for these initiatives [7][11]. - The construction of 1 million units through monetary compensation is expected to release significant housing demand into the market, potentially leading to increased market activity [4][5][11]. Financial Support - The report highlights the need for financial institutions to adapt to new financing conditions, with "white list" project financing becoming a regular funding avenue for real estate companies [3][11]. - The government is also focusing on revitalizing idle land through various financial support measures, which will improve liquidity for companies and promote a new cycle in the market [6][11]. Future Outlook - The report anticipates that if policies continue to be effectively implemented, the market may see a significant recovery in sales data by October, with core cities expected to stabilize and support the overall market [12].