Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - Tax adjustments are favorable for the recovery of the real estate market and reducing the burden on developers. There is potential for positive adjustments in value-added tax, land value-added tax, and individual income tax policies [1] - Special bonds are expected to facilitate the recovery of idle land and expand funding sources while lowering costs. The current pace of expected 500 billion funding implementation is slow, but special bonds are anticipated to bring positive changes [2] - The unprecedented determination and intensity of debt reduction efforts may lead to a passive bottoming out of the real estate market, aiding in stabilizing the market. The report suggests that the market may underestimate the impact of debt reduction and emphasizes the importance of asset inflation in understanding the real estate market's recovery [3] Summary by Sections - Tax Policy Adjustments: The report highlights the potential for adjustments in tax policies related to real estate, which could lower transaction and development costs, thus promoting market recovery [1] - Special Bonds: The report discusses the role of special bonds in addressing funding challenges and expediting land and housing inventory digestion, which is crucial for balancing supply and demand [2] - Debt Reduction Impact: The analysis indicates that effective debt reduction is likely to rely on liquidity, with a significant scale of over 10 trillion expected to influence the market positively [3]
建筑材料:全国人大常委会房地产政策点评-增量政策不断,化债或助力地产企稳
Hua Yuan Zheng Quan·2024-11-10 06:59