房地产行业点评研究：税收优惠落地，促楼市成交、缓房企压力

Investment Rating - Investment recommendation: Outperform the market (maintained) [4] Core Viewpoints - The announcement from the Ministry of Finance, State Taxation Administration, and Ministry of Housing and Urban-Rural Development on November 13, 2024, introduces tax policies aimed at promoting stable and healthy development in the real estate market. The adjustments include a reduction in deed tax rates, a unified value-added tax policy for housing, and a decrease in the land value-added tax pre-collection rate, which collectively aim to stimulate market activity and alleviate pressure on real estate companies [2][5]. Summary by Relevant Sections Tax Policy Adjustments - Deed tax rates have been lowered for first-time homebuyers, with a rate of 1% for properties under 140 square meters and 1.5% for those above. For second homes, the rates are 1% and 2% respectively. This adjustment increases the area threshold for the lower tax rate from 90 square meters to 140 square meters, thereby reducing the purchasing cost for both first-time and upgrading buyers [5]. - The value-added tax exemption for individuals selling homes held for more than two years has been standardized across major cities, which is expected to enhance the activity in the second-hand housing market and release pent-up demand for improved housing [5]. - The land value-added tax pre-collection rate has been reduced, with the new lower limits set at 1.5% for eastern regions, 1% for central regions, and 0.5% for western regions. This adjustment is anticipated to ease cash flow pressures for real estate companies, particularly those with a higher proportion of non-standard residential projects [5]. Investment Recommendations - The report suggests that the tax incentives will positively impact transaction volumes in the real estate market, helping to stabilize prices. It recommends focusing on first-tier and core second-tier cities, particularly companies that specialize in improved housing products and have sustainable land acquisition capabilities, such as Greentown China, Jianfa International Group, and Binjiang Group. Additionally, it highlights the potential benefits for real estate brokerage platforms like I Love My Home, which may see increased market activity due to the favorable policies [5].