三部委优化多项房地产税收政策点评：供需两侧发力，稳企业稳行业

Investment Rating - The report maintains an "Outperform" rating for the real estate sector [2] Core Views - The recent tax policy changes announced on November 13 aim to stabilize the real estate market by enhancing demand and reducing costs for homebuyers [5][15] - The new policies include reduced deed tax rates for first and second homes, as well as expanded exemptions for value-added tax on second-hand home transactions [4][15] - The adjustments are expected to alleviate cash flow pressures on enterprises and stimulate market confidence, leading to a potential recovery in the sector [5] Summary by Sections Tax Policy Changes - The new deed tax rates are set at 1% for first homes under 140 square meters and 1.5% for those above, while second homes will have a 1% rate for those under 140 square meters and 2% for those above [3][15] - The value-added tax exemption for second-hand homes has been expanded to include properties sold after two years of ownership in first-tier cities [4][17] - The land value-added tax prepayment rate has been lowered by 0.5 percentage points, with new minimum rates established for different regions [20] Market Impact - The report suggests that these timely policy changes will support both supply and demand in the real estate market, helping to stabilize the sector [5] - The anticipated recovery in the market is expected to positively influence the financial performance of real estate companies [5] Investment Recommendations - The report continues to favor specific companies within the sector, including Vanke A, Poly Developments, and China Overseas Development among others [5]