房地产行业跟踪报告：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, anticipating a relative performance exceeding the benchmark index by over 10% in the next 12-18 months [20]. Core Insights - The Ministry of Finance, State Administration of Taxation, and Ministry of Housing and Urban-Rural Development announced tax policies on November 13 to promote stable development in the real estate market, effective December 1 [20]. - The new deed tax rates are set at 1% for primary residences up to 140 square meters and 1.5% for larger homes, while for second homes, the rates are 1% and 2% respectively, expanding the 1% rate from 90 to 140 square meters [20][2]. - The value-added tax (VAT) exemption now applies to homes sold after two years, aligning first-tier cities with national standards, which reduces transaction costs and enhances market liquidity [20][3]. - The land value-added tax pre-collection rate is lowered by 0.5 percentage points, easing corporate cash flow pressures [20][4]. - The timely release of these policies supports both supply and demand, stabilizing market confidence and potentially leading to a recovery in the real estate sector [20][4]. Summary by Sections Tax Policy Changes - The deed tax for individuals purchasing their only home is reduced to 1% for homes up to 140 square meters and 1.5% for larger homes; for second homes, the rates are 1% and 2% respectively [2][13]. - The VAT exemption for homes sold after two years is now applicable in first-tier cities, reducing costs for homeowners [3][15]. - The land value-added tax pre-collection rate is adjusted to 1.5% for eastern provinces, 1% for central and northeastern provinces, and 0.5% for western provinces [4][17]. Investment Recommendations - The report suggests maintaining a positive outlook on the real estate sector, with specific stock recommendations including A-Shares such as China Vanke, Poly Developments, and others, as well as H-Shares like China Overseas Land & Investment and Longfor Group Holdings [20][4].