房地产：住房交易税收新政解读-住房交易税收政策调整，体现政府让利意愿及稳定房地产市场的决心

Investment Rating - The industry investment rating is "Outperform the Market" [12] Core Viewpoints - The recent adjustment in housing transaction tax policies reflects the government's willingness to provide benefits and stabilize the real estate market [1][2] - The adjustments involve three types of taxes, primarily targeting homebuyers and developers, with a clear intention to reduce costs for buyers [1][2] - The new policies are expected to stimulate demand, particularly benefiting first-time and second-home buyers in major cities [1][2] Summary by Relevant Sections Tax Adjustments - The contract tax rate for first-time homebuyers has been lowered from 1.5% to 1% for properties up to 140 square meters, while the rate for second homes has been adjusted accordingly [1][2] - The land value-added tax pre-collection rate has been reduced by 0.5 percentage points across different regions, easing cash flow pressures for real estate companies [1][4] Revenue Impact - In 2023, the total revenue from five key real estate-related taxes reached 1.85 trillion yuan, with contract tax accounting for 31.9% and land value-added tax for 28.6% [1][8] - The share of these five taxes in local fiscal revenue increased from 11.7% in 2007 to 19.7% in 2020, but has since declined to 15.8% in 2023 [1][8] Market Dynamics - The proportion of transactions for properties between 90-140 square meters was 63.2% in the first nine months of 2024, indicating a strong demand in this segment [1][8] - The report suggests that the recent policy changes are likely to boost market confidence and improve transaction volumes in the fourth quarter of 2024 [1][2]