财税政策助力地产止跌回稳：如何看待本次地产交易税调整？

Tax Policy Adjustments - The recent tax policy adjustments aim to significantly reduce the tax burden on real estate transactions in first-tier cities, particularly benefiting inventory reduction and the sale of improved housing products[1] - The announcement includes a reduction in the deed tax rate for first-time homebuyers, with a new threshold of 140 square meters for a 1% tax rate, up from 90 square meters[2] - The land value-added tax pre-collection rate has been lowered by 0.5 percentage points, with eastern regions now at 1.5%, central and northeastern regions at 1%, and western regions at 0.5%[6] Impact on Housing Market - The new policies are expected to enhance market activity, particularly in first-tier cities, by lowering transaction costs for non-standard residential properties[5] - For example, a buyer in Beijing purchasing a 100 square meter second home priced at 5 million yuan would see a reduction in deed tax from 150,000 yuan (3%) to 50,000 yuan (1%), saving 100,000 yuan[2] - The removal of the value-added tax for personal sales of properties held for over two years will further stimulate the second-hand housing market[5] Future Support Measures - Future fiscal measures are anticipated to include special bonds to recover idle land and support the acquisition of existing homes, optimizing the supply of affordable housing[8] - The total land reserve turnover cycle for the top 100 real estate companies has reached a historical high of 4.89 years, indicating a pressing need for liquidity[7] - The central bank's existing tools, such as the affordable housing re-loan mechanism, may reduce the necessity for large-scale special bond financing for land recovery[8] Risks - There are potential risks associated with the real estate market, including downward pressure exceeding expectations and slower-than-anticipated implementation of policies[9]