房地产行业周报（2024年第46周）：购房减税政策落地

Investment Rating - The investment rating for the real estate industry is maintained as "Positive" [2] Core Viewpoints - The real estate sector has underperformed, with the Shenwan Real Estate Index dropping by 8.92% this week, while the CSI 300 Index fell by 3.29%, resulting in a 5.62 percentage point underperformance compared to the CSI 300 Index, ranking last among 31 sectors [4][17] - Recent policies aimed at reducing housing costs, such as tax reductions for home purchases, are expected to stimulate market demand [6][50] Sales Overview - In the week of November 8 to November 14, 2024, the total transaction area of commercial housing in 30 major cities was 2.27 million square meters, a decrease of 4.4% month-on-month but an increase of 13.1% year-on-year [5][22] - The transaction area for second-hand housing in 17 monitored cities was 2.71 million square meters, down 3.1% month-on-month but up 41.2% year-on-year [5][25] - Year-to-date, the total transaction area for commercial housing in 30 major cities reached 82.98 million square meters, a year-on-year decrease of 29.3% [22] City-Level Sales Performance - In first-tier cities, the transaction area for new housing was 760,000 square meters, with a month-on-month increase of 11.6% and a year-on-year increase of 52.5% [5][22] - In second-tier cities, the transaction area was 1.07 million square meters, down 14.0% month-on-month and down 5.4% year-on-year [5][22] - In third-tier cities, the transaction area was 450,000 square meters, down 2.0% month-on-month but up 16.9% year-on-year [5][22] Inventory and Depletion - The depleting cycle for new housing in Beijing, Shenzhen, and Guangzhou is 20.92 months, 11.65 months, and 15.22 months respectively [40][43] - The inventory for new housing in Beijing is 1,034,000 square meters, while in Shenzhen it is 411,000 square meters [43] Key News Tracking - New tax policies have been introduced, reducing the deed tax for homes under 140 square meters by 1% [50][51] - The National Taxation Administration has lowered the minimum pre-collection rate for land value-added tax by 0.5 percentage points [54] - New regulations in Guangzhou allow for the separate sale of underground parking spaces [55] - The city of Changsha has clarified that newly built commercial housing can be traded once the property rights certificate is obtained [56]