房地产行业点评研究：上海率先落地税收优惠，促进改善需求释放

Investment Rating - Investment recommendation: Outperform the market (maintained) [7] Core Viewpoints - The report highlights that Shanghai has implemented tax incentives to stimulate demand for improved housing, with significant changes in housing tax regulations aimed at enhancing market confidence and stabilizing the real estate sector [11][12]. Summary by Sections Tax Policy Changes - On November 18, Shanghai's four departments announced the cancellation of ordinary and non-ordinary housing standards, which includes: 1. Decreasing the contract tax rate for second homes below 140 square meters from 3% to 1% and for those above 140 square meters from 3% to 2% [11]. 2. Exempting value-added tax for individuals selling non-ordinary residential properties purchased for over two years [11]. 3. Unifying the personal income tax rate for all housing types to 1% of transfer income [11]. Market Impact - Following the tax policy changes, the report anticipates a sustained increase in market activity, with new housing transaction volumes in Shanghai showing a year-on-year increase of 12.9% in October 2024 and 12.5% in early November [11][12]. Investment Recommendations - The report suggests focusing on leading real estate companies with strong land acquisition capabilities in first-tier and core second-tier cities, such as Greentown China, Jianfa International Group, and Binjiang Group [12]. - It also recommends monitoring real estate brokerage platforms like I Love My Home, which are expected to benefit from the increased market activity [12].