房地产行业上海、北京取消普通住房标准点评：上海北京两城取消普宅标准，住房交易税费降低

Investment Rating - The report does not provide a specific investment rating for the real estate development and operation sector [1] - The real estate services sector is rated as neutral, maintaining the current stance [2] Core Insights - The cancellation of ordinary housing standards in Shanghai and Beijing, along with the reduction of housing transaction taxes, is expected to stabilize the real estate market [4][17] - The new tax policies are aimed at promoting market activity and improving liquidity in the real estate sector [17] - The adjustments in personal income tax and value-added tax for housing transactions are anticipated to lower transaction costs and stimulate demand for property upgrades [6][11][17] Summary by Sections Policy Changes - On November 18, 2024, Shanghai and Beijing announced the cancellation of ordinary and non-ordinary housing standards, effective December 1, 2024 [4] - Shanghai's new policy includes a reduction in personal income tax from 2% to 1% for non-ordinary housing sales, while Beijing's announcement did not specify similar changes [6][17] Tax Adjustments - The new regulations state that individuals selling homes held for more than two years will be exempt from value-added tax, which is expected to lower transaction costs significantly [11][17] - The personal income tax for housing transfers will now be uniformly calculated at 1% of the transfer income, regardless of whether the property is classified as ordinary or non-ordinary [6][17] Market Implications - The implementation of these policies is seen as a commitment by Shanghai and Beijing to maintain stability in the real estate market, potentially leading to increased market activity [17] - The report suggests that other first-tier cities like Shenzhen and Guangzhou may follow suit with similar tax policy adjustments [17]