房地产：中指丨财政部最新发声，房地产相关政策有望持续落位！（完整版）

Investment Rating - The report indicates a positive outlook for the real estate industry, with expectations for continued supportive fiscal policies in 2025 [2][6][7]. Core Viewpoints - The Ministry of Finance emphasizes a more proactive fiscal policy for 2025, focusing on "strength, efficiency, and timing" to stabilize the economy and support the real estate market [2][3][6]. - Key measures include increasing the fiscal deficit ratio, expanding the issuance of government bonds, and optimizing expenditure structures to enhance public welfare and consumption [3][6]. - Specific fiscal support for the real estate sector includes tax reductions and the use of special bonds for land reserves and the acquisition of existing residential properties for affordable housing [4][7][10]. Summary by Sections Fiscal Policy Direction - The fiscal policy for 2025 will be characterized by increased intensity, efficiency, and proactive measures to stimulate economic growth [2][3][6]. - The government plans to raise the fiscal deficit ratio and issue more long-term special bonds to provide robust support for economic stability [2][3][6]. Real Estate Support Policies - The report outlines two main fiscal support policies for the real estate market: tax reductions and the expansion of special bond usage for land reserves and the purchase of existing homes for affordable housing [4][7][10]. - Tax reduction policies will target transaction and development stages, aiming to lower the tax burden and enhance market activity [4][7]. - The use of special bonds for land reserves and the acquisition of existing properties is expected to be implemented progressively, with local governments given the flexibility to allocate funds as needed [4][7][10]. Implementation and Progress - Local governments are already taking steps to recover idle land and acquire existing properties, with several cities announcing initiatives to facilitate these processes [12][13][14]. - The report highlights specific cases where local governments have successfully secured funding for the acquisition of existing properties to be used as affordable housing [12][14].