中金：简评北京五环外住房限购政策调整

Core Viewpoint - The recent policy adjustment in Beijing regarding housing purchase limits and public housing fund loan support is expected to stimulate housing transaction volumes and market sentiment in the short term [3]. Summary by Sections Policy Adjustments - Starting from August 9, 2025, eligible residents can purchase an unlimited number of housing units outside the Fifth Ring Road in Beijing. Single adults will follow the same purchasing limits as families. Adjustments have also been made to the recognition of public housing fund loans, loan amounts, and minimum down payment ratios [2]. - Prior to this adjustment, Beijing's purchasing limits were two units for local families citywide, with one additional unit allowed outside the Fifth Ring Road. Single adults and non-local families were limited to one unit citywide, with one additional unit outside the Fifth Ring Road, requiring a minimum of three years of social security or tax payments for non-locals [2]. Impact on Market - The removal of purchase limits for eligible buyers outside the Fifth Ring Road is anticipated to stimulate demand for multiple unit purchases in that area. The adjustments to public housing fund loans aim to reduce the financial burden on first-time and upgrading homebuyers, which may lead to an increase in transaction volumes and positively influence market sentiment [3]. - The current differences in purchasing conditions, limits, and public housing fund policies among major cities like Beijing, Shanghai, and Shenzhen may lead to varied responses in policy adjustments in the future [3]. Investment Opportunities - Despite the weak performance of the real estate sector, the current valuation appears resilient. The improvement in overall market liquidity may provide potential drivers for investment opportunities in the real estate and property management sectors [3].