中金：简评深圳住房限购政策调整

Core Viewpoint - Shenzhen has implemented new real estate policies aimed at optimizing housing purchase restrictions and credit policies, which are expected to stimulate housing demand and improve market sentiment [2][3]. Policy Adjustments - The new policy redefines housing purchase zones into three categories: central urban areas, suburban areas, and rural areas, with significant changes in purchase restrictions for both residents and non-residents [3]. - Non-residents with at least one year of social security or tax payments can now purchase two properties in suburban areas, while those without such proof can buy two in rural areas, and there are no restrictions in rural areas [3][7]. - Single residents of Shenzhen can now purchase two properties in central urban areas, an increase from one [3][7]. Credit Policy Changes - The mortgage interest rate pricing mechanism has been adjusted, eliminating the distinction between first and second homes, allowing for more flexible loan terms [3][4]. - The minimum down payment for first homes remains at 15%, while for second homes, it is set at 20% [6]. Market Response - Following similar policy adjustments in Beijing and Shanghai, Shenzhen's new measures are expected to enhance housing sales, particularly in suburban areas [3]. - Recent data indicates that after policy changes in Beijing and Shanghai, new and second-hand housing transaction volumes have shown slight improvements, with Beijing experiencing a 9% and 10% increase respectively, and Shanghai seeing a 25% increase [3]. Investment Opportunities - The real estate and property management sectors are recommended for active investment consideration, as the A/H real estate sectors have shown some performance, although absolute valuation levels remain low [4].