Core Viewpoint - The "Han Nine" policy introduced by Wuhan's housing and urban renewal bureau aims to stimulate demand and activate the real estate market through increased financial support, subsidies, and innovative policies to revitalize existing inventory [1][2][3] Group 1: Policy Features - The "Han Nine" policy increases the maximum personal housing provident fund loan limit for second homes to match that of first homes, reducing costs for families looking to upgrade [1] - Special financial products targeting young people are introduced, including lower interest rates and flexible repayment options, enhancing Wuhan's appeal to talent such as university students [1] - The policy expands subsidies for families with multiple children from specific districts to the entire city, increasing the coverage and benefiting more families [1] Group 2: Market Activation Measures - The policy encourages the sale of old homes to purchase new ones by continuing to provide tax subsidies and promoting cross-district exchanges of second-hand homes [2] - Innovative measures include allowing the transfer of previously self-held commercial properties and reducing transaction costs for underground parking spaces, facilitating quicker sales and improving cash flow for developers [2] - The overall approach of the new policy reflects a strategy of controlling new supply while revitalizing existing inventory, targeting various demographics to release housing demand potential [2] Group 3: Market Impact - The previous "Han Ten" policies have played a crucial role in stabilizing the market, with a reported 5.5% year-on-year increase in Wuhan's commodity housing sales area in the first quarter [3] - The introduction of the "Han Nine" policy before the May Day holiday is expected to further stimulate demand and market activity, with positive expectations for the month of May [3]

Core Viewpoint - The report from CITIC Securities emphasizes that real estate is a crucial component of the policy framework aimed at boosting consumption, with various local policies being implemented to stabilize the housing market, which is seen as key to enhancing consumer confidence [1] Summary by Relevant Sections - **Real Estate Market Trends** - As of March 2025, new home prices have increased in 24 out of 70 major cities, although overall housing prices continue to decline, indicating a growing urgency for policy intervention [1] - **Local Government Initiatives** - Regions such as Guizhou and Qingdao are supporting the real estate market through renovation and subsidy measures [1] - **Future Policy Expectations** - CITIC Securities anticipates that national policies may be introduced in April or May, which could benefit developers with strong product offerings and companies with high-quality assets [1] - **Investment Opportunities** - The report highlights that companies in the property and commercial management sectors are viewed positively for investment potential [1]