Core Insights - The four major first-tier cities in China—Beijing, Shanghai, Guangzhou, and Shenzhen—are adjusting their housing purchase restrictions, which has garnered significant industry attention [1][3] - Guangzhou was the first to fully lift its purchase restrictions in September last year, leading to a notable increase in market activity, with a 9% year-on-year growth in second-hand residential transactions from January to July 2025 [1] - Beijing's recent policy adjustment allows eligible families to purchase an unlimited number of homes outside the Fifth Ring Road, aiming to stabilize the market and meet the housing needs of capable residents [1][3] Policy Adjustments - Beijing's housing policy changes are seen as a signal for potential further adjustments in other cities, with a focus on balancing market demand and preventing overheating [1][3] - In Shenzhen, non-resident buyers still need to provide proof of tax or social security contributions for a year in specific areas, while Shanghai has relaxed conditions for non-residents buying homes outside the outer ring but maintains stricter requirements for inner ring purchases [1][3] Market Dynamics - The area outside the Fifth Ring Road in Beijing has become a key player in the real estate market, accounting for over 80% of new residential sales and over 50% of second-hand sales from January to July this year [3] - The policy changes are expected to further activate the market outside the Fifth Ring Road and alleviate inventory pressures in high-stock areas [3] - Future adjustments in Shanghai and Shenzhen are anticipated, with an emphasis on increasing housing fund support and addressing the needs of specific demographics, such as single young adults and residents of older communities [3]

Core Viewpoint - The recent policy adjustment in Beijing's real estate market aims to stimulate activity by easing restrictions on home purchases for both local and non-local residents, particularly for properties outside the Fifth Ring Road, which has led to increased market activity and interest from buyers [1][2][12]. Policy Changes - On August 8, the Beijing Municipal Housing and Urban-Rural Development Commission and the Beijing Housing Provident Fund Management Center announced a significant policy change allowing local residents and non-local residents who have paid social insurance or income tax for over two years to purchase an unlimited number of homes outside the Fifth Ring Road [1][3]. - This marks a major policy shift after a 10-month period of stagnation in the real estate market, with the new regulations optimizing housing provident fund policies across the city [1][4]. Market Response - Following the announcement, there was a noticeable increase in market activity, with many new housing projects reporting a surge in inquiries and visits from potential buyers [1][6]. - Real estate agents noted a rise in both buyer and seller inquiries, with some homeowners looking to capitalize on the new policy by listing their properties for sale [1][5]. Sales Data - In July, the number of second-hand residential transactions in Beijing fell to a new low of 12,784 units, a decrease of 15.6% month-on-month and 17.9% year-on-year, indicating a need for policy intervention [4]. - The first weekend following the new policy saw new residential properties registering 83 and 92 transactions, while second-hand homes recorded 178 and 116 transactions, although the actual impact of the policy on sales volume remains to be fully assessed due to delays in registration data [9][10]. Buyer Behavior - The new policy has particularly benefited properties outside the Fifth Ring Road, where over 80% of new residential sales occurred in the first seven months of the year [6]. - Analysts observed that many buyers who had previously hesitated are now more confident in making purchases, with some new projects experiencing a 20% to 30% increase in sales compared to previous weekends [10][11]. Future Outlook - Experts suggest that while the new policy has provided a short-term boost to the market, the long-term recovery will depend on broader economic conditions and improvements in residents' income expectations [12]. - The policy is viewed as a "phase adjustment" aimed at reducing inventory and stabilizing market expectations, with potential for further optimizations depending on market conditions [12].

8月8日晚，北京楼市再出新政，不仅限购政策迎来新一轮深度松绑，符合条件的居民家庭购买五环外商 品住房不限套数，同时公积金政策也进行了优化调整。新政出台后，市场反响怎么样，有哪些新变化？ 记者在新政出台后的首个周末，走访了北京的多个楼盘。 北京楼市新政出台后的首个周末，记者在南五环外的一个楼盘看到，不少购房人正在向销售顾问了解情 况。在现场记者发现，有几个销售顾问和其他销售顾问着装有着明显的区别。 北京某楼盘销售经理尤静静：8日晚上新政出台后，我们就开始动起来了，为了应对客流，我们从兄弟 项目借调了三名置业顾问过来，已经接待了近百组客户，并且成交数量达到了8套，这也是我们这2个月 以来单日成交数量最高的，新政反响还是很不错的。 尽管是晚上九点，但记者在北京西红门地区的一个楼盘看到，售楼处里依旧有购房人在咨询看房。 北京某楼盘销售经理秦梦瑶：客户来访量上来说，比上周增加了30%。发现大家公积金的政策还是比较 吸引的，因为都在咨询具体情况，比如说根据客户的情况，他能多贷多少钱、可以省掉多少利息，客户 购房意愿增加了很多。 销售人员告诉记者，北京此次楼市新政，放宽了公积金贷款首套房认定标准，只要名下无房，即便曾使 用 ...

Core Viewpoint - Beijing's real estate policy is undergoing significant adjustments aimed at stabilizing the housing market, particularly by relaxing purchase restrictions for certain households and enhancing housing provident fund support [1][5][7]. Summary by Relevant Sections Purchase Restrictions - The new policy allows Beijing residents and non-residents who have paid social insurance or individual income tax for at least 2 years to purchase an unlimited number of properties outside the Fifth Ring Road [1][5]. - The purchase policy for properties within the Fifth Ring Road remains unchanged, with Beijing residents limited to 2 properties and non-residents limited to 1 property if they have paid social insurance or taxes for at least 3 years [2][5]. Housing Provident Fund Support - Individuals applying for housing provident fund loans who do not own any property in Beijing and have not taken out any provident fund loans nationwide can benefit from first-home loan policies [3]. - For those using provident fund loans to purchase a second home, the maximum loan amount is set at 1 million yuan, with a minimum down payment of 30% [3]. - Borrowers can obtain 150,000 yuan in loans for each year of provident fund contributions, with calculations based on the longer contribution period if married [3][4]. Market Context and Implications - The adjustments come after a 10-month period without significant changes, reflecting the need for policy updates in response to evolving market conditions and housing demand [5][6]. - The focus on the Fifth Ring Road as a boundary for purchase restrictions aligns with urban planning goals, aiming to promote development in suburban areas and alleviate population pressure in central districts [6][7]. - The new policies are expected to stimulate demand for new properties outside the Fifth Ring Road, benefiting developers and increasing market activity in both new and second-hand housing sectors [6][7].

值得注意的是，新政并非"五环外彻底解除限购"，放开的是购房套数限制，但非京籍家庭的连续社保、 纳税等年限要求并没有变化。 为何选择放开五环外买房套数限制？《通知》表示，北京城市总体规划实施以来，五环外平原新城地区 的宜居宜业水平、综合承载力显著提升，为了更好地满足居民改善性住房需求，促进职住平衡，于是出 台了该政策。 回溯北京过往几次新政，也均以五环为分界线，稳步有序放开周边买房门槛。 在市场多方期待下，北京终于祭出楼市新政。 在市场多方期待下，北京终于祭出重磅楼市新政。 8月8日晚间，北京方面发布《关于进一步优化调整本市房地产相关政策的通知》（简称《通知》），官 宣五环外不再限制购房套数，自2025年8月9日起施行。 具体而言，京籍居民家庭、在北京市连续缴纳社会保险或个人所得税满2年及以上的非京籍居民家庭， 购买五环外商品住房，将不再不限套数。 购买五环内商品住房的政策不变，京籍家庭五环内限购2套；在北京连续缴纳社会保险或个人所得税满3 年及以上的非京籍家庭，五环内限购1套。 近两年来，北京数次微调楼市政策，比如执行"认房不认贷"、降低首付比例至最低20%、首套房贷款利 率3.5%等；在购房资质上，陆续出台 ...

7月14日，长沙市住建局等12部门联合印发《关于进一步优化房地产发展措施的通知》（以下简称《通 知》），重点围绕购房补贴政策优化、多子女家庭购房支持等十个方面推出举措，以持续巩固房地产市 场稳定态势。 十条措施中，《通知》在首位推出了"以旧换新"：即对长沙家庭或个人出售自有住房，并于一年内在长 沙重新购买新建商品住房，且完成网签合同备案的，按新房交易总价的1%给予购房补贴，单套补贴金 额最高不超过3万元。 《通知》进一步加大了对多子女家庭购房支持，包括：生育二孩及以上且子女未成年的家庭购买新建商 品住房时，在拟购住房所在区县(市)已有住房的，套数认定核减一套，按核减后的套数认定标准执行住 房信贷政策。同时，生育二孩、三孩及以上的家庭在长沙购买首套或第二套自住房，且为新建商品房 的，公积金最高贷款额度在长沙现行最高贷款额度基础上分别提高20%、30%。 在盘活存量项目方面，《通知》一方面提出要有序盘活存量房地产开发土地，在满足相关条件的前提 下，已完成总图审批的商业项目经批准可进行规划修改，补缴土地出让金后变更规划条件，适当降低商 住比。另一方面提出，支持收购存量商品房用作保障性住房或人才房，探索配租型保障性住 ...