房地产板块个股涨幅较大的前五名为华联控股、大名城、荣丰控股、阳光股份、京基智农， 涨幅分别 为 市场行情： 2025 年12 月24 日，今日权益市场各板块多数上涨，上证综指和深证综指分别上涨0.53%和1.04%，沪深 300 和中证500 分别上涨0.29%和1.31%。申万房地产指数上涨0.67%。 个股表现： 【大悦城控股】大悦城控股集团股份有限公司公告，由于部分有意向回售投资者未按期申报，公司拟于 2025 年12 月26 日实施"23 大悦01"二次回售工作，现就实施二次回售征求意见。此次回售不可撤销，其 余回售条款不变。 9.95%/5.78%/4.97%/4.90%/4.49%； 风险提示： 个股跌幅较大的为中天服务、三湘印象、世联行、北辰实业、新大正，跌幅分别 为-3.06%/-2.05%/-1.93%/-1.66%/-1.26%。 房地产行业下行风险；个别房企信用风险；房地产政策落地进程不及预期 北京市优化调整住房限购政策。12 月24 日，北京市住房城乡建设委、市发展改革委、人民银行北京市 分行、北京住房公积金管理中心等4 部门联合印发《关于进一步优化调整本市房地(以下简称《通 知》)， ...

Core Viewpoint - Beijing is implementing measures to stabilize the real estate market in accordance with the central economic work conference, with new policies set to take effect on December 24, 2025 [1][3]. Group 1: Housing Purchase Policy Adjustments - The new policy relaxes housing purchase conditions for non-Beijing households, reducing the social security or tax payment duration required for purchasing homes within the Fifth Ring from 3 years to 2 years, and from 2 years to 1 year for homes outside the Fifth Ring [1][3]. - Families with two or more children will receive additional support, allowing Beijing residents to purchase up to three homes within the Fifth Ring, while non-Beijing families with two years of social security or tax payments can buy two homes [1][3]. Group 2: Housing Credit Policy Enhancements - The policy optimizes personal housing credit by removing the distinction between first and second home loans in interest rate pricing, allowing banks to set rates based on market conditions and individual risk assessments [2][4]. - The minimum down payment for second home loans using public housing funds is reduced from 30% to 25% [2][4]. Group 3: Real Estate Development Process Improvements - The policy aims to enhance the business environment and improve investment efficiency in real estate by changing the project approval process from city-level to district-level filing [2][4].

中新网12月24日电 据北京市住房和城乡建设委员会微信公众号"安居北京"消息，北京市贯彻落实中央 经济工作会议精神，着力稳定房地产市场。12月24日，市住房城乡建设委、市发展改革委、人民银行北 京市分行、北京住房公积金管理中心等4部门联合印发《关于进一步优化调整本市房地产相关政策的通 知》(以下简称《通知》)，自2025年12月24日起施行。 《通知》明确，为更好满足居民刚性住房需求和多样化改善性住房需求，进一步优化调整住房限购政 策。一是放宽非京籍家庭购房条件。将非京籍家庭购买五环内商品住房的社保或个税缴纳年限，由现行 的"3年"调减为"2年"；购买五环外商品住房的，由现行的"2年"调减为"1年"。二是支持多子女家庭住房 需求。二孩及以上的多子女家庭，可在五环内多购买一套商品住房，即：京籍多子女家庭，可在五环内 购买3套商品住房；在京连续2年缴纳社保或个税的非京籍多子女家庭，可在五环内购买2套商品住房。 《通知》明确，加大公积金支持住房消费力度，调整二套住房公积金贷款最低首付比例，对借款申请人 (含共同申请人)使用公积金个人住房贷款购买二套住房的，最低首付款比例由不低于30%调整为不低于 25%。 《通知》 ...

Core Viewpoint - The article discusses the recent adjustments to Beijing's real estate policies aimed at optimizing housing purchase conditions for residents, particularly focusing on easing restrictions for non-local families and supporting multi-child households [1][2]. Group 1: Policy Adjustments - Non-local families can now purchase homes in Beijing with reduced social security or tax payment requirements, from 3 years to 2 years for properties within the Fifth Ring Road, and from 2 years to 1 year for properties outside [1]. - Multi-child families are allowed to purchase additional properties, with local families permitted to buy up to three homes within the Fifth Ring Road, while non-local families with two years of social security or tax payments can buy two [1]. Group 2: Housing Credit Policies - The personal housing credit policy has been optimized, allowing banks to set mortgage rates without differentiating between first and second homes, based on market conditions and individual risk assessments [1]. Group 3: Public Fund Support - The minimum down payment for second home purchases using public housing funds has been reduced from 30% to 25% [2]. - The approval process for real estate development projects has been streamlined, shifting from city-level approval to district-level filing to enhance investment efficiency [2].

Core Viewpoint - Beijing is implementing measures to stabilize the real estate market in response to the central economic work conference, with new policies set to take effect on December 24, 2025 [1][3]. Group 1: Housing Purchase Policy Adjustments - The new policy relaxes home purchase conditions for non-Beijing residents, reducing the social security or tax payment requirement from 3 years to 2 years for purchasing homes within the Fifth Ring Road, and from 2 years to 1 year for homes outside the Fifth Ring Road [1][3]. - Families with two or more children will be allowed to purchase additional homes; Beijing residents can buy up to 3 homes within the Fifth Ring Road, while non-Beijing families with 2 years of social security or tax payments can buy 2 homes [1][3]. Group 2: Housing Credit Policy Enhancements - The policy optimizes personal housing credit by removing the distinction between first and second home loans in the interest rate pricing mechanism, allowing banks to set rates based on market conditions and individual risk factors [4]. - The minimum down payment for second home loans using public housing funds is reduced from 30% to 25% [2][4]. Group 3: Real Estate Development Process Improvements - The approval process for real estate development projects is being streamlined, shifting from city-level approval to district-level filing to enhance the investment environment and efficiency [2][4].

Core Viewpoint - The Shanghai government has announced a series of policy adjustments aimed at optimizing the real estate market to better meet residents' housing needs and promote stable development, effective from August 26, 2025 [1] Group 1: Housing Purchase Policy Adjustments - The housing purchase limit will be reduced, allowing eligible residents to buy an unlimited number of homes outside the outer ring road, while limiting purchases to two homes within the inner ring road for local residents [2] - Non-local residents can also purchase unlimited homes outside the outer ring road if they have paid social insurance or income tax in Shanghai for over one year, and are limited to one home within the inner ring road if they have paid for over three years [2] Group 2: Housing Provident Fund Policy Optimization - The maximum loan amount for housing provident fund loans will be increased by 15% for those purchasing new green buildings, with the first loan limit raised from 1.6 million to 1.84 million yuan, and for families with multiple children, it will increase from 1.92 million to 2.16 million yuan [3] - The second loan limit will also be increased from 1.3 million to 1.495 million yuan [3] - Residents can withdraw their provident fund to pay for the down payment of new homes, and this withdrawal will not affect their loan limit [3] Group 3: Personal Housing Loan Interest Rate Mechanism - The interest rate pricing mechanism for commercial personal housing loans will be optimized, eliminating the distinction between first and second homes, allowing banks to set rates based on market conditions and individual risk factors [4] Group 4: Property Tax Policy Adjustments - Non-local residents purchasing their first home will be exempt from property tax, while for second homes and beyond, a tax exemption of 60 square meters per person will be applied after calculating the total housing area [6] - This property tax policy will take effect from January 1, 2025 [6]

Core Viewpoint - The recent notification from Shanghai's housing authorities aims to optimize and adjust real estate policies, including easing housing purchase restrictions and enhancing housing provident fund loan limits, effective from August 26, 2025 [1][2][3]. Group 1: Housing Purchase Policies - Eligible residents can purchase an unlimited number of homes outside the outer ring road, with specific conditions for both local and non-local residents [1][3]. - Local residents and single adults can buy unlimited homes outside the outer ring, while there is a limit of two homes within the inner ring [1]. - Non-local residents can buy unlimited homes outside the outer ring if they have paid social insurance or income tax in Shanghai for at least one year, and are limited to one home within the inner ring if they have paid for three years [1]. Group 2: Housing Provident Fund Policies - The maximum loan limit for first-time homebuyers has increased from 1.6 million yuan to 1.84 million yuan, with additional increases for families with multiple children [2]. - The second home loan limit has been raised from 1.3 million yuan to 1.495 million yuan [2]. - The policy allows for the withdrawal of housing provident fund to pay for the down payment of newly built homes, and does not affect the calculation of loan limits [2]. Group 3: Tax Policies - Non-local residents purchasing their first home will be exempt from property tax, while the second and subsequent homes will have a tax exemption based on a per capita area of 60 square meters [3]. - This tax policy will take effect from January 1, 2025, benefiting eligible buyers [3]. Group 4: Market Impact - The policy changes are expected to stimulate housing demand by broadening purchase eligibility and reducing costs associated with home buying [3]. - The integration of green building initiatives with housing provident fund loans is aimed at promoting better housing products in the market [3].

Core Viewpoint - The Shanghai government has announced a series of policy adjustments aimed at optimizing the real estate market, including reducing housing purchase restrictions, enhancing housing provident fund policies, adjusting personal housing loan interest rates, and improving property tax regulations. These measures are set to take effect on August 26, 2025, and are designed to stimulate housing demand and support market stability. Group 1: Housing Purchase Restrictions - The new policy allows eligible residents to purchase an unlimited number of homes outside the outer ring road, while limiting purchases to two homes within the inner ring for local residents. Non-local residents can also buy without limits outside the outer ring if they have paid social insurance or income tax for at least one year [1][2]. Group 2: Housing Provident Fund Policy - The policy increases the maximum loan amount for housing provident funds, with first-time buyers eligible for up to 1.84 million yuan, and families with multiple children eligible for up to 2.16 million yuan. The second home loan limit is raised to 1.495 million yuan. Additionally, the policy allows for the withdrawal of provident funds for down payments without affecting loan limits [3]. Group 3: Personal Housing Loan Interest Rates - The new regulations eliminate the distinction between first and second home loan interest rates, allowing banks to set rates based on market conditions and individual borrower profiles. This change is expected to reduce monthly payments for second home buyers significantly [4][6]. Group 4: Property Tax Policy - The policy introduces a temporary exemption from property tax for non-local residents purchasing their first home, while providing a tax deduction of 60 square meters for second homes. This aims to lower the holding costs for buyers and encourage market participation [5][7]. Group 5: Market Impact and Expectations - Analysts suggest that these comprehensive measures will alleviate market anxiety and stimulate demand across various buyer segments. The policy is expected to enhance the purchasing power of buyers, particularly in the outer ring areas, and may lead to a reduction in inventory levels [5][8]. The timing of the policy rollout is seen as strategic, coinciding with the traditional peak sales season in September and October, which could further boost market activity [8].

Core Viewpoint - Shanghai has announced new real estate policies aimed at optimizing housing purchase conditions for residents, including reducing housing purchase restrictions and enhancing housing fund policies, effective from August 26, 2025 [1][2][8]. Group 1: Housing Purchase Restrictions - The new policy allows eligible resident families to purchase an unlimited number of homes outside the outer ring road, including both new and second-hand properties [3][9]. - Shanghai residents and single adults can buy unlimited homes outside the outer ring, while they are limited to two homes within the inner ring [3][9]. - Non-Shanghai residents can purchase unlimited homes outside the outer ring if they have paid social insurance or income tax in Shanghai for at least one year; those with three years of contributions can buy one home within the inner ring [3][9]. Group 2: Housing Fund Policy - The policy increases the maximum loan amount for housing funds, with the first home loan limit raised from 1.6 million to 1.84 million yuan, and for families with multiple children, it can go up to 2.16 million yuan [4][11]. - It allows residents to withdraw housing funds to pay for the down payment of new homes, and this withdrawal does not affect the calculation of their loan limits [11][12]. Group 3: Personal Housing Loan Interest Rates - The policy optimizes the pricing mechanism for personal housing loans, eliminating the distinction between first and second home loans, allowing banks to set rates based on market conditions and individual risk profiles [6][12]. Group 4: Property Tax Policy - The policy states that eligible non-Shanghai resident families will be exempt from property tax on their first home purchase, while for second and subsequent homes, a tax exemption of 60 square meters per person will apply [5][15]. - This property tax exemption will take effect from January 1, 2025, for qualifying buyers [7][15].

Core Viewpoint - Shanghai's housing authority has announced adjustments to the city's real estate policies, specifically optimizing the pricing mechanism for commercial personal housing loans to alleviate the interest burden on residents [1] Summary by Relevant Sections - **Policy Changes** - The new notice specifies the optimization of personal housing credit policies, allowing banks to set interest rates without differentiating between first and second homes [1] - **Interest Rate Mechanism** - Financial institutions will determine the specific interest rates for commercial personal housing loans based on the Shanghai market interest rate pricing self-discipline mechanism, as well as their operational conditions and customer risk profiles [1]