开年以来，多地发布楼市新政。 1月7日，沈阳优化5项住房公积金贷款政策，包括延长最低首付款比例15%的政策适用期限，提高"商转 公"贷款比例限额，放宽新市民、青年人贷款政策等。 沈阳住房公积金管理中心有关负责人表示，这次政策调整进一步释放住房公积金低息贷款政策红利，降 低了购房资金压力，同时也能更好地支持合理住房消费，促进房地产市场平稳健康发展。 1月6日，河南发布《推动2026年第一季度经济发展实现良好开局若干政策措施》，其中提出，积极支持 住房消费。支持各地因地制宜发放购房补贴、契税补贴，组织住房促销活动200场(次)以上，支持各地 加快发行地方政府专项债券收购存量商品房用作保障性住房，加快推进郑州、洛阳市127个专项借款城 中村改造项目建设。 五是放宽新市民、青年人住房贷款支持政策。新市民、青年人住房公积金贷款限额提高到1.3倍政策的 适用范围，由新建商品房放宽到新建商品房和二手自住住房。 对于提高"商转公"贷款比例限额的政策利好，沈阳住房公积金管理中心个人贷款部副部长史鑫在发布会 上回答记者提问时表示，"商转公"贷款可以节省还贷利息，是减轻商贷还款负担的有效途径。将"商转 公"贷款的比例限额从房屋价格 ...

转自：北京日报客户端 根据2025年5月7日发布的《中国人民银行关于下调个人住房公积金贷款利率的通知》，自2025年5月8日 起，下调个人住房公积金贷款利率0.25个百分点，5年以下（含5年）和5年以上首套个人住房公积金贷 款利率分别调整为2.1%和2.6%。5年以下（含5年）和5年以上第二套个人住房公积金贷款利率分别调整 为2.525%和3.075%。 对于2025年5月8日以前已经发放的个人住房公积金贷款，自2026年1月1日开始，执行调整后的个人住房 公积金贷款利率。 | | | 公积金贷款利率调整表 | | 单位:年利率% | | | --- | --- | --- | --- | --- | --- | | | 调整前利率 | | | 调整后利率 | | | | 利率 | | | 利率 | | | 贷款期限 | 首套房 | 二套房 | 贷款期限 | 首套房 | 二套房 | | 1-5年(含5年) | 2.35 | 2.775 | 1-5年(含5年) | 2.1 | 2.525 | | 5 年以上 | 2.85 | 3.325 | 5 年以上 | 2.6 | 3.075 | 举个例子： 以普通家庭贷款 ...

12 月 5 日，深圳市住房公积金管理委员会发布新版《深圳市住房公积金提取管理规定》 （ 以下 简称 " 提取新 规 " ） ，提取新规聚焦职工多元化住房消费需求，增设多项住房消费类提取情形，放宽提取条件，更好满足 职工刚性和改善性住房需求，新规将于 2025 年 12 月 15 日起施行。 深圳市住房公积金提取新规出台。 提取新规提出新增购房首付款提取，职工及家庭成员在深圳市购买住房，在未支付或未全额支付购房首付款 前，可以提取住房公积金用于筹集首付款。家庭名下有1套住房的，可全额提取住房公积金账户余额；家庭名 下有2套住房的，可提取账户余额的60%；上述提取额度均不超过尚未支付或未足额支付的购房首付款。提取 新规明确，职工如同时满足购房提取和购房首付款提取条件，仅能选择其中一种方式申请提取。 与此同时，职工为筹集购房首付款提取的住房公积金，可计入其住房公积金账户余额，用于计算本套住房申请 普通住房公积金贷款（不含商转公贷款）的可贷额度，真正实现"既提又贷"。例如，职工家庭住房公积金账户 余额为10万元，全额提取用于筹集购房首付款后，还可申请普通住房公积金贷款，这10万元仍能用于可贷额度 计算。 版权声明 ...

Core Points - Shaoxing City has introduced policies to optimize housing support, including increasing the maximum housing provident fund loan limit and supporting the renovation of old communities [1] - The maximum loan limit for dual-contributing households has been raised from 1.2 million to 1.3 million yuan, while the limit for single-contributing households remains at 800,000 yuan [1] - The recognition criteria for new citizens and youth have been relaxed, extending the residency requirement for new citizens from 3 years to 5 years and raising the age limit for youth from under 35 to under 45 [1] Group 1 - The maximum housing provident fund loan limit for dual-contributing households is now 1.3 million yuan [1] - Single-contributing households can still apply for a maximum loan of 800,000 yuan, with no changes made [1] - The policy supports the extraction of personal housing provident fund account balances for renovations in old communities, allowing withdrawals up to the total actual costs borne by the family [1] Group 2 - The adjustment in recognition standards will benefit both housing fund withdrawals and loans [2] - The annual withdrawal limit is generally capped at 24,000 yuan per person, with allowances for multi-child families, high-level talents, and youth [2] - The loan amount can be increased by 30% for new citizens and youth applying for their first home loan [2]

Core Viewpoint - Dongguan has officially implemented a new policy allowing residents to withdraw housing provident fund for down payments on both new and existing homes, enhancing support for homebuyers [1][3]. Summary by Sections Policy Implementation - The Dongguan Housing Provident Fund Management Center announced the implementation of guidelines for withdrawing housing provident fund to pay for down payments on newly built and existing homes [1][3]. - The new policy allows fund contributors to withdraw amounts not exceeding the down payment specified in the signed purchase contract [3]. Recent Policy Developments - On September 25, Dongguan introduced a new real estate policy, increasing the maximum loan amount for first and second homes to 1.5 million yuan [3]. - The policy expansion to include both new and existing homes was confirmed on September 26, with detailed operational guidelines released in October [3]. Withdrawal Process - The withdrawal process involves several steps, including project registration by developers, application submission by buyers, contract registration, fund transfer, and potential fund return if the purchase contract is invalidated [4][5][6][7][8][9][10][11][12][13][14][15]. - The process is designed to ensure that funds are securely transferred to the seller's account after verification by the notary office [8][11][14].

Core Insights - The Jinan government is actively promoting housing consumption through a series of policy adjustments aimed at enhancing the flexibility and accessibility of housing provident fund loans [3][5]. Policy Adjustments - The minimum down payment for second homes using provident fund loans has been reduced from 30% to 20%, aligning it with first home purchases, while the down payment for affordable housing can be as low as 15% [4]. - The interest rates for personal housing provident fund loans have been lowered by 0.25 percentage points, with rates for first and second homes set at 2.6% and 3.075% for loans over five years [4]. - The loan limit has been increased from 15 times to 25 times the account balance, with maximum loan amounts for purchasing existing homes and high-quality residences raised to 110 million and 130 million respectively, and potential combined limits reaching up to 170 million [4]. Support for Renters and Families - The monthly rental withdrawal limit for non-homeowners has been increased from 1200 yuan to 1500 yuan, and the annual limit from 36,000 yuan to 42,000 yuan [4]. - The policy now allows for the withdrawal of provident funds for down payments and loan repayments not only by the account holder and spouse but also by parents and children, enhancing family support [4]. Additional Benefits - The criteria for recognizing the number of times housing provident fund loans can be used have been optimized, allowing families to apply for loans again if previous loans have been fully repaid [5]. - A 1% subsidy is provided for flexible employment individuals who have contributed to the provident fund for over 12 months, along with interest subsidies ranging from 120 to 260 yuan based on loan amounts [5]. Market Impact - From January to August, Jinan issued 21,500 housing provident fund loans totaling 13.095 billion yuan, marking a year-on-year increase of 38.34%, while the number of withdrawals reached 3.5625 million, totaling 29.665 billion yuan, up 29.75% [5].

Core Viewpoint - The recent optimization of housing provident fund policies in multiple cities, particularly in Guangzhou, allows for the use of funds for down payments on second-hand homes, reflecting a broader trend to support housing consumption and alleviate financial pressure on buyers [1][5][8] Group 1: Policy Changes - Guangzhou has expanded the housing provident fund withdrawal policy to include down payments for second-hand homes, in addition to new homes and certain types of affordable housing [1][5] - Over 30 cities have introduced new policies this year allowing the use of housing provident funds for down payments, with major cities like Beijing, Shanghai, Guangzhou, and Shenzhen leading the way [4][5] - The policies in Beijing and Shanghai previously focused on new homes, while Guangzhou's approach is more innovative as it includes second-hand homes without distinguishing between first and second purchases [5][6] Group 2: Market Impact - The expansion of the housing provident fund usage is expected to reduce the financial burden on homebuyers and stimulate the second-hand housing market [7][8] - Other cities, such as Jiaxing and Ningde, have also implemented similar measures to allow the use of housing provident funds for second-hand home purchases, indicating a widespread trend across various regions [7] - The introduction of direct payment systems for down payments using digital currency in cities like Qingdao has facilitated significant transactions, further boosting second-hand home sales [7][8]

Investment Rating - The report maintains a "Buy" recommendation for the real estate sector [2] Core Insights - The real estate index increased by 0.7% in the 38th week, ranking 9th among 31 primary industry sectors [9][10] - New housing demand is declining, inventory issues remain unresolved, and land finance continues to negatively impact the economy, necessitating stronger policy measures to alleviate downward pressure on the real estate fundamentals [34] Summary by Sections Industry Basic Data - Total number of stocks: 107 - Total market capitalization: 1,233.623 billion - Circulating market capitalization: 1,183.334 billion [3] Relative Index Performance - Absolute performance over 1 month: 4.7% - Absolute performance over 6 months: 12.2% - Absolute performance over 12 months: 31.4% - Relative performance over 1 month: 1.4% - Relative performance over 6 months: -3.4% - Relative performance over 12 months: -9.9% [4] Policy News - Various local governments are implementing measures to boost housing consumption and support affordable housing development, including adjustments to housing provident fund contributions and property tax policies [15][18] Sales Data - New housing transactions in 20 monitored cities increased by 32% year-on-year, with a total transaction area of 176 million square meters in the 38th week [21] - Second-hand housing transactions in 11 monitored cities increased by 71% year-on-year, with a total transaction area of 191 million square meters [25][29] Financing Data - Most bond issuances this week were by local state-owned enterprises, with the largest issuance being 1.98 billion by Jinqiao Group [30][32] Investment Strategy - Focus on companies with strong product differentiation and stable rental income from quality commercial real estate, as well as stock brokerage businesses in the existing housing market [34]

Core Viewpoint - The article discusses the recent adjustments to real estate policies in Shenzhen aimed at meeting residents' housing needs and promoting a stable real estate market Group 1: Adjustments to Housing Purchase Policies - Residents eligible to purchase commercial housing in specific districts can buy an unlimited number of properties, including local and non-local families with certain conditions [1] - Non-local families without proof of continuous social insurance or tax payments are limited to purchasing two properties in designated districts [1] - No qualification review is required for purchasing properties in Yantian District and Dapeng New District [1] - Single adults are subject to the same housing purchase restrictions as families [1] Group 2: Adjustments for Enterprises and Institutions - Enterprises can purchase commercial housing within the city to address employee housing needs, with specific conditions for certain districts [1] - In districts like Futian, Nanshan, and Bao'an, enterprises must meet criteria such as a minimum establishment period and tax contributions [1] Group 3: Personal Housing Loan Policy Adjustments - Financial institutions will no longer differentiate between first and second home loans in terms of interest rate pricing, allowing for more flexible loan terms [2] Group 4: Changes to Housing Fund Management - New regulations propose six additional scenarios for withdrawing housing funds to support employees' housing purchases [3] - Employees can withdraw housing funds for down payments on first and second homes, with specific limits on withdrawal amounts [3] - Tax payments related to home purchases can also be covered by housing fund withdrawals, with applications required within three years of tax payment [3] - The scope for loan repayment withdrawals is expanded nationwide, allowing employees to use housing funds for loans on homes purchased outside Shenzhen [3]

Core Viewpoint - The Changchun Housing Provident Fund Management Center has announced a new policy regarding personal housing loans, effective until December 31, 2025, which includes adjustments to loan limits and down payment requirements for borrowers [1] Group 1: Loan Policy Adjustments - Borrowers who have cleared their housing provident fund loans and are applying for a new loan will no longer be restricted by the number of loans taken, with policies following the second-use housing provident fund loan guidelines [1] - For first-time users of the housing provident fund loan or those applying for a second loan without existing housing in the purchase area, the down payment ratio for new residential properties in Changchun's main urban area and development zones has been reduced from no less than 20% to no less than 15% [1] Group 2: Green Building Incentives - Families purchasing green residential buildings with a one-star rating or higher, or those evaluated through the "Good House" program, can have their single loan limit increased by 30%, without the possibility of combining this with other upward adjustments [1]