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》明确，进一步优化个人住房信贷政策，银行业金融机构根据北京地区市场利率定价自律机 制要求和本机构经营状况、客户风险状况等因素，在利率 ...

Group 1 - The core viewpoint of the article is the cancellation of the restriction on the transfer of newly built commercial housing in Suzhou, which previously required a property rights registration certificate to be held for at least 2 years before transfer [1] Group 2 - The decision aims to further meet the residents' demand for improved housing [1] - The new policy applies to the urban area of Suzhou, with exceptions for housing with special transfer restrictions [1]

Group 1: Market Overview - The national real estate market has shown signs of stabilization, with a significant narrowing of the decline in sales and prices since the beginning of the year. As of June, the cumulative sales area of commercial housing decreased by 3.5% year-on-year, a reduction of 9.4 percentage points compared to the end of 2024 [1] - New home prices have seen a monthly average decline of 0.2%, while second-hand home prices have decreased by 0.4% on average per month, both showing a smaller decline compared to the monthly average levels of 2024 [1] - The introduction of supportive policies, including a special loan program expanding to 8.5 trillion yuan, has positively impacted risk management for real estate companies [1] Group 2: Performance Disparities Among Developers - There is a notable divergence in performance among real estate companies, with state-owned enterprises and some central enterprises experiencing a sales recovery, with some revenue growth exceeding 30% year-on-year due to their focus on first-tier and key second-tier cities [2] - In contrast, many private and small real estate firms, primarily holding assets in third and fourth-tier cities, have faced significant revenue declines due to weak market demand and financial pressures from asset devaluation [2] - The overall asset-liability ratio of real estate developers remains high, with many companies experiencing a decrease in annual sales capacity and cash flow pressures [2] Group 3: Market Challenges and Adjustments - The real estate market is undergoing a structural adjustment, with changes in supply and demand dynamics. The purchasing power and income expectations of residents have not returned to the levels seen during the "golden era" of real estate [3] - Urbanization is shifting focus from rapid development to more concentrated growth in urban clusters, leading to diminished demand in previously booming third and fourth-tier cities [3] - The slowdown in urban residents' income growth and the decline in financial product yields have negatively impacted buyer confidence, leading to more cautious purchasing behavior [3] Group 4: Future Market Outlook - The real estate market is expected to continue its contraction in the second half of the year, with a projected year-on-year decline in commercial housing sales area of around 5% and new and second-hand home prices expected to drop by 2% to 4% [6] - The ongoing high asset-liability ratios and declining investment returns will continue to pose challenges for real estate companies, with an anticipated investment decline of approximately 10% for the year [6] - The market is unlikely to see a significant rebound in prices, with expectations of a more stable supply-demand relationship emerging over the medium term [6] Group 5: Policy Recommendations - To stabilize the real estate market, it is recommended to implement targeted macro and industrial policies, including lowering mortgage rates and optimizing housing tax incentives [7] - Increasing the supply of residential land in first-tier and key second-tier cities is suggested to meet local housing market demands [8] - The introduction of public REITs and enhancing non-bank financing channels for large real estate firms are recommended to alleviate cash flow and debt pressures [8]