Core Viewpoint - The new housing policy in Beijing, effective from August 9, aims to stimulate the real estate market by allowing eligible families to purchase multiple properties outside the Fifth Ring Road, thereby supporting market recovery and improving the balance between work and residence [1][4][8]. Group 1: Market Activity and Trends - Since the implementation of the new policy, there has been an increase in market activity, with a notable rise in consultation and viewing volumes in certain areas, and stable performance in new and second-hand housing contract signing data [1][8]. - In the first seven months of this year, over 80% of new residential sales and more than 50% of second-hand residential transactions in Beijing occurred outside the Fifth Ring Road [1][4]. Group 2: Impact of Public Fund Policy - The adjustment of the public fund policy has significantly increased the willingness of first-time homebuyers to purchase properties, with a reported 15% increase in online inquiries following the policy announcement [2][3]. - The new policy allows for a higher loan amount from the public fund, which can reduce monthly payments and total interest costs for buyers, thus making home purchases more affordable [2][3]. Group 3: Regional Market Dynamics - Areas outside the Fifth Ring Road, such as Tongzhou, have become the main focus for new home transactions, with the policy expected to positively impact the demand for improved housing options [4][6]. - Some developers have responded to the new policy by innovating their marketing strategies and offering promotional activities, leading to increased visitor numbers and sales in certain projects [6]. Group 4: Future Market Outlook - The residential market in Beijing is anticipated to see continued activity, with the new policy expected to enhance transaction volumes and maintain a stable price environment [7][8]. - The policy is part of a broader trend, with expectations that other cities like Shanghai and Shenzhen may follow suit in optimizing their housing policies and increasing public fund support [8].

证 券 研 究 报 告 房地产行业周报（2025 年第 32 周） 北京放松五环外限购，新房二手房成交环比 推荐（维持） 下降 行业研究 房地产 2025 年 08 月 13 日 华创证券研究所 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：许常捷 邮箱：xuchangjie@hcyjs.com 执业编号：S0360525030002 联系人：杨航 邮箱：yanghang@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 107 | 0.01 | | 总市值(亿元) | 11,982.71 | 1.09 | | 流通市值(亿元) | 11,486.79 | 1.31 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 1.7% | 4.7% | 18.1% | | 相对表现 | -1.0% | -1.5% | -5.6% | -8% 12% 31% 51% 24/08 24/10 25/01 25 ...

Core Viewpoint - Beijing has announced new housing policies aimed at optimizing housing purchase restrictions and enhancing housing provident fund support, which are expected to benefit families with separated households and improve overall market conditions in the third quarter [1][2][9]. Housing Purchase Policy Adjustments - The new policy allows eligible families to purchase an unlimited number of properties outside the Fifth Ring Road in Beijing, including both new and second-hand homes [3][4]. - The existing purchase limits for properties within the Fifth Ring Road remain unchanged, with local residents allowed to buy up to two properties and non-local residents with three years of social insurance or tax payments allowed to buy one [3][4]. Housing Provident Fund Support Enhancements - The policy expands the scope of first-home provident fund loans, allowing applicants with a cleared loan record nationwide to be recognized as first-time buyers, potentially reducing down payment requirements significantly [4][5]. - The maximum loan limit for second-home provident fund loans has been increased from 600,000 to 1,000,000 yuan, with additional benefits for families meeting specific criteria [4][5]. - The annual loan limit per year of provident fund contribution has been raised from 100,000 to 150,000 yuan, reducing the time needed to qualify for larger loans [5][6]. Market Impact and Trends - The adjustments are expected to cater to the growing demand for diverse housing needs, particularly for families with separated households, and are seen as necessary given the high inventory of new homes outside the Fifth Ring Road [7][8]. - The new policies are anticipated to maintain the positive market momentum observed in the first half of the year, with significant increases in both new and second-hand home transactions [9].

Core Viewpoint - Beijing has optimized its housing purchase policies to better meet the housing improvement needs of residents, allowing families that meet certain conditions to purchase an unlimited number of properties outside the Fifth Ring Road [1] Policy Adjustments - Families eligible to purchase commercial housing in Beijing can now buy an unlimited number of properties outside the Fifth Ring Road, which includes both new and second-hand housing [1] - The policy does not lift the purchase restrictions entirely; strict eligibility criteria remain in place for residents [1] - Beijing residents and non-residents who have paid social insurance or personal income tax for at least two years can purchase properties outside the Fifth Ring Road without limit [1] Loan Support Enhancements - The policy expands the scope of housing provident fund loan support for first-time homebuyers, allowing those with one cleared loan record nationwide to be recognized as first-time buyers instead of second-time buyers [1] - For example, a property priced at 4 million yuan with a loan of 1 million yuan over 30 years would see a maximum down payment reduction of 600,000 yuan and a monthly payment reduction of 253 yuan when classified as a first-time purchase [1] - The maximum loan amount for second homes has increased from 600,000 yuan to 1 million yuan, supporting the demand for improved housing [1] Changes in Down Payment and Loan Terms - The minimum down payment ratio for second home loans has been standardized to 30%, regardless of whether the property is inside or outside the Fifth Ring Road [1] - The loan amount available per year of provident fund contribution has increased from 100,000 yuan to 150,000 yuan, reducing the time required to save for a loan [1] - Borrowers can now extract provident fund for down payments while simultaneously applying for loans, facilitating the purchasing process [1] Urban Development Context - The policy aligns with Beijing's overall urban planning, focusing on the development of suburban areas like Shunyi, Daxing, and others, which are crucial for regional collaboration and modern urbanization [1] - The improvements in living and working conditions in these areas aim to attract young talent and families, enhancing public service standards and creating high-quality living spaces [1]

Core Viewpoint - The article discusses recent adjustments in housing provident fund policies across various cities in China, highlighting the increased support for homebuyers and the expansion of fund usage scenarios to address housing needs [2][8]. Group 1: Policy Adjustments - The minimum down payment ratio for second homes using provident fund loans has been reduced to 20% in Chengdu, along with other supportive measures for flexible employment individuals [2]. - Many cities, including Guangzhou, Suzhou, Hangzhou, and Nanjing, have announced increases in the provident fund contribution base and monthly contribution limits [5][6]. - The adjustment of the provident fund contribution base is linked to the average annual salary of urban non-private sector employees, with significant increases noted in cities like Suzhou, which saw a rise of 4,200 yuan to 38,900 yuan [5][6]. Group 2: Increased Contribution Limits - The monthly contribution limit for the provident fund has been raised, with Nanjing having the highest limit at 9,936 yuan, an increase of 360 yuan from the previous year [6]. - The increase in contribution limits allows for faster accumulation in provident fund accounts, which positively impacts the ability to withdraw funds and apply for loans [6]. Group 3: Expanded Usage Scenarios - Recent policies have broadened the scenarios in which the provident fund can be utilized, such as allowing withdrawals for the renovation of old elevators in residential complexes and supporting the payment of property fees [9][10]. - Over 30 cities have implemented policies allowing the use of provident fund withdrawals for down payments, with cities like Beijing and Chengdu leading these initiatives [8][9]. Group 4: Support for Specific Groups - The policies have increasingly focused on supporting specific demographics, such as high-level talents in Nanning who can access up to four times the usual loan amount, and new employees within ten years of graduation who can have their parents withdraw funds to assist with home purchases [10][11]. - The expansion of "commercial to public" loan policies in approximately 20 cities, including Guangzhou and Chongqing, aims to reduce monthly payments and total interest for homebuyers [10][11].

Core Viewpoint - Recent adjustments to housing provident fund policies across various cities in China aim to enhance support for residents' housing needs, with significant changes in contribution limits and loan accessibility [1][2][6]. Group 1: Policy Adjustments - The minimum down payment ratio for second homes using provident fund loans has been reduced from 30% to 20% [6]. - Many cities, including Chengdu, Beijing, and others, have optimized their provident fund policies to support home purchases, particularly for new employment and families with multiple children [1][6][7]. Group 2: Contribution Limits - Several cities have raised their provident fund contribution bases, with notable increases in cities like Suzhou, where the base rose by 4,200 yuan to 38,900 yuan, marking the largest increase [3][4]. - The maximum monthly contribution limits for provident funds have also increased, with Nanjing leading at 9,936 yuan, an increase of 360 yuan from the previous year [5]. Group 3: Expanded Usage Scenarios - The scope of provident fund usage has been broadened, allowing for withdrawals to cover property management fees and supporting the renovation of old elevators in residential areas [7]. - Over 30 cities have implemented policies allowing the use of provident funds for down payments, extending to major cities [6][8]. Group 4: Support for Specific Groups - Recent policies have increased support for specific demographics, such as high-level talents in Nanning, who can access up to four times the usual loan amount [7]. - New employment individuals can have their parents withdraw provident fund balances to assist with home purchases, reflecting a more inclusive approach to housing finance [7].

Core Viewpoint - Chengdu has introduced 17 policies aimed at stabilizing the real estate market, focusing on improving supply quality, meeting diverse demands, revitalizing existing stock, and leveraging the role of housing provident funds [2][8]. Group 1: Policy Measures - The new measures encourage local districts to adopt direct subsidies for down payments, marking a significant innovation in financial support for homebuyers [3]. - The policies emphasize urban renewal, promoting the renovation of urban villages and dilapidated housing, and expanding the "housing voucher" system for compensation and relocation [4]. - Support policies related to education are introduced, allowing homebuyers to secure school enrollment for their children based on new housing contracts, thus stimulating housing demand [5]. Group 2: Market Adjustments - The measures include a phased cancellation of housing sales restrictions, allowing properties purchased before specific dates to be listed for sale, which is expected to activate the secondary market [6][7]. - Adjustments to housing provident fund policies include increasing loan support and lowering the down payment ratio for second homes, thereby reducing financial barriers for buyers [8].

Core Viewpoint - Recent adjustments in housing provident fund policies across multiple cities have expanded the scenarios for its use, allowing contributors to withdraw funds for down payments on homes [1][2]. Group 1: Policy Changes - On June 24, the Jinan Housing Provident Fund Center announced that contributors can withdraw funds to pay for down payments on affordable housing, with a minimum down payment ratio of 15% [1]. - The Hangzhou Housing Provident Fund Management Center introduced a direct payment service for down payments, allowing contributors to use their provident fund directly for new homes, with online processing support [1]. - A joint announcement from four departments in Xi'an included measures to increase support for housing provident funds, allowing withdrawals for down payments on new homes [1]. Group 2: Market Impact - A report from Shanghai E-House Real Estate Research Institute indicated that at least six cities introduced policies in June allowing provident fund withdrawals for down payments, effectively reducing the financial burden on homebuyers [2]. - The policy aligns with national strategies to boost income and enhance consumer spending capacity, indirectly increasing residents' disposable income and willingness to purchase homes [2]. - The support for various housing types, including new homes, second-hand homes, and rental properties, is expected to stimulate overall housing consumption [2]. Group 3: Local Characteristics - The housing provident fund has strong local attributes, with significant autonomy for local governments, and its low-interest nature caters to local demand for housing [2]. - The primary demand in the housing market comes from first-time buyers and those seeking to upgrade, who are sensitive to housing prices and costs [2].

Group 1 - The Zhejiang Provincial Housing Provident Fund Center has launched a service allowing individuals to directly use their provident fund account balances for down payments on new and second-hand homes in Hangzhou, enhancing payment flexibility for homebuyers [1] - In Wenzhou, a new policy allows individuals to withdraw their provident fund to pay for down payments on second-hand homes, expanding the beneficiary group and supporting housing demand [2] - CIFI Holdings has announced a debt restructuring plan involving approximately 100.61 billion yuan in bonds, offering various options to creditors to alleviate debt pressure and improve capital structure [3] Group 2 - Times China Holdings is set to hold a creditor meeting on July 8, 2025, to discuss its overseas debt restructuring plan, which is crucial for optimizing its debt structure and improving financial conditions [4] - China Communications Real Estate plans to transfer its real estate development business to its controlling shareholder for 1 yuan, aiming to reduce debt and focus on lighter asset management and operations [5][6]

Core Viewpoint - The Xuzhou Housing Provident Fund Management Center has announced an optimization and adjustment of housing provident fund policies to enhance support for homebuyers and improve access to loans [1] Group 1: Policy Adjustments - After repaying housing provident fund loans, borrowers can apply for new loans for improved self-occupied housing in Xuzhou without any limit on the number of loans [1] - The support for cross-regional loans has been expanded, allowing individuals with housing provident fund contributions in the Yangtze River Delta to apply for loans in Xuzhou when purchasing self-occupied housing or if they have already obtained personal housing commercial loans [1] Group 2: Fund Withdrawal Policies - A new intergenerational mutual assistance policy for fund withdrawal has been implemented, allowing contributors to withdraw housing provident funds for down payments on newly built commercial housing in Xuzhou, with eligibility extending to the contributor's spouse and direct relatives (parents, children) [1]