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Opinion | The April Economy: Clues to Real Estate's “Changing Modes”
① Although it is not an overnight success to resolve the downturn in real estate, as far as policy responses are concerned, it has clearly entered a more urgent stage; ② The central bank's quick action has confirmed the urgency of “stabilizing real estate,” and recent signs of “trade-in” housing and the liberalization of purchase restrictions in various regions have shown that government storage at the central level is “ready to come out.”
The central bank will set up 300 billion reloans for affordable housing
① Support local state-owned enterprises to acquire unsold commercial housing at a reasonable price and use it as allotted or leased affordable housing. ② The city government promotes the progress of projects that meet the “white list” conditions, and commercial banks should make full loans for compliant “white list” projects to meet the reasonable financing needs of projects under construction.
Authorities interpret the central bank's “one-click, three-link” mortgage policy: the down payment ratio fell to a historic low, and when was the “interest rate cut” on existing provident fund loans?
On the afternoon of May 17, the People's Bank of China issued three new policies relating to housing loans in a row. The relaxation of real estate finance policies exceeded market expectations
Heavy! Mortgage policies have changed dramatically: the down payment ratio and provident fund interest rate within the two units have been lowered, and there is no lower limit on commercial loan interest rates!
Lower down payments, lower interest rates, lower interest rates on provident fund loans, and the financial department distributed “big red envelopes” in the real estate market!
Three arrows in unison! Real estate “major initiatives” have been launched centrally, relating to down payments for home purchases, loan interest rates, etc.
This afternoon, the property market ushered in a number of major benefits. The central bank and other departments issued 3 consecutive notices to regulate interest rates on provident fund loans, lower commercial loan interest rate policy limits, and down payment ratios for home purchases.
Notice from the People's Bank of China on lowering interest rates on personal housing provident fund loans
The People's Bank of China decided that starting from May 18, 2024, interest rates on personal housing provident fund loans will be lowered by 0.25 percentage points, the interest rates for the first set of personal housing provident fund loans under 5 years (including 5 years) and 5 years or more will be adjusted to 2.35% and 2.85% respectively, and the interest rates for second personal housing provident fund loans under 5 years (including 5 years) and above will be adjusted to no less than 2.775% and 3.325%, respectively.
Notice from the People's Bank of China and the State Financial Supervisory Administration on Adjusting the Minimum Down Payment Ratio Policy for Personal Housing Loans
For households that use loans to purchase commercial housing, the minimum down payment ratio for commercial personal housing loans for the first housing unit was adjusted to not less than 15%, and the minimum down payment ratio for commercial personal housing loans for two housing units was adjusted to not less than 25%.
Notice of the People's Bank of China on Adjusting Interest Rate Policies for Commercial Personal Housing Loans
These include abolishing the minimum interest rate policy for commercial personal housing loans for the first home and two housing units at the national level
Express News | He Lifeng: In cities with a large inventory of commercial housing, the government may need to order and buy some commercial housing at a reasonable price as appropriate for use as affordable housing
National Bureau of Statistics: The month-on-month and year-on-year declines in commercial residential sales prices in all tier cities increased in April
In April 2024, the real estate market continued to adjust. Among 70 large and medium-sized cities, the month-on-month and year-on-year declines in commercial residential sales prices in all tier cities increased.
HSBC Holder Ping An Evaluating Ways to Reduce Its $13B Stake - Bloomberg
Li Jia Court: Second-hand private housing transactions in Hong Kong reached a record high of 4391 in April in the past 33 months
In April 2024, Hong Kong recorded a total of 4,391 second-hand private property sales registrations, which doubled (102%) from 2,173 in March, a record high of nearly 33 months since August 2021.
Mortgage interest rates plummeted and swept through the property market: interest rates for the first home in Changzhou fell to 3.25%, Wuxi and Nanjing fell to 3.45%
As various regions begin a new wave of inventory removal, many cities across the country have drastically lowered interest rates on mortgages, frequently sending signals to the market encouraging buyers to buy homes.
National Development and Reform Commission: Promoting the construction of affordable housing and speeding up the construction of a new model for real estate development
The Party Group of the National Development and Reform Commission of the Communist Party of China wrote in “Qiushi” magazine that it is strengthening the guarantee of economic security capabilities. Improve the real estate business entity supervision system, promote the construction of affordable housing, accelerate the construction of a new model of real estate development, and promote the steady and healthy development of the real estate market.
In order to activate the property market, various regions are introducing new measures to reduce the common floor area of new housing may become a trend
In the context of the Politburo meeting proposed “optimizing incremental housing,” several cities have recently introduced new regulations to reduce shared floor space, and the market has once again sparked discussions on shared floor space.
Real estate, suddenly a huge benefit!
So what just happened? In early trading, there were two unconfirmed pieces of news circulating in the market.
Agency: Is it possible for the “government to collect storage capacity”?
The game is a typical low win rate and high odds event.
Just now! The Shenzhen property market has made a big move. How do you view it, and how will the market develop in the future?
The 2024 edition of the “Shenzhen Building Design Rules” will be officially released in the near future. The revisions include reducing the area of residential stalls, effectively increasing housing rates, and implementing a 150-meter height limit for houses and dormitories, which have attracted public attention.
Savills: Hong Kong's rental market is expected to be dominated by mainland tenants this year
It is expected that this year's tenant structure will continue to shift from foreign tenants to mainland tenants, while foreign tenants will also shift from the US or Europe to Asia.
Airline Tracker: Delta, United and American Land Bull Ratings From HSBC