The superposition of real estate policies helps to strengthen confidence and stabilize expectations.

　　Two days before the National Day holiday, the real estate market intensively ushered in three regulatory measures. First, on September 29th, the Central Bank and China Banking and Insurance Regulatory Commission decided to adjust the differentiated housing credit policy in stages. Eligible cities can independently decide to maintain, reduce or cancel the lower limit of the interest rate of the first set of new local housing loans by the end of 2022. Second, on September 30th, the People’s Bank of China lowered the interest rate of the first set of personal housing provident fund loans by 0.15 percentage points, and adjusted the interest rates for less than five years (including five years) and more than five years to 2.6% and 3.1% respectively. Third, on September 30th, the Ministry of Finance and the State Administration of Taxation issued a document to support the individual income tax rebate for residents to buy houses. Before December 31, 2023, for those who sell their own houses and buy houses again within one year, the personal income tax paid for the sale of their existing houses will be given preferential tax refund.

　　The introduction of the above measures shows that the policy level actively promotes the stabilization and recovery of the real estate market with the adjustment of finance, taxation and taxation. The phased adjustment of differentiated housing credit policies means that some cities can lower the interest rate of the first home loan and reduce the pressure on home buyers to repay loans. The downward adjustment of the interest rate of the first set of personal housing provident fund loans can also reduce the pressure on paid employees to buy houses. The "sell one, buy one" tax rebate will help to mobilize the enthusiasm of improving demand for housing.

　　These measures all point to reducing the cost of housing purchase funds for just-needed and improved housing demand. The superposition of policies will help to inject momentum into the currently stabilizing market, which is expected to enhance the confidence of buyers and stabilize the expectations of the real estate market.

　　This is a re-upgrade of various measures to stabilize the property market for some time. Since the beginning of this year, in the overall downward trend of the real estate market, relevant departments and localities have actively introduced regulatory policies to stabilize the market, including canceling the purchase restriction, relaxing the loan restriction, reducing the down payment ratio, and giving housing subsidies. There are many kinds of policies and measures that are beneficial to the real estate market. With the gradual deepening of policy regulation due to the city, the policies are more precise and precise. Guangzhou, Beijing and other cities have focused on the sale of second-hand housing and introduced measures such as transfer with mortgage and parallel processing of serial single business to solve the pain points of second-hand housing transactions and help to activate market transactions. Sichuan and other places have proposed to relax the qualifications for buying houses for families with many children.

　　What is the market response when the policy is overweight? Differentiation is still an obvious feature of the current real estate market. September and October are the traditional sales seasons in the real estate market. Many real estate development enterprises have increased their efforts to push new sites and promote sales. The pre-holiday mortgage interest rate reduction policy has rapidly landed in many cities, and the continuous favorable policies for some time can activate some demand for home purchase. Therefore, during the National Day holiday, whether it is the first or second line or the third or fourth line, the market activity of some cities has improved significantly. However, there are also a considerable number of cities, and the market is still relatively deserted. In the same city, there has also been an uneven situation of hot and cold. Some new housing projects are selling well, while others are lacking in interest. At the same time, affected by the suspension of new commercial housing projects in some cities in the early stage, buyers still have concerns about whether the purchase of faster houses can be delivered on time, and turn to second-hand houses, thus the trend of second-hand houses warming up in some cities is better than that of new houses.

　　The confidence of buyers in the future real estate market largely determines the market direction. In the long run, confidence comes from the fact that China is still in a period of rapid urbanization, with tens of millions of new people in cities and towns every year, and there is still a large demand for urban housing, infrastructure and public service facilities. Urban renewal, renovation of old residential areas, etc. also have a lot of tasks. Therefore, there is still considerable room for the stable and healthy development of the real estate market. From a close point of view, some real estate projects have stopped working, and some real estate development enterprises have a tight capital chain, which has affected the confidence of buyers. At present, this situation is being reversed. The Ministry of Housing and Urban-Rural Development and other relevant departments have introduced special measures to support cities in need to promote the construction and delivery of residential projects that have been sold and are difficult to deliver. With the promotion of local governments, some cities have also made positive progress in the "security building".

　　It can be seen that the policy "combination boxing" is gradually showing results and constantly repairing market confidence. With the continuous opening of the real estate control policy toolbox, relevant supporting measures in various places have been further implemented, and the confidence and enthusiasm of buyers are expected to continue to be repaired, and the real estate market is expected to further stabilize and rebound. It should be emphasized that the policy superposition aims to promote market stabilization, with the focus on better meeting the just-needed and improved needs. For the first-tier hot cities, we should still firmly adhere to the positioning of "housing and not speculating" to avoid the resurgence of speculation. (This article Source: Economic Daily-China Economic Net Author: Kang Shu)