8 cities completely canceled the purchase restriction. Since September, more than 30 provinces and cities have optimized the property market policy.
In order to support the rigid and improved demand for home purchase and further boost market confidence, the pace of landing property market policies in various places has accelerated. Since September, more than 30 provinces and cities across the country have optimized the property market policy, and at the same time, more and more cities have followed suit to lift the policy of restricting purchases and sales.
Shandong two cities follow up to lift the restrictions on the purchase and sale of the property market
Within one day, the two cities in Shandong completely lifted the policy of restricting purchases and sales in the property market.
On September 11th, according to Qilu Evening News, the reporter learned from Jinan Housing and Urban-Rural Development Bureau that in order to maintain the stable and healthy development of the city’s real estate market, support the rigid and improved demand for house purchase, and further boost market confidence, Jinan has adjusted the current real estate control policies and measures: cancel the restrictions on house purchase in Lixia District and downtown area within the Second Ring Road; At the same time, commercial housing can be listed and traded after obtaining the certificate of immovable property rights. It shall come into force on September 11, 2023.
It is worth mentioning that Lixia District and Shizhong District within the Second Ring Road are the only restricted purchase areas in Jinan. After the cancellation of the purchase restriction, Jinan has completely cancelled the purchase restriction.
On the same day, the Housing and Urban-Rural Development Bureau of Qingdao issued the Notice on Appropriately Adjusting the Real Estate Policy of our City to adjust the housing purchase restriction area, move Shinan District and Shibei District (except the original Sifang District) out of the purchase restriction area, and cancel the purchase restriction policy globally. At the same time, optimize the number of years of housing listing transactions. Within the scope of this Municipality, commercial housing can be listed and traded after obtaining the Certificate of Immovable Property Rights.
Yuan Binbin, general manager of Shandong Real Estate of China Central Finger Research Institute, pointed out that the cancellation of restrictions on purchases and sales in Qingdao and Jinan will play a positive role in the current real estate market. In particular, it is of great help to improve confidence. The number of second-hand houses listed will increase rapidly in the short term, the transaction volume will increase slightly, the price will remain stable, and the number of new houses will increase to some extent, but the overall impact will not be particularly great. It believes that on the one hand, the areas where Qingdao and Jinan have previously restricted purchases have been relatively small, and the policies introduced by Jinan in January have looser restrictions on purchase restrictions; Secondly, the sale of second-hand houses within 2 years of the property certificate will have a relatively high value-added tax, which will affect the transaction cost. If we can follow up and optimize the tax and fee policy later, I believe it will play a greater role in driving the market.
Eight cities have completely cancelled the purchase restriction.
Prior to this, Nanjing, a strong second-tier city, also withdrew from the ranks of restricted cities.
On the evening of September 7, Nanjing, the capital of Jiangsu Province, released the latest measures to promote the development of the real estate market in Nanjing, and launched six latest measures. In addition to the latest requirements for adjusting the national credit policy, the New Deal also made it clear that in order to further optimize the service process of purchasing houses, starting from September 8, the purchase of commercial houses in Xuanwu District, Qinhuai District, jianye district and Gulou District will no longer require proof of purchase.
In fact, the above four main urban areas were previously the only restricted purchase areas in Nanjing. After these four areas are no longer restricted, it means that Nanjing has completely cancelled the purchase restriction of commercial housing.
Yan Yuejin, research director of Yiju Research Institute, pointed out that as a strong second-tier city, the complete cancellation of Nanjing’s purchase restriction policy has a strong signal significance, and it also represents that the policies of other key cities in the country will develop in a sustained and loose direction.
According to the incomplete statistics of Zhuge Data Research Center, up to now (September 11th), eight cities including Dongguan, Foshan, Shenyang, Jiaxing, Dalian, Nanjing, Jinan and Qingdao have officially cancelled the purchase restriction policy. The market effect of releasing the purchase restriction in core second-tier cities will be significantly greater than that in other low-energy cities. Therefore, it is of great significance for the current real estate market to completely lift the purchase restriction policy in core second-tier cities such as Jinan, Qingdao and Nanjing.
Since September, more than 30 provinces and cities across the country have optimized the property market policy.
According to the report of China’s through train, the administrative and restrictive purchase policy represented by purchase restriction, loan restriction, sales restriction and price restriction was once regarded as the "killer" in the toolbox of property market regulation in various places. However, with the China real estate market entering a new stage, it is generally believed in the industry that it is difficult for China real estate market to reproduce the past rapid development. At present, the adjustment pressure on the property market in many places has increased. Faced with the slow recovery of market confidence and the low transaction activity, the adaptability of the restrictive housing purchase policy has declined due to the city’s policy.
It is also worth mentioning that since July this year, the government has repeatedly stated that it is necessary to better meet the rigid and improved housing needs of residents.
On July 24th, the Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting to analyze and study the current economic situation and plan the economic work in the second half of the year.
The meeting pointed out that it is necessary to effectively prevent and resolve risks in key areas, adapt to the new situation in which the relationship between supply and demand in China’s real estate market has undergone major changes, adjust and optimize real estate policies in a timely manner, and make good use of the policy toolbox because of the city’s policy to better meet the rigid and improved housing needs of residents and promote the stable and healthy development of the real estate market.
On July 27th, according to Xinhua News Agency, Ni Hong, Minister of Housing and Urban-Rural Development, said at a recent enterprise symposium that it is necessary to continue to consolidate the trend of stabilization and recovery of the real estate market, vigorously support the demand for rigid and improved housing, and further implement policies and measures such as reducing the down payment ratio and loan interest rate for the first home purchase, reducing taxes and fees for the purchase of improved housing, and "recognizing the house without repaying the loan" for personal housing loans. Continue to do a good job in ensuring the delivery of buildings, speed up the delivery of project construction, and effectively protect the legitimate rights and interests of the people.
Subsequently, many places responded to the adjustment of individual housing loans, such as "recognizing houses without recognizing loans".
According to the monitoring data of the Central Finger Research Institute, from September 1 to 10, more than 30 provinces and cities across the country have optimized the property market policies, with more than 30 policies. In order to seize the "Golden September and Silver 10" market window, the pace of policy landing has accelerated. On August 30th, Guangzhou and Shenzhen took the lead in implementing the policy of "admitting the house but refusing the loan" for the first suite. On September 1st, Beijing and Shanghai fully followed suit, which exceeded market expectations. In addition to first-tier cities, more than 30 cities such as Chengdu, Hangzhou, Xiamen, Changsha and Suzhou followed suit to implement relevant measures. Nanjing, Shenyang, Dalian, Lanzhou, Qingdao and Jinan canceled the purchase restriction, and Shanghai lowered the threshold for talents to buy houses in Lingang New Area. In addition, more than 10 cities including Shenyang, Dalian, Chongqing and Nanjing have clearly implemented differentiated housing credit policies.