Mini Program: Daily Real Estate Industry News Summary.

1. Chuzhou, Anhui: Encourage state-owned enterprises and other platforms to acquire second-hand houses from families who have a demand for "selling old and buying new".

According to the WeChat official account 'Chuzhou City People's Government Release' on July 10th, Anhui Province Chuzhou City Housing and Urban-Rural Development Bureau has released 'Several Measures for Further Optimizing and Adjusting Real Estate Policies', involving seven policies such as purchase subsidies. Support 'old for new'. Guide industry associations to explore the establishment of convenient channels for exchanging new and second-hand houses, help homebuyers 'trade in old for new', and guide brokerage institutions to lower intermediary service fees; encourage state-owned enterprises and other platforms to acquire second-hand houses of families with the need of 'old for new' according to market-oriented principles, and use them for market-oriented rental housing, guarantee rental housing, enrich housing source supermarkets, etc.

2. The interest on government-managed housing fund in 2023 is expected to increase by about 11% year-on-year.

It was learned from the Central National Organization Housing Fund Management Center and the Beijing Housing Provident Fund Management Center respectively that whether it is the government-managed housing fund or the municipal housing provident fund, the interest settlement work for 2023 has been completed. Among them, the government-managed housing fund paid a total of 199 billion yuan in interest in that year, an increase of about 11% over the previous year. In the past three years, the interest on government-managed housing funds has maintained an upward trend. The amount of provident fund interest in 2021 was 159.7 billion yuan, the interest increased to 179.7 billion yuan in 2022 and further increased in 2023 to 199 billion yuan, all maintaining double-digit growth.

3. In the first half of the year, the national land transfer fees dropped by 35% year-on-year, with Guangdong showing the largest decline of 64%.

As the real estate market continues to decline, it has dragged down the investment of real estate developers, with even leading state-owned enterprises reducing their land acquisition. This has led to a significant reduction in land transfer fees, causing concerns for local finances. A research report recently released by HTSC shows that in the first half of 2024, the national contracted land area is about 990 million square meters, a year-on-year decrease of 29%, and the transaction amount is about 1.1 trillion yuan, a year-on-year decrease of 35%. In various types of land for sale, the price of residential land is usually the highest, and it is also the most affected by the real estate industry. According to the HTSC research report, in the first half of 2024, the construction area involved in national residential land transactions is about 180 million square meters, a year-on-year decrease of 35%, and the transaction amount is about 66.94 billion yuan, a year-on-year decrease of 42%.

4. Shenzhen's real estate registration efficiency improves: The transfer processing time has been shortened from 3 days to 1 day.

On July 10th, the Shenzhen Real Estate Registration Center issued an announcement stating that the handling time limit of the transfer registration business will be shortened from the original 3 working days to 1 working day. In addition, the handling time limit for combination registration items involving transfer registration, such as "with collateral transfer," will also be reduced to 2 working days. The Shenzhen Real Estate Registration Center stated that this is to improve the efficiency of services and simplify the process for citizens to handle related business. The center will continue to focus on optimizing processes, improving service quality, and providing citizens with more convenient and efficient service experience.

5. S&P: Greentown China buys back three US dollar bonds and is actively managing liquidity.

On July 9th, S&P Global Ratings stated that Greentown China Holdings Limited (Greentown China) repurchased some US dollar bonds at face value, indicating that the company is actively managing liquidity. S&P rated Greentown China as BB- with a stable outlook, and expects that the company will maintain its business competitiveness in the Chinese real estate development market in the next 12 months, and various financing channels will remain unblocked, thereby supporting its business operations and liquidity. S&P believes that Greentown China may reduce its foreign debt financing exposures to control financing costs. The company repurchased all overseas bonds due in December 2024 in June and July 2024 and partially repurchased overseas bonds due in January 2025. The total repurchase amount was approximately $450 million, equivalent to approximately 3.3 billion yuan, accounting for 34.9% of the overseas bonds due in 2024-2025. The company also repaid an overseas syndicated loan due in June 2024 ahead of schedule in the first half of 2024.

6. Qingdao adjusts the base of housing provident fund deposit in 2024, and the upper and lower limits of monthly deposit amount are specified.

On July 10th, the Qingdao Housing Provident Fund Management Center issued a notice specifying the adjustment of the housing provident fund deposit base in 2024. According to the State Council's "Housing Provident Fund Management Regulations" and relevant regulations in Qingdao, the deposit base will be calculated based on the average monthly salary of employees in the previous year, including wages, bonuses, allowances, and subsidies. The maximum deposit base is three times the average monthly salary of urban non-private unit employees in the previous year, and the minimum is the minimum wage standard in the city in the previous year. Starting from July 2024, the housing provident fund deposit base for employees in Qingdao will be adjusted to the average monthly salary of employees in 2023, with an upper limit of 32,310.25 yuan and a lower limit that varies in different regions. The lower limits in Shinan District, Shibei District, Licang District, Laoshan District, Huangdao District, Chengyang District, and Jimo District are 2,200 yuan, and those in Jiaozhou City, Pingdu City, and Laixi City are 2,010 yuan. At the same time, the housing provident fund deposit ratio of units and employees should be between 5% and 12%, and the deposit unit can choose to determine it independently.

7. Moody's cancels Country Garden's rating due to insufficient information.

On July 10th, the international rating agency Moody's announced the revocation of Country Garden's corporate family rating and senior unsecured rating. The previous rating outlook was negative. Moody's stated that due to a lack of sufficient information to support maintaining the rating, it decided to cancel Country Garden's rating.

8. The most expensive auctioned property in Shenzhen appears, with an average price of about 500,000 yuan/square meter.

A villa with a construction area of ​​463.91 square meters in Block Eleven of the Shenzhen Overseas Chinese Town Pure Waterfront (Phase 11) was auctioned at a total price of 232 million yuan, equivalent to an average price of approximately 500,000 yuan per square meter, setting a new record for the highest unit price and total price of auctioned properties in Shenzhen. Only two buyers participated in the auction, but it attracted more than 380,000 onlookers. The starting price of the villa was 200 million yuan, and the bidding increment was 1 million yuan each time. After 33 rounds of intense bidding, it was finally sold at a unit price of 500,000 yuan per square meter.

9. Fed Chairman Powell: Tight policies are affecting real estate activity.

Fed Chairman Powell stated that tight policies are affecting real estate activity; the best way to benefit the real estate market is to reduce the inflation rate to 2%.

10. Hong Kong Property: The registered volume of second-hand public housing in June was 581, a decrease of 39.8% compared to the previous month.

On July 10th, the research department of Hong Kong Property announced that the registered volume of second-hand public housing in June reached 581, a decrease of 39.8% from the peak of 965 in May. It is 26% higher than the monthly average of 460 last year, with 25 registrations for over 6 million yuan, 57 for 5-6 million yuan, and 499 for below 5 million yuan. In terms of regional distribution, there were 163 cases in Kowloon, 351 in the New Territories, and 67 in Hong Kong Island, all of which experienced varying degrees of decline compared to May, with Hong Kong Island experiencing the largest decrease of 44.2%.

11. Yuexiu Property's first-phase corporate bond coupon rate for 2024 has been set to 2.25% and 2.75%.

On July 10th, Yuexiu Property Co., Ltd.'s affiliated company, Guangzhou City Urban Construction and Development Co., Ltd., announced that the coupon rates for its public issuance of corporate bonds (first phase) for professional investors in 2024 have been determined. According to the announcement, the bond issue size does not exceed 1.5 billion yuan, divided into two categories, 5-year term and 10-year term. The final coupon rates have been set to 2.25% and 2.75%, and the issuance time is from July 11th to July 12th, 2024.

12. The cumulative supply of real estate land in Anhui Province in June reached 0.0153 million mu.

On July 11th, the Natural Resources Department of Anhui Province announced that the cumulative supply of real estate land in the entire province in June 2024 reached 0.0153 million mu. Specifically, the allocated area was 0.004 million mu, the sold area was 0.0113 million mu, and the selling price was 29.27 billion yuan. Among all types of land supply, the supply of commercial and service land was 0.0039 million mu, the supply of ordinary residential land was 0.0068 million mu, the supply of land for affordable housing and similar purposes was 0.0012 million mu, and the supply of land for relocation housing was 0.0034 million mu.