Mini Program: Daily Real Estate Industry News Summary.
Hong Kong's property prices have fallen for two consecutive months, reaching a new low in nearly eight years.
Hong Kong's property prices have fallen for two consecutive months, below the multi-year low before the withdrawal, while rent has risen for four consecutive months. According to the data released by the Rating and Valuation Department of Hong Kong's Inland Revenue Department on the 29th, the private residential price index in June fell to 301.8, a new low in nearly eight years, down 1.2% from the previous month, narrowing down 0.1 percentage points compared to May; down 13.1% year-on-year; a cumulative decline of about 3.1% in the first half of the year. In June, the prices of small and medium-sized units fell by nearly 1.3% monthly and about 13.2% annually, and by about 3.1% in the first half of the year. The prices of large units fell by 0.5% monthly and 8.8% annually, and by about 1.1% in the first half of the year. (Xinhua Finance)
The first case of aborted construction in the country was refunded through government coordination, and experts predict that such cases will increase in the future.
On July 30, after a two-year work stoppage, the Nanjing Zhujiang Siji Yuecheng project was intervened by the local government for coordination, and the developer refunded the first payment to the owners. This marks the first time in the country since the "Building Assurance" policy was implemented that the first residential project has centralized withdrawal of houses and first payments by official coordination after a work stoppage. The refund event caused by the suspension of the Nanjing Zhujiang Siji Yuecheng project has received widespread social attention. It is reported that the refund processing of the project is a new initiative of the government in the regulation of the real estate market. With the continuous changes in the real estate market and the adjustment of the economic environment, such events may occur more frequently in the future.
Chengdu Housing and Urban-rural Development Bureau: "Chengdu House Buying Assistance" published false and untrue information and has been punished administratively.
The Chengdu Housing and Urban-rural Development Bureau issued a notice: Recently, the self-media account "Chengdu House Buying Assistance" discovered that through network platforms, false and untrue information about our city's indemnificatory housing and affordable housing was published. In order to protect the property safety of the majority of citizens and to avoid being deceived, our bureau, together with public security agencies, conducted a joint investigation into the responsible subject of the account for the first time, and after investigation, the evidence of the account's rumor-mongering and rumor-spreading was clear. The public security agency has already imposed administrative penalties on the responsible subject of the account according to law.
Sichuan Ya'an: Households with multiple children can borrow up to 1 million yuan for public accumulation fund housing loans.
Ya'an City has issued the "Eighteen Measures to Promote the Stable and Healthy Development of the Real Estate Market in Ya'an City" to further support rigid housing demand and diversified improvement housing demand, and promote the stable and healthy development of the real estate market. Among them, citizens who purchase self-occupied homes from July 1, 2024, to June 30, 2025, can withdraw the balance of the public accumulation fund account once for payment of down payment, and the maximum loan amount for households with dual and single income depositing housing accumulation fund will be raised to 0.8 million yuan and 700,000 yuan respectively. The maximum loan amounts for families that meet the national family planning policy for the second and third children will also be increased by 100,000 yuan and 200,000 yuan respectively. In addition, the interest rate of personal housing accumulation fund loans has also been lowered by 0.25 percentage points, further reducing the burden on home buyers.
Zhanjiang City, Guangdong Province: Planned to raise the maximum amount of housing accumulation fund loans to 0.9 million yuan.
The Housing and Urban-rural Development Bureau of Zhanjiang City, Guangdong Province, released a notice soliciting opinions on "Several Measures to Promote the Stable and Healthy Development of Zhanjiang's Real Estate Market." Among them, the housing accumulation fund loan quota for individuals will be increased from 0.5 million yuan to 0.6 million yuan, and for married couples, from 0.8 million yuan to 0.9 million yuan. The difference in the housing accumulation fund loan quota between the first and second dwellings will be cancelled. The housing accumulation fund loan quota for the second dwelling for individuals will be increased from 0.4 million yuan to 0.6 million yuan, and for married couples, from 0.7 million yuan to 0.9 million yuan.
Jiangsu Province has introduced a "height limit order" to strengthen the planning and construction management of high-rise buildings. For cities with a permanent population of less than one million, new residential buildings above 80 meters will be strictly controlled. Except for areas near rivers, lakes, seas and cities with special urban planning, new improved residential buildings should generally not exceed 60 meters. In addition, for cities with a permanent population of less than three million, buildings above 250 meters cannot be newly built, among which buildings above 100 meters in cities with a permanent population of less than one million are strictly limited, and buildings above 150 meters in cities with a permanent population of one to three million are strictly limited. Buildings above 500 meters cannot be newly built in cities with a permanent population of more than three million, and buildings above 250 meters are strictly limited. Generally, new residential buildings with a height of more than 100 meters are not allowed. If it is necessary to build super high-rise buildings, they should be treated as major public construction projects and carry out major administrative decision-making procedures, report to the same level city party committee for approval, and implement life-long accountability. (China Real Estate News)
Jiangsu Province's "Opinions on Strengthening the Planning and Construction Management of High-rise Buildings" (soliciting opinions) proposes to strengthen the control of the height of high-rise buildings. New residential buildings above 80 meters will be strictly controlled in cities with a permanent population of less than 1 million in urban areas. Except for areas near rivers, lakes, and seas and special urban planning areas, new improved residential buildings should generally not exceed 60 meters. In addition, for cities with a permanent population of less than 3 million, buildings above 250 meters cannot be newly built. Buildings over 100 meters in cities with a permanent population of less than 1 million are strictly limited, and buildings over 150 meters in cities with a permanent population of 1 to 3 million are strictly limited. Buildings above 500 meters cannot be newly built in cities with a permanent population of more than 3 million, while buildings above 250 meters are strictly limited. Generally, residential buildings of more than 100 meters are not allowed to be newly built in all regions. If it is necessary to build ultra-high-rise buildings, they should follow major public construction projects and carry out the procedures for major administrative decisions, report to the same level city party committee for approval, and implement lifelong accountability. (China Real Estate News)
The first batch of 1,999 sets of allocation-type indemnificatory housing was launched in Zhengzhou, with an average price of 6,563 yuan per square meter.
On July 29, the press conference for the launch of allocation-type indemnificatory housing in Zhengzhou was held. The first batch of 1,999 sets of allocation-type indemnificatory housing has officially started public allocation sales, making Zhengzhou the first city in the country to launch public allocation delivery of "allocation-type indemnificatory housing." The indemnificatory housing project is divided into allocation projects and pre-allocation projects, with a total of 1,999 sets. The allocation project refers to a project that has been completed and can be directly allocated to applying families; the pre-allocation project refers to applying families registering their purchase intentions, and the project will be allocated to applying families by Zhengzhou City Income Housing Development Co., Ltd. after need-based ordering.
Shenyang will adjust its housing accumulation fund policy.
On August 1, 2024, the People's Government of Shenyang held a press conference, and after being reviewed and approved by the Shenyang Housing Provident Fund Management Committee, adjustments were made to the partial deposit and personal loan policies for the Shenyang Housing Provident Fund. This Shenyang Housing Provident Fund policy adjustment involves the maximum loan amount for housing provident fund, support policies for active military personnel's housing provident fund loans, support for families with multiple children to improve their housing demand, and flexible employment personnel's housing provident fund deposit and use policies, etc. (E-Company)
9. The UK mortgage loan approval remains stable, and the real estate market shows resilience.
UK mortgage loan approval data remained at the highest level in one and a half years, which is another sign that the UK real estate market is stabilizing. After experiencing a slight decline last year, the UK real estate market has begun to rebound in the past few months, contrary to the expectation of many economists that house prices will plummet with the rising cost of mortgage loans. The UK central bank is currently considering when to cut interest rates, which has boosted confidence among homebuyers. Nathan Emerson, CEO of Propertymark, said that momentum has been continuing, however, now we have a new government, which has ambitious plans to build new homes, and we hope to further enhance confidence in the real estate market. If the Bank of England decides to cut interest rates, the market may be further boosted.
10. Country Garden: The hearing has been postponed to January 20, 2025.
Country Garden (02007.HK) announced that with the support of the Coordinating Committee representing bank creditors and the Special Case Group representing bondholders, the High Court approved the company's extension application on July 29, 2024. The hearing has been postponed to January 20, 2025. The trading of the company's shares will continue to be suspended until further notice.
11. Jiangxi Jiujiang: The maximum limit for housing provident fund loans has been raised to 1 million yuan and the "housing ticket" resettlement policy has been implemented.
On July 29, the People's Government of Jiujiang city in Jiangxi Province issued a notice on "Several Measures to Further Promote the Healthy Development of Jiujiang City's Real Estate Market Cycle." The notice includes 26 measures, including the implementation of a "housing coupon" subsidy policy, a "housing ticket" resettlement policy, support for urban housing renovation, the implementation of transaction tax and fee preferential policies, and strengthened support for housing credit. Regarding the implementation of the "housing ticket" resettlement policy, the notice clarifies that within the scope of urban development boundaries, except for those required by national regulations, the construction of resettlement housing will be suspended and the housing ticket resettlement policy will be implemented. If physical resettlement is necessary, it will be implemented by purchasing newly-built commodity houses from existing stock. The maximum limit for housing provident fund loans has been raised. For those who purchase homes in the central urban area, the loan ceiling for families with dual-employed staff depositing and single-employed families depositing has been raised to 1 million yuan/household and 0.6 million yuan/household, respectively. For those purchasing homes in the city and county levels, the loan ceiling for families with dual-employed staff depositing and single-employed families depositing has been raised to 0.6 million yuan/household and 0.4 million yuan/household, respectively.