Mini Program: Daily Real Estate Industry News Summary.
1. Is the charging standard for housing pension determined? Relevant departments respond: not true.
A rumor about the charging standard for housing pension caused a heated discussion on social media on the 25th. The rumor claims that "the charging standard for housing pension in Pudong, Shanghai pilot is revealed in advance, mainly based on the area and floor of the house", and it also neatly marked the charging details for different houses. Is the news true? Shanghai refutation platform learned from the Shanghai Municipal Commission of Housing and Urban-Rural Development and the Municipal Housing and Urban-Rural Development Bureau that the rumor is not true. At the "Promoting High-Quality Development" series of themed press conferences on August 23, the Ministry of Housing and Urban-Rural Development of China stated, "The personal accounts in the housing pension system have already been established through the payment of special maintenance funds for residences. The focus of the pilot is for the government to establish a public account." At the same time, it is clearly stated in the interpretation of the relevant policies that the funds for the public account come from public funds. According to the principle of "not increasing the burden on individuals and not reducing personal rights and interests", local governments explore channels for fundraising, which will not increase the burden on homeowners. Shanghai refutation platform found through verification that the specific numbers mentioned in the rumor have already appeared in the "Interim Measures for the Management of Special Maintenance Funds for Residences" issued by other provinces and cities in 2011. They are not the charging details for housing pension, and it is hoped that everyone will rationally treat online rumors, not believe in or spread rumors.
2. Shanghai suspends "rebates" on housing loans, and existing businesses need to be rectified within 7 days.
It has been learned from the industry that the Shanghai Banks Association recently issued a notice regarding further strengthening the self-discipline of personal housing loan business in the bank of shanghai. The notice stated that starting from August 16th, all member institutions are strictly prohibited from paying commissions to real estate agencies, and existing businesses must be rectified within one week (7 natural days) after the issuance of this notice.
3. Guangxi: Construction of 2,958 units of affordable housing has started this year, and the acquisition of existing commodity housing has been initiated for affordable housing.
On August 22nd, at the news conference on the advancement of the construction of affordable housing and the transformation of urban villages held in Guangxi, it was introduced that this year is the first year of the implementation of the allocation-based affordable housing policy. Guangxi plans to start the construction of 5,440 units of affordable housing. As of the end of July, 2,958 units have started construction. At the same time, the acquisition of existing commodity housing for affordable housing has been initiated, and each prefecture-level city is currently conducting specific work such as collecting housing sources and negotiating purchases. This year, Guangxi plans to start the construction of 0.04 million units of affordable rental housing, and 0.0257 million units have been started construction so far.
4. Lanzhou announces new policy to acquire completed existing commodity housing for use as affordable housing.
The official website of the Lanzhou Housing and Urban-Rural Development Bureau announced on the 23rd that it is collecting existing inventory properties within the entire Lanzhou city for use as affordable housing. The collection period is from the date of the announcement until September 30, 2024. The Lanzhou Municipal Government has designated Lanzhou Urban Development Group Co., Ltd. as the acquiring entity. The targeted collection objects are real estate development companies that own existing inventory properties within the entire Lanzhou city and voluntarily participate in using the inventory properties for affordable housing. Regarding the acquisition price, the acquisition price is based on the reset price of affordable housing in the same location, which includes the cost of allocated land and construction costs, plus a profit margin of no more than 5%.
5. The price of second-hand properties in Hong Kong has fallen for three consecutive weeks, reaching a nearly 8-year low.
Hong Kong property prices have fallen for three consecutive weeks. The latest Central Leading Index (CCL) reflects the trend of the secondary market for large-scale residential properties. It reported a value of 138.61 points, with a weekly decline of 0.41%. This reflects the market conditions during the week of August 1 when the United States maintained interest rates. The CCL hit an 8-year low this week, returning to the level at the end of September 2016, with a cumulative decline of 5.84% this year. Yang Mingyi, Senior Associate Director of the Research Department at Midland Realty, pointed out that the real estate market sentiment is positive due to the bullish news of an expected interest rate cut in September. However, the second-hand market is still in a tug-of-war situation, with property prices continuing to adjust. The CCL has fallen for three consecutive weeks, totaling 1.77%, closing in on the short-term target of 138 points. The Hong Kong Monetary Authority announced today the establishment of a dedicated team for financing small and medium-sized enterprises. Major banks have pledged to obtain property mortgage approval results within two weeks. The impact on local second-hand property prices from the first round of public sales of 60 units in Quarry Bay FINNIE tomorrow will only be reflected in the CCL announced in mid-September.
6. A real estate project in Shenzhen that was selling units at a 50% discount has suspended sales after just one week.
The Qincheng Dayu Project in Longgang District, Shenzhen, suspended sales after only one week of selling houses at a 50% discount. After the introduction of state-owned enterprises and the resumption of sales, some housing prices were only 50% of the record price, and the project price has dropped from 0.042 million yuan/square meter in 2022 to 0.021 million yuan/square meter today. After the significant price reduction, the project was boycotted by previous homeowners. In a demand document from the representative of the Dayu homeowners, previous homeowners demanded that the project cease sales from August 17th and also claimed that the project should compensate homeowners with the proceeds from illegal sales. Some homeowners also proposed that the developer should provide a clear solution for returning houses and refunds.
7. Land auctions in Guangzhou: high-quality plots remain lukewarm, and a residential land in Liwan District failed to sell.
Recently, Guangzhou has increased the supply of high-quality land. This week, there are several land parcels on the market, including high-quality residential land in Liwan and Haizhu districts. In terms of popularity, out of the 5 residential land plots auctioned this week, 1 plot failed to sell, which is located in Liwan district. 1 plot was sold at an extremely low premium (0.5%), and the remaining 3 plots were sold at the base price. Overall, the market heat is still relatively low compared to other cities' sporadic recovery. Prior to this week, Guangzhou has already had 6 residential land plots that failed to sell, which is 1 more than the number of successfully sold residential land plots (only 5 plots were sold, with a total transaction amount of only 7.07 billion yuan), resulting in a high failure rate of 55%.
8. Guangdong: Sales area of commodity housing decreased by 29.1% from January to July, narrowing the decline by 1.5 percentage points compared to the first half of the year.
The Guangdong Provincial Bureau of Statistics released an overview of Guangdong's economic operation from January to July on August 23rd. From January to July, the province's fixed asset investment decreased by 1.9% year-on-year; excluding real estate development investment, fixed asset investment increased by 5.7%. Driven by large-scale equipment renewal policies, investment in equipment and tools maintained a high growth rate of 23.4%. Industrial investment increased by 14.0%, with industrial technological renovation investment growing by 16.3%. In high-tech manufacturing investment, both the electronic and communications equipment manufacturing industry and the medical instrument and instrument manufacturing industry increased by 25.1% year-on-year. In high-tech service industry investment, information services and environmental monitoring and governance services increased by 16.4% and 4.9% respectively. Real estate development investment decreased by 16.9%, and the sales area of commercial housing decreased by 29.1%, with a narrowing decline of 1.5 percentage points compared to the first half of the year.
Changsha: For those who have no housing in the district (city) where they plan to buy a new house, they can apply for a commercial loan as a first-time homebuyer.
Changsha Housing and Urban-Rural Development Bureau today issued a "Notice on Further Optimizing the Recognition Standards for the Number of Housing Units for Personal Housing Loans in Our City", which clearly states that if a resident family has no housing in the district (city) where they intend to purchase a new house, it can be recognized as the first set of housing, and they can apply for commercial personal housing loans; for those who have cleared existing housing loans within Changsha, financial institutions are allowed to determine the down payment ratio and interest rate on their own.
Tangshan City has introduced measures to optimize real estate policies.
Tangshan City has issued optimized real estate policies, including the 'old-for-new' program for commercial housing, optimization of housing provident fund loan policies, and implementation of home purchase subsidies. Among them, the 'old-for-new' policy aims to promote the linkage between the first and second housing markets, the adjustment of housing provident fund loan policy limits and the removal of loan household registration restrictions in different places, while the home purchase subsidy supports rigid and improvement housing demand.
Nanning Wuming District: For the purchase of new commercial housing, a maximum financial subsidy of 0.01 million yuan per unit is proposed.
According to the official website of the Wuming District Government in Nanning, Guangxi, the Housing and Urban-Rural Development Bureau of Wuming District, Nanning City recently issued a draft notice on the continuous promotion of the stable and healthy development of the real estate market. The draft notice shows that the qualification criteria for individual housing commercial loans in urban areas continue to be optimized. When resident families apply for commercial loans to purchase commercial housing, if family members have no housing under the name of Wuming urban area, regardless of whether there are any outstanding loans, it is recognized as the first home purchase, and banks and financial institutions implement housing credit policies for first home purchases. In addition, the draft notice shows that home purchase subsidies will continue to be implemented. From July 1, 2024, to December 31, 2024, individuals who purchase new commercial housing in Wuming District and complete the registration and stamp duty payment of the commercial housing contract will be given a financial subsidy of up to 10,000 yuan per unit.
Xiamen has launched the 'old-for-new' program for commercial housing.
The relevant industry associations in Xiamen, Fujian Province have launched a 'trade-in' activity for commodity housing in Xiamen since August 23rd. The activity is scheduled to last for one year in order to support the housing needs of Xiamen residents for rigid and diversified improvements. The participants in this activity include: home swappers, real estate development companies, real estate agencies, commercial banks, and transaction fund supervision agencies. Home swappers refer to individuals who voluntarily participate in the 'trade-in' activity, planning to sell second-hand commodity housing in Xiamen and purchase newly-built commodity housing in Xiamen. The 'new house' in this activity refers to newly-built commodity housing projects announced on the official websites of the two associations. According to the notice, the 'old house' should be a commodity residential property with an independent real estate ownership certificate. The old house source should be able to generate a stock housing source code in Xiamen, have clear property rights, be in a tradable state, and not be subject to other trading restrictions such as seals. This activity will continue until August 22nd next year.
13. More than 80 cities support state-owned enterprises and others to acquire inventory houses: at least 36 cities have started collecting, 'directly affecting the effect of destocking the real estate market.'
So far, more than 80 cities have announced their support for state-owned platform enterprises and others to acquire commodity housing for the purpose of guaranteeing housing, resettlement housing, talent housing, and turnover housing. Among them, at least 36 cities have issued announcements for collecting housing sources. Chen Wenjing, the director of market research at Zhongzhi Research Institute, said that the state-owned enterprises' acquisition of unsold new houses will have multiple effects on the market. First, it will help accelerate the supply of affordable housing, better meet the housing needs of salaried income groups, and promote the rational allocation of housing resources. Second, it will help destock the market inventory and relieve the financial pressure on development companies, and the effect of destocking is the most direct.
