Mini Program: Daily Real Estate Industry News Summary

1. Chengdu proposes new regulations: buying commercial housing or second-hand housing can be settled in, and spouses, minor children, etc. can relocate

On October 8, the Chengdu Municipal Development and Reform Commission of Sichuan Province issued a notice. From September 24 to September 30, comments and suggestions were collected on the “Notice Concerning the Settlement of Housing Personnel Implementing Legal Property Rights (Draft for Comments)”. No comments or suggestions were received during the collection period. The opinion draft suggests that in order to further deepen the reform of the household registration system, ensure that people who already own housing with legal property rights in the city share the results of urban construction, and implement a policy of settling in housing with legal property rights. People who purchase commercial housing (already delivered for use) or second-hand housing within the administrative area of the city can apply for personal settlement at the location of the house. If their spouse, minor children, or elderly parents meet the requirements, they can apply for account migration. The document clearly states that the housing specified in the notice refers to residential housing that has obtained legal ownership through a method of purchase; if the property rights of the house are shared by two or more people, the other property owners also submit a statement agreeing to settle in and a resident ID card. (Surge News)

2. Shandong introduced the “19 Property Market Rules” to help the province's real estate market stop falling and stabilize

The Shandong branch of the People's Bank of China, together with relevant departments, issued the “Notice on Implementing Financial Support Policies to Stop Decline and Stabilize the Real Estate Market in the Province”. Starting October 1, 2024, financial institutions will be guided to issue commercial personal housing loans in accordance with a minimum down payment ratio of 15%. The specific down payment ratio will be determined by commercial banks in consultation with customers based on customer risk conditions and wishes. The lower interest rate policy limit for commercial personal housing loans for the first housing unit and the second housing unit shall be abolished, and financial institutions shall reasonably determine the specific interest rate level for each loan based on factors such as the institution's operating conditions and customer risk conditions. Commercial personal housing loan borrowers independently choose fixed interest rates or floating interest rates as the pricing method, and negotiate with financial institutions to agree on a repricing cycle to better meet rigid and improved housing needs.

3. Shandong Weihai fully liberalizes commercial housing transfer restrictions

Weihai issued a notice on further optimizing and adjusting policies related to real estate, including optimizing the provident fund loan policy and unifying the down payment ratio for commercial loans for the first and second housing units. Abolish the transfer restriction policy for households that are not registered residents in the city to purchase commercial housing. Restrictions on the transfer of commercial housing have been fully liberalized. Households that are not registered residents in the city can buy newly built commercial housing and second-hand housing and transfer them after obtaining a real estate title certificate. Increase the maximum loan amount. If both the loan applicant and spouse meet the loan application conditions, the maximum loan amount will be raised from 0.8 million yuan to 1 million yuan; if the loan applicant himself/herself meets the loan application conditions, the maximum loan amount will be raised from 0.5 million yuan to 0.6 million yuan. The second is to increase the loan amount for families with multiple children, and increase the maximum loan amount for families with two or more children to buy their own housing by 0.2 million yuan. That is, the maximum loan amount for single-employee depositing households is 0.8 million yuan, and the maximum loan amount for dual-employee households is 1.2 million yuan.

4. Implementing the urban real estate financing coordination mechanism, Zheshang Bank approved the “white list” project to grant a credit of about 32.3 billion yuan

The reporter learned that after the launch of the coordination mechanism, Zheshang Bank took active action to comprehensively promote the implementation and effectiveness of the coordination mechanism, starting with various aspects such as unblocking financing channels, setting up special work classes, and seizing “white list” project sponsors. Currently, the bank has hosted 87 “white list” projects under the coordination mechanism. The total amount of approved credit grants is about 32.3 billion yuan, and the cumulative investment amount is about 13.9 billion yuan. (Bank of China Insurance News)

5. Henan: Pushing the real estate market to stop falling and stabilize, and accelerate the construction of a new model of real estate development

On October 9, Henan Governor Wang Kai presided over an executive meeting of the provincial government. The conference emphasized the need to implement countercyclical fiscal and monetary adjustment policies, speed up the progress of fiscal expenditure, do a good job in the “Three Guarantees” at the grassroots level, carry out the construction of projects such as ultra-long-term special treasury bonds and local government special bonds, and speed up the formation of physical workload. Implement detailed policies and measures to further promote the steady and healthy development of the real estate market, push the real estate market to stop falling and stabilize, and accelerate the construction of a new model for real estate development. (Henan Daily)

6. China Index Institute: The new construction area of typical real estate construction companies increased 15.6% year-on-year in the first three quarters of this year

According to the monitoring data of real estate construction companies disclosed by the Central Index Institute today, from January to September 2024, 16 typical contract construction companies added 15.6% of the planned construction area; the top five contract construction companies accounted for 42.2% of the planned construction area, down 12.9 percentage points from January to June. Looking at a single quarter, in the third quarter of 2024, 16 typical contract construction companies signed new contracts to build the planned construction area, a year-on-year decrease of 22.4%.

7. The number of commercial housing units sold in Wuhan increased by more than 110% during the National Day holiday, and the sales area of commercial housing in Wuhan increased by 98.6% year-on-year during the National Day holiday

On the eve of the National Day holiday, Wuhan, Hubei introduced a number of measures to stabilize the real estate market. During the National Day, Wuhan also hosted the Golden Autumn Home Buying Festival, and 242 properties launched various types of discounts. The new property market policy combined with the home buying festival has significantly increased the popularity of the real estate market, and the number, area, and amount of commercial housing units sold have all increased dramatically. Relevant sources said that from October 1 to 7, 2,765 commercial housing units were sold, up 113% year on year; sales area was 0.31 million square meters, up 98.6% year on year; sales amount was 5.49 billion yuan, up 93% year on year. (CCTV Finance)

8. Yunnan Pu'er: The maximum amount of housing provident fund loans is 0.9 million yuan, up to 20% for families with many children

The Housing Provident Fund Management Center of Pu'er City, Yunnan Province issued the “Notice on Adjusting the Maximum Loan Amount and Minimum Down Payment Ratio for Pu'er Housing Provident Fund Personal Housing Provident Fund Loans”. According to the notice, if the depositor's family unilaterally deposits a housing provident fund, the maximum amount to apply for a personal housing provident fund loan is 0.7 million yuan; if the depositor's family and husband deposit the housing provident fund, the maximum amount to apply for a personal housing provident fund loan is 0.9 million yuan; the maximum loan amount for families with many children remains unchanged from the maximum loan amount in Pu'er City. According to the current policy, families with many children who buy their first home can enjoy a maximum loan amount increase of 10% for families with two children and a maximum increase of 20% for families with three children or more. That is, the maximum loan amount for a family with two children to deposit a housing provident fund is 0.77 million yuan, and the maximum loan amount for each party to deposit a housing provident fund is 0.99 million yuan; the maximum loan amount for a family that has given birth to three children is 0.84 million yuan, and the maximum loan amount for each party to deposit a housing provident fund is 1.08 million yuan. (Exciting)

9. Hangzhou: The maximum amount of housing provident fund loans was raised to 1.3 million yuan, and the guarantee amount for one person was 0.2 million yuan

Hangzhou, Zhejiang Province issued the “Notice of the Hangzhou Housing Provident Fund Management Committee on Adjusting and Optimizing Housing Provident Fund Credit Policies”. This notice will take effect on October 9, 2024. The document requires that the maximum amount of housing provident fund loans be raised from 1 million yuan to 1.3 million yuan, of which the loan amount for a single depositary employee shall not exceed 0.65 million yuan. If the employee's personal loan amount is less than 0.2 million yuan, it is determined at 0.2 million yuan. At the same time, the down payment ratio for first and second home loans is unified, and the down payment ratio for workers' families purchasing newly built commercial housing or second-hand housing is not less than 20%. Among them, for the purchase of second-hand housing, the down payment ratio is not less than 20% for those within 20 years (inclusive); for those who have lived for 20 years or more, the down payment ratio is not less than 30%; for those purchasing affordable housing, the down payment ratio is not less than 15%. (Released by Hangzhou Provident Fund)

10. Heilongjiang: Launching an incremental campaign to expand the scope of real estate “white list” projects to ensure “progress should be made and loans should be exhausted”

On October 9, the Finance Committee Office of the Heilongjiang Provincial Committee of the Communist Party of China issued the “Notice Concerning Public Solicitation of Opinions and Suggestions on 'Certain Measures for Financial Services to the Real Economy'”. The document proposed speeding up the implementation of the new real estate finance policy. Specifically, guide commercial banks to lower interest rates on existing mortgages to close to interest rates on newly issued mortgages, push policy dividends to benefit more households, and implement the requirement to reduce the minimum down payment ratio for two homes to 15%. At the same time, we will launch an incremental campaign to expand the scope of “white list” projects, step up project repair efforts, and propose solutions on a project-by-project basis to ensure that “progress should be made and loans should be fully met”, and the total amount of loans granted for “white list” projects will exceed 5 billion yuan by the end of October 2024, and the total amount of credit granted by the end of December will reach about 9 billion yuan.

11. Quanzhou increases housing provident fund loan amount, up to 1 million yuan

Since October 1, Quanzhou in Fujian has increased the amount of housing provident fund loans. The maximum loan amount was adjusted from 0.8 million yuan to 1 million yuan if both the borrower and the husband paid the housing provident fund; the maximum loan amount was adjusted from 0.5 million yuan to 0.6 million yuan if the borrower paid the housing provident fund unilaterally. (Released in Quanzhou)

12. Is there a “anti-price wave” of owners in Shenzhen? Institutions: After the New Deal, price increases in regions increased, but not much

According to media reports, after the Shenzhen property market policy came out, some groups of owners began calling for “price insurance,” claiming that “housing prices require confidence, just like the Chinese stock market; we set our own housing prices,” and provided suggestions on listing prices for owners in the community. Some agents also said that on the day the policy came out, quite a few owners immediately adjusted their prices, and some owners' listing prices increased by 0.5 million-1 million yuan. In response to online rumors about the “anti-price wave” of owners in Shenzhen, on October 10, the Leyoujia Research Center compared the average listing price changes in the 131 districts of Shenzhen before the introduction of the New Deal and after the National Day holiday, and found that there was indeed a marked increase in the number of price increases in the area. Although there has been an increase in the number of price increases, listing price increases in most regions have not been significant; most of them are in the range of 0.1%-0.5%. (Exciting)

13. Jilin Province adjusts personal housing loan policy

We learned from the Jilin Branch of the People's Bank of China that the self-regulatory mechanism for market interest rate pricing in Jilin Province has made the following adjustments to the personal housing loan policies in nine cities (states) of Changchun, Jilin, Yanbian, Siping, Tonghua, Baicheng, Liaoyuan, Songyuan, and Baishan: For households that take loans to buy homes, commercial personal housing loans no longer distinguish between the first and second housing units, and the minimum down payment ratio is 15%. This policy will be implemented from October 9, 2024. (Jilin Daily)