智通财经APP获悉，10月17日，国新办就促进房地产市场平稳健康发展有关情况举行发布会。住建部部长倪虹于发布会上表示，从市场反映看，很多城市、很多项目看房量、到访量明显上升，销售量也有不同程度的增长，房地产的主要指标明显好转。特别是一线城市，10月份以来全线回稳。同时，中国的房地产在系列政策作用下，经过三年的调整，市场已经开始筑底。10月份的数据，会是一个积极乐观的结果。

此外，倪虹指出，通过货币化安置等方式，新增实施1 million套城中村改造和危旧房改造。城中村安全隐患多、居住环境差，群众改造意愿迫切。这次主要采取货币化安置的方式，更有利于群众根据自己的意愿和需要来选择合适的房子，减少或者不用在外过渡，能够直接搬入新居。同时，也有利于消化存量商品房。二是年底前，将“白名单”项目的信贷规模增加到4 trillion。城市房地产融资协调机制要将所有房地产合格项目都争取纳入“白名单”，应进尽进、应贷尽贷，满足项目合理融资需求。

同时，金融监管总局副局长肖远企表示，进入“白名单”的项目，商业银行要做到“应贷尽贷”。我们已经指导各家银行在现有工作专班机制基础上，进一步加大力度，逐项目落实贷款投放进度，适度下放审批权限，提高审批和放款效率，按照项目建设进度，及时发放贷款。各城市协调机制也要积极协调相关各方，加大问题项目的修复力度，落实贷款发放条件，配合金融机构做好贷款的审核和发放。原则上，如果有关条件和要求没有发生变化，对于进入“白名单”的项目，银行就应做到“应贷尽贷”。

Original text:

国新办就促进房地产市场平稳健康发展有关情况举行发布会

国务院新闻办新闻局局长、新闻发言人 寿小丽:

女士们、先生们，大家上午好!欢迎出席国务院新闻办新闻发布会。今天我们邀请到住房城乡建设部部长倪虹先生，请他向大家介绍促进房地产市场平稳健康发展有关情况，并回答大家关心的问题。出席今天新闻发布会的还有，财政部部长助理宋其超先生，自然资源部副部长刘国洪先生，中国人民银行副行长陶玲女士，金融监管总局副局长肖远企先生。

Next, we first invite Mr. Ni Hong to give an introduction.

Minister of Housing and Urban-Rural Development Ni Hong:

Ladies and gentlemen, media friends, good morning to everyone! I am very happy to meet with you all to introduce the situation of real estate and answer questions together with comrades from the Ministry of Finance, the Ministry of Natural Resources, the People's Bank of China, and the Financial Regulatory Authority. First of all, I would like to sincerely thank you for your concern and support for real estate work!

The Central Committee of the Communist Party of China attaches great importance to the stable and healthy development of the real estate market. On September 26, the meeting of the Political Bureau of the Central Committee emphasized the need to promote the stabilization of the real estate market, strictly control the increase, optimize the existing stock, and improve quality. To address public concerns, we will quickly improve land, fiscal, tax, financial, and other policies to promote the construction of a new development model for real estate. On September 29, the State Council held an executive meeting to study and deploy specific implementation work.

The Ministry of Housing and Urban-Rural Development, together with the Ministry of Finance, the Ministry of Natural Resources, the People's Bank of China, and the Financial Regulatory Authority, is guiding localities to take rapid actions, implement stock policies, introduce incremental policies, and play a set of 'combinations' to stabilize the market.

"How to play this 'combinations' set? In summary, it involves four cancellations, four reductions, and two increases."

The four cancellations mean giving full autonomy to city governments for regulation. City governments should adjust or cancel various restrictive measures for home purchases according to local conditions. Mainly includes canceling purchase restrictions, canceling sales restrictions, canceling price limits, and canceling standard requirements for ordinary and non-ordinary residences.

The four reductions include reducing the interest rate on housing provident fund loans by 0.25 percentage points; lowering the minimum down payment ratio for housing loans to 15% for first and second homes; reducing the interest rate on existing loans; reducing the tax burden for 'selling old and buying new' housing purchases. By implementing these policies that have been introduced, lowering residents' housing costs, reducing repayment pressure, and supporting residents' rigid and improvement housing needs.

Two increases, one is to add 1 million sets of urban villages and old houses for transformation through monetization and other methods. Urban villages have many safety hazards and poor living environments, and the residents have an urgent desire for transformation. According to relevant surveys, there are 1.7 million sets of urban villages in need of renovation in only 35 major cities nationwide. Looking from the perspective of other cities across the country, this amount will be significant, indicating that there is also a demand for renovation in other cities. We also conducted a survey on the old houses in urban areas in need of renovation nationwide, with 0.5 million sets identified. The newly proposed implementation of 1 million sets is mainly for projects that are relatively mature conditions-wise, and with increased policy support, we can start the projects earlier and proceed quickly. This time, we will mainly adopt the method of monetized resettlement, which is more beneficial for residents to choose suitable houses according to their own wishes and needs, reducing or eliminating the need to temporarily relocate, and enabling them to move directly into new homes. At the same time, it also helps digest the existing commercial housing stock. The second increase is to increase the credit scale of the "white list" projects to 4 trillion by the end of the year. The urban real estate financing coordination mechanism should strive to include all qualified real estate projects in the "white list," ensuring that the financing needs of projects are met reasonably.

It can be said that since the relevant policies were announced, the policy effects have begun to show. The decrease in real estate development investment, new commercial housing sales, and other key indicators continue to narrow. Especially since the end of September, there has been a significant increase in the number of viewings, visits, and signings of first-hand houses, and the transaction volume of second-hand houses has been steadily increasing. The market has shown positive changes.

According to media reports, real estate policy support has been strengthened in many places, and the real estate market in first-tier cities has fully revived. Next, we will work closely with relevant departments to resolutely implement the decisions and arrangements of the Party Central Committee and the State Council, earnestly implement each policy, fully unleash the effects of the policies, and benefit more people.

Next, I am willing to answer questions from media friends. Thank you.

Shou Xiaoli:

Thank you, Minister Ni, for your introduction. We will now move on to the question and answer session. Please raise your hand to ask questions.

21st Century Economic Daily Reporter:

From what we understand, since the establishment of the urban real estate financing coordination mechanism, it has played a significant role in supporting real estate project financing and ensuring the completion and delivery of housing. Not long ago, the Central Political Bureau meeting proposed to increase the lending efforts for "white list" projects. Could you please elaborate on the specific measures that the China Banking and Insurance Regulatory Commission will take to advance this work in the next steps? Thank you.

Xiao Yuanqi, Deputy Director of the China Banking and Insurance Regulatory Commission:

Thank you very much for your question, and thank you for your concern about this work. The Central Committee and the State Council attach great importance to real estate work and have made a series of important decisions and arrangements. Since the beginning of this year, we have worked together with the housing construction department to guide the establishment of the urban real estate financing coordination mechanism, included compliant real estate projects in the 'white list', and promoted financial institutions to enhance their support for financing 'white list' real estate projects.

On September 26th, as you just mentioned, the Central Political Bureau meeting required an increase in the intensity of loan issuance for 'white list' projects. We are currently implementing the spirit of the Central Political Bureau meeting well. We mainly focus on the following aspects:

First, all commercial residence development loan projects should be included in the 'white list' for housing, aiming for full inclusion. The 'white list' and urban financing coordination mechanism have been established for more than half a year. After efforts from all parties, there is now good experience and practices in place. Various aspects including government coordination, financial support, and judicial execution have explored a relatively complete system. After being included in the 'white list', the management of real estate projects becomes more standardized, making financing more convenient and rapid, which plays a very important role in the completion and delivery of projects and ensures the legitimate rights and interests of homebuyers.

Currently, after careful study, the conditions for all commercial residence real estate development loan projects to be included in the 'white list' have been met. In the future, real estate projects meeting the 'white list' criteria should be managed according to the 'white list', aiming for full inclusion. The specific process involves both verification and filing. In terms of verification, the existing procedures of the urban financing coordination mechanism for 'white list' projects will continue to be effective, in addition to project companies being able to work with banks to finance real estate projects according to credit standards, and file through the 'white list' mechanism.

The second aspect is that for projects on the 'white list', commercial banks should provide loans as much as needed. We have instructed all banks to further intensify their efforts based on the existing special task force mechanism, implement loan disbursement progress project by project, appropriately delegate approval authority, improve approval and disbursement efficiency, and provide timely loans according to project construction progress.

The third is to optimize the disbursement of loan funds to achieve early disbursement. Currently, commercial banks disburse loan funds to real estate project companies in batches based on project construction progress and directly distribute funds to upstream and downstream enterprises such as material suppliers and construction companies.

Let me share a statistic with you: as of October 16th, we have compiled that approved loans for 'white list' real estate projects have reached 2.23 trillion yuan. It is estimated that by the end of 2024, the approved loan amount for 'white list' projects will double, exceeding 4 trillion yuan. To ensure the financing of real estate projects and the completion and delivery of houses, we will further optimize and improve the real estate 'white list' financing mechanism, ensuring that qualified projects are fully included, approved loans are fully provided, and funds are disbursed as early as possible.

That's the end of answering this question, thank you.

Reuters reporter:

Beijing, Shanghai, Shenzhen, and Guangzhou, these first-tier cities have recently relaxed housing purchase restrictions. Some data shows that during the National Day holiday, the number of property viewings and property sales in these cities increased significantly, but housing sales in some smaller cities during the National Day period did not show much improvement. Will the Ministry of Housing and Urban-Rural Development lift all purchase restrictions on these mega cities? What impact will the 'siphon effect' in the real estate market, where people flood to major cities to buy houses, have on the overall stability of China's real estate? Thank you.

Ni Hong:

Thank you to the foreign journalist. You've asked two questions, the first one is about housing purchase restrictions, and the second one raised the 'siphon effect.' I will answer these two questions.

First, regarding housing purchase restrictions. As I mentioned in the opening remarks, since last year, full autonomy has been given to various cities for real estate regulation, and city governments will make decisions autonomously based on the city's economic and social development and real estate situation. You mentioned the four first-tier cities, let me give a brief introduction. At the end of September, the four first-tier cities adjusted their housing purchase restrictions, which were not exactly the same. Beijing and Shanghai 'relaxed the conditions of purchase restrictions,' Guangzhou 'fully canceled,' Shenzhen 'partially canceled,' this fully reflects the principle of different strategies for different cities, autonomous decision-making, and tailored policies for each city.

Second, you mentioned the 'siphon effect.' From a regular perspective, the 'siphon effect' is a common phenomenon in the development of world cities. In terms of impact, the 'siphon effect' has pros and cons, in different cities and stages of development, the 'siphon effect' will have different effects. In the urbanization process, the Chinese government pays attention to guiding the coordinated development of large, medium, and small cities, as well as small towns. Real estate market regulations tailored to different cities are also an institutional arrangement to prevent the negative effects of the 'siphon effect' in the real estate sector. Thank you.

CCTV reporter:

倪虹部长刚才提到，要新增实施1 million套城中村和城市危旧房改造，请问这方面是怎么安排的?谢谢。

倪虹:

谢谢央视记者。刚才我在开场时讲到，我们这一套“组合拳”有两个新增，肖远企副局长和大家讲了4 trillion贷款支持的问题，我再和大家介绍一下1 million套城中村和危旧房改造的考虑。

我在开场时和大家介绍过这种需求。随着城市发展进程，新房子会变成老房子，有的老房子会变成危房，这种需求是存在的。我们对重点城市做过统计，35个大城市有1.7 million套的需求，全国地级城市有297个，大家可想而知，这种需求是实实在在的，而且还会有更大需求。

这次我们选择在前期城中村和危旧房改造基础上，再新增1 million套，并通过货币化方式，加大政策支持力度，主要是考虑有些项目条件比较成熟，群众改造意愿也比较迫切，前期工作做得比较扎实。有利的方面，首先是对群众，货币化安置可以更好地满足群众自主选择房型、地点等要求。第二可以直接搬入新居，不像以前建设安置房要等十几个月的过渡期。第三对城市来讲，可以消除安全隐患，改善居住环境，完善城市功能。第四在当前房地产供需关系发生重大变化的情况下，也有利于消化存量商品房。一举多得。

那么，什么样的项目可以获得政策的关心和支持?我想有以下两点。第一，这个项目首先得是群众改造意愿强烈、安全隐患比较突出的。第二，项目的两个方案要比较成熟，一个是征收安置方案要做得扎实，能够确保征收工作顺利推进，切实维护群众合法权益；另一个是资金大平衡方案能够做到项目总体平衡，避免新增地方债务风险。

主要政策有哪些?我想有以下五条。一是重点支持地级以上城市。二是开发性、政策性金融机构可以给予专项借款。三是允许地方发行政府专项债。四是给予税费优惠。五是商业银行根据项目评估还可以发放商业贷款。

有这五条政策加持，各地还可以结合城市更新，进一步谋划选择条件成熟的项目，提前实施，只要前期工作做得好，我们还可以在1 million套基础上继续加大支持力度。谢谢。

Shenzhen Satellite TV News Reporter:

The Ministry of Finance previously reported on the policies of using special bonds to support land reserves and acquiring existing houses for indemnificatory housing. May I ask what specific measures and considerations are there? Thank you.

Assistant Minister of Finance, Song Qichao:

Thank you for your question. In order to promote the stable and healthy development of the real estate market, the Ministry of Finance plans to work together with relevant departments to implement policies on using special bonds to acquire land and purchase existing commercial housing. These two policies focus on the bottlenecks of the real estate market, not only as important measures to stabilize and revive the real estate market but also as important contents to expand the scope of support for special bonds and the use of project capital, which are conducive to balancing the supply and demand of the land market, easing the liquidity and debt pressure of local governments and real estate enterprises, as well as increasing the source of indemnificatory housing and improving people's well-being.

In terms of specific operations, regarding the use of special bonds for land reserves, it mainly supports local areas to reasonably determine the purchase price in collaboration with the actual situation, handle the debt relationships involved in recovering existing land appropriately, determine the content and scope of special bond projects reasonably, arrange bond issuance and expenditure in a timely manner, and improve the efficiency of land resource utilization and the use of bond funds.

Regarding supporting local areas to make good use of special bonds to acquire existing commercial housing for indemnificatory housing, this policy is mainly decided and implemented by local areas voluntarily, following the principle of rule of law, and operated in a market-oriented manner. On the basis of ensuring the balance of project financing returns, local areas can arrange special bonds to purchase existing commercial housing for indemnificatory housing. This policy will work together with other relevant support policies to further widen the channels for local funding sources, effectively digest existing stock, promote supply-demand balance, optimize incremental, and raise funds through various channels for indemnificatory housing.

Next, we will work closely with relevant departments to clarify the details and requirements of the policy and push for the policy to be implemented as soon as possible.

Thank you!

Reporter from Peking Youth Daily:

I still want to ask about the housing issue. For some new urban residents and young people, when it comes to buying a house, they often face significant economic pressure. Does the Ministry of Housing and Urban-Rural Development have any considerations and arrangements to help solve their housing problems? Thank you.

Ni Hong:

Thank you to this young reporter. I believe that for a city, when youth have hope, the city has hope; when youth have a future, the city certainly has a future. Solving the housing problems of new urban residents and young people, allowing them to settle and work in the city, is an essential responsibility of the city government and a crucial lever to enhance the city's competitiveness.

Regarding the solution to the housing problems of the people, the national policy is to balance security and the market. With the government taking the lead to meet the basic housing needs of the people and using the market to satisfy diverse demands for improved housing.

There are two ways of ensuring housing, one is through leasing and the other is through purchasing. Concerning leasing, for new urban residents and young people, vigorously developing affordable rental housing and public rental housing, providing opportunities for new urban residents and young people to enter, stay, live comfortably, and succeed. For urban families facing difficulties in low-income housing, all levels of government attach great importance and have implemented public rental housing assistance, basically ensuring that low-income families in need are provided for. There are two main methods of public rental housing assistance: physical rental and monetary subsidies. Regarding purchasing, those with certain financial capacity, although temporarily facing difficulties in buying commercial housing, can purchase affordable housing. It is mainly based on demand for construction and purchase. The housing source collection is also divided into two methods, one is new construction and the other is purchasing eligible commercial housing for use as affordable housing. At work, we also consider the changes in the new situation, to meet the needs of families with two or more children, we require and support local governments to adaptively increase the area of affordable housing.

Here I want to emphasize that while optimizing and improving real estate policies in accordance with local conditions, city governments must increase their efforts in housing guarantees and firmly secure the housing guarantee line. I also want to share some data, from January to September this year, we have constructed and collected 1.48 million units of affordable housing, by the end of the year, 4.5 million new urban residents and young people can move into affordable housing.

Next, we will work together with relevant departments to guide localities to increase the construction, collection, and supply of affordable housing, focusing on solving the housing problems of disadvantaged groups, and striving to ensure that everyone has a place to live. Thank you!

Southern Metropolis Daily N Video Reporter:

On September 24, the People's Bank of China announced a package of real estate financial policies including reducing the interest rates on existing home loans and unifying the down payment ratio for mortgages. Can you please provide an update on the current progress? Thank you.

Deputy Governor of the People's Bank of China, Tao Ling:

Thank you for your question. The People's Bank of China, based on its responsibility for macro-prudential management of finance, has formulated and implemented financial policies to support the stable and healthy development of the real estate market. In order to help the real estate market stabilize and rebound, and promote the construction of a new development model for real estate, on September 24, Comrade Pan Gongsheng, the Governor of the People's Bank of China, announced a package of five real estate financial policies at a press conference. It has been three weeks since then, with positive feedback from society, playing a positive role in boosting market expectations and confidence. On September 29, the People's Bank of China published relevant policy documents on its website. Since there is so much concern about this, let me provide more specific details on the implementation so far.

The first policy is to reduce the interest rates on existing home loans. Home loan interest rates affect thousands of households. Reducing the interest rates on existing home loans is a specific measure to implement the decisions of the Central Committee of the Communist Party of China, maintain a solid financial standpoint, and benefit people's livelihoods. Regarding the progress, on September 29, the People's Bank of China issued an announcement to improve the pricing mechanism for commercial individual housing loans. On the same day, the People's Bank of China guided the market interest rate pricing self-discipline mechanism to issue a self-discipline initiative, and various commercial banks also issued announcements. On October 12, major commercial banks issued detailed operational rules. Currently, commercial banks are working overtime to modify contracts, systems, and make all necessary preparations. It is expected that the majority of existing home loan adjustments will be completed by October 25, meaning that results can be viewed through the designated channels of lending banks on October 26. The adjustment completion time for some small to medium-sized banks may be slightly later, with an overall estimation to be completed by October 31.

To facilitate the process, the vast majority of borrowers do not need to go to bank branches. For those with floating interest rates on home loans, borrowers do not need to apply as commercial banks will adjust rates uniformly in batches, accounting for over 90% of the existing home loans. For borrowers with fixed interest rates on home loans, they can handle it through the commercial bank's online banking or mobile banking without visiting a branch. For those who obtained home loans from small to medium-sized banks, as some of these banks' networks are not yet fully established, borrowers may need to visit a bank branch. For specific details, please pay attention to the announcements made by the lending banks.

Borrowers are also generally concerned about the specific post-policy adjustment home loan interest rates. We have seen a lot of calculations and discussions in society, so let me give a brief explanation. As you know, home loan interest rates consist of the loan market quoted interest rates and the markup. According to the requirements of this policy, the adjustment is made to the markup. For existing home loans with a markup higher than -30 basis points, the markup will be uniformly reduced to -30 basis points. For example, in Beijing, the lowest previous first-home loan markup was 55 basis points, and this time the lowest markup will be reduced to -30 basis points, meaning the home loan interest rate will be reduced by 85 basis points. The lowest previous markup for second-home loans in Beijing was 105 basis points, and according to the lower limit requirements of the city's interest rates, this time the lowest markup will be reduced to -5 basis points, resulting in a reduction of 110 basis points in home loan interest rate. The decrease in rates will be even greater in areas beyond the Fifth Ring Road.

After the adjustment of existing home loan interest rates, how much can be saved on mortgage payments? It is estimated that the average interest rate on existing home loans will decrease by around 0.5 percentage points, saving a total of approximately 150 billion yuan in interest payments, benefiting 50 million households and 150 million residents. For individuals and households specifically, as calculated by commercial banks, taking Beijing as an example, if the original home loan interest rate was 4.4%, and after the rate adjustment it becomes 3.55%, then for a 1 million yuan loan over a period of 25 years with equal principal and interest payments, the monthly payment would be reduced by 469 yuan, saving a total of over 140,000 yuan in interest payments. Due to the many operational details of the adjustment to existing home loan interest rates, which involve different regions and borrowers, please refer to the policies and operational guidelines for specific processing.

The second policy is to unify the minimum down payment ratio for housing loans to 15%. The purpose of introducing this policy is to better support rigid and improvement housing demand. After the policy was announced on September 24, the head office of the People's Bank of China guided local branches to implement policies based on local conditions and quickly cooperate with city governments for implementation. Currently, except for the three first-tier cities of Beijing, Shanghai, and Shenzhen, which have independently adopted differentiated arrangements, the vast majority of cities across the country no longer distinguish between first-time and second-time home purchases, and have unified the minimum down payment ratio to 15%. We also noted that many cities have simultaneously adjusted real estate control policies such as purchase restrictions and taxes, resulting in improved market confidence and sales.

The third policy is to extend the term of two real estate financial policies. This policy involves adjustments to two previously issued policy documents. On September 29, the People's Bank of China and the China Banking and Insurance Regulatory Commission jointly issued the adjustment notice. The first adjustment is related to the November 2022 '16 Financial Measures.' The original regulation stated that for real estate companies' development loans and trust loans due within the next six months, an extension of one year is allowed without adjusting the loan classification. This policy is beneficial for stabilizing real estate company financing, improving industry financial conditions, and was originally set to expire at the end of 2024. This time, we have extended the policy to the end of 2026. The second adjustment pertains to the January 2024 Operating Property Loan Management Notice. The original regulation stated that national commercial banks could issue operating property loans to well-regulated and promising real estate companies, which could be used to repay the company's real estate-related loans and bonds. This policy has relaxed the loan purpose, aiding real estate companies in improving their financial situation. Originally set to expire at the end of 2024, we have also adjusted this policy to expire at the end of 2026.

The fourth policy is to optimize the policy of re-lending for indemnificatory housing. Re-lending for indemnificatory housing is a structural monetary policy tool. If you still remember, on May 17, the People's Bank of China announced the establishment of a 300 billion yuan re-lending for indemnificatory housing to incentivize banks to issue commercial loans, support the acquisition of completed but unsold commercial housing for allocation or rental as indemnificatory housing. The purpose of this policy is to drive down the inventory of existing commercial housing. From the implementation perspective, the People's Bank of China, in collaboration with the Ministry of Housing and Urban-Rural Development, established a specialized working group to drive local governments to intensify their efforts in urban real estate financing coordination mechanisms.

On September 24, based on previous practical needs, to further enhance the market-oriented incentives for banks and acquisition entities, we have improved the policy by increasing the percentage of re-lending funds provided by the People's Bank of China from the original 60% to 100%. This further supports increasing the willingness to acquire existing commercial housing and accelerates the destocking of the real estate market. On September 29, the People's Bank of China officially issued a notice, and commercial banks will start applying for re-lending from October. Some commercial banks have already submitted applications. We believe that with the collective efforts of all parties, the work of acquiring existing housing stock will make further positive progress.

The fifth policy is to support the acquisition of existing land by real estate companies. The People's Bank of China, together with relevant departments, is actively studying and allowing policy and commercial banks to provide loans to eligible enterprises for the acquisition of existing land by real estate companies, with necessary special re-lending support provided by the People's Bank of China.

Overall, the People's Bank of China has recently introduced a comprehensive package of financial policies such as reserve requirement ratio cuts and interest rate reductions. Together with the above-mentioned real estate financial policies, these policies will continue to play a positive role in boosting confidence and stabilizing expectations. Thank you.

Reporter from Hǎibào News:

On September 26, the Central Political Bureau meeting proposed strict control on the increase, optimization of existing, and enhancement of quality with regards to the construction of commercial housing. Could you please provide specific considerations and arrangements for supporting the revitalization of existing idle land? Thank you.

Deputy Minister of the Ministry of Natural Resources, Liu Guohong:

Thank you for your question. The revitalization of existing idle land, which you are concerned about, is also a key focus of our current work. The Ministry of Natural Resources is implementing the requirements of the Central Political Bureau meeting to strictly control the increment, optimize the stock, and improve quality. In terms of residential land supply, we are managing both new supply and existing stock. Regarding new supply control, we guide all regions to reasonably control the supply of new commercial residential land. For cities with long inventory turnover periods, we suspend the supply of commercial residential land; for cities with relatively long inventory turnover periods, we implement a policy of "revitalizing as much as supplied." In terms of existing stock management, as everyone noticed, on October 12, the Ministry of Finance announced that special bonds can be used for land reserve purposes, as Assistant Minister Song Qichao also elaborated earlier. This policy is mainly to provide financial support to local governments to revitalize existing land through repurchase. To effectively utilize this policy, we guide regions to standardize procedures, clarify standards, and focus on promoting implementation based on "how to repurchase." We consider prioritizing repurchasing residential and commercial land that enterprises are unable or unwilling to develop, as well as land that has not yet been developed or constructed, and provide timely matching funds such as special bonds. We will also work with relevant departments to explore the establishment of special loans for acquiring existing land, as a supplement to special bonds, with support from the People's Bank of China for special rediscount loans. Deputy Governor Tao Ling also provided an explanation just now. For the repurchased land that is re-supplied for real estate development, we will strictly control it. Only when there is genuine market demand can we optimize conditions and make precise allocations, but this must be limited to a certain proportion of the total repurchased amount.

Revitalizing existing land through repurchase can play a role in three aspects: First, reducing the scale of existing land in the market, better leveraging the functions of land reserves as a "water reservoir" and for market regulation, and stabilizing market expectations. Second, increasing liquidity, which is beneficial for real estate companies to concentrate funds on completion and delivery of houses. Third, after the repurchase, it forms "net land" and "premium land," which is conducive to improving public service facilities, enhancing the environment, meeting residential needs, freeing up space to support the development of the real economy, and promoting effective investment.

In the policy measures for revitalizing existing land, in addition to supporting local governments in repurchasing idle existing land, there are two other paths. First, encouraging enterprises to optimize development. For enterprises willing and with market demand, allowing phased approvals, deferred payment of land transfer fees, reasonable exemption of enterprise default responsibilities, etc., to alleviate enterprise financial pressures. Second, promoting market circulation and transfers. For enterprises unable to develop, guiding regions to stimulate market vitality through building trading platforms, supporting advance registration and "transfer with mortgage" transfers, promoting judicial disposals and cooperative development, etc.

I will answer these questions, thank you!

Journalist from China News Agency:

Now, some people's housing needs have shifted from "having or not" to "good or not". What measures are planned to meet the new expectations of the people for better housing in the future? Thank you.

Ni Hong:

Thank you for your question. Our country's housing development has entered a new stage, transitioning from 'whether or not' to 'how good'. The people have new expectations for the functionality and quality of housing.

For a 'good house,' I believe it's subjective. In summary, it has four characteristics: firstly, a good house should embody green elements, allowing residents to live healthily and comfortably, with health being the most important 'green' factor. Secondly, it should reflect low carbon emissions. I understand low carbon in the context of a house's lifecycle, which should save money for residents and promote energy efficiency for both individuals and society. Thirdly, it should be smart. By leveraging modern technology and digital methods, residents can enjoy convenience. For example, opening curtains can now be done remotely, offering residents more convenience. Lastly, it should be safe. Residents should feel secure and at ease living in it.

We promote the construction of 'good houses' mainly by focusing on model projects, setting standards, establishing systems, strengthening technology. The most crucial aspect is incorporating new-generation information technology, green low-carbon technology, innovative construction techniques, as well as new products, new materials, and new processes into housing construction. This drives the development of 'good houses' of different sizes and prices.

Here, I want to emphasize that every region should first ensure that affordable housing is built as 'good houses', with government projects and projects that cater to people's needs taking the lead. At the same time, we need to focus on urban renewal efforts to find ways to transform older buildings into 'good houses'.

This work is about seeing is believing. A couple of days ago, I visited the Central Building Group's 'Good Houses' technology exhibition at Shougang Park, where they showcased over 160 new technologies, more than 130 new products, and over 70 new achievements. They had model rooms for new houses and remodeled old houses for visitors to experience. Especially for those who need renovations at home, there are many useful innovations to explore, such as cabinets that can be raised or lowered, sensor-operated faucets, and wardrobes with sliding tracks.

Furthermore, I would like to stress that for real estate and construction companies, future development will be about striving for high quality, new technology, and excellent service. Whoever can seize the opportunity to transform and develop, provide 'good houses' and good services for the people will have a market, development, and a future. Thank you.

Securities Times Reporter:

I have a question regarding financial support policies for real estate. Could you please provide details on the specific policy measures that the financial sector will take to promote the healthy development of the real estate sector in the next steps? Thank you.

Xiao Yuanqi:

Thank you for your question. In promoting the stable development of the real estate market, financial policies consist of a series of policies. Apart from the further increase in the intensity of urban real estate financing mechanisms that I just mentioned, as well as several financial policies introduced by Deputy Governor Tao Ling of the People's Bank of China, we also have some other policies that I will focus on.

Firstly, we need to play a 'combination punch' with various real estate financing tools, forming an integrated scale effect to enhance precision adaptability. There are actually many real estate financing tools. From the perspective of banks, there are development loans. As of the end of September this year, development loans have increased by more than 400 billion yuan compared to the beginning of the year; there are individual mortgage loans, operational property loans, merger and acquisition loans - where banks provide support for real estate project companies and real estate enterprises in acquiring other assets, as well as housing rental loans. In addition, there are bond investments, for example, financial institutions can invest in bonds issued by real estate companies, and insurance companies can also use insurance funds for equity investments. Financing channels and instruments are diverse. Different financing tools need to leverage their unique advantages, as they are highly targeted for different needs. On the other hand, according to the financing needs of different real estate companies and projects at different stages, personalized financial products tailored to individuals should be designed to enhance the precision, timeliness, and effectiveness of financing support.

Secondly, we are actively researching specific measures with relevant departments to revitalize idle stock land with policy banks and commercial banks. Because this policy is a comprehensive one, as mentioned by the Ministry of Housing, Natural Resources, Ministry of Finance, and the People's Bank of China, various policies combine to revitalize idle stock land. We are studying allowing policy banks and commercial banks to acquire and issue loans for a certain proportion of these idle stock lands. The main purpose is to promote more efficient use of idle land and improve and release the cash flow of the real estate industry.

Thirdly, the policies concerning the '16 Financial Measures,' operational property loans being extended until the end of 2026, and adjustments to the interest rates of existing home loans and the down payment ratios for first and second homes, are being handled in cooperation with the People's Bank of China.

Fourthly, fully leverage the professional advantages of financial institutions in information and financial management to assist real estate enterprises and projects by providing them with financial advisory consultations, project designs, and other specialized financial services to help real estate companies and project companies strengthen asset-liability management, improve financial stability, and sustainability.

That's all I have to introduce, thank you!

First Financial Journalist:

In terms of policies that are in line with the cancellation of standard residential and non-standard residential standards, especially in terms of taxation, what other considerations do we have in promoting implementation? Thank you.

Song Qichao:

Thank you to the reporter from Yicai for your question. The Third Plenary Session of the Twentieth Central Committee of the Party clearly allows relevant cities to cancel the standards for standard and non-standard residences. Currently, the Ministry of Finance is urgently studying and clarifying the tax policies that are in line with the cancellation of standard and non-standard residential standards, mainly including value-added tax and land value-added tax.

The current policy is as follows: In terms of value-added tax, except for Beijing, Shanghai, Guangzhou, and Shenzhen, in other cities, for individuals who sell or purchase residences for more than 2 years, regardless of whether they are standard or non-standard residences, value-added tax is exempted. In the four first-tier cities of Beijing, Shanghai, Guangzhou, and Shenzhen, value-added tax is exempted for individuals selling or purchasing standard residences for more than 2 years, but value-added tax is levied on individuals selling or purchasing non-standard residences for more than 2 years. In terms of land value-added tax, for standard residential properties with a construction-to-sales ratio of less than 20%, land value-added tax is exempt. According to the relevant regulations of the interim measures for the implementation of the land value-added tax regulations, the standard for residential properties is clarified by each province.

Recently, we are making further adjustments to the above-mentioned relevant tax policies. There are three main considerations:

One is to overall grasp the rhythm of real estate regulation in relevant cities and the situation of local financial revenue, and make scientifically reasonable arrangements;

Two is to give certain autonomy to local authorities, maintaining the stability and fairness of policies;

Three is to effectively reduce the burden on real estate enterprises and homebuyers, and promote the stabilization of the real estate market.

We are actively fulfilling the relevant procedures for specific policies, and will announce to the public in a timely manner after approval. Thank you.

Shou Xiaoli:

Continue to ask. Due to time constraints, the last two questions.

Journalist from the American International Market News:

Recently, major cities have reported an increase in the number of property visitors and subscriptions. How does the Ministry of Housing and Urban-Rural Development assess the overall situation of housing sales in October? What follow-up policies will be implemented to stabilize and boost the real estate market?

Ni Hong:

Thank you to this foreign journalist. On September 26, the meeting of the Central Political Bureau emphasized the need to stabilize and boost the real estate market, sending out bullish signals for stabilizing the real estate market. Relevant departments have introduced a series of financial, tax, and other policy measures, local governments have implemented tailored policies, lifting or reducing restrictive measures, and supporting residents' demand for both first-time and upgrade housing. It can be said that this has effectively boosted market confidence. Based on market feedback, many cities and projects have seen a significant increase in property viewing and visitation rates, as well as varying degrees of sales growth, with noticeable improvements in key real estate indicators. In particular, first-tier cities have stabilized across the board since October.

We also see that under the influence of a series of policies in China's real estate sector, after three years of adjustment, the market has begun to stabilize. Foreign media friends asked about the data for October. We determine that the data for October will be a positive and optimistic outcome.

Regarding the policies to promote the stabilization of the real estate market, I have already introduced them at the beginning of the session. Today, various departments attending the meeting have also introduced high-quality and highly operational policies with significant strength. Next, we need to work together in unison to implement these policies effectively, so that the effects of these policies can be fully manifested, allowing the people to enjoy the benefits of the policies. It can be said that we are full of confidence in stabilizing the real estate market. Thank you!

Shou Xiaoli:

The last question.

Pengpai News Reporter:

There is a lot of attention from all sectors of society on fighting the battle of guaranteeing quality delivery of pre-sold apartments. How to ensure the quality delivery of pre-sold commercial housing under construction? What measures has the Ministry of Housing and Urban-Rural Development taken, and what specific measures are coming up next? Thank you.

Ni Hong:

Thank you for your question. On May 17th this year, the State Council deployed the battle to guarantee the quality delivery of pre-sold apartments, exactly five months ago today. It seems that the battle for quality delivery of pre-sold apartments is progressing well across various regions, with 2.46 million units already delivered, showing significant results. This battle has given homebuyers a 'peace of mind' and has brought a noticeable change in market expectations. We will conscientiously implement the decisions and arrangements of the Central Committee of the Communist Party of China and the State Council together with relevant departments, forming a joint effort to deliver a strong 'combination punch'. We have set up a specialized team and are collaborating with departments and units including financial supervision, development and reform, finance, natural resources, auditing, public security, judiciary, banks, etc. Our main focus is to work on two aspects: establishing a 'white list' to solve construction funding issues for projects and pushing forward construction and delivery progress, ensuring that local governments, real estate enterprises, financial institutions, and others fulfill their responsibilities. Following market-oriented and rule of law principles, we implement tailored solutions to deliver as soon as possible.

For projects operating normally, we proceed in accordance with market-oriented and rule of law principles; for projects with inadequate assets to cover debts, we accelerate bankruptcy reorganization or liquidation following rule of law and market-oriented principles to effectively protect the legitimate rights and interests of homebuyers. It is important to emphasize that for those involved in illegal activities that harm public interests, they must be thoroughly investigated and not allowed to evade responsibility or escape punishment.

How to implement this work? We will work closely with the relevant departments and units of the China Banking Regulatory Commission to strengthen the coordination of credit, land, and judicial measures, closely focus on delivery targets, and continue to implement various work tasks rigorously. First, monitor the progress. Through the national housing delivery information system, each delivery task is documented, and one unit is delivered for each one sold. Second, focus on quality. Take affordable housing projects as a key point to enhance housing quality supervision, ensuring that houses are not only built but built well, and delivering qualified houses to buyers. Third, emphasize coordination. Utilize the three-level special team coordination mechanism of the national, provincial, and municipal levels to coordinate and solve difficulties and issues related to cross-regional capital diversion, legal issues, and asset disposal of projects.

We believe that with the support of credit funds on the "white list," the concerted efforts of various departments, the resolute actions of local governments, and the active efforts of real estate enterprises, we will definitely win the battle for delivering affordable housing, complete the tasks assigned by the Central Committee and the State Council, and allow the vast number of homebuyers to get their houses soon. Thank you.

Shou Xiaoli:

Thank you, Minister Ni, thank you to all the presenters, thank you to all the journalist friends for participating. Today's press conference ends here. Goodbye, everyone!

Ni Hong:

Thank you all!

This article is excerpted from "China.com", edited by Fintech Finance: Xu Wenqiang.