In October, the loan interest rates remained at historically low levels, and personal mortgage growth improved.

According to the People's Bank of China, the weighted average interest rate for new corporate loans in October is around 3.5%; the interest rate for new personal housing loans is around 3.15%, both at historical lows. In addition, the scale of personal housing loans in October has stabilized, significantly better than the average monthly reduction of 69 billion yuan in the previous 9 months, and better than the same period in the previous two years. This shows a slight improvement in personal housing loan growth. (CCTV News)

In Shenzhen, the number of second-hand housing signings has exceeded 2,000 units for five consecutive weeks, showing a stable high-level trend.

According to the data from the Shenzhen Real Estate Intermediary Association, from November 4th to 10th, the number of second-hand housing signings in Shenzhen was 2238 units, an increase of 6.1% compared to the previous period. Looking at the recent trend of the second-hand housing market, the number of signings has exceeded 2,000 units for five consecutive weeks, showing a stable high-level trend. The number of second-hand housing listings in Shenzhen has increased slightly. According to public statistics on the number of second-hand housing listings available for sale, as of November 11th, there were a total of 68,831 valid second-hand housing listings in Shenzhen, an increase of 136 units from the previous week.

The Ministry of Finance has advanced the budget for the 2025 portion of the central finance's urban indemnificatory housing project subsidy funds, amounting to 56.6 billion.

On November 11th, the Ministry of Finance advanced the budget for the 2025 portion of the central finance's urban indemnificatory housing project subsidy funds, totaling 56.6 billion RMB. This includes 11.9 billion RMB for housing security funds, 10 billion RMB for urban village renovation funds, 33.2 billion RMB for old community renovation, and 1.5 billion RMB for shantytown (urban dilapidated housing) renovation. The funds will be disbursed and utilized according to specified procedures after the 2025 budget year commences, following relevant fund management measures. Additionally, the Ministry of Finance emphasized that when setting regional performance targets, the current situation of the real estate market and the actual demand for indemnificatory housing projects should be collectively considered, balancing existing and incremental measures to support the raising of indemnificatory housing through the absorption of existing inventory.

In the key cities, the area of newly sold houses increased by 39.1% compared to the same period last week, while the area of second-hand houses increased by 50.1% year on year.

In the previous week (November 4th to November 10th), the total area of newly built commercial houses sold (signed) in 10 key cities was 2.0053 million square meters, a decrease of 16.3% compared to the previous period, but an increase of 39.1% year-on-year, showing an expanded growth rate. During the same period, the total area of second-hand houses sold (signed) in the 10 key cities was 2.3686 million square meters, with a week-on-week increase of 4.4% and a year-on-year increase of 50.1%.

Chengdu High-tech Zone's housing consumption subsidies have started to be applied for, with subsidies ranging from 0.02 million yuan to 0.06 million yuan per set.

Chengdu High-tech Zone's housing consumption subsidies have officially begun to be applied for. According to relevant requirements, for newly purchased residential properties in Chengdu High-tech Zone, each set with a building area of 90 square meters or less will receive a 0.02 million yuan exclusive red envelope via Cloud Flash Pay; for properties between 90 and 144 square meters inclusive, each set will receive a 0.04 million yuan exclusive red envelope via Cloud Flash Pay; for properties above 144 square meters, each set will receive a 0.06 million yuan exclusive red envelope via Cloud Flash Pay. The purchase period is from September 30, 2024, to March 31, 2025, meaning that the time for applicants to complete the record of the commercial housing sales contract must be between September 30, 2024, and March 31, 2025. (Released by Chengdu)

Shanghai: Further clarification on the handling of signed and recorded housing lease contracts, optimizing the minimum interval for registration and record keeping.

On February 1, 2023, the "Shanghai Housing Lease Regulations" officially came into effect. Among them, the requirements for lessors to register and record are specified, stating that lessors should complete the registration and record keeping with the district housing management department within thirty days of entering into the lease contract. (Shanghai Housing Management Bureau)

Over 50 cities have issued notices for "receiving and storing", with the balance of repurchasing indemnificatory apartments loans reaching 16.2 billion yuan by the end of September.

According to statistics from the China Index Institute, more than 50 cities have issued announcements to acquire existing housing stock as indemnificatory housing this year. However, as per data released by the central bank, the balance of indemnificatory apartment repurchase loans for 300 billion yuan used to purchase existing commodity houses was 16.2 billion yuan as of the end of September this year, an increase of only 4.1 billion yuan from the end of June. The overall progress of repurchasing and storing work in various regions is relatively slow. Analysts at the China Index Institute believe that acquiring existing commodity houses still faces challenges such as significant price mismatches and supply-demand disparities. Opening up these bottlenecks in repurchase and storage will require more supportive policies.

Guiyang's housing provident fund is seeking opinions on the "Nine Measures", where the loan amount available for families with multiple children will be increased to 1.2 million yuan.

To fully leverage the role of the housing provident fund system in ensuring support, further supporting depositors' rigid and improvement housing demands, boosting the stabilization of the real estate market, the Guiyang Housing Provident Fund Management Center has released the "Nine Measures to Promote the Stabilization of the Guiyang and Guian Real Estate Market through the Housing Provident Fund (Draft for Solicitation of Opinions)". The "Draft for Solicitation of Opinions" indicates an increase in the maximum housing provident fund loan amount from 0.8 million yuan to 1 million yuan, and from 1 million yuan to 1.2 million yuan for families with multiple children. It also supports the intergenerational assistance for down payments on housing provident fund purchases. Depositors who buy self-occupied houses in Guiyang Guian and have no outstanding housing provident fund loans for themselves, their spouses, parents, or children in the city can withdraw the provident fund to pay for the purchase down payment. The "Draft for Solicitation of Opinions" also mentions supporting withdrawal of housing provident fund for property service fees of self-occupied houses in Guiyang Guian. In addition, an extension of the repayment period for housing provident fund loans is mentioned, with the original repayment deadline for borrowers not to exceed 65 years old for males and 60 years old for females, adjusted to not exceed 68 years old for males and 63 years old for females. (Penguin)

Multiple places are carrying out the acquisition of existing commodity real estate, and it is expected that the incremental policies will accelerate implementation.

Various regions are continuously advancing the acquisition of existing commodity real estate. Recently, many places such as Zhengzhou, Hangzhou, Xinxiang, and Meishan are supporting the acquisition work, announcing the collection of existing completed commodity real estate. At the same time, special loans for acquiring existing commodity real estate, indemnificatory housing refinancing, are also being implemented in Guangdong, Jilin, and other places to provide financial support for the acquisition work. Yan Yuejin, Deputy Director of the Shanghai E-House Real Estate Research Institute, told reporters that the promotion of the acquisition of existing commodity real estate in various regions can improve the real estate inventory digestion cycle and alleviate inventory pressure. The presence of various funds such as indemnificatory housing refinancing is helping to actively and effectively promote related work. (China Securities Journal)

In October, Suzhou's new housing transaction volume increased by 50% month-on-month, while the second-hand housing signing volume increased by 88.6%.

The real estate market in Suzhou has stabilized after a decline, with both new and second-hand housing transaction volumes increasing in October. The city's newly built commercial residential subscription volume increased by 50% month-on-month, and the second-hand housing signing volume increased by 66.8% year-on-year. The willingness of improvement-oriented homebuyers to make a move has strengthened, leading to a significant increase in market conversion rates. Homebuyers are benefiting from bullish policies, such as reduced down payments and loan rates, driving housing consumption. In the fourth quarter, Suzhou will add more than 60 new commercial housing projects, with over 8,000 sets of housing supply, and the market heat is expected to continue. Analysts believe that Suzhou, by stimulating both supply and demand, is boosting market vitality, and the future real estate market holds promise. (Suzhou Daily)

Dongguan has released a city center village renovation plan for 2023 to 2035 to construct a 'large, medium, small circle' system.

On November 11th, the Dongguan Housing and Urban-Rural Development Bureau announced the pre-publication of the 'Dongguan City Center Village Renovation Special Plan (2023-2035)' with a planning period from 2023 to 2035, recently planned up to 2028. According to the special plan, Dongguan will establish a 'large, medium, small circle' renovation system for the city center villages, defining the key areas for renovation in the near term. The release of this special plan marks a new phase in the Dongguan city center village renovation work, aiming to strengthen spatial, functional, and chronological guidance for village renovation by constructing a 'large, medium, small circle' spatial system. The plan specifies 405 areas for 'large circle' renovation, 220 areas for 'medium circle' renovation, and 103 projects for 'small circle' renovation starting in 2024. This plan will fully consider the spatial characteristics of Dongguan's 'urban-rural integration, mixed urban-village scenario', identify the village areas in need of renovation based on principles that do not conform to land spatial planning requirements, integrated urban development functionality, and the modern and pleasant living needs of the people. The special plan also sets out comprehensive renovation goals, including eliminating safety risks, improving infrastructure facilities, enhancing historical and cultural preservation, promoting industrial transformation and upgrading, and increasing land utilization efficiency. In terms of renovation strategies, differential area renovation and comprehensive measures will be taken, including various methods such as demolition and reconstruction, renovation and upgrading, and combined demolition and renovation, to systematically advance the village renovation work. Furthermore, the plan emphasizes the 'three clear' aspects of renovation proposals and design schemes, namely clear planning, clear paths, and clear objectives, establishing a dynamic adjustment mechanism for the 'large, medium, small circle' to ensure the smooth progress of the renovation work.