东吴证券认为，房地产交易税费的降低有利于减少购房环节中的摩擦成本，政策出台后购买二套住房的家庭契税税率大幅降低，非普通住宅交易满2年后出售无需再缴纳增值税，政策的主要受益对象为置换和改善客群，旨在引导改善需求合理释放。各地区土地增值税预征率统一下调0.5pct，有望在一定程度上缓解房企现金流压力。本次政策的出台有助于打通购房链条，修复市场成交量。成交量的提升有利于提振市场信心并稳定成交价格，从而促进房地产市场止跌企稳。Mainland real estate stocks opened higher overall. As of the time of writing, r&f properties (02777) rose 10%, trading at 1.98 HKD; sunac (01918) rose 5.63%, trading at 3 HKD; shimao group (00813) rose 5.38%, trading at 1.37 HKD.
According to Zhito Finance APP, mainland real estate stocks opened higher overall. As of the time of writing, r&f properties (02777) rose 10%, trading at 1.98 HKD; sunac (01918) rose 5.63%, trading at 3 HKD; shimao group (00813) rose 5.38%, trading at 1.37 HKD; midea real est (03990) rose 3.77%, trading at 3.3 HKD.
In terms of news, on November 13, the Ministry of Finance and three other departments released an announcement regarding tax policies to promote the steady and healthy development of the real estate market, clarifying several tax incentives to support the development of the real estate market. Regarding the deed tax, the existing area standard for enjoying a low tax rate of 1% will be raised from 90 square meters to 140 square meters, and it is specified that the deed tax preferential policy for a second family home can be uniformly applied in four cities: peking, shanghai, guangzhou, and shenzhen; regarding the land value-added tax, the lower limit of the advance tax rate for land value-added tax in various regions will be uniformly lowered by 0.5 percentage points; regarding value-added tax, individuals selling homes purchased for more than two years will be exempt from value-added tax.
Soochow Securities believes that reducing real estate transaction taxes and fees is beneficial in decreasing friction costs in the home purchase process. After the policy is introduced, the deed tax rate for families buying a second home will be significantly reduced, and selling non-ordinary residences after two years will no longer incur value-added tax. The main beneficiaries of this policy are those looking to upgrade and improve their housing needs, which aims to guide the reasonable release of improvement demand. The unified reduction of the advance tax rate for land value-added tax by 0.5 percentage points across regions is expected to alleviate the cash flow pressure on real estate companies to some extent. The introduction of this policy will help to unblock the home buying chain and restore market volume. An increase in volume will help boost market confidence and stabilize fill prices, thereby promoting stabilization in the real estate market.
