On September 24, Pan Gongsheng, Governor of the People's Bank of China, announced at the State Council Information Office press conference that existing housing loan interest rates will be reduced and the minimum down payment ratio for housing loans will be unified. This is to guide commercial banks to lower their existing housing loan interest rates to be near the interest rates for new loans, with an average expected reduction of around 0.5 percentage points.

The minimum down payment ratio for first-time and second-time housing loans will be unified, with the national minimum down payment ratio for second-time housing loans lowered from 25% to 15%.

In the first half of 2024, the year-on-year growth rate of housing prices in first-tier, second-tier, and third-tier cities nationwide continued to decline. Haitong Securities believes that the overall stable growth environment of the market has not changed, and the advantages and value of high-quality companies relative to other real estate enterprises will become more prominent.

GTJA Securities released research reports stating that according to statistics from the National Bureau of Statistics, both real estate investment and construction area data in August have improved, with a slight narrowing of the decline in data. There have been no significant fluctuations in all data performances, considering that August marks the end of the impact of policies introduced since May. Expectations remain for new policies to provide support.

Real estate-related industry chain companies:

$CHINA OVERSEAS (00688.HK)$,$C&D INTL GROUP (01908.HK)$,$YUEXIU PROPERTY (00123.HK)$,$GREENTOWN CHINA (03900.HK)$,$SUNAC (01918.HK)$,$LONGFOR GROUP (00960.HK)$,$SINO-OCEAN GP (03377.HK)$,$CHINA VANKE (02202.HK)$,$CHINA RES LAND (01109.HK)$, $CIFI HOLD GP (00884.HK)$ Wait;

Property management company:$CHINA RES MIXC (01209.HK)$,$POLY PPT SER (06049.HK)$,$CHINA OVS PPT (02669.HK)$,$MIDEA REAL EST (03990.HK)$etc.

Real estate agent:$BEKE-W (02423.HK)$,$CG SERVICES (06098.HK)$

Editor/Rocky