Mini Program: Daily summary of real estate industry dynamics.
1. Guangzhou raises housing provident fund loan limits: a maximum of 800,000 for individuals and 1.6 million for two people.
Notice from the Guangzhou Housing Provident Fund Management Center regarding adjustments to housing provident fund policies. The maximum loan amount for an individual application is adjusted to 800,000 yuan, and the maximum loan amount for two or more people jointly applying for the same self-occupied housing is adjusted to 1.6 million yuan. For the purchase of the first and second self-occupied housing, the minimum down payment ratio for housing provident fund loans is 20%. Among them, for the purchase of affordable housing, the minimum down payment ratio for housing provident fund loans is 15%. This notice shall take effect from the date of issuance and is valid for five years.
2. 'Interest-free deposit for down payment' scandal: More than ten projects in Shenzhen and Dongguan involved, with some cases involving millions, and some properties have been locked by the housing construction department.
Recently, more than ten projects in Shenzhen, Dongguan, and other places have been involved in the 'interest-free deposit for down payment' turmoil, involving projects like Xincheng Jinhua Mansion and Huarunli. To promote sales, developers have teamed up with Jiangguangyuan Company to provide interest-free loans to homebuyers with insufficient down payments. However, in June this year, Jiangguangyuan failed to repay the bank on time, leading to some owners defaulting. Jiangguangyuan has been listed as operating abnormally due to being unreachable. Owners involved have sought help from developers and Jiangguangyuan without success, and some properties have been locked by the housing construction department. Lawyers suggest that homebuyers collect evidence to protect their rights and call for relevant departments to strengthen supervision to protect the interests of homebuyers. (Everyday)
3. Nationwide, 65 cities are fully promoting the construction of allocated affordable housing, ensuring that land use is prioritized.
On the 26th, reporters learned from the Ministry of Natural Resources that local natural resource departments are paying great attention to the land use guarantee for allocated affordable housing projects, prioritizing planning, ensuring land use as much as possible, and fully promoting the construction of allocated affordable housing. Currently, the allocated affordable housing projects in 65 cities across the country are accelerating their implementation. (CCTV News)
4. Shanxi Jincheng: For those participating in the stock housing 'old for new' program, the maximum amount of new housing provident fund loans will increase by 20%.
According to news from the Jincheng Municipal People's Government website in Shanxi Province on November 26, the Jincheng Housing and Urban-Rural Development Bureau and nine other departments recently issued (Several Measures to Further Promote the Stable and Healthy Development of the Real Estate Market in Jincheng City). The document proposes that before December 31 next year, taxpayers who sell their own housing and repurchase housing in the market within one year after selling their current housing will receive a tax refund for the personal income tax already paid on the sale of their current housing. For employees participating in the stock housing 'old for new' activities, the maximum amount of new housing provident fund loans will increase by 20%. Encouraging and supporting state-owned or state-controlled enterprises to acquire second-hand housing from residents for affordable rental housing or resettlement houses.
5. Beijing's real estate market continues to recover, with the net signing volume of second-hand homes increasing by 40% year-on-year.
Recently, the transaction volume of new and second-hand homes in the Beijing area continues to recover. Since November, the net signing volume of second-hand homes in the Beijing area has increased by 40% year-on-year. From the listing volume, reporters learned that as of now, the listing volume of second-hand homes in the Beijing area is 148,722 units, setting a recent low. In April of this year, the listing volume of second-hand homes in the Beijing area once reached 174,000 units. Zhang Dawei, chief analyst at Zhongyuan Real Estate, told reporters, 'After the 'Golden Ten', the heat of the Beijing real estate market has not decreased. As of November 25, the transaction volume in the Beijing real estate market has reached a recent high point for the same period. Among them, the net signing volume of second-hand homes has increased by more than 40% year-on-year, and the transaction volume of new residential properties has also seen a significant increase. Overall, under the influence of the tax reduction and exemption policies, the heat of the Beijing real estate market has continued for nearly two months. In the past two months, the transaction volume of second-hand homes in the Beijing area has approached 40,000 units, and the policy effect is evident. Regarding listing volume, reporters learned that the number of second-hand homes listed in the Beijing area has significantly decreased. The current listing volume is 148,722 units. Zhang Bo, director of the 58 Anjuke Research Institute, told reporters that with the introduction of a series of favorable policies such as the cancellation of ordinary housing standards, the cost of tax for switching homes will be greatly reduced, and apart from the commission for real estate agents in second-hand home transactions, many housing transactions can even achieve a transaction tax cost close to 'zero cost'. (China Securities Network)
6. The usage rights of 622 square meters of land in Nanjing City are accused of being handed over without compensation, causing the loss of state-owned assets.
Recently, netizens reported that a piece of 622 square meters of 'golden land' in Jiangdong South Road, Hexi New Town, Nanjing, after its usage rights were clearly divided, was transferred without compensation from a state-owned enterprise to a non-public enterprise and a property rights registration certificate was issued, suspected of causing the loss of state-owned assets. A relevant person in charge of the State-owned Assets Management Department of Nanjing Electromechanical Group recently stated that the group's disciplinary inspection department has conducted an investigation and has a conclusion, but it is inconvenient to accept interviews. Reporters have repeatedly contacted the disciplinary inspection department of Nanjing Electromechanical Group regarding this matter, but have not received a response so far. (The Paper)
In October, Hong Kong's private residential price index ended five consecutive months of decline, slightly rising by 0.6%.
On November 27, the latest data from the Hong Kong Rating and Valuation Department showed that the private residential price index in Hong Kong rose 0.6% in October from an eight-year low, reporting 290.1, ending a five-month decline. Additionally, this index has cumulatively fallen by 27.1% from the historical high in September 2021, with a year-on-year decrease of 9.9%, and a cumulative decline of 6.8% so far this year. The price index for small and medium-sized private units (usable area less than 1,076 square feet) reported 291.4, rising 0.6% month-on-month, with a year-on-year drop of 9.9%, and a cumulative decline of 6.8% this year. In contrast, the price index for large units (usable area 1,076 square feet or more) reported 265.9, rising 0.2% month-on-month, with a year-on-year decrease of 7.3%, and a cumulative decline of 5.2% this year. Notably, the rental index for private residences in Hong Kong in October reported 194.9, falling 0.3% month-on-month from a five-year high, but still rising 5.1% year-on-year, with a cumulative increase of 4.8% so far this year.
8. Sichuan Leshan fully relaxes urban village renovation policy, encouraging 'housing ticket' resettlement model.
On November 27, the Housing and Urban-Rural Development Bureau of Leshan City, Sichuan Province announced the comprehensive relaxation of the urban village renovation policy and encouraged the use of the 'housing ticket' resettlement model. The bureau has received a phone notification from the Sichuan Provincial Department of Housing and Urban-Rural Development, allowing it to start applying for the implementation projects of the urban village renovation plan and the five-year planning projects for 2025. This policy relaxation responds to the notice jointly issued by the Ministry of Housing and Urban-Rural Development and the Ministry of Finance, which expanded the support range of the urban village renovation policy from the initial 35 cities to nearly 300 prefecture-level and above cities, with Leshan successfully making the list of supported cities. After receiving the notification from the provincial housing department, the Leshan Housing and Urban-Rural Development Bureau acted quickly, actively promoting urban village renovation projects, and started applying for the implementation projects and five-year planning projects for 2025. In 2025, Leshan plans to implement the renovation of 6,706 households in urban villages, with a total planned investment of up to 4.9164 billion yuan. During the urban village renovation process, Leshan encourages the use of the 'housing ticket' method for resettlement to meet the housing needs of residents. Currently, Leshan is formulating relevant implementation measures for housing ticket resettlement, with a preliminary plan to resettle 4,992 units with housing tickets in the entire city in 2025.
9. Guizhou: Supporting reasonable financing needs of real estate development enterprises and including all eligible commercial housing loan projects in the 'white list'.
The General Office of the People's Government of Guizhou Province issued (Several Policy Measures to Fully Promote the Continuous Recovery and Improvement of the Economy in Guizhou Province). Among them, it proposes to support reasonable financing needs of real estate development enterprises. All eligible commercial housing loan projects will be included in the 'white list', increasing project promotion, problem project remediation, and loan disbursement efforts, ensuring compliant projects 'enter as much as possible', and approved loans 'are lent as much as possible', with fund disbursement 'as early as possible'. For key cities included in the 'guarantee housing delivery' hard battle projects, under the premise that the remaining value of the project can cover incremental financing and new funds achieve 'last in, first out', acquisition loan funds can be used to fill the project's capital gap. Implement the '16 Financial Measures' stock financing extension policy and the extension of operational property loan policies expiring by the end of this year to 2026.
10. In September, U.S. home prices rose sharply, and mortgage rates have erased the total decline in September.
In September, prices of single-family homes in the United States rose steadily, and with mortgage rates rebounding, it will further reduce the purchasing power of many potential buyers. The Federal Housing Finance Agency in the U.S. announced on Tuesday that housing prices rose by 0.7% month-on-month in September, with the month-on-month increase in August revised from 0.3% to 0.4%. The growth rate of housing prices has slowed since the second quarter. For the July-September quarter, housing prices increased at an annualized rate of 2.86%, compared to a growth rate of 3.76% in the previous quarter. Although the Federal Reserve cut interest rates in September and earlier this month, mortgage rates rose in line with U.S. Treasury yields due to strong economic data and investor concerns about Trump's tariffs and immigration policies. The mortgage rates tied to 10-year U.S. Treasury bonds have erased the total decline in September.
11. KPMG: Australian families prefer renovating homes, while new home construction activity has fallen to a 35-year low.
Analysis by consulting firm KPMG shows that Australians are pouring substantial funds into renovating existing homes rather than building new ones, exacerbating the downturn in housing construction. A report released on Wednesday indicated that in the 2024 fiscal year, household renovation expenditure accounted for 40% of the total residential construction value, up from 34.2% five years ago. In contrast, new home construction activity has dropped to the lowest per capita level in over 35 years. KPMG urban economist Terry Rawnsley stated: 'This indicates that not enough funds and resources are being attracted to expand the housing stock.' 'For builders, the more straightforward planning process and lower risks make renovating existing homes more attractive than adding multiple new units in the same neighborhood.' The report highlights the challenges facing the Australian real estate market, with soaring housing prices and rental costs putting increasing pressure on the center-left Labor government.
Article forwarded from: Jin Ten Data