Mini Program: Daily summary of real estate industry dynamics
1. Hong Kong Financial Services and the Treasury Secretary Christopher Hui: suggests exempting stamp duty on buying and selling REITs.
The Secretary for Financial Services and the Treasury of Hong Kong, Christopher Hui, motioned for the second reading of the (2024 Stamp Duty Amendment) Bill at the Legislative Council meeting, stating that to enhance the competitiveness of Hong Kong's REITs and support further market development, he suggested exempting stamp duty on the buying and selling of REITs. This stamp duty proposal, coupled with the earlier announcement by the China Securities Regulatory Commission in April this year to include REITs in the Shanghai-Shenzhen-Hong Kong Stock Connect, will significantly increase the liquidity and attractiveness of Hong Kong's REITs and expand the investor base, greatly supporting the development of the REIT market in Hong Kong.
2. The land market is showing some signs of recovery, and the financing environment for private real estate companies has greatly improved.
Recently, influenced by the continuous release of favorable real estate policies, the land market in some cities has begun to become active. In cities such as Shanghai, Chengdu, Guangzhou, and Hangzhou, the transfer of some plots has frequently attracted participation from private real estate companies. Niu Sanyuan, deputy director of the Real Estate Research Office at the Market Economy Research Institute of the Development Research Center of the State Council, stated that private companies acquiring land is an important sign of the overall stabilization and recovery of the real estate market. This reflects that under the combined effect of a series of policies from the central and local governments, as the marginal improvement of the overall market sales occurs, the confidence of private real estate companies has been greatly boosted. The acceleration of the implementation of policies supporting project financing and other measures has significantly improved the financing environment for private real estate companies, enhancing their ability to participate in the land market. Since October, the trend of stabilization and recovery in real estate markets across the country has become more solid, leading to a more proactive attitude of real estate companies in acquiring land. With the continuous effectiveness of policies, the ongoing improvement of supply and demand relationships in the real estate market, and the better financing environment for real estate companies, it is expected that the land market will see further improvements in the fourth quarter. (CCTV News)
3. In October, rents in first-tier cities rebounded month-on-month, and homebuyers are paying attention to 'rental yield'.
According to the Linping Housing Big Data Research Institute, in October, the average rental listing price in 40 large and medium-sized cities nationwide was 34.88 yuan per square meter per month, a slight decrease of 0.02% month-on-month and a year-on-year decline of 1.95%. Rents in first-tier cities increased by 0.23% month-on-month, while the leasing market in second and third-tier cities showed signs of off-season effects. Factors such as declining bank deposit interest rates, falling housing prices, and reduced mortgage rates are causing homebuyers to pay attention to rental yields, believing that the rental return from buying a house is higher than that from saving in the bank. The long-term rental apartment market faces both opportunities and challenges, and companies need to optimize product services, expand customer acquisition channels, and strengthen brand promotion. Rental housing has become an attractive investment choice.
4. The Yuhang District Taxation Bureau of Hangzhou responds to deed tax adjustments: homebuyers cannot retroactively enjoy new policy benefits.
Recently, the Taxation Bureau of Yuhang District, Hangzhou, under the State Administration of Taxation, stated in response to a netizen's message regarding the adjustment of deed tax: according to the new policy, for the first residential property purchased with an area of 140 square meters or less, the deed tax rate has been reduced from 1.5% to 1%, and this adjustment is to better support residents' housing needs. For homebuyers who have already paid 1.5% deed tax before the implementation of the new policy, we understand your concerns. According to existing regulations, deed tax policies generally do not have retroactive effects, so these homebuyers cannot enjoy the benefits brought by the new policy. (Xinhua Finance)
5. The Guangdong Provincial Government held an economic work scheduling meeting: to promote real estate investment to stop declining and stabilize.
On November 21, the Guangdong Provincial Government held a provincial economic work scheduling meeting. The meeting emphasized the need to promote real estate investment to stop declining and stabilize, make good use of existing and incremental real estate policies, strengthen the role of the real estate financing coordination mechanism, accelerate the transformation of urban villages, ensure housing delivery, and promote the continuous recovery of the real estate market. It is also necessary to further stimulate the vitality of private investment, resolutely implement the 'two unwavering principles', deepen the reform of the investment and financing system, increase the promotion of high-quality projects and innovative scenarios for private investment, and enhance the willingness of private capital to invest. The provincial concurrent approval task force should fully play its role, increase coordination in land, forestry, and sea resource use issues, speed up the entire process, and provide comprehensive support for the accelerated construction of major projects.
6. Country Garden sells assets again at year-end, listing the Foshan Hilton Hotel for 1.5 billion.
Country Garden, in urgent need of liquidity, has listed another asset for sale. This time it is a landmark five-star hotel in Foshan—the Foshan Hilton Hotel. According to information, the Foshan Hilton Hotel is located in the Zen District of Foshan, in the most central area of the Foshan New City CBD, and is part of the Country Garden Urban Garden complex project, which has a total construction area of over 740,000 square meters. It is understood that the current transfer price for the project is 1.5 billion yuan. The land use and expiration date for the project is January 28, 2050. The property certificate shows a building area of about 151,600 square meters, a ground area of about 133,100 square meters, and an underground area of about 18,500 square meters. (Viewpoint Network)
7. The Hong Kong Housing Authority recovered 1,400 abused public housing units, and 16 tenants concealed ownership of properties in mainland China.
On November 20, media reported that the Hong Kong Housing Authority had recovered about 1,400 public housing units in the first nine months of this year, among which 16 tenants concealed ownership of properties in mainland China. The Secretary for Housing, Mr. He Wing-yin, stated that the Housing Authority has been taking multiple measures to combat the abuse of public housing, recovering about 2,200 and 2,800 public housing units in the past two years due to abuse and violations of rental agreements or housing policies, while in the first nine months of this year, about 1,400 public housing units were recovered for similar reasons.
8. A single person can borrow up to 1.04 million yuan; Harbin's housing provident fund introduces 8 new policies to optimize housing loans.
'A single person can borrow up to 1.04 million yuan, and a couple can borrow up to 1.3 million yuan' On the 21st, reporters learned from the Harbin Housing Provident Fund Management Center that to further enhance the protective role of the housing provident fund and better meet the rigid and improvement housing needs of depositors, and promote the stable and healthy development of Harbin's real estate market, the City Housing Provident Fund Management Committee has reviewed and approved the adjustment and optimization of related policies on individual housing loans from the housing provident fund. The Harbin Provident Fund Center reported that this time, 8 new optimization policies have been introduced: shortening the application period for provident fund loans, where borrowers and co-borrowers must have continuously made full contributions to the housing provident fund for more than 6 months (inclusive) and have opened an account for at least 180 days to apply for a provident fund loan. (Harbin Daily)
9. Guizhou promotes 'white list' projects in real estate to 'fully loan as needed', with 151 projects receiving loans of over 22 billion yuan.
According to a news release from the press conference on 'Implementing Central Financial Policies to Promote High-Quality Development in Guizhou', Guizhou Province is promoting 'white list' projects in real estate to 'fully finance as needed' and 'loan as needed'. So far, 158 projects have been approved and included in the 'white list', 156 projects have obtained bank credit of 29.3 billion yuan, and 151 projects have issued loans of 22.057 billion yuan. At the same time, efforts are being made to ensure the completion of housing projects. Currently, the province has delivered 77,400 units of housing from the completion guarantee projects, with a delivery rate of 75.7%. (Guiyang Daily)
10. In the first ten months, retail sales of consumer goods above the quota in Anhui increased by 4.9% year-on-year, while real estate development investment decreased by 15.2%.
From January to October, fixed asset investment in the province increased by 4% year-on-year, which is 0.6 percentage points higher than the national average; excluding real estate development investment, fixed asset investment increased by 11%, which is 3.4 percentage points higher than the national average. By sector, infrastructure investment grew by 9.4%, manufacturing investment grew by 12.6%, and real estate development investment decreased by 15.2%.
11. The cost of buying a home in major Indian cities is rising, and the demand in the real estate market is strong.
According to the real estate consulting company Anjuke, due to the increasing demand for luxury residential units pushing up overall housing prices, purchasing homes in major Indian cities has become more expensive. The Mumbai-based company reported on Wednesday that in the seven largest cities in India, including the capital New Delhi and the financial center Mumbai, the average housing price from April to September this year rose by 23% compared to the same period last year, reaching 12.3 million rupees (about 145,707 US dollars). The report also noted that during the first half of this fiscal year, more than 227,400 residential units were sold in these urban areas.
12. In October, rental prices in the UK soared by 8.7%, with London leading the national increase.
The UK's Office for National Statistics reported on Wednesday that private rental prices in the UK soared by 8.7% year-on-year in October, ending a slowdown trend since spring. Last month alone, rents increased by 0.9%, the largest increase since February. In London, rents rose by 10.4% year-on-year, the fastest increase in the country, with rental costs rising by 1.2% that month. This rent increase is a new setback for tenants, despite the overall inflation rate being close to the Bank of England's target of 2%, their financial situation is still squeezed by the housing crisis. According to real estate website Zoopla, supply remains severely constrained, with the number of rental properties available in September down 24% compared to before the pandemic. As the Bank of England is expected to only slowly cut interest rates, the adverse factors facing the real estate market are increasing.
The article is reposted from: Jinshi Data