消息方面，中国人民银行行长潘功胜9月24日在早上的国新办发布会上宣布，降低存量房贷利率和统一房贷最低首付比例，引导商业银行将存量房贷利率降至新发放房贷利率附近，预计平均降幅在0.5个百分点左右。How do institutions view reducing the interest rates and down payment ratios for existing home loans? How does the market view the cancellation of the standard for ordinary residences?
Finance Association News September 24th (Editor: Hu Jiarong) Benefiting from the bullish news in early trading, most Hong Kong-listed real estate stocks strengthened on Tuesday. As of the time of publication, R&F Properties (02777.HK), Sunac (01918.HK), China Jinmao (00817.HK) rose by 10.67%, 5.66%, 3.88%, 2.78% respectively.
Note: performance of real estate stocks.
On the news front, on September 24th, People's Bank of China Governor Pan Gongsheng announced at the State Council Information Office morning press conference that the interest rates for existing home loans will be reduced and the minimum down payment ratio for home loans will be unified, guiding commercial banks to lower the interest rates for existing home loans to around the level of new home loan rates, with an expected average decrease of about 0.5 percentage points.
He also mentioned that the minimum down payment ratio for first homes and second homes will be unified, and the national minimum down payment ratio for second home loans will be lowered from 25% to 15%.
Regarding the reduction of interest rates on existing housing loans, Kaiyuan Securities pointed out that the reduction in interest rates on existing housing loans can save interest repayments for borrowers, reduce residents' debt pressure, expand consumption and investment. On one hand, it is beneficial for commercial banks to smoothly manage the pressure of early repayment, stabilize housing consumption expectations, and boost confidence in home purchases. It is expected that with the continuous downward pressure on new mortgage rates and the fact that the decline in sales data of commercial housing has not yet bottomed out, policies on adjusting interest rates for existing housing loans are expected to be introduced, aiding in stabilizing the housing market. It continues to be bullish on real estate companies with strong credit, high investment intensity, optimal layout regions, and market-oriented mechanisms.
Institutions stated that the cancellation of the standard for ordinary residences is expected to reduce the tax burden on home purchases in first-tier cities.
According to recent reports, the Beijing Municipal Committee of the Communist Party of China has released the implementation opinions related to carrying out the decision of the CPC Central Committee on further comprehensively deepening reform and advancing the modernization of the Chinese style. It mentioned that ordinary and non-ordinary residence standards will be timely canceled.
According to HTSC, after optimizing real estate policies in various regions, currently only the general residence standard in first-tier cities will impact the tax burden on homebuyers. If the general residence standard is canceled, it will mainly reduce the tax burden for second-hand home improvement buyers in first-tier cities. Since the third quarter, the real estate fundamentals have continued to be under pressure, and the window for policy games has opened.
According to incomplete statistics, currently only some tax types in first-tier cities distinguish between general residences and non-general residences, with higher tax rates and stricter exemptions for non-general residences. If the general residence standard is canceled, it will significantly reduce the tax burden on improvement homebuyers in first-tier cities, except in Beijing, where it will only directly impact second-hand home transactions (but stability in second-hand homes will help with new home sales).
