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。Domestic housing stocks were generally higher. As of press release, R&F Real Estate (02777) rose 10% to HK$1.98; Sunac China (01918) rose 5.63% to HK$3; and Shimao Group (00813) rose 5.38% to HK$1.37.
The Zhitong Finance App learned that domestic housing stocks were generally higher. As of press release, R&F Real Estate (02777) rose 10% to HK$1.98; Sunac China (01918) rose 5.63% to HK$3; Shimao Group (00813) rose 5.38% to HK$1.37; and Midea Real Estate (03990) rose 3.77% to HK$3.3.
According to the news, on November 13, the Ministry of Finance and three other departments issued the “Notice on Tax Policies to Promote the Stable and Healthy Development of the Real Estate Market”, clarifying a number of preferential tax policies to support the development of the real estate market. In terms of deeds tax, the current area standard for enjoying a 1% low tax rate discount was raised from 90 square meters to 140 square meters, and it was made clear that the four cities of Beijing, Shanghai, Guangzhou, and Shenzhen can uniformly apply the second housing contract tax preferential policy with other regions; in terms of land value-added tax, the lower limit of land value-added tax pre-levy rate in each region was uniformly reduced by 0.5 percentage points; in terms of value-added tax, all homes sold by individuals that have been purchased for 2 years or more are exempt from VAT.
Dongwu Securities believes that the reduction in real estate transaction taxes is conducive to reducing frictional costs in the home purchase process. After the policy was introduced, the household deeds tax rate for buying two housing units was drastically reduced, and there is no need to pay value-added tax when selling non-ordinary housing transactions for 2 years. The main beneficiaries of the policy are to replace and improve the customer base, with the aim of guiding the reasonable release of demand for improvement. The pre-levy rate of land value-added tax in all regions has been uniformly lowered by 0.5 pct, which is expected to ease the pressure on the cash flow of housing enterprises to a certain extent. The introduction of this policy will help open up the home buying chain and restore market turnover. The increase in transaction volume is conducive to boosting market confidence and stabilizing transaction prices, thereby helping the real estate market to stop falling and stabilize.
