同日，北京市住房城乡建设委、市财政局、税务局等三部门联合印发《关于取消普通住房标准有关事项的通知》。《通知》明确，本市取消普通住房和非普通住房标准。取消普通住房和非普通住房标准后，根据《公告》规定，个人将购买2年以上(含2年)的住房对外销售的，免征增值税。个人将购买不足2年的住房对外销售的，按照5%的征收率全额缴纳增值税。Mainland real estate collectively opened higher, as of the dispatch, Radiance Hldgs (09993) rose by 25.56%, at 4.47 Hong Kong dollars; R&F Properties (02777) rose by 5.82%, at 2 Hong Kong dollars; Sunac (01918) rose by 4.09%, at 2.8 Hong Kong dollars; Greentown China (03900) rose by 3.31%, at 9.62 Hong Kong dollars.
According to the The Wall Street Journal app, mainland real estate collectively opened higher, as of the dispatch, Radiance Hldgs (09993) rose by 25.56%, at 4.47 Hong Kong dollars; R&F Properties (02777) rose by 5.82%, at 2 Hong Kong dollars; Sunac (01918) rose by 4.09%, at 2.8 Hong Kong dollars; Greentown China (03900) rose by 3.31%, at 9.62 Hong Kong dollars.
On the news front, on November 18, the Shanghai Municipal Housing and Urban-Rural Development Commission and four other departments jointly issued the "Notice on the Cancellation of Relevant Matters of the Ordinary Residential Housing Standards", clearly canceling the ordinary residential housing and non-ordinary residential housing standards, as well as the relevant individual housing transaction tax matters after canceling the standards, this policy will be implemented from December 1, 2024. Industry insiders said that by the end of September, the "Shanghai Seven Regulations" policy has been clarified, in accordance with the national work deployment, Shanghai will promptly cancel the ordinary and non-ordinary residential housing standards, reduce housing transaction costs, and better meet the residents' needs for improving housing.
On the same day, the Beijing Municipal Housing and Urban-Rural Development Commission, Municipal Finance Bureau, and Taxation Bureau jointly issued the "Notice on the Cancellation of Relevant Matters of the Ordinary Residential Housing Standards". The "Notice" specifies that the city cancels the ordinary residential housing and non-ordinary residential housing standards. After canceling the ordinary residential housing and non-ordinary residential housing standards, individuals who sell housing to the public for more than 2 years (including 2 years) will be exempt from VAT. Individuals who sell housing to the public for less than 2 years will be fully liable for VAT at a 5% tax rate.
China International Capital Corporation believes that currently, china real estate developers are in the early stage of deleveraging. However, it is judged that the period when the entity market experiences the fastest decline in quantity and price may have already passed, and at the same time, the policy side is starting to more actively promote the stabilization of the industry. For real estate stocks, it is generally believed that the historical bottom of valuation may have been established, and the focus in the future is mainly on the pace and space of the upward trend, with the main catalyzing factors being incremental policies and the trend of house prices. Under the baseline scenario, it is recommended that investors seize the further upside of real estate stocks that may occur in 2025 due to the easing trend of the entity market quantity and price decline.
