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开云体育 saving 21-kaiyun·开云(中国)官方网站 入口

发布日期:2025-10-10 09:17    点击次数:57

开云体育 saving 21-kaiyun·开云(中国)官方网站 入口

In 2025, China's real estate market finds itself at a critical juncture, prompting a series of increasingly assertive policy interventions from the highest levels of government. What began in September 2024 with a call to \"开云体育promote stabilization and recovery\" at a Central Political Bureau meeting has escalated through five distinct phases, each signaling a more urgent commitment to prevent a collapse.

The initial policy shift in late 2024 gained momentum at the December economic work conference, where the objective was upgraded to \"continuously exert effort to promote stabilization and recovery.\" This was followed in February 2025 by the inclusion of \"stabilizing the housing and stock markets\" as a key policy goal, further amplifying the government's intent. By June 13th, a State Council executive meeting explicitly called for \"greater efforts to promote stabilization and recovery,\" setting a July deadline for a nationwide assessment of land supply and ongoing construction projects to refine policy strategies. This culminated in joint pronouncements from the State Council, the People's Bank of China, and the Ministry of Housing and Urban-Rural Development on July 3rd, emphasizing the need to \"continuously consolidate the stable trend.\" The urgency reached a peak on August 18th when the State Council mandated \"forceful measures to consolidate stabilization and recovery,\" specifically targeting the release of pent-up demand for upgraded housing.

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A multi-pronged strategy is now underway to shore up the sector. The cost of homeownership is being drastically reduced. The minimum down payment for both first and second homes has been slashed to 15% nationwide, an unprecedented low. Mortgage rates have followed suit, with the benchmark five-year Loan Prime Rate (LPR) hovering at a historic 3.5%, and some cities offering first-time buyer rates below 3%. To illustrate the impact, consider a 2 million yuan property: the down payment shrinks from 600,000 yuan to 300,000 yuan. For a 1 million yuan, 30-year loan, each 0.1% reduction in interest rates translates to a 58 yuan decrease in monthly payments, saving 21,000 yuan over the life of the loan.

Tax relief measures are also being deployed, including lower deed taxes, higher income tax exemptions, and reduced land appreciation tax prepayment rates, complementing purchase subsidies offered by over 50 cities.

Furthermore, the \"whitelist\" program for real estate project loans has expanded from 5.6 trillion yuan at the end of 2024 to 8.5 trillion yuan in 2025, covering over 90% of projects nationwide. The government is also experimenting with net land transfers and mixed-use zoning, allowing commercial properties to be converted into residential or affordable housing. On the development side, the focus is shifting towards pre-sale restrictions and mandatory simultaneous delivery of public amenities, with financial oversight prioritizing cash flow assessments over collateral dependence.

The revitalization plan includes large-scale urban village renovation projects, with 1 million new units added in 2024 and further expansion planned for 2025, aiming to spur the sale of 200 million square meters of commercial housing. To fuel these initiatives, a diverse range of funding mechanisms are being utilized, including ultra-long-term special treasury bonds, increased issuances of national debt, Pledged Supplemental Lending (PSL), and dedicated special loans, with special-purpose bonds alone amounting to 4.4 trillion yuan.

The impetus behind this extensive intervention is clear. The real estate sector is deeply entwined with the national economy, influencing 57 other industries and accounting for 20% of the nation's employment, 30% of its GDP, 40% of bank lending, 50% of local government revenue, and 60% of urban household assets. The stakes are undeniably high.

In the first half of 2025, real estate investment declined by 11.2%, significantly dragging down overall economic growth. While per capita income rose by 5.4 uring the same period, with rural income growing faster than urban income by 1.2 percentage points, purchasing power remains constrained.

As of the end of June 2025, the total unsold commercial housing area stood at 769.48 million square meters, a decrease of 4.79 million square meters compared to May, with residential inventory declining for the fourth consecutive month. While developer financing has improved marginally, with domestic loans increasing by 0.6nd foreign investment surging by 25.4%, overall sales continue to struggle. New home sales decreased by 3.5% in area and 5.5% in value during the first six months of the year. Data from 70 cities indicates that second-hand home prices in tier-one cities fell by 0.7% month-on-month in June. These figures underscore the persistent challenges facing the sector, necessitating the government's determined efforts to avert a deeper crisis and set the stage for a more stable and sustainable future.

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