Annex:
dynamic summary of the recent bailout policies
1, the State Council issued No. 131131 transformation problem. (b) various channels to raise funds for construction. (c) Housing Fund to carry out a pilot for housing construction.
Second, to further encourage housing consumption of ordinary goods (d) to increase their own homes and improve the type of housing consumption credit support. in the implementation of the first people to buy ordinary housing loans, loans to enjoy the preferential interest rate and down payment at the same time, to have the loan to buy a house, but the per capita living space less than the local average level, and then apply for a loan to buy the second set for the improvement of living conditions of ordinary people from the housing, mutatis mutandis, the implementation of the first loan to buy ordinary housing preferential policies. on other loans to buy second and more housing, lending rates and other benchmark interest rate by commercial banks based in reasonable assurance on a risk. (e) the transfer of part of the housing business tax relief for the provisional implementation of the policy year. ordinary individuals to purchase existing housing more than 5 years (including 5 years) for sale exempted from business tax, to more than 2 years (including 2 years ) transfer exempted from business tax; to individuals to purchase ordinary housing transfer of less than 2 years, according to the transfer of income from the full collection of business tax, the transfer of income to their original price minus the purchase of housing business tax. individuals to purchase existing ordinary housing non- more than 5 years (including 5 years) the transfer of the transfer income minus their original cost to purchase a home the difference between the collection of sales tax, to more than 2 years (with 2 years) the transfer of the transfer income minus their original cost to purchase a home business tax; individuals to purchase less than 2 years of non-ordinary housing assignment, based upon the transfer of sales tax revenue collected in full. The above provisional implementation of the policy to December 31, 2009. Third, to support real estate development enterprises to actively respond to market changes (f) to guide real estate development enterprises to actively respond to market changes. real estate development companies according to market changes and needs, taking initiative to promote reasonable price sales of commodity housing. Local people's governments at all levels to do well before the end of 2008 the real estate project payment settlement, the farmers payment of wages and other supervision and inspection. for real estate development enterprises to adjust the sales price of housing disputes arising in the course, we must work hard to resolve the work, according to the contract to guide the parties through legal channels. (vii) to support real estate development enterprises reasonable funding needs. commercial banks according to the principles of credit and regulatory requirements, increase in the low-cost, small and medium size apartment building, especially in the construction of the project credit support; on the strength of a reputable real estate development enterprises mergers and acquisitions the enterprise or project, provide financing support and related financial services. enterprises with better conditions to support credit approval to issue corporate bonds, real estate investment trust to carry out the pilot, expand direct financing channels. (h) the removal of urban real estate tax. for further fair tax burden, improve the property tax system, according to legal procedures to cancel the city real estate tax, the uniform application of foreign enterprises and the ) implementation of the local people's government stabilize the real estate market functions. (x) according to local conditions to solve the housing difficulties of other groups of housing.
Fifth, strengthen the real estate market monitoring (k) continue to strengthen the real estate market monitoring and analysis. (xii) strengthen supervision and inspection.
six, and actively create a good atmosphere for public opinion (m) adhere to the correct guidance of public opinion.
policy on the Background:
Premier Wen Jiabao, 17 December 2008 State Council executive meeting presided over to study the deployment to promote the healthy development of the real estate market policy measures. recent countries to take to expand domestic demand and promote stable and rapid economic growth policies and measures, the meeting identified the following policies and measures of
(a) to increase construction of affordable housing efforts. ( b) to further encourage housing consumption of ordinary goods. (c) to guide real estate development enterprises to actively respond to market changes, and promote housing sales. supports a reasonable financing needs, and increase in low-cost, small and medium size apartment building, especially in the construction credit support to the project, on the strength of a reputable real estate development companies to finance mergers and acquisitions and related financial services. in accordance with legal procedures to cancel the city real estate tax. in the State Council executive meeting of the deployment to promote the healthy development of the real estate market policy measures, at the outset, a clear clear policy intent is to save the property market to secure economic growth, promote domestic demand. encourage the general consumption of commodity housing initiatives to further overweight, the State Council of the current status of the property market, the Chinese government to deploy high-level feature of the healthy development of the real estate market policy measures, indicating that the central attaches great importance to the real estate industry, initiatives, to give the market good enough information to restore confidence conducive to the market, then gradually warming trend. is central to the two sets of mortgage policy to open a smaller hole in the market place who does not feel.
for Housing City health development is the development of the central government held the industry intent of thirteen measures with innovative content, and rescue policy autonomy given to the intention of commercial banks is also more obvious, and local governments also have a display space, the future performance of the property market depends on how the use of autonomy. New Deal to encourage real estate development companies at a reasonable price MERCHANTABILITY, support the reasonable housing prices and the cancellation of the credit needs of urban real estate tax and so boost the confidence of the real estate business, the role also significantly reducing the burden, considerable financial pressure to solve specific developers. New Deal for the first time face to encourage improvements in the type of housing needs, market demand, which can promote the release of active degrees to be further enhanced, but also to promote market stability and orderly development.
the real estate industry's position is that an unprecedented height, in the past building materials and home appliances household goods and other industries important, Wen Ding and development of the financial sector is essential for the promotion of consumption structure upgraded with an important role in improving people's livelihood. There are two key tasks have talked about the real estate industry, the burden of living an ordinary commodity housing, real estate in expanding domestic demand to play a positive role. Working Conference of the spirit. re-boost the real estate industry as to promote investment and ensure the necessary economic choices. real estate pushed to the ; the first, and so sent out a clear policy mix, There are both subjective and objective factors. subjectively market trends during the downturn in the past year has shown a pattern and characteristics of a bear market, market dynamics Ruoshi particularly embarrassing, some of the property market has little vitality. The domestic and international economic stage environment has worsened the recession is the world's common problems, to preserve the economic stability of the rapid development as the primary task of economic work. In this critical moment, save the city become a top priority, but only to save the property market will have a multiplier of the overall economic situation effect.
2, People's Bank of China, fourth quarter of 2008 the full rate cut five times per day to maintain growth
the year 2008, the PBOC announced that the fifth interest rate cut: from December 23, the lower one-year RMB benchmark deposit and lending interest rates seven percent of the 0.2, the first time this year cut interest rates from mid-September, less than hundred days time, the central bank cut interest rates so frequently used tools, to maintain growth of the heart is evident. The central bank said, the other period of the deposit and lending interest rates adjusted accordingly. Meanwhile, cut the central bank refinancing and rediscount rates. From December 25, the lower the financial institutions of RMB deposit reserve ratio by 0.5 percentage points. the central bank rate cut basically meet market expectations. In the fifth interest rate cut before the central bank announced one after another of the economic indicators released, the Chinese economy may face downside risks rather than expected. The rate cut last time China cut interest rates during 2008, and a survey shows that over half of institutional investors that the 2009 rate cut will reach or more than one hundred basis points. In the fifth time the Chinese central bank announced interest rate cut before the Fed has cut U.S. interest rates at least seventy-five basis points, down to lowest point in history.
more than two months, the central bank has cut interest rates four times, most recently cut interest rates more than ten year record of the most significant. But after the hustle and bustle, into a corner of the property market did not immediately pull through, wait and see atmosphere is still diffuse. Market participants generally believe that the current problem is that the property market, has introduced a policy of rescue does not solve the housing market confidence. the return of warmer conditions in the property market situation is not yet available, price promotions are still relatively developers effective > The previous three were 0.27 percentage point rate cut, this time within two months of the fourth rate cut as much as 1.08 percentage points, far exceeding market expectations, its dynamics, and second only to August 1996 October 1997 of two large-scale cuts.
Zhenghua Comments: I believe that in time the last three months the central bank cut interest rates several times and even urgency, low interest rate will reduce the cost of real estate development companies, The people from the field to real interest rates are also reducing the burden, cut in the property market, the stock market is good news superimposed, reducing the burden of mortgage interest rates five times already Jinliang Cheng. cut interest rates again to help boost market confidence, not only can reduce the room financial costs to industry, and lower interest rates will further stimulate the enthusiasm of the residents of the purchase. reduced the interest rate reflects the decision-making policy.
are China, the central bank cut interest rates substantially single the effect of reducing the burden for the enterprise income is obvious, reducing the burden of listed companies, reduce financial costs, effectively promote the performance of listed companies improved. In addition, the banking sector is certainly positive. monetary policy relaxation, can also increase revenue for the bank. At present series of property market policy ; prop up the market bearish attitude majority. Currently the game is intensifying between the seller and the buyer will remain market-driven housing prices down.
I believe that the rate cut greatly enhance the real estate market, consumer confidence, especially greatly stimulated first time home buyers purchase intention. However, due to the implementation of two sets of loans are still tight policy is not conducive to improve the type of demand for the release. so short period of time does not change the status of the property market turnover decline of the downturn, the future property market may be show One is a phased process, at this stage the market is still a major psychological impact. cut mainly aimed at the economic level of liquidity, focusing on stimulating domestic demand, to secure stable and rapid economic development as the next two years of economic primary task, rather than a single for the real estate industry.
I also believe that the government prop up the intensity of first-aid breakthrough innovation, policy intentions are clear. substantial policy interest rate cut led the fundamentals of good running of the situation, policy The warm wind blowing, boost market confidence, the basic policy of continually becoming the face of the property market is good. successive interest rate cuts in the property market has had a subtle effect, but the rate cut to stimulate the property market can not become the main cause of warming. property policy continued good, played a supporting role in the market, to some extent the market has played a stabilizing role, but watching the property market in general thicker atmosphere, the occasion of the end mark, the industry is expected to remain bearish, and therefore, very short period of time the New Deal difficult to play on the overall market, quick and immediate effects.
central bank released last November 17 the will a new low. Thus, the central bank Shanghai headquarters of the New Deal effect remains to be seen holding the attitude.
stock of mortgage interest rates four major banks to apply for preferential
Qizhe many days of silence, the Construction Bank, Industrial and Commercial Bank Bank of China, Agricultural Bank of the four lines on the stock of mortgage lending rate measures to finally let go the first day of the New Year: as long as 27 October 2008 implementation of the benchmark interest rate discount of 0.85 times, no bad credit record of quality customers, in principle, can be Application Qizhe prime rate.
stock of mortgage refers to the October 27, 2008 mortgage payment before the New Deal in the individual housing loans to pay off part of yet. As of December 31, 2008, more than the national Bank mortgage customers has been launched for the stock Qizhe prime rate, such as Minsheng Bank, Bank of Communications, Shanghai Pudong Development Bank, China Everbright Bank, and other small commercial banks.
It is understood that other details of the majority of small and medium banks issued similar, basic requirement is the implementation of the benchmark interest rate eight pre-discount for an offer no bad credit record, some banks have loans for the first suites, and other restrictions.
afterwards: 7 million in discount rate interest loans could save 170,000 yuan
If you press room Loan balance due 100 million, loans of 20 years, eight half of the amount of the loan interest rate calculations, home buyers pay interest of about 1 million yuan (5.94% * 0.85 * 20 * 100 million = 1,009,800 yuan), according to the benchmark interest rate Qizhe calculation, the interest paid by buyers is about 83 million (5.94% * 0.7 * 20 * 100 million = 831,600 yuan), both compared to the interest rate for home buyers Qizhe save 178,200 yuan of interest .
Zhenghua Comments: New Deal in the market in terms of personal loans is a key measure for the industry, recognized the macro-control measures that have particularly strong lethal credit focus, 7 discount rate discount is the industry's attention, the four major banks personal loans interest rates in the stock of mortgage incentives 7 fold relaxation, aimed at stabilizing the property market to promote market stable and to pick up, focus on the overall banking system, compressed profit stability.
3, Ministry of Finance, the business tax on the transfer of individual housing policy notice
Ministry of Finance and State Administration of Taxation December 29, 2008 release fiscal [2008] No. 174 on individual housing transfer notice of business tax policy. summarized as follows:
one, since 2009 January 1 to December 31, individuals will purchase less than 2 years external sales of non-ordinary housing, full charge sales tax; individuals will purchase more than 2 years (including 2 years) of non-ordinary housing or less than 2 years external sales of ordinary housing, in accordance with its sales revenue minus the purchase price of housing after the business tax; individuals will purchase more than 2 years (including 2 years) ordinary housing foreign sales, exemption from sales tax. Second, the general housing and non-ordinary housing standards, the specific procedures for tax exemption, the time to buy houses, invoicing, the difference between the tax deduction certificate, non-purchase behavior and the form of access to housing other related tax regulations, in accordance with the Notice of property tax administration Since 1 January 2009, the the new policy to reduce taxes on the trading session, aimed at reducing the burden of an active trading market activities to encourage their own homes and improve the type of market demand for the release. individual housing is related to the transfer of the property market a second-hand housing market linkage development and delivery degree of investment activity increase is related to the central government the did not produce results, you can extend; if the prevailing market speculation caused, you can cancel or re-adjustment.
4, state 900 billion yuan investment plan
accordance with the standards, work to implement rental investment 215 billion in shantytowns, 101.5 billion yuan investment, affordable housing investment 600 billion yuan.
Zhenghua Comments: Real estate has been focused on the livelihood security, detailed and quantified 900 billion yuan of housing investment protection program to promote China's real estate market into a healthy and orderly track, substantial residential construction which entered a guarantee by the central government-led housing a new stage of rapid development. The Government has increased support and upgrades, which is bound pattern of housing development have a profound impact.
5, Shanghai Municipal Government, the latest Bureau, the Municipal Construction and Transportation Committee, Urban Planning and Land Resources Bureau jointly issued a notice, the following implementation of the observations: First, to actively carry out the construction of affordable housing in the state on the basis of credit policy, to further broaden the protection of housing construction financing channels, In the premise of ensuring safety of funds, actively seek to add the city housing fund for the city of idle funds such as the construction of affordable housing pilot project to increase the supply of affordable housing. Second, the transfer of individuals to purchase more than 2 years (including 2 years) housing, ordinary housing exempted from business tax, the transfer of non-ordinary housing according to their income and purchase price of the housing business tax; individual purchase of less than 2 years of the transfer of housing, general housing, according to the transfer of income and housing price difference between the purchase of the business tax, non-ordinary housing according to the transfer of sales tax revenue collected in full. Third, is the loan to buy a housing residents to improve living conditions, then the loan to buy the second set of ordinary housing, mutatis mutandis, the implementation of the first loan to buy ordinary housing preferential policies; meet the housing Personal loans to fund the purchase conditions, have been determined, according to the first purchase of ordinary housing occupied housing provident fund loans policy enforcement. second set and other loans to buy more housing, lending interest rates in the benchmark interest rate by commercial banks on the basis of reasonably determined by risk. Fourth, the purchase of 90 square meters of housing to improve the living conditions of ordinary, Zanan deed tax rate of 1%. V. purchase of second homes of ordinary families apply for housing provident fund loans, in compliance with loan conditions cases per family (with 2 or more people, including 2 person) the maximum basic housing accumulation fund loan limit increased from 20 million to 40 million; if additional fund, the maximum loan limit per household for the 60 million ; for only one person in the family loans, continue to enforce existing lending policies, the basic housing fund maximum loan limit is 20 million, if additional fund, the maximum loan amount is 30 million. VI, to scientifically determine the land total supply, structure, layout and timing, real estate development sites to maintain continuity and stability. all districts and counties to meet the housing construction plan and the annual housing land required for housing construction plan, while ensuring the protection of housing and common commercial housing land supply. VII guide the real estate development enterprises to actively respond to market changes, reasonable pricing, and promote real estate sales. encourage and guide financial institutions to increase ordinary commodity housing construction projects, particularly in the construction of the project credit support, with a good reputation on the strength real estate development companies involved in mergers and acquisitions and the construction of affordable housing, providing financing and related financial services. VIII, to further strengthen market monitoring, standardize the order of real estate transactions; adhere to the correct guidance of public opinion to create a good atmosphere for public opinion, to encourage housing and reasonable consumption. relevant departments to strengthen supervision, the introduction of the machine on the use of opportunistic shill bidding policy of spreading false information and disrupt the market order, should be investigated and punished according to law. the second, third, fourth, five implementation period, from 2009 1 January 1 until December 31 only.
Zhenghua Comments: Shanghai new and relevant content, indicating that the policy support livelihood of the home-based housing needs, policies favoring greater efforts on the improvement of housing demand in the two sets of mortgage-based policy is also to be the policy of the support of the release of favorable interest rate policy, and on the purchase of 90 square meters of housing also impose concessions deed. policy is entirely out of the basic needs of housing, livelihood support.
Shanghai has just introduced the In addition to per capita living space of the first suite of restrictions on buying a second standard the enthusiasm of buyers needs to improve the model.
Annex
some new trends in housing prices
1, developers, small loan companies to switch
phenomenon: the main sponsor of many real estate companies in Shanghai
small loan companies are entering the restructuring of financial institutions, nor is it Fei and Industrial Group Co., Ltd. and Shanghai Science and Technology in South Asia, the other main sponsor of all the real estate business.
this phenomenon not only in Shanghai. In the first microfinance company in Zhejiang, the new lake Bao, Zhejiang Furun , Guangyu Group, housing prices have been involved in small loan company. in Sichuan, Sichuan Sanli investment real estate company set up the first microfinance company - Guangyuan, small loan companies financial benefits. The other real estate speculators Sichuan Kaiyuan , established two years ago has become a full small loans Guangyuan Co., Ltd. a large shareholder. in Chongqing, the newly opened area Ruikang microfinance longevity limited liability company, and also by operating the real estate industry in Chongqing Hing Mau ( Group) Co., Ltd. to fund the establishment.
the property market downturn because housing prices or route through transition
in the context of the global financial crisis, housing prices generally tight financial chain. Why are they still keen on small loan company? room rate money, tens of millions to be do have. rich, a big number. He also believes that the industry downturn, small loan company is also involved in diversified housing prices in one direction. local government support. industry analysts believe that small loan companies in order to run the pilot, local governments will take to raise the threshold, etc., many small companies are excluded, only the room rate and other large companies are eligible. Small Song Jiang Longxin Loans Chairman introduced the Shanghai No. 39 to require the government to do, small loan company the main sponsor of net assets of not less than 5,000 yuan, asset-liability ratio no higher than 70% for 3 consecutive years, the total earnings and profits of 15 million yuan.
seek restructuring financing, profits have both
Another reason is that real estate would like to transition and financial support. industry analysts believe that the real estate industry's high-speed development period has ended, you need to transition . small loan company that the primary financial enterprises in the future could become the core of rural banks and other financial companies, to provide financing services to their room rate. In addition, can maintain a good image, and get some business income. Experts said that the current financial hard to find a photo industry, eligible to apply for small loans into the company's future rural banks, deposits. This may also enter the room rate a small loan company purposes.
real estate and finance can not be separated if bigger, and requires cooperation. have real estate as collateral, financial institutions, comparative ease; room rate loans to the money, but also do other investments.
procedure is so simple for a small loan company in Shanghai opened to a warm welcome. microfinance Ltd. Shanghai Baoshan Pauline opened only two days, according to the company, has more than 20 companies to visit, and calling this interruption. Song Jiang Longxin microfinance Account Manager said, the office also decorated, a lot of people come to counseling, home consultation over the 30. from the November 17 opening date, has approved three loans. Office learned from the account manager, here's enterprises are involved in wine, machinery , food packaging, food, instruments, and other industries.
do in Songjiang, a Taiwanese restaurant in the days prior to the Song Jiang Longxin micro-credit loans to companies to submit all the information and was told the next day you can get 200,000 yuan loans. The company is very excited: manager said, to rush in more than 20 customers before opening an investigation, eligible to sign a contract opening. early December opening soon in Shanghai Jiading West Microfinance Limited, now has more than 50 customers have loans intentions. The survey found that lending rates and the period is the focus of customer inquiries.
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