2014-09-16

Hubei Expands Real Estate Bailout

The centerpiece of the policy is a 30% discount on interest rates for first time home buyers. Can they do that? As covered in Chinese Cities Call for Easing of Mortgage Credit, Bankers Laugh, interest rate policies are under the purview of the PBOC and the central government. Unless they approve of the move, these are merely suggestions for the banks, who will promptly ignore them.

The plans also call for reduced taxes and fees for first-time and smaller home buyers. These policies aren't new and have been introduced in other provinces this summer.

湖北发布“鄂六条”救市 首套房贷利率打7折

An influx of new domestic bailout looming. Yesterday, the Hubei Provincial Department of Construction issued a document known as the urban and rural residents to buy their first home loan ordinary commodity housing, down by 30% the proportion of money to perform, the lower limit of lending rates can be expanded to 0.7 times the benchmark rate. Individuals to purchase ordinary commodity housing belongs to the family only, half of the deed tax and other content caused concern.

Previously existing Sichuan, Fujian and other provinces issued provincial bailout documents, covering the first suite of loan interest rates , relaxed first suite finds that fund loans, financial subsidies and other content, which is the industry that the first round of 46, following the purchase of the city 39 After a relaxed, country set off a second round of bailout tide.

Hubei enjoy 30% off the first time, the interest rate for home loans

Since June this year, announced the cancellation of Hohhot, Inner Mongolia since the purchase of houses, many cities are gradually relaxed housing restriction policy, setting off a round of bailout tide. According to statistics, as of now, the purchase of 46 remaining cities Beijing, Shanghai, Guangzhou, Shenzhen, Zhuhai, Nanjing, Sanya City is still running seven restriction.

Yesterday, the Hubei Provincial Urban Construction Department issued "Opinions on Promoting the province's real estate market is stable and healthy development," the opinion by the media as "E six." Which explicitly states that residents buy their first home loan ordinary commodity housing, the first payment by 30% execution, the lower limit of lending rates can be expanded to 0.7 times the benchmark rate, and require banks to mortgage loan agreement has been signed within a month to be lenders. Individuals to purchase ordinary commodity housing belongs to the family only, and halved the deed; individuals to buy 90 square meters and the following family only ordinary commodity housing, deed tax rate of 1% levy.

In addition, within the province also provides a range of home buyers can use remote deposit the housing fund to handle loans that meet the requirements to apply for off-site buyers who settled in accordance with the procedures and so on.

The second wave of increased scale bailout

Reporters learned that, before Hubei, there are Sichuan, Fujian and other provinces issued provincial bailout documents, to stimulate the market through credit, finance, taxes, subsidies and other forms.

In response, Beijing Centaline chief analyst Zhang Dawei believe that the first round to 39 cities relaxed restriction based, the second round of deregulation policy is mainly characterized by the introduction of the provincial department of local rescue rules, the main content of the basic increase in housing subsidies and reduce the difficulty of fund use, requiring commercial banks to lower business loan interest rates.

"If we say that the characteristics of the first round of bailout is relaxed, then the second wave is characterized bailout stimulus, the scale is also growing, the market has moved from a shortage to require the purchase of anti-phase to the inventory glut", Shanghai E-House Real Estate Institute researcher Yan Yuejin said.

Shanghai E-House Real Estate Institute released data show that 1-8 months, real estate sales area of 649.87 million square meters, down 8.3%; August 10 typical urban land transfer revenue 53.1 billion yuan, down 38.6 percent.

Dawei analysis, from the current market, because of the economic gains slowed, leading to the local government reliance on real estate increased significantly, in this case, is expected to save the city from around the enthusiasm will continue to rise, there will be a number of provinces in the late bailout policies.

Credit into the key trends affecting the property market

Nationally, the purchase is not the key policies affecting the property market. The industry believes that if the credit will relax, will become the single most critical factor to determine the trend of the property market in the coming year.

Shanghai E-House Real Estate Institute researcher Yan Yuejin believes that the possibility of relaxing the credit environment will increase, because of the lack of credit if the role of the lubricant, the so-called deregulation policy restriction actually can not play good as expected.

In this regard, the constant silver-based [ Introduction News ] Kim He Muze analysts believe that although the introduction of the provinces to relax credit policy documents, but did not participate in the Banking Bureau and the central bank, local commercial banks probably difficult to enforce it. Moreover, the bank also has its own profit and risk considerations, the current property market, banks more cautious. (Yuan Xiaolan)

The second wave of bailout area list

Sichuan July 31

As long as actively issuing bank prime rate of the first mortgage, the provincial government will pay subsidies to banks to 3 percent of the loan amount.

Fujian August 8

Purchase copy copy number calculated only primary housing, home for the first time to improve the type of housing by the first set of terms; again after the mortgage paid off the mortgage identified by the first suite, the down payment and interest rate lower limit of execution; encourage buyers to settle in the town, you can bring immediate family, rural Housing can be transferred according to law; remote province buyers can extract fund.

Hubei September 15

Japan has signed a loan agreement for the individual housing loans, in principle, to the signing of an agreement; residents to buy their first home loan ordinary commodity housing, the first payment execution by 30%, the lower limit of lending rates can be expanded to 0.7 times the benchmark rate give loans within one month; support remote buyers in the purchase of commercial banks for the location of individual housing loans.

Recent deregulation of secondary cities

Hangzhou

August 28 announced the purchase of the main city of Hangzhou, 140 square meters of housing (including commodity housing, second-hand housing) no longer provides housing situation query records.

July 28 announcement, Yuhang District of Hangzhou, Xiaoshan District cancel the purchase, the main city of 140 square meters and more than cancel the purchase.

Xi'an

Since September 1, the purchase of commodity housing and second-hand housing in the Xi'an area, no declaration of domicile and the original housing situation.

July 28 announced the cancellation of 60 square meters of housing purchase.

Wuxi

From August 30, Wuxi city to suspend the purchase of housing policy.

July 26 announced that more than 90 square meters of housing purchase canceled.

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