Since the beginning of this year, the relaxation of real estate policy has mainly focused on the bottom-up "implementation of policies due to cities", including the reduction of mortgage interest rates by banks in many places and the relaxation of purchase and loan restrictions in "pressure cities". Through the high-frequency transaction data of various cities, we have described the effect of the implementation of the policy. Although there are restrictions on Residents' offline house purchase caused by the epidemic, the overall effect of policy relaxation is poor, Residents' concerns about the delivery of real estate enterprises and the expectation of downward house prices have always suppressed their willingness to buy houses.
The supply side of real estate policy has been "opened and the credit side will be further improved", and the demand side of real estate policy will continue to be "stable" in the future. At present, there are signs of policy support on the supply side. According to the China Securities Journal, on April 25, the central bank convened a meeting of commercial banks and a number of real estate companies, which mainly discussed the disposal of non-performing assets.
