Core view:
In early April, we compared the performance of the current real estate market adjustment period with that of the same period in history in the weekly newspaper. Now, the real estate data in April are released in full line. At the same time, there are great changes in the real estate market policy this week. Therefore, we focus on the real estate market again this time to analyze the current situation of the real estate industry and the existing policies, which can reverse the real estate frequency.
At present, various indicators of the real estate industry are still deteriorating. Both investment growth and subdivision indicators such as sales, new construction, construction and construction have reached a historical low.
The policy aspect moves from bottom-up to top-down. According to the statistics of China Index Research Institute, up to now, more than 130 cities across the country have issued real estate policies more than 200 times. Especially since April, about 70 cities have issued new policies for the real estate market, increasing the pace of optimization. The content of the policy involves many aspects, such as reducing interest rates, reducing down payment, house purchase subsidies, tax concessions, increasing the amount of provident fund loans, adjusting the scope of purchase restrictions, shortening the period of sales restrictions and so on. From the perspective of the real estate market in Zhengzhou, we can see the role of the real estate market alone.
From the perspective of mortgage pressure, the reduction range of benchmark interest rate and the current market yield performance, we believe that the 15 basis point reduction of five-year LPR has limited effect, and it is expected that more and more vigorous policies will still be on the way.
