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Accelerate the establishment of a new model for real estate development, focus on stabilizing the expectations of real estate enterprises

Time：2023-05-10 10:35

"Driven by the policies at both ends of supply and demand, the rigid and improved housing demand accumulated in the early stage will be gradually released, driving the gradual repair of real estate sales and development." Wen Bin, chief economist of China Minsheng Bank, said.

From the investment side, the decline in real estate development investment and the decline in funds in place for real estate development enterprises have narrowed. In the first three months of this year, the national real estate development investment was 3,25974.5 billion yuan, down 8.10% year-on-year, significantly narrower than last year's 34708% decline; The funds in place for real estate development enterprises were 9,25.9 billion yuan, down <>% year-on-year, and sharply narrowed from last year's decline of <>.<>%.

Correspondingly, the financing situation of housing enterprises is gradually improving. The growth rate of real estate development loans increased. As of the end of March, the balance of real estate development loans was 3.13 trillion yuan, an increase of 3.5% year-on-year, and the growth rate was 9.2 percentage points higher than the end of the previous year. "In the first quarter, the cumulative increase in real estate development loans was about 2 billion yuan, which is at a high level compared with the scale of commercial housing under construction in the same period." Zou Lan, director of the Department of People's Bank of China Monetary Policy, said.

From the sales side, the decline in the sales area of commercial housing narrowed, and sales turned from decline to increase. The sales area of commercial housing in the first three months was 3.29946 million square meters, down 1.8% year-on-year, further narrowing from the 2.3% decline in the previous February, and significantly narrowing from last year's 6.24% decline. It is worth noting that the sales of commercial housing were 3,30545.2 billion yuan, an increase of 0.1% from a decrease of 4.1% in the previous February, of which residential sales increased by 7.1%.

This means that the effects of a series of policies in the early stage are continuing to appear, especially driven by the adjustment and optimization of the first home loan interest rate policy, the mortgage interest rate has fallen, and the demand for housing has been further released. "In March this year, the interest rate of newly issued personal housing loans was 3.4%, down 14.1 percentage points year-on-year." Zou Lan said that the People's Bank of China and the China Banking and Insurance Regulatory Commission have established a "dynamic adjustment mechanism for the first home loan interest rate policy", and as of the end of March this year, a total of 35 cities met the conditions for relaxing the lower limit of the first home loan interest rate, of which 3 cities lowered the lower limit of the first home loan interest rate, and 96 cities canceled the lower limit of the first home loan interest rate.

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