At the State Council Information Office press conference on September 24, five new real estate financial policies were introduced. 1. Banks are guided to lower the mortgage rate on existing home loans, with an expected average reduction of about 0.5 percentage points. 2. The minimum down payment ratio for mortgages is unified to 15%. 3. The duration of two real estate financial policy documents is extended. 4. The policy on re-lending for affordable housing is optimized. 5. Support is provided for the acquisition of existing land by real estate companies.
On September 26, the Political Bureau of the CPC Central Committee held a meeting emphasizing the need to increase the counter-cyclical adjustment of fiscal and monetary policies. It is important to issue and utilize ultra-long-term special treasury bonds and local government special bonds effectively. The reserve requirement ratio should be lowered. Efforts should be made to stabilize the real estate market. Public concerns should be addressed by adjusting housing purchase restrictions. Efforts should be made to boost the capital market and strongly guide medium and long-term funds into the market.
On September 29, Premier Li Qiang presided over a State Council executive meeting to study and deploy the implementation of a package of incremental policies, emphasizing the need to use a combination of measures to address prominent issues in economic operations and strive to achieve the annual economic and social development goals. The meeting deployed measures to accelerate the implementation of 102 major projects in the "14th Five-Year Plan."
During the National Day holiday, Beijing, Shanghai, Shenzhen, and Guangzhou successively optimized and adjusted real estate policies. The Guangzhou Municipal Government Office issued a notice announcing that, starting from September 30, all housing purchase restrictions for resident families in the city would be lifted.
On October 12, the State Council Information Office held a press conference to introduce the situation regarding "increasing the counter-cyclical adjustment of fiscal policies and promoting high-quality economic development."
