If itself and its holding subsidiaries are involved in real estate, the income and profit of the first phase of real estate business in the latest year shall not exceed10% of the corresponding index of the enterprise in the current period;
If the subsidiary is involved in housing, the proportion of investment income generated by the first phase of real estate business in the latest year to the current profit of the enterprise shall not exceed 10%.
Relevant persons of the CSRC said that over the years, the CSRC has fully implemented the relevant arrangements of the CPC Central Committee and the State Council, played the role of the capital market in serving the development of the real economy, and adhered to the position that houses are used for living, not for speculation, which has promoted the stable and healthy development of the real estate market. The equity financing policy of the capital market for housing-related enterprises not only strictly restricts the equity financing of enterprises whose main business is real estate, but also reasonably maintains the effective play of the financing function of the capital market in order to better serve and stabilize the economic market.
It is reported that many cities across the country have lowered the interest rate of the first home loan. For example, Qingyuan, Guangdong, lowered the interest rate to 3.7%, which is the lowest level at present; Yangjiang, Guangdong lowered the interest rate to 3.9%; Shandong Jining lowered the interest rate from 4. 1% to 3.95%; Tianjin, Guiyang, Wuhan, Yichang and Xiangyang, Hubei all decreased from 4. 1% to 3.9%.
This round of downward adjustment of the first home loan interest rate stems from the phased adjustment of differentiated housing credit policies issued by the People's Bank of China and the China Banking Regulatory Commission at the end of September.
The policy requires that the lower limit of the interest rate of the first set of commercial personal housing loans be relaxed in stages before the end of 2022 for cities where the sales price of new commercial housing continues to decline from June to August 2022. According to the principle of "making policy according to the city", the city government that meets the above conditions can independently decide to maintain, reduce or cancel the lower limit of the local first-home commercial personal housing loan interest rate according to the changes in the local real estate market situation and regulatory requirements.
In addition to lowering the interest rate of the first home loan, there have been frequent favorable policies for buying houses recently, such as optimizing and adjusting the housing provident fund policy and giving tax rebates to repurchased houses. , effectively reducing the cost of buying a house.
On September 30th, the People's Bank of China decided to reduce the interest rate of the first individual housing provident fund loan by 0. 15 percentage points from June, 2022, and adjust the interest rates for less than five years (including five years) and more than five years to 2.6% and 3. 1% respectively. The second set of personal housing provident fund loan interest rate policy remains unchanged, that is, the interest rates for less than five years (including five years) and more than five years are not less than 3.025% and 3.575% respectively. This is the first time that the People's Bank of China lowered the interest rate of the first individual housing provident fund loan after more than seven years.
The fiscal and taxation policies also give preferential treatment to residents to buy houses. On September 30th, the Ministry of Finance of People's Republic of China (PRC) and State Taxation Administration of The People's Republic of China issued the Announcement on Personal Income Tax Policy for Supporting Residents to Purchase Houses, which clearly stated that in order to support residents to improve their housing conditions, they would sell and re-purchase their own houses in the market within 1 year after the existing houses were sold from June 10 to June/2, 2023.
Pang Yao, chief economist of Jones Lang LaSalle in China, said that all localities have actively implemented the policy of stabilizing the property market recently. A number of banks have lowered their mortgage interest rates independently according to market changes and their own operating conditions, and some cities have lowered the down payment ratio and the lower interest rate limit. This means that the policy "combination boxing" is actively helping the real estate market to restore confidence, restore mood and boost transactions.
Zhang Wenlang, an analyst at CICC, pointed out in the research report that recently, the combination of policy tools to stabilize the real estate market has been intensively introduced, and the policies are mainly aimed at the reasonable financing needs of affordable housing enterprises, as well as stabilizing the just-needed and improved housing demand on the premise of "staying and not speculating". It is expected to promote the further stability of the supply and demand sides of the real estate market.
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