Zhongfang. com (Yachen/Wen) has been calling for a long time, and the real estate has finally ushered in three favorable policies.
According to the news of Xinhua News Agency on August 25th, the Ministry of Housing and Urban-Rural Development, the People’s Bank of China and the General Administration of Financial Supervision recently jointly issued the Notice on Optimizing the Criteria for Determining the Number of Housing Units in Personal Housing Loans (hereinafter referred to as the Notice) to promote the implementation of the policy and measures of "recognizing the house without recognizing the loan" when purchasing the first home loan.
On the same day, the Ministry of Finance, the State Administration of Taxation and the Ministry of Housing and Urban-Rural Development also issued the "Announcement on Continuing to Implement Individual Income Tax Policies to Support Residents to Purchase Houses" to continue to support residents to improve their housing conditions and give preferential tax refund to the individual income tax paid for the sale of existing houses. In addition, the Ministry of Finance and the State Administration of Taxation also issued the Announcement on Continuing to Implement Tax Preferential Policies for Public Rental Housing, and decided to continue to implement tax preferential policies for public rental housing.
Previously, the Ministry of Housing and Urban-Rural Development had put forward policies and measures such as tax reduction and exemption for improved housing redemption and "no need to recognize loans" for personal housing loans at the enterprise symposium held at the end of July.
Nowadays, the introduction of the above-mentioned policies conforms to the spirit of the Politburo meeting and the optimization and adjustment of the real estate policy orientation mentioned by the National Standing Committee, which is of great guiding significance for the subsequent introduction of relevant policies in local areas.
Promote the implementation of the first home loan "recognizing the house but not the loan"
The Notice clarifies that when households (including borrowers, spouses and minor children) apply for loans to buy commercial housing, if family members do not have complete sets of housing in the local name, banking financial institutions will implement the housing credit policy according to the first set of housing, regardless of whether they have used loans to buy housing.
The relevant person in charge of the Ministry of Housing and Urban-Rural Development said that this policy will enable more buyers to enjoy the down payment ratio and interest rate concessions for the first home loan, which will help reduce the cost of housing purchase for residents and better meet the demand for rigid and improved housing.
Wang Xiaotong, chief analyst of Zhuge Data Research Center, pointed out that "recognizing the house without recognizing the loan" is conducive to the release of improved demand, and it is also in line with the policy of better meeting the demand for improved and reasonable housing, enhancing market activity and promoting the stable development of the real estate market.
According to the statistics of Zhuge’s housing search, as of August 3, 18 key cities under its monitoring, including Beijing, Shanghai, Guangzhou, Shenzhen, Xi ‘an, Xiamen, Chengdu, Changsha, Hefei, Fuzhou, Wuhan, Qingdao, Ningbo, Chongqing, Shijiazhuang, Zhuhai, Dongguan and Haikou, are still implementing the policy of "recognizing housing and repaying loans". With the introduction of this policy, the above cities are expected to further open up the space for policy optimization.
It is understood that the above-mentioned "Notice" also proposed that this policy, as a policy tool, be included in the "one city, one policy" toolbox for cities to choose independently.
Wang Xiaoyu believes that this means that "recognizing housing and not lending" meets the policy implementation standards, but it is still necessary for local governments to decide whether to use it. It is expected that in the context of the current market downturn, the probability of first-tier cities following up is greater.
According to Yan Yuejin, research director of Yiju Research Institute, this has two advantages. First of all, it is linked to the market situation, which helps the implementation of policies to better meet the needs of the market. Secondly, it is more flexible to implement such policies in big cities. In some big cities, the current market is cold and hot, so we can make a better policy of "recognizing the house but not the loan" according to the market research. Yan Yuejin said that in view of the current call for the implementation of housing recognition but not loan recognition, it is expected that first-tier cities will gradually introduce new mortgage policies from the end of August to the beginning of September.
Continue to implement the personal income tax policy to support residents to buy houses.
On the same day, the Ministry of Finance, the State Administration of Taxation and the Ministry of Housing and Urban-Rural Development also issued the Announcement on Continuing the Implementation of Individual Income Tax Policies to Support Residents to Purchase Houses (hereinafter referred to as Announcement No.28).
According to Announcement No.28, from January 1, 2024 to December 31, 2025, taxpayers who sell their own houses and re-purchase houses in the market within one year after the sale of their existing houses will be given preferential tax refund for the personal income tax paid for the sale of their existing houses. Among them, if the newly purchased housing amount is greater than or equal to the current housing transfer amount, all the paid personal income tax will be refunded; If the amount of newly purchased housing is less than the transfer amount of existing housing, the personal income tax paid for the sale of existing housing will be refunded according to the proportion of newly purchased housing to the transfer amount of existing housing.
Announcement No.28 clarifies that the current housing transfer amount is the market transaction price of the housing transfer. If the newly purchased house is a new house, the purchase amount is the transaction price indicated in the purchase contract signed by the taxpayer in the housing and urban-rural construction department; If the newly purchased house is a second-hand house, the purchase amount shall be the transaction price of the house.
Announcement No.28 stipulates that taxpayers with preferential policies must meet two conditions at the same time: First, the houses sold and repurchased by taxpayers should be within the same city. The same city scope refers to the scope of all administrative divisions under the jurisdiction of the same municipality, sub-provincial cities and prefecture-level cities (regions, prefectures and leagues); Second, the taxpayer who sells his own house must be directly related to the newly purchased house and should be the owner or one of the owners of the newly purchased house.
In fact, this policy was previously released in September 2022. This policy emphasizes the continuation of the tax rebate policy for repurchased houses, so that buyers can better enjoy the benefits of tax rebate.
Yan Yuejin believes that the introduction of policies by the Ministry of Finance and other three departments has a positive orientation. It further shows that the fiscal and taxation policy is an important embodiment of supporting the housing market at present. It is necessary to further publicize such policies, especially to actively release the policy effects in the light of the favorable background of the recent market expectation adjustment.
Continue to implement preferential tax policies for public rental housing.
In addition, the Ministry of Finance and the State Administration of Taxation also issued the Announcement on Continuing to Implement Preferential Tax Policies for Public Rental Housing on the same day (hereinafter referred to as Announcement No.33). The land used during the construction of public rental housing and the land occupied after the completion of public rental housing are exempted from urban land use tax.
It is reported that supporting the construction of public rental housing in other housing projects is exempt from urban land use tax involved in the construction and management of public rental housing according to the proportion of the construction area of public rental housing to the total construction area.
Announcement No.33 proposes that the public rental housing management unit shall be exempted from the stamp duty involved in the construction and management of public rental housing. Supporting the construction of public rental housing in other housing projects, the stamp duty involved in the construction and management of public rental housing shall be exempted according to the proportion of the construction area of public rental housing to the total construction area.
The purchase of housing by the public rental housing management unit as public rental housing is exempt from deed tax and stamp duty; Both parties to the public rental housing lease are exempt from stamp duty involved in signing the lease agreement. Enterprises, institutions, social organizations and other organizations transfer old houses as public rental housing, and the value-added amount does not exceed 20% of the deducted project amount, which is exempted from land value-added tax.
Announcement No.33 also clarifies that public rental housing is exempt from property tax. The rental income obtained from operating public rental housing shall be exempted from value-added tax. The management unit of public rental housing should separately calculate the rental income of public rental housing. If it is not separately calculated, it shall not enjoy the preferential policies of exemption from value-added tax and property tax.