Just before the May Day holiday, cities including Guangzhou and Tianjin have introduced new property market policies. On April 30, the General Office of the Guangzhou Municipal Government released an implementation opinion aimed at further promoting the stable and healthy development of the real estate market, proposing eight measures such as increasing the ceiling for housing provident fund loans, providing subsidies for "sell one, buy one" transactions, and expanding the use of housing vouchers. An expert commented that Guangzhou's new policy comprehensively implements strategies to control new supply, reduce inventory, and optimize supply, introducing a package of support measures targeting both supply and demand, as well as policy and reform aspects. On the same day, Tianjin also rolled out new property policies, including 11 measures focused on revitalizing existing commercial housing stock, meeting rigid housing demand, and encouraging purchases for home improvement. An analyst noted that the accelerated policy responses from key cities before the May Day holiday, with密集 and clear directions, represent a proactive reaction to the central government's call to stabilize the property market.
Guangzhou Subsidy and Tianjin Tax Refund Encourage "Sell One, Buy One" A standout measure in Guangzhou's new policy is the introduction of a special subsidy for "sell old, buy new" transactions to support home upgraders. Specifically, from the implementation date of the policy until December 31, 2026, individual residents who purchase a new commercial residential property in Guangzhou and complete the online signing, and who sell their own second-hand residential property in the city within one year before or after the signing date, can apply for a special subsidy. The subsidy amount is 1% of the total loan for the new home, with a maximum of 30,000 yuan per unit, and a total subsidy pool of 200 million yuan, available on a first-come, first-served basis until funds are exhausted. An analyst interpreted that Guangzhou's fiscal subsidy for home-swapping demand, calculated as 1% of the new home loan amount, with a first-come, first-served mechanism, aims to encourage replacement demand, especially from May onward. This is the first case of a first-tier city offering mortgage interest subsidies, setting a strong example. Another expert added that this measure addresses pain points like multiple transaction steps, high costs, and lengthy processes by lowering transaction costs through subsidies. The maximum subsidy of 30,000 yuan can cover most transaction taxes and fees, which are the biggest costs in "sell old, buy new" transactions.
Meanwhile, Tianjin's new policy also includes corresponding tax refund measures to support home upgraders. For example, Tianjin stipulates that from January 1, 2026, to December 31, 2027, taxpayers who sell their own housing in the city and repurchase a home within one year after the sale can receive a refund of the personal income tax already paid on the sale of the current home.
Precise Classification for Targeted Policy Support The new policies in Guangzhou and Tianjin provide targeted support for different types of homebuying demand, highlighting precise policy efforts. For instance, in supporting rigid demand, Tianjin encourages districts to offer home purchase or rental subsidies to various groups such as talents, new residents, young people, and recent university graduates, gradually addressing their transitional housing difficulties. In Guangzhou, for both rigid and upgrade demand, the new policy significantly raises the maximum housing provident fund loan amount to 1 million yuan for individuals and 2 million yuan for families, and relaxes restrictions on converting commercial loans to combination loans, substantially reducing monthly payment pressure. Based on regional characteristics, Guangzhou encourages qualified districts to introduce measures such as "confirming school placements during the pre-sale stage" and "enrollment eligibility after online signing" during land transfers, considering the capacity of compulsory education resources and actual plot conditions. It also supports Hong Kong and Macao residents in purchasing homes in Guangzhou by simplifying application materials, providing mortgage convenience, and offering green channels for fund settlement, alongside supporting cross-border RMB settlement for housing provident funds. An analyst noted that Guangzhou's measures to pre-lock "enrollment upon purchase" eligibility and facilitate settlements for Hong Kong and Macao residents aim to tap into specific groups' homebuying demand, effectively boosting market vitality.
Vigorously Promoting Inventory Reduction in the Existing Market In addition to stimulating new homebuying demand, the new policies in Guangzhou and Tianjin propose targeted measures to reduce existing market inventory, forming a combined strategy of "incremental + inventory" policies. For example, Tianjin suggests actively revitalizing existing commercial housing stock, prioritizing the purchase of qualified existing properties for use as rental-oriented affordable housing, sale-oriented affordable housing, resettlement housing, dormitories, and talent housing, while reasonably regulating various new affordable housing projects. It encourages housing rental enterprises and other operators to raise funds through multiple channels to legally acquire existing commercial housing for rental use. Additionally, it aims to speed up the revitalization of idle land stock, utilizing special bond funds to purchase existing idle land. Support is also given for enterprises to advance ongoing real estate projects by reasonably optimizing design requirements. Furthermore, financial support for acquisition and revitalization is enhanced, encouraging commercial banks to issue group purchase loans for housing rentals and operational loans for rental housing.
Guangzhou's new policy also specifies support for acquiring existing commercial residential properties as resettlement housing during urban village redevelopment and encourages the purchase of existing commercial and office properties for use as operational assets. Efforts to reduce commercial and office property inventory are intensified, promoting the compliant conversion of existing commercial and office properties into medical, educational, elderly care, hotel, wellness, and affordable housing uses based on local conditions. The continued use of special bonds to reclaim qualified inefficient land stock is also emphasized. An analyst believes that the key to stabilizing the property market lies in organically combining inventory and incremental policies. Specifically, incremental policies should quickly translate into market transactions, shortening the time lag between policy announcement and actual effect; inventory policies should continue to release effects, avoiding the idling or fading of already relaxed policies, forming a combined force with coordinated efforts from both supply and demand sides to prevent policy fragmentation.
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