Housing Provident Fund Management Regulations Receive Major Revision; Real Estate Services Concepts Strengthen Intraday

Macro

โดย 南方财经网·

Summary · why it matters

The State Council revised the Housing Provident Fund Management Regulations, bringing decoration and property management fees into the scope of withdrawals, and removing the threshold that required rent withdrawals from the housing provident fund to exceed a specified proportion of household wage income. Boosted by this news, on August 19 the real estate services sector rose 3.90% intraday, with Nacity Property up 10.00%, Shenzhen Special Economic Zone Real Estate and Properties Group up 6.49%, 5i5j up 6.48%, Zhongtian Service up 2.55%, and China Merchants Property Operation and Service up 1.74%. A research note from GF Securities pointed out that off-season pressure in the real estate services industry is gradually easing, the transaction area of new homes in 50 cities has turned from negative to positive year on year, the second-hand housing market is more active, and leading developers' price-to-book valuations are at historical lows, offering room for value recovery.