Guide to this report: Hangzhou follows up the optimization and adjustment of real estate policySteamcrash4, the content is relatively rich, especially the full abolition of housing purchase restrictions, allowing "purchase", the cancellation of some projects notarization lottery, etc., is expected to bring some support to the market performance. Abstract: a total of 7 measures have been issued for policy optimization in Hangzhou, especially the relaxation of purchase restrictions, settlement and credit. The policies are relatively rich, and the contents we are more concerned about are as follows: 1) completely abolish the housing purchase restrictions, that is, under the background of completely abolishing the second-hand housing purchase restrictions in March, further relax the restrictions on the purchase of new houses in the original restricted areas (Shangcheng District, Gongshu District, Xihu District, Binjiang District). 2) optimize the settlement policy and make it clear that "non-registered residents who have obtained legal property rights in this city can apply for registration", that is, on the basis of the original settlement of talents, points, graduates, etc., a new "purchase settlement" will be added to greatly lower the threshold for settlement, which can be linked with the relaxed policy of purchase restrictions to a certain extent, but it also brings an increase in government expenditure. 3) strengthen the housing credit support, and propose that if the buyers have only one house in the urban area and are listed for sale, the newly purchased houses can also be identified as the first housing, which effectively reduces the purchase cost of the buyers. From the perspective of real estate developers, the cancellation of the notarization lottery requirements of some projects under the New deal will bring them greater autonomy. For the purchase intention to register the number of households less than or equal to the number of new commercial housing projects, the policy will clearly cancel the notarized lottery sales requirements, by the developers to sell independently. This adjustment is not only conducive to the improvement of transaction convenience and sales efficiency, but also gives developers greater autonomy and flexibility. The overall resilience of Hangzhou real estate market in 2023 is strong, and policy adjustment is expected to provide stronger support for market performance. According to the middle index data, Hangzhou is an important layout of many core housing enterprises in the land market. The transaction fee for residential land in 2023 is as high as 180.3 billion yuan, ranking second in the country, and the premium rate is as high as 8%.Steamcrash4.8%; in the sales market, the transaction area of new housing in 2023 increased by 11.7% compared with the same period last year, and the number of second-hand residential transactions increased by 42.3% compared with the same period last year. The overall transaction scale showed an expansion trend, but the price decreased slightly. The average transaction price of new housing fell 3.4% from the same period last year, and the average sample price of second-hand housing dropped 4.2% for the whole year. It is expected that under the policy adjustment, the improvement of market transaction activity can drive the stable removal of new housing and second-hand housing inventory, and then act on the land market supply, helping to build a more stable and positive cycle. Following the adjustment of real estate policies in Beijing, Shenzhen, Chengdu, Hangzhou and other core first-and second-tier cities, it is expected to form a strong demonstration effect, driving local policies to follow up and speed up. As we said in our report "inventory removal, raising the curtain" released on May 8, 2024, the recent intensive landing of policies, from top to bottom, from ground to housing, the central fixed tone superimposed on the frequent sound of core cities, will lead more cities to accelerate the follow-up of policy adjustments and promote the real estate market to stabilize. We recommend both ends of the industry, one is the core target, such as Poly Development, Investment Promotion Shekou, Zhongxin Group, etc., and the other is the restructuring target, and the related beneficiaries include Xuhui Holdings Group, Sunchuang China and so on. Risk hint: the market demand is accelerating downward, and the policy landing is not as expected. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.