2024-05-16 28Hse Editor
20% of buyers are expected to enter the market to help the property industry
Financial Secretary Chen Maobo announced in the new Budget yesterday to relax the property price ceiling for mortgage insurance. The property price ceiling for applying for 80% of the mortgage loan will be raised from 10 million yuan to 12 million yuan. First-time home buyers can apply for up to 90% of the mortgage loan. The property price ceiling will be raised from the current $8 million to $10 million. The real estate industry is "surprised" by this, and believes that this "Cai Ye Plan" can be regarded as "less spicy" for the property market. It is believed that it will help those who get on the bus and those who change properties to speed up their home purchase decisions. It is expected that 20 to 30% of buyers will enter the market. Stimulating the small and medium-sized property market can offset the reduction in transaction volume under the epidemic. ◆reporter Li Zitian
Chen Maobo said yesterday that taking into account the current market environment, the supply situation in the next few years, and the needs of first-time homebuyers and households planning to exchange flats for their own use, he has instructed Hong Kong Mortgage Insurance Co., Ltd. to revise the mortgage insurance plan and relax the mortgage insurance property price ceiling. He said, "For many years, the government has curbed investment and speculative demand, and on the other hand, has tried its best to help people buy and live in homes. At the end of 2019, the government relaxed the mortgage insurance scheme provided by the Hong Kong Mortgage Insurance Company Limited, and the public responded positively and the property market remained stable. Stable." As for various property market demand management measures, the government has no intention of relaxing.
Chen Yongjie: Stimulate the circulation of medium-priced properties
The Budget relaxes the upper limit of mortgage insurance. The property price ceiling that can apply for up to 80% of the mortgage loan will be raised from 10 million yuan to 12 million yuan, and the maximum property price limit that first-time home buyers can apply for a 90% mortgage loan will be raised from the current 8 million yuan to 10 million yuan. Chen Yongjie, vice chairman of Centaline Property Asia Pacific and president of the residential department, said that in 2021, there will be 51,793 first- and second-hand residential property registrations under 10 million yuan, accounting for nearly 75% of the overall property transaction volume. In response to changes in the property market, the government has relaxed the threshold for mortgage insurance. This "Chao Ye Plan" can be regarded as a "less spicy" for the property market. It is believed that it will help those who get on the car and those who change properties to speed up their home purchase decisions. It is expected that 20 to 30% of buyers will enter the market. Stimulating the small and medium-sized property market can offset the reduction in transaction volume under the epidemic.
In addition, the mortgage insurance company also announced the relaxation of the mortgage-to-value limit for owner-occupied properties ranging from $12 million to $19.2 million. Chen Wingjie pointed out that due to the limitation of the previous mortgage-to-value ratio, properties with the above-mentioned silver code need to undertake mortgages with higher ratios and must rely on the mortgage plan provided by the primary developer. It is believed that the relaxation of the mortgage-to-value ratio will help the circulation of second-hand mid-priced properties and start the replacement of flats. chain. He expects properties in the $8 million to $19.2 million range to benefit the most, with a 30 per cent increase in transaction volume for properties at related prices.
Cao Deming, chief vice president of Meridian Mortgage Referral, said that since the policy address in October 2019 to relax the property price ceiling of the mortgage insurance plan for first-time buyers, more than two years later, the market has responded very positively, even if the epidemic hit Hong Kong soon after the relaxation. , the property market has not been hit. In fact, according to Hong Kong MortgageAccording to the information from the Securities Co., Ltd., the amount of newly borrowed mortgage insurance last year exceeded 100 billion yuan, recording 132.558 billion yuan, and the number of cases reached 23,846. There is a certain demand.
Knight Frank appeals to revise SSD details to cooperate
Wang Zhaoqi, Director of Knight Frank and Director of Research and Consulting in Greater China, said that relaxing mortgage guarantees is expected to increase the transaction of more small and medium-sized units, and also increase market circulation, which is absolutely helpful for citizens to buy homes, but thinks that it is necessary to modify SSD ( Additional Stamp Duty) details to increase supply. Although the property price has been slightly adjusted recently, it is still at a historically high level. He believes that the government still has no conditions to remove the BSD (buyer's stamp duty) and AVD (ad valorem stamp duty) for overseas buyers and non-first-time buyers, but can study and modify SSD The details, including shortening the period from 36 months to 18 months, can increase the supply and transaction of the second-hand residential market, and I believe that it will not lead to a sharp rise in property prices. Increase the revenue of the treasury in respect of general stamp duty.
Measures related to land and housing
◆ Revised the mortgage insurance plan, the property price ceiling for the maximum 80% mortgage loan is raised from RMB 10 million to 12 million;
◆ The 2022/23 Land Sale Programme (13 residential sites in total), railway property development, private development and redevelopment, and the potential residential sites of the Urban Renewal Authority project can provide about 18,000 units; the other 4 commercial sites are expected to provide About 300,000 square meters of commercial floor area.
◆ In the next 5 years, about 103 hectares of private housing land will be ready for the construction of more than 57,000 units.
◆ Public housing: About 350 hectares of land has been found to build about 330,000 units, which can meet the demand for the next 10 years.
◆ Private housing: In the five years from 2022, the average annual completion volume will exceed 19,000 units, an increase of 14% over the average of the past five years. The potential supply of first-hand private residential units in the next three to four years will reach 98,000 units, the highest in recent years.
◆ Transitional housing: Land has been found to provide more than 17,000 units, and it is estimated that about 4,200 units and 11,000 units will be completed this year and next year respectively.
◆ Inject $1.2 billion into the "Construction Industry Innovation and Technology Fund".
◆ Introduce more relief measures to encourage the adoption of the "Assembly and Synthesis" construction method to speed up the supply of buildings.
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