Open Source Securities: Beijing's New Real Estate Deal Boosts “Gold, Nine, Silver, Ten” and recommends the three major targets
The Zhitong Finance App learned that Open Source Securities released a research report saying that Beijing has once again shortened the social security period for non-Beijing home buyers and increased the amount of provident fund loans. The signal is clear, and the loose purchase restriction policy in Shanghai and Shenzhen is expected to be followed up. In the first half of the year, the real estate industry was still in a fragmented pattern of weak sales repair and supply contraction, but the overall policy side was relaxed, the process of controlling growth and removing inventory was still accelerating, and the performance of high-quality housing companies continued to recover. Recommended targets: (1) high-quality real estate enterprises with good urban fundamentals and strong product strength; (2) commercial real estate operators that place equal emphasis on commercial operations and asset management, while benefiting from real estate recovery and consumption promotion policies; (3) high-quality property management targets with outstanding service quality under the “good house, good service” policy.
The main views of Open Source Securities are as follows:
Beijing's real estate policy has adjusted existing policies in terms of purchase restrictions, grants, housing provident funds, etc.
On the evening of August 7, the Beijing Municipal Housing and Urban-Rural Development Commission, the Beijing Municipal Commission of Planning and Natural Resources, and the Beijing Housing Provident Fund Management Center jointly issued the “Notice on Further Optimizing and Adjusting the City's Real Estate Policy”. The current policy has adjusted the existing policy in terms of purchase restrictions, gifts, housing provident funds, etc., and the relaxation has been significant.
It is expected that the New Deal will have a strong boost to Beijing's “gold nine silver ten” market
The current policy is very strong, especially in terms of the Provident Fund policy. It is expected to give a strong boost to the “gold nine silver ten” Beijing market. In terms of the purchase restriction policy, the current policy adjusts the social security/personal tax period requirement for non-Beijing residents to purchase commercial housing within the 5th Ring Road from 2 consecutive years to 1 year. In terms of the gift policy, the current policy adjusts the conditions for parents to donate commercial housing to their children, and instead does not verify the child's eligibility to buy a home. In terms of housing provident funds, the current policy response raised the upper limit of the provident fund loan amount, from 1.2 million yuan for the first set and 1 million yuan for the two sets; at the same time, the upward policy was adjusted. For conditions such as home purchases, green buildings, and families with many children outside the six districts of the city, the maximum amount for 1 person to deposit the Provident Fund was raised by 600,000 yuan; in addition, the maximum deposit amount of 1 million yuan for husband and wife; in addition, it also raised the loan amount to the deposit period; in addition, it also raised the maximum loan amount to 1 million floating yuan; in addition, it also linked the loan amount to the deposit period, and the provident fund loan Areas such as “secured transfer” of loans and withdrawal of provident fund renovations have been carried out relax.
After the implementation of the New Deal, the degree of relaxation of purchase restrictions in Beijing was close to that of Shanghai and Shenzhen
After the policy was implemented, the degree of relaxation of purchase restrictions in Beijing was close to that of Shanghai and Shenzhen. The overall real estate market in Beijing in 2026 showed a pattern of “weak new homes, strong second-hand”. From January to July 2026, the total number of new housing units signed online was 60 million, a year-on-year decrease of 7.9%; a total of 120,000 second-hand housing units were signed online, an increase of 6.3% over the previous year. On the one hand, the new policy has released incremental purchasers, and on the other hand, it has increased residents' purchasing power through the relaxation of provident fund loans. Considering that interest rates on provident fund loans are lower than interest rates on commercial loans, this policy is expected to have the effect of “disguised interest rate cuts”, boosting residents' purchasing power.
Risk warning: The recovery in market confidence falls short of expectations, and the impact of policies falls short of expectations.