【中原地产研究2012上半年刊】政策新闻稿(一) 【The first half of the year 2012 estate issue】Policy press release(a)

　　3月以来各地楼市成交逐步回暖，使得政策面的任何变动都会搅动楼市神经。为稳定政策预期，7月以来中央领导人及中央诸部委三番五次强调继续严格实施房地产各项调控政策，防止变相放松投机投资性购房政策。如何平衡“稳增长”与“严防房价上涨”的矛盾，已成为当前政策走势的最重要影响因素。因此，未来各地政策微调将更为谨慎，市场仍以刚需为主，投机投资性需求仍严格受限，政策调整惟有在合理区分投资投机性需求和改善性自住需求中寻求突破。

Since march around property market clinch a deal gradually thaw，Make any change of the policy will stir nerve property market。To the stable policy expected，Since July the central leaders and the central the ministries of five times three transgressions emphasize strictly carry out the real estate continues to control policy，Prevent speculative investment in disguised form relax purchase policies。How to balance“Steady growth”and“Against rising house prices”contradiction，The current policy trend has become the most important factors。so，All over the future policy fine-tuning will more cautious，The market is still to just need to give priority to，Speculative investment demand has strictly limited，Policy adjustment but in differentiate investment the speculative demand and improve the lives of seeking to break through in the demand。

　　2011年，楼市调控全面升级，成交严重受创，年底开始，不少地方政府已试图在调控政策的各个层面进行松绑。2012年以来，在中央政府各种宽松信号的陆续暗示下，各地楼市微调新政蓄势而发，并在全国范围迅速蔓延。政策微调主要涉及限购范畴、购房优惠、房贷利率折扣、房源解禁、土地出让、缓解开发商资金压力等多个层面。

2011 years，Property market regulation overall upgrade，Severe disruptions to clinch a deal，Since end of，Many local governments have tried to control policy in every level of easing。Since 2012，The central government in all kinds of loose signal that in succession，All new and sending gaining market fine-tuning，And in the national scope spread quickly。Fine-tuning mainly involves 限购 category、Preferential buy、Mortgage rates discount、Ban, expand the、Land transfer、Ease financial pressure and so on many levels developers。

微调标尺：成交低迷程度 Fine-tuning yardstick：Clinch a deal the downturn degree

　　据《中原地产研究2012上半年刊》数据显示，绝大部分微调城市自2011下半年起，成交量逐步跌入低谷，其中过半城市成交量的下滑幅度超过20%。

According to《The first half of the year 2012 estate issue》Data shows，Most of the fine-tuning city since the second half since 2011，Volume gradually going down the toilet，More than half of the city, the volume of down by over 20%。

　　中原集团研究中心认为，楼市成交的低迷程度也成为微调幅度的重要标尺，成交越低迷，大尺度微调的冲动越强。如，成交萎缩最为厉害的长沙、石家庄曾分别尝试从降低首套房首付比例、放松限购细则等方面进行了微调。虽然两地微调新政均未落地，但低迷不堪的楼市成交无疑是地方政府大尺度博弈的直接动力。

The group centre said，Housing downturn has become a degree of fine-tuning the amplitude of the important yardstick，Clinch a deal the downturn，Large scale fine-tune the impulse is stronger。if，The most severe of changsha clinch a deal atrophy、Shijiazhuang was trying to reduce the first suite respectively from down proportion、限购 rules relax the fine-tuning。Although the two were not be born in the new fine-tuning，But the downturn in the housing market clinch a deal is undoubtedly a large scale of local government game direct power。

限购令：明松未遂 暗放成风 限购 make：MingSong attempted dark put the wind

　　2011年10月，佛山成为全国首个直接松绑限购的城市,其赤裸裸地鼓励投资性需求，结果于12小时内被紧急叫停，留下了“一日游”的笑柄。此后11月，成都欲放松对限购环节的审核，透露出对投资投机性需求的暧昧态度，因而胎死腹中。时至2012年，先有上海通过咬文嚼字的方式重新定义户籍家庭概念，大开需求之口，但一周内被叫停；而后石家庄针对限购的微调和细化措施未经发布即被叫停。

October 2011，Foshan become the first direct 限购 easing of the city,The naked and encourage investment demand，The results in 12 hours were an emergency stop，left“Day tour”Joke of。After this November，Chengdu to relax 限购 link to review，Show for the investment of the speculative demand of ambiguous attitude，So before。Until 2012，First Shanghai through the way of speaking like to redefine the concept of census register family，Open needs of the mouth，But a week have been stopped；And then in the fine tuning of 限购 shijiazhuang and refined measures that have been stopped without the release。

　　中原集团研究中心认为，各地政策微调的曲折经历告诉我们，限购底线不容触碰。截至目前，任何松绑限购的新政终多未遂。然而，由于地方政府一直缺乏严格执行限购的动力，明松未遂暗放依然盛行。如天津、厦门、成都等7城市在政策执行口径上均存在一定程度的暗松。此外开发商也试图通过各种方式突破限购关口，如宁波象山县只要购房一次性付款，即可购多套等。

The group centre said，All the fine-tuning meandering experience tell us，限购 bottom line not touch。So far，The New Deal will 限购 easing any attempted more。however，Because the local government has been the lack of strict execution 限购 power，MingSong attempted dark put is still rife。Such as tianjin、xiamen、Chengdu city in the policy implementation diameter were there exist certain degree of dark pine。In addition the developers have also tried to break through 限购 pass through all kinds of ways，Such as ningbo xiangshan as long as purchase lump-sum payment，Can buy many sets, etc。

焦外松绑：力挺刚需入市 Coke easing the：Force is just need to market

　　然而，在限购焦点之外，针对刚需或改善性需求的松绑已蔚然成风，主要涉及购房优惠、公积金贷款放宽、税费减免、房源解禁等多个层面。

however，In 限购 focus away，Just need to improve or sexual needs of easing has come into fashion，Mainly involves the purchase discount、Accumulation fund loan relaxed、Tax cuts、Houses and so on many levels lifted。

　　据《中原地产研究2012上半年刊》介绍，购房优惠主要通过经济或者制度方面的优惠吸引刚需入市。如重庆、杭州的购房补贴；长春、无锡等地放宽购房落户门槛。税费减免则主要通过购房退税以及上调普通住宅标准以减少刚需购房成本。放宽公积金贷款的系列措施，由于切实降低了刚需和改善性需求的购房成本，对拉动楼市成交起到了立竿见影之效，在全国范围内掀起了跟风推进的浪潮。据中原统计，截至2012上半年，全国共有21个地区放宽公积金贷款政策。

According to《The first half of the year 2012 estate issue》introduction，Preferential buy mainly through economic or system of preferential attract just need to market。Such as chongqing、Hangzhou housing subsidies；changchun、Wuxi, relax in purchase threshold。Tax cuts are mainly through the purchase tax rebates and raise average house standards to reduce the cost to just buy。Relax the accumulation fund loan series measures，Due to reduce the need to just sexual needs and improve purchasing cost，Stimulating property market clinch a deal has immediate effect，In the national scope of a wave of wind。According to the statistics，By 2012 the first half of the year，China had 21 regions of accumulation fund loan policy easing。

　　此外，部分针对开发商的合理微调也得以默许。如，下调土地收入预期、放宽出让条件等以吸引开发商拿地；放宽开发商资金监管、政府组织团购等措施以缓解开发商资金压力。

In addition，Part of the reasonable fine-tuning for developers to tacit approval。if，Cut land income expectations、Relaxing the conditions to attract developers to take；Relaxing developers funds supervision、The government organization group buying and so on measures to relieve pressure developers funds。