Zhang Yanan/Wen

You don't have to wait for the 'golden nine and silver ten'. Since August, major cities such as Beijing, Shanghai, and Chengdu have successively optimized their real estate policies, with a dense pace and clear thinking. As a barometer of the current national real estate market, the policy actions of these cities not only affect the local area, but also send a signal that the focus of real estate policy tools is shifting from lifting administrative restrictions to using consumer incentives to stimulate demand.

In this round of new policies, various regions have increased their support for housing provident fund.

Beijing has significantly increased the amount of housing provident fund loans, with a maximum of 2.4 million yuan for both spouses. When combined with conditions such as purchasing a house outside the six districts, green buildings, and having multiple children, the maximum amount can reach 3.4 million yuan; Shanghai has expanded the scope of down payment for housing provident fund from pre-sale commercial housing to existing housing, relaxed the frequency of withdrawal, and also supports the use of housing provident fund to pay purchase deed tax and purchase parking spaces, storage rooms, etc; Chengdu has launched for the first time a subsidy for housing provident fund loan interest, with a subsidy ratio of 20% and a term of one year. The interest rate of housing provident fund loans is generally lower than that of commercial loans, and these adjustments can directly reduce the cost of buying a house.

This policy approach is a response to the reform of the housing provident fund. In August of this year, the "Regulations on the Management of Housing Provident Fund" were revised, adding new provisions for the withdrawal of decoration and property fees, and clarifying that flexible employees can voluntarily contribute. The housing provident fund has shifted from a single function dominated by loans in the past to a balance between withdrawal and loans, with more flexible and practical institutional arrangements.

However, for families with replacement needs, having only housing provident fund support is not enough. The funding gap and transaction cycle between selling old and exchanging new may become key obstacles in the process of buying a house.

The limited time housing subsidy launched simultaneously in Shanghai and Chengdu has taken this into account in a refined manner. Shanghai can enjoy a maximum subsidy of 80000 yuan for exchanging old for new; Chengdu encourages all districts to issue housing subsidies or consumption vouchers, and directly subsidize housing provident fund loans.

Housing subsidies are not exclusive to Shanghai and Chengdu. Since the beginning of this year, dozens of cities have introduced housing subsidy policies. From first - and second tier cities to third - and fourth tier cities, from targeted subsidies for specific groups such as talents and families with multiple children to universal subsidies, issuing housing subsidies is becoming a common option in the policy toolbox of various regions. This time, Shanghai has launched a relatively comprehensive housing subsidy plan, which will have a stronger demonstration effect.

The significance of subsidies is not just about giving money. In the past few years, the main focus of regulation has been to lift restrictions. From lifting restrictions to providing subsidies, the policy focus has shifted from lifting constraints to proactive incentives, which is a very important directional change.

In July 2026, the State Council approved the "15th Five Year Plan for Expanding Consumption", which for the first time included housing in the category of bulk durable commodity consumption, alongside automobiles and home appliances, and ranked first. It clearly proposed to better meet the demand for housing consumption and increase the supply of improved housing according to urban policies.

Since the outbreak of liquidity risks in the real estate market at the end of 2021, when it comes to residential properties, the policy context mainly focuses on risk prevention and market stability; As risks gradually clear and the market gradually stops falling, housing is included in the consumption framework, which can provide incentives through the logic of promoting consumption.

Of course, the current subsidies are phased and limited in amount, aimed at addressing short-term replacement willingness issues, and cannot replace the improvement of long-term supply and demand structure. But the signal significance of the policy is clear. Real estate regulation has moved out of a simple cycle of tightening and loosening, and entered a more refined stage. Local policies can provide more targeted incentive measures for market prosperity and decline, gradually reshaping a real estate market with active transactions, reasonable prices, and stable expectations.

(Author Zhang Yanan)