Concept tracking of Hong Kong stocks | Existing home mortgage "rate cut" is imminent The real estate sector accelerates stabilization and valuation repair (including concept stocks)

The State Council Information Office held a press conference, and the central bank officially announced that it will lower the interest rates on existing home loans and unify the minimum down payment ratio for home loans. Specifically, it will guide commercial banks to reduce the interest rates on existing home loans to be close to the rates of new home loans, with an expected average reduction of about 0.5 percentage points; it will lower the minimum down payment ratio for second home loans nationwide from 25% to 15%, and unify the minimum down payment ratio for first and second home loans. After contacting several state-owned and commercial banks, most banks have not yet issued detailed guidelines on lowering the interest rates on existing home loans, and specific plans are still under study and will be adjusted uniformly when the time comes. "Besides waiting for the head office's notice, we also need to consider local policies to maintain uniformity," a staff member of a commercial bank told reporters. Industry insiders predict that the specific plan for lowering the interest rates on existing home loans is unlikely to be released before the "golden week" holiday. According to a report released by the China Investment Institute, on September 24, the State Council Information Office held a press conference, in which the central bank released several important favorable measures. Overall, these measures will have a positive impact on the macro-economy and the real estate market. Reserve cuts and interest rate cuts will boost the economy by releasing liquidity and reducing the cost of funds, improving economic expectations and reducing the interest rates on existing home loans will further stabilize the expectations of homebuyers, restoring market confidence, and lowering the 7-day reverse repo rate will further guide the downward trend of the LPR for five years or more in October, continuing to reduce the cost of home buying; lowering the minimum down payment ratio for second homes will significantly reduce the threshold for residents to buy homes. With multiple measures in place, it is expected to stabilize housing prices and accelerate the bottoming out of the real estate market. Morgan Stanley pointed out that the central bank announced multiple monetary policy measures to support the real estate market, slightly exceeding market expectations. They believe that these measures may boost fourth-quarter home sales and destocking, easing the downward trend in housing prices. The central bank estimates that lowering the interest rates on existing home loans will help 50 million households save 150 billion yuan in interest payments each year, and Morgan Stanley expects this to benefit shopping mall operators, including CHINA RES MIXC, CHINA RES LAND, Country Garden Holdings, and SEAZEN, based on the trend of retail sales easing. Real estate related industry chain companies: CHINA OVERSEAS (00688), C&D INTL GROUP (01908), YUEXIU PROPERTY (00123), GREENTOWN CHINA (03900), SUNAC (01918), LONGFOR GROUP (00960), SINO-OCEAN GP (03377), CHINA VANKE (02202), CHINA RES LAND (01109), XUHUI HOLDINGS (00884), etc; Property management companies: CHINA RES MIXC (01209), POLY PPT SER (06049), CHINA OVS PPT (02669), MIDEA REAL EST (03990), etc. Real estate agencies: BEKE-W (02423), CG SERVICES (06098)