Shenzhen suddenly relaxed the purchase restrictions late at night: the social security period for non-residential home purchases has been reduced to 1 year, and the interest rate of the first two-brand house is flattened
Recently, Shenzhen's real estate market has ushered in major policy adjustments. On the evening of May 28, the Shenzhen Housing and Construction Bureau issued the "Notice on Further Optimizing Real Estate Policies", announcing that the social security period for non-residential home purchases was reduced from 3 years to 1 year, and the interest rates for first and second homes were flattened. This policy is regarded as the biggest loosening of Shenzhen since the "strictest purchase restrictions" in 2016, and has quickly sparked heated discussions across the Internet.
Structured data on core policy content
| Adjustment items | Original policy | New policy |
|---|---|---|
| Years of social security for non-residential home purchase | Payment for 3 consecutive years | Payment for 1 year in a row |
| First home loan interest rate | LPR-10BP (approximately 3.85%) | LPR-30BP (approximately 3.65%) |
| Second home loan interest rate | LPR+30BP (approximately 4.25%) | LPR-30BP (approximately 3.65%) |
| Restrictions on buying a house in a business | Prohibited from purchasing residential properties | Allow enterprises to purchase commercial and office properties |
Policy background and market reaction
According to CRIC data, the transaction volume of new homes in Shenzhen in April 2024 fell by 42% year-on-year, and the number of second-hand houses listed exceeded 58,000 units to hit a record high. Before the policy was introduced, Shenzhen had seen housing prices drop month-on-month for six consecutive months.
| time | New house transaction volume (10,000 square meters) | Number of second-hand houses listed (10,000 units) |
|---|---|---|
| January 2024 | 32.5 | 4.8 |
| April 2024 | 18.7 | 5.8 |
Expert interpretation
Li Yujia, chief researcher at the Guangdong Housing Policy Research Center, said: "This adjustment will release the demand for purchases of about 300,000 non-Shenzhen households. The flattening of the first second-home interest rate is a breakthrough policy. It is expected that the average monthly increase of about 5,000 new housing demand will be added."
Zheng Shulun, president of the South China Region of Zhongyuan Real Estate, pointed out: "After the interest rate adjustment, the monthly payment for purchasing 3 million properties can be reduced by about 1,200 yuan, and the total interest will be saved by 430,000 yuan, and the policy is full of sincerity."
Hot topics for netizens
1."You can buy a house in one year of social security": The number of readings on Weibo topics was 230 million. Some netizens lamented that "the policy has been drifting for 7 years, but now it can be bought in one year." Some people also question "will trigger short-term housing speculation."
2."The lowest interest rate in history": The mortgage interest rate in Shenzhen is lower than that in Beijing (LPR-20BP) and Shanghai (LPR-15BP) for the first time, and the number of views of Douyin-related videos exceeded 80 million.
3."Enterprise home purchases open the gate": The policy of allowing companies to purchase commercial properties has caused abnormal changes in the developer's stock prices, with Vanke A rising by 5.7% on the same day.
Potential impact forecast
| field | Short-term impact (1-3 months) | Long-term impact (more than 6 months) |
|---|---|---|
| Trading volume | It is expected to grow by 40%-50% | Depends on the continuity of subsequent policies |
| House Price | The core area may rise by 5%-8% | Overall stable |
| Land Market | Real estate companies are motivated to acquire land | It is necessary to observe the inventory destocking speed |
It is worth noting that the policy was released at 23:17 late at night, and is called the "midnight raid" by the industry. Compared with other first-tier cities, Beijing and Shanghai still maintain the 5-year social security requirement for non-residential household registration, while Guangzhou has 2 years. Shenzhen’s policy intensity is significantly ahead of schedule, which may trigger a new round of policy competition among cities.
As of press time, the surge in visits to the official website of Shenzhen Housing and Urban-Rural Development Bureau has caused a brief paralysis. Many developers have revised their marketing rhetoric overnight. Beike Home Search data shows that the number of online consultations surged by 300% within 2 hours after the policy was released. Subsequent market reactions will continue to attract attention.
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