Beijing Cuts Homebuying Social Security Requirement to 1 Year, A-share Property Stocks Surge Over 3.5%
Beijing unveiled seven property easing measures on August 7, effective August 8, cutting the social security payment requirement for non-local homebuyers from two years to one year and raising the housing provident fund loan ceiling for first-home families with dual contributions to RMB 2.4 million, up to RMB 3.4 million with added conditions. On August 12, A-share property developers and services sectors rose 3.57% and 3.44% respectively, with ten stocks hitting the daily limit and Hong Kong-listed mainland developers gaining over 9%. The policy wave reflects broader nationwide efforts to optimize housing provident funds.
On August 12, A-share stocks opened lower and then rallied, with the property sector emerging as the market’s main focus. By the close, the property development and property services sectors rose 3.57% and 3.44%, respectively, leading all second-level industry sectors. Among individual stocks, 10 names including Rongsheng Development, Shibei Hi-Tech, Chengjian Development, Binjiang Group, and Xincheng Holdings hit the daily limit, while Tefa Service and Tiandiyuan rose more than 5%. Hong Kong-listed mainland property developers also advanced, with Yuexiu Property and Greentown China gaining more than 9%.