戴德梁行2007年第三季度天津市房地产市场调研报告.pdfVIP

Q3 2007 Overview TThe economyhe economy Tianjin’s economy grew at a high speed from January to August 2007. Total GDP over this period was RMB314.7 billion, up by 14.8% compared with the same period last year. Total utilised FDI amounted to US$ 3.09 billion, up by 25.7% compared with the same period last year. The central government announced a new housing policy for low-income urban households. This document aimed to improve and maintain the housing security system comprised of affordable housing and low-rent housing. On 15 September, the People’s Bank of China raised the interest rates for the fifth time this year. The prime deposit and lending rates were increased to 3.87% and 7.29% respectively; they rose by 1.35% and 1.17% respectively as compared with those in the end of 2006. Meanwhile the required reserve ratio for the commercial banks was raised to 12.5%, an accumulated increase of 3.5% from January to September 2007. On 27 September, the People’s Bank of China and the China Banking Regulatory Commission jointly issued the “Notice for Strengthening the Administration of Commercial Real Estate Credit”, which increased the down payment ratio to 40% for the second housing buyers. The measures taken by the central bank were aimed at reducing excess capital liquidity, especially speculative activities. The market will become more rational by raising down payment ratio. Table 1: Key economic indicators