金吾财讯 | 摘要：瑞银研究报告指出，中国财政部、国家税务总局和住房和城乡建设部联合宣布的减税政策对房地产行业有轻微正面影响。政策旨在通过降低交易成本来支持住房需求，减轻开发商现金流压力。报告认为，契税的降低和非普通住宅增值税（VAT）的豁免对市场影响有限，但可能会增加二手房市场的上市量，并使卖家更愿意接受较低的价格，因为净收益可能高于以前。此外，土地增值税（LAT）预缴率的降低对开发商现金流出的压力有所减轻，但与房产销售的波动相比影响较小。
核心观点：1.契税从1-3%降低到1%，影响类似于房价折扣0.5-1%。2.对于持有超过2年的非普通住宅，增值税将被豁免，仅适用于一线城市。3.2023年12月北京、上海和深圳放宽了普通住宅的定义，70%/89%的房产被归类为普通住宅。4.土地增值税预缴率降低0.5个百分点，对开发商现金流出的压力有所减轻，但影响较小。
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