According to incomplete statistics, currently over 130 cities have carried out housing "trade in" programs, including first tier cities such as Beijing, Shanghai, Shenzhen, and Guangzhou. From the current situation, the effect of the "trade in" policy in some cities is becoming apparent. Recently, several cities have introduced policies related to the exchange of old housing for new housing. On September 29th, the "Several Policy Measures for Consolidating and Enhancing the Positive Trend of Economic Recovery in Nanjing" was released, proposing to deepen the "old for new" housing consumption and explore providing financial support such as transferring existing housing loans to new houses for "old for new" homebuyers; Efforts will be made to release more housing demand, implement supportive policies such as adjusting the interest rates of existing housing loans and the down payment ratio, and promote market stability. On September 27th, Taiyuan City issued a notice on carrying out the "old for new" activity for commercial housing. Participating in the "old for new" activity for commercial housing can enjoy preferential policies such as reduced intermediary service fees and the best loan interest rates; Encourage and support state-owned or state-controlled enterprises to purchase second-hand residential houses for affordable rental housing or resettlement of turnover housing, and dispose of the purchased old houses through various means such as sale, rental, and revitalization; By December 31, 2025, taxpayers who sell their own homes and repurchase them in the market within one year after the sale of their current homes will be eligible for a tax refund on the personal income tax already paid for the sale of their current homes; In addition, for employees who participate in the "trade in" activity for existing housing and contribute to the housing provident fund, the maximum amount of housing provident fund loans for newly purchased housing will be appropriately increased on the basis of current policies; Encourage development enterprises and brokerage agencies to provide high-quality services for homebuyers, reasonably reduce costs, and guide both parties to jointly bear brokerage service fees. On September 26th, the Hangzhou Real Estate Intermediary Industry Association issued a notice on organizing the "old for new" activity for commercial housing, encouraging prospective homebuyers, development companies, and brokerage agencies to sign a tripartite agreement to lock in new housing units through the establishment of an "exemption period". During the 'exemption period', if the old house is sold, the purchase of the new house will continue; If the old house is not sold, the subscription agreement shall be unconditionally terminated, the deposit shall be refunded to the transferee, and neither party to the transaction shall be liable for breach of contract. The specific amount of the deposit shall be subject to the agreement between the property exchange party and the development enterprise. In order to effectively protect the rights and interests of homebuyers, the deposit for subscribing to new houses in the "trade in" activity is entrusted and managed by the designated account of the Hangzhou National Notary Office in Zhejiang Province. As of now, over 130 cities have carried out housing "trade in" programs, including first tier cities such as Beijing, Shanghai, Shenzhen, and Guangzhou. The effect of the "trade in" policy for second-hand and new housing markets is becoming apparent. Taking Beijing as an example, the latest data from the Beijing Real Estate Industry Association shows that currently, over 10000 new housing units have participated in the "trade in" activity, and some units have completed online signing. Industry insiders say that the role of housing "trade in" includes four aspects: firstly, it effectively promotes housing consumption, reduces information asymmetry by connecting the second-hand and new housing markets, and boosts market vitality; Secondly, reconstruct the business model to promote a balance between supply and demand; Thirdly, it is conducive to preventing and resolving real estate financial risks, while also addressing the risk issues between residents and real estate enterprises; The fourth is to improve the development model of the real estate industry and better achieve transformation. Yan Yuejin, Vice President of Shanghai E-house Real Estate Research Institute, told China Securities Journal reporters that "trade in" can connect the two major markets of second-hand and new houses, and contribute to the stable, healthy, and high-quality development of the real estate market. Currently, real estate companies are constrained by high inventory pressure. 'Trade in' can promote the recovery of funds, reduce operating costs, and have a positive effect on improving the competitiveness of real estate companies. Li Yujia, Chief Researcher of the Housing Policy Research Center of Guangdong Urban and Rural Planning Institute, told a reporter from China Securities Journal that the purpose of second-hand housing owners participating in the "trade in" activity is to exchange for their desired and discounted new houses. Currently, the biggest pain point of 'trade in' is selling the old house. The period for participating in the "trade in" activity and locking in intended properties is usually around 2 months, but it is difficult to sell the old property within 2 months. If the price is lowered to accelerate the losses suffered from selling old houses, compensation can be obtained when buying a new house, which is beneficial for connecting the entire process and promoting new house sales. (New Society)