Hong Kong-listed mainland property stocks retreated collectively, with SUNAC (01918) falling 7.25% to HK$0.64; GREENTOWN CHINA (03900) dropping 8.43% to HK$6.135; RONSHINECHINA (03301) declining 5.43% to HK$0.087; and CHINA OVERSEAS (00688) slipping 4.64% to HK$12.75 as of press time.

On the news front, the Ministry of Finance, the People's Bank of China, and the National Financial Regulatory Administration have jointly clarified that a residential mortgage interest subsidy policy will take effect from October 1, with a tentative policy period of one year. The subsidy policy focuses on first-home rigid demand, with the purchased housing unit's gross floor area not exceeding 120 square meters and the purchase price not exceeding 1.5 million yuan. Eligible first-home commercial individual housing loans can enjoy an annualized interest subsidy of 1 percentage point, with a subsidy period of up to 5 years, equivalent to one-third of the preferential interest rate. For a 1 million yuan long-term loan, the cumulative interest savings could reach nearly 50,000 yuan.

Guosheng Securities pointed out that the policy as a whole represents precise support targeting specific rigid-demand groups rather than comprehensive stimulus. In terms of effectiveness, the interest subsidy policy is expected to lower the threshold for rigid-demand home purchases, prompting some wait-and-see demand to be released ahead of schedule within the one-year policy window, providing certain support for new home and second-hand home transactions involving low total prices and small-to-medium-sized units. The boost will be more pronounced in low-price cities, county-level areas, and outer suburbs of major cities. However, considering the three hard conditions of "first home, under 120 square meters, and under 1.5 million yuan," the pull on core areas of high-price cities and nationwide real estate demand may be relatively limited.