China continues to roll out policies to support property sector
On Monday (10/2), there were no major USD-denominated bond issuances in the primary market in Asia. In the secondary market, trading activity was light due to the closures of the South Korea, China, and Hong Kong markets. Overall, credit spreads remained mostly flat or changed roughly within +/- 5 bps. Trading volume for sovereign bonds in Southeast Asia was also low, but client activity was mostly on the buy side.
Important news
The Ministry of Finance, the State Taxation Administration, and the Ministry of Housing and Urban-Rural Development in China jointly issued the “Announcement on Tax Policies Regarding Affordable Housing” that from October 1st, a 1% reduced tax rate will be levied on deed tax for individuals purchasing affordable housing, and urban land use tax will be exempted for land used in the construction of affordable housing projects. To encourage the willingness to purchase homes, this policy not only reduces the cost of buying a house but also facilitates the accelerated clearance of existing inventory of affordable housing projects in various regions.
Secondary market
• INDON 2033 bonds traded near 5.50%, and 2053 bonds traded around 5.98%
• PHILIP 2033 bonds traded near 5.48%, and 2048 bonds traded around 5.96%
中國持續推出政策支持房地產行業
週一（10/2）亞洲債市的初級市場無重大美元計價債券發行。次級市場方面，由於韓國、中國、香港市場皆休市，交易量較為清淡，整體信用利差變化多持平或變化+/- 5bps，東南亞地區主權債的交易量雖亦清淡，但客戶交易以買單為主。
重要新聞
中國財政部、稅務總局、住房城鄉建設部聯合發布《關於保障性住房有關稅費政策的公告》稱，對個人購買保障性住房，減按1%的稅率徵收契稅；對保障性住房項目建設用地免徵城鎮土地使用稅。該政策自2023年10月1日起执行。為鼓勵購房意願，前述政策不但降低了買房成本，也有利於各地已興建之保障性住房加速去庫存。
次級市場
• 印尼（INDON）2033年券收益率約5.50%，2053年券收益率約5.98%
• 菲律賓（PHILIP）2033年券收益率約5.48%，2048年券收益率約5.96%