Beijing introduced policies last Friday (8th) to further loosen up home purchase restrictions outside the Fifth Ring Road and relax the eligibility criteria for first and second housing provident fund loans, while ramping up the loan amount under the provident fund, BOC International said in a report. The broker considered that Beijing's initiation among T1 cities reflects immense pressure from recent slumps in property prices.This round of relaxation, compared to the policy of September 26, 2024, does not stem from a comprehensive top-down policy directive from the central government. On one hand, economic growth is relatively stable, leading to limited demand stimulation; on the other hand, the central government is shifting its real estate strategy from quantity to quality. Related NewsJPM: Beijing's Easing of Housing Purchase Restrictions Still Limited, Unlikely to Sustain Mkt RecoveryThe broker believed that "one city, one policy" measures will help China's real estate market gradually adjust to a new sustainable equilibrium. In the short term, the broker remains caution on real estate stocks.