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Real estate groups urged the Fed to stop rate hikes. Here’s why._我的网站

A |     　　21世纪经济报道记者 张欣　　老牌支付公司拉卡拉支付股份有限公司（300773.SZ，下称“拉卡拉”）正式终止了筹划逾一年的赴港上市计划。

B |     Major housing industry groups voiced "profound concern" in a letter this week urging the Federal Reserve to stop raising interest rates.The rare public admonishment from top business advocates -- including the National Association of Realtors and the National Association of Home Builders -- underscores a dramatic slowdown in the housing market due in large part to rising interest rates.The letter arrives roughly three weeks before the Fed plans to make its latest rate-hike decision.Mortgage rates have reached their highest level in more than two decades and they have continued to rise. Data released on Thursday showed that mortgage rates increased for the fifth consecutive week, according to Freddie Mac."The speed and magnitude of these [mortgage] rate increases, and resulting dislocation in our industry, is painful and unprecedented," the letter from the housing groups said.Here's what to know about why real estate groups called on the Fed to stop raising rates:

What's happening in the housing market?

Sky-high mortgage rates have dramatically slowed the housing market, since homebuyers have balked at stiff borrowing costs and home sellers have opted to stay on mortgages that lock them into relatively low rates.Mortgage applications have fallen to their lowest level since 1996, the Mortgage Brokers Association said earlier this month.Sales of previously owned homes, meanwhile, have plummeted more than 15% compared to a year ago, the National Association of Realtors found in August.The slowdown has coincided with a sharp rise in costs for potential homebuyers.The average interest rate for a 30-year fixed mortgage has climbed to nearly 7.6%, Freddie Mac data shows.When the Fed initiated the rise of bond yields with its first rate hike of the current series in March 2022, the average 30-year fixed mortgage stood at just 4.45%.Each percentage point increase in a mortgage rate can add thousands or tens of thousands in additional costs each year, depending on the price of the house, according to Rocket Mortgage.

What role is the Federal Reserve playing in the housing market slowdown?

An aggressive series of interest rate hikes at the Federal Reserve since last year has pushed up the 10-year Treasury yield, which loosely tracks with long-term mortgage rates.The Fed has fought elevated inflation with borrowing cost increases as it tries to slash price hikes by slowing the economy and choking off demand.While inflation has fallen significantly from a peak of about 9% last summer, price increases remain more than a percentage point higher than the Fed's inflation target.Price increases held steady in September, fresh data on Thursday showed, suggesting that elevated inflation remains resistant to the interest rate hikes.The persistence of elevated inflation has prompted the Fed to espouse a policy of holding interest rates at high levels for a prolonged period, which in turn has increased the 10-year Treasury yield and put upward pressure on mortgage rates.Moreover, the Fed expects to raise rates one more time this year, according to projections released last month.Speaking at a press conference in Washington, D.C., last month, Fed Chair Jerome Powell acknowledged the continued effect of interest rates on mortgages, noting that activity in the housing market "remains well below levels of a year ago, largely reflecting higher mortgage rates."

What do the housing industry groups want the Fed to do?

Housing industry advocates want the Fed to take swift actions that reassure investors and other market participants of an end to the policies cooling the industry.Most notably, the industry groups want the central bank to release a statement saying that it has abandoned consideration of additional rate hikes.In their letter to Fed officials, the housing groups cautioned that a further slowdown in real estate could help tip the U.S. economy into a recession, scuttling the central bank's effort to achieve a "soft landing.""We urge the Fed to take these simple steps to ensure that this sector does not precipitate the hard landing the Fed has tried so hard to avoid," the letter said.。　　8月25日晚间，拉卡拉发布《关于公司终止发行H股并于香港联合交易所有限公司主板上市的公告》，称因市场环境变化及公司规划调整，经与各方充分沟通及审慎分析，当日召开的第四届董事会第十八次会议，以8票赞成、0票反对、0票弃权审议通过终止H股发行上市议案。

C |  　　2025年6月，拉卡拉宣布筹划发行H股并在香港联交所上市，其公告明确指出，赴港上市旨在“推进公司国际化发展战略，构建国内国际双循环格局”。　　拉卡拉在2025年半年报中进一步分析，伴随着中国企业全球化步伐的加快推进、人民币国际化程度的不断提升，国内有资质开展跨境支付以及在Web3.0领域有前瞻性布局的第三方支付机构将迎来巨大的发展机遇。2025年以来，公司把握跨境支付体系变革机遇，积极推进境外牌照和业务落地，加快全球化布局。

D | 　　按港交所当时规则，主板新上市申请自递交A1表格（俗称“递表”）起6个月内未通过聆讯即自动失效。拉卡拉2025年10月17日递交的H股上市A1申请于2026年4月17日届满失效，失效后公司曾表示将择机重新递表，但经过数月观望未再更新材料，最终直接终止了H股上市计划。　　从最新披露的2026年半年报看，拉卡拉实现归属母公司股东净利润6.69亿元，同比增长191.67%，扣除非经常性损益后归母净利润为2.19亿元，同比增长50.28%，主要系公司主营业务盈利能力向好，以及出售公司持有的上市公司股票取得的投资收益较去年同期大幅增长所致。　　分业务看，数字支付收入28.43亿元，同比增长20.32%；境内综合收单规模2.25万亿元，同比增长14.99%，其中银行卡交易1.40万亿元，同比增长7.73%，连续两个季度正增长、止住跌势；扫码交易0.85万亿元，同比增长29.38%。科技服务收入2.13亿元，同比增长51.32%，由天财商龙并表及科技输出拉动。

E | 　　值得注意的是，拉卡拉的跨境支付业务表现较好，上半年交易规模543.64亿元，同比增长46.38%，服务商户超25万家，同比增长55.86%；3月公司获批Visa海外发卡会员资质，外卡交易金额同比增长81.57%。　　拉卡拉在公告中强调，目前经营稳定有序，终止H股上市不会对经营活动和持续发展造成重大影响，不存在损害中小股东利益的情形。责任编辑：曹睿潼。

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