Core Viewpoint - The article analyzes the inventory management of 50 typical listed real estate companies, revealing the industry's practices in "scale contraction" and "risk mitigation" to optimize inventory structure and provide insights for investors to assess industry risks [1][3]. Group 1: Inventory Trends - The total inventory of real estate companies has declined for four consecutive years, with a decrease of 4.6% in the first half of 2025, totaling 8.14 trillion yuan compared to 8.53 trillion yuan at the end of 2024 [6][8]. - The decline in inventory is consistent across different tiers of companies, with the largest drop seen in the TOP31-50 and TOP51-100 tiers, exceeding 7%, while the TOP10 tier experienced a smaller decline of 2.3% [8]. - The inventory structure includes development inventory and completed inventory, with the latter directly impacting liquidity; a higher proportion of completed inventory indicates potential liquidity pressure [5][10]. Group 2: Completed Inventory and Current Housing - The proportion of completed inventory reached a five-year high at 26.9%, with an increase of 0.5 percentage points from the beginning of the year, although the growth rate has slowed compared to previous years [19]. - 56% of companies reported an increase in the proportion of completed inventory, indicating significant differentiation between leading companies and those under high pressure [21]. Group 3: Impairment Provisions - The inventory impairment ratio has continued to rise, with private companies reaching 13.12%, indicating significant asset impairment challenges [23][28]. - The total impairment provision balance for the first half of 2025 was 159.8 billion yuan, showing a slight decrease of 0.8% from the beginning of the year, but the overall impairment pressure remains high [23][25]. Group 4: Investment and Inventory Management Strategies - The proportion of inventory to total assets has decreased to 47.7%, reflecting a shift towards liquidity prioritization among real estate companies [31]. - Companies are adopting strategies such as "old project discounts + new project quick turnover" to manage inventory effectively and improve cash flow [32][36].

Core Viewpoint - The land supply continues to decline while transaction volumes have significantly increased, indicating a low overall heat in the land auction market [1][3]. Supply Summary - The total land supply this week was 3.67 million square meters, a decrease of 25% compared to the previous week [2]. - In first-tier cities, only Guangzhou listed one residential land parcel with a starting price of 420 million yuan [2]. - The average plot ratio for the 39 residential land parcels in key cities was 1.73 [2]. - A notable land parcel in Guangzhou's Panyu district was highlighted as a "heritage series" site, with a total area of 44,500 square meters and a low plot ratio of 1.1 [2]. Transaction Summary - The total transaction area this week reached 6.99 million square meters, a substantial increase of 261% week-on-week, with a transaction value of 32.2 billion yuan, up 265% [3]. - The average premium rate for land transactions was 1.5%, which is a decrease of 1.7 percentage points from the previous week [3]. - In Hangzhou, two low-density residential land parcels were sold, with one achieving a premium of 25.5% [4]. Key Land Transactions - The highest-priced residential land this week was in Suzhou's Wujiang district, with a starting price of 1.94 billion yuan and a plot ratio of 1.2 [3]. - In Hangzhou, the land parcel in the Gongshu district was sold for 1.33 billion yuan, with a floor price of 20,490 yuan per square meter [4]. - The surrounding new housing market in the area has shown strong performance, with a sales price of approximately 33,500 yuan per square meter for nearby projects [4].

Core Viewpoint - The article discusses the recent policy developments aimed at stabilizing the real estate market in China, focusing on optimizing the use of existing urban space and facilitating foreign investment in property purchases [2][3]. Group 1: National Policies - The Ministry of Natural Resources approved the "Guidelines for Optimizing Urban Stock Space Activation Planning," which fills a technical standard gap for planning the activation of stock space, promoting a shift from "incremental land dividends" to "stock space value" [2]. - The guidelines are expected to accelerate the implementation of existing projects, reduce inventory, and stabilize the land market in the short term, while guiding the industry towards urban renewal and improved living conditions in the long term [2]. Group 2: Local Policies - Eight provinces and cities released policies to stabilize the market, with a focus on housing security, including Suzhou's implementation of a plan for affordable rental housing and Shanghai's introduction of property tax exemption details for eligible first-time homebuyers [3][4]. - Silver City has fully lifted urban residency restrictions, allowing various groups to apply for household registration, which is expected to attract more residents [4]. - Fuzhou has made significant changes to its housing fund withdrawal policy, extending the withdrawal period from one year to three years, which will ease the financial burden on homebuyers [4][8]. Group 3: Policy Trends - The frequency of local market stabilization policies remains low, with a notable increase in subsidy and tax incentive policies, indicating a shift in focus towards supporting homebuyers [11][12]. - The recent month has seen a rise in the issuance of policies related to housing security, with a total of four new policies introduced, while subsidy and tax incentive policies have also gained traction [8][11].

Asia Bankers Club CRVC 克面瑞 全球视野 · 中东机遇 2 0 2 5 中 东 不 动 产 投 资 高 峰 论 坛 放眼海外 聚焦中东置业、投资热点趋势 跨界对话 · 学术洞悉 · 决策建议 - 新国际形势下中阿合作新方向 参会路径 谢绝空降 限量开放线下参会名额 - 海外项目的本土化开发策略 - 从"高收益"到"风险收益比"的资产定价选择 -一带一路引领下中外投资前景与潜力 ►识别下图二维码 ►进入报名页面，填写个人信息完成报名 线下参会报名 也可云参会 共享论坛精彩内容 ►识别下图二维码准时观看云直播 云直播 ...

Core Viewpoint - The construction of "good houses" is a strategic development direction for residential products, transitioning from policy concepts to industry practices, and is expected to become a long-term trend in the real estate market [1][3]. Group 1: Development and Policy Background of "Good Houses" - The demand for "good houses" is driven by urbanization and a shift in consumer expectations from merely having a house to living in a quality home [3][5]. - The industry's transformation is influenced by policies such as "housing is for living, not for speculation," leading to price control measures that have impacted profit margins for real estate companies [4][5]. - As quality issues in housing become more prominent, the industry is shifting focus from scale to quality, making "good houses" a consensus and development direction [6][5]. Group 2: Real Estate Companies' "Good House" Strategies and Case Studies - Leading real estate companies like Poly, China Overseas, and China Resources are launching "good house" strategies focusing on safety, comfort, green living, and smart technology [7][8]. - Companies are establishing comprehensive technical standards that cover the entire lifecycle from design to service, reflecting a shift towards refined management [8][9]. - The strategies are transitioning from qualitative claims to quantifiable controls, with companies like China Overseas achieving measurable improvements in sound insulation and pollution reduction [8][9]. Group 3: Five Dimensions of "Good House" Product Practices - Safety performance is emphasized as the first guarantee of quality living [30]. - Comfort and livability have evolved from merely increasing physical space to optimizing space efficiency and human-centered design [31][32]. - Health environment assurance has shifted from basic physical indicators to a multi-dimensional approach that includes sound, light, air, and water quality [44][45]. - Green and low-carbon initiatives are integrated into daily life through innovative designs and technologies [52]. - Smart technology is advancing from passive control to proactive service, enhancing user experience through intelligent systems [53][59]. Group 4: Future Outlook for "Good Houses" - The construction of "good houses" will be a continuous process of deepening and refining, with policies expected to become more detailed and standardized [70]. - The industry will continue to transition from traditional scale expansion to quality enhancement, focusing on the four dimensions of safety, comfort, green living, and smart technology [70].

以下文章来源于克而瑞产品测评 ，作者产品力研究中心 克而瑞产品测评 . 聚焦房地产产品、交付研究及产品力、交付力测评 1本月看点 HIGHLIGHTS 房企产品动态 万科植物园已成为万科长期品牌战略。 客户趋势 住宅结构特征 产品亮点分析 四代宅 亮点：挑空墅厅突破空间格局 。 老人独居趋势下，银发族未明言的居住痛点值得关注。 住宅产品需关注居家养老需求，打造包容各年龄段的代际友好型家居环境。 1 - 8月，全国市场成交面积中枢稳步提升，14 0- 16 0㎡产品市场份额同比增加1.2个百分 点，120- 140㎡产品同期占比也增加1个百分点，其余更大面积段产品成交占比也同比持 增。 从总价段来看， 环渤海、长三角 区域趋向高总价段 ， 中西部区域 趋向 低 总价段 ， 而珠三角区域低总价产品成交结构稳健。 1 - 8月，上海成 交向主 力面 积段集 中，且趋向更 大面积，100- 120㎡、 90 - 100㎡和 120- 1 40㎡产品占据成交前三位，且10 0㎡以上的两个面积段产品的比重同比增幅合计超过一 成。成都成交由二房、三房向四房迁移，前两者的成交占比较去年同期分别下降0.6和 2 .9个百分点， ...

Group 1 - The article discusses the upcoming "2025 Middle East Real Estate Investment Summit," highlighting the importance of global perspectives and opportunities in the Middle East real estate market [1] - A report titled "2025 H1 UAE Residential Market Trends" has been released, focusing on the leadership of major real estate companies in Abu Dhabi, particularly ALDAR [2] - The event emphasizes collaboration between government and enterprises for brand synergy and recognition [2] Group 2 - Limited offline participation is available for the summit, with a QR code provided for registration [4] - There is an option for online participation, allowing attendees to share in the forum's content through a live stream [6]

Core Insights - The article focuses on the evaluation of the comprehensive capabilities of real estate companies in China, highlighting the importance of delivery brand influence and the transition from scale competition to value coexistence in the industry [6][7]. Group 1: Rankings and Evaluations - The "2025 Mid-Year Comprehensive Capability Ranking of Chinese Real Estate Companies" was released, emphasizing the need for strategic upgrades in the industry [6]. - The first "Top 20 Delivery Brand Influence" list was published to provide a data-driven assessment framework for real estate companies and buyers [7]. Group 2: Market Trends - The real estate market is showing signs of marginal improvement, with a narrowing decline in both new and second-hand housing prices, although sales continue to decrease [9]. - In September, major cities like Shanghai, Hangzhou, and Chengdu saw a project turnover rate exceeding 60%, driven by the launch of hot projects [9]. Group 3: Policy Dynamics - Ten provinces and cities are piloting comprehensive reforms for market-oriented allocation of factors, granting local governments greater autonomy in land market management [12]. - The State Council is advancing the approval of mature asset types for REITs projects, with a focus on supporting rental housing projects [12]. Group 4: Land Supply and Auction Trends - The frequency of quality residential land sales has decreased, with land auction activity falling to its lowest level of the year [13]. - In the week of September 8-14, land supply increased slightly by 5%, while transaction volume decreased by 5%, indicating a cooling in auction enthusiasm [13]. Group 5: Product Insights - The concept of "Good Housing" is becoming a strategic development direction for residential products, transitioning from policy ideas to industry practices [15]. - Localization in housing design is evolving from details to a comprehensive approach, addressing the issue of homogenization in the market [16].

9/23 13:30-17:00 Shanghai 全球视野·中东机遇 2025中东不动产投资高峰论坛 - 克而瑞 X Asia Bankers Club X Aldar - VIEW 阿联酋作为全球房地产投资的战略高地，已成为海外资本布局中东的核心枢纽。迪拜与阿布扎比作为阿联 酋经济双核，未来5-10年将持续引领中东房地产市场的差异化繁荣，为全球投资者提供高潜力、多元化的 投资机遇。 基于此，克而瑞研究中心于9月23日在上海举办 「2025年中东不动产投资高峰论坛」 ，本次论坛以 "全球 视野·中东机遇" 为核心，汇聚 中阿政企领袖、国内前沿学者、全球资本战略专家以及国内标杆企业高管 ，深度解读中东市场投资逻辑与"一带一路"合作新路径，为投资者提供前瞻性战略参考。 9月23日，与克而瑞一起共探阿联酋不动产投资置业之变化与机遇。 高含金量论坛 重磅发布 #重构资产估值体系 ： IFCX 集团与 Asia Bankers Club 创始人及首席执行官 讲解从"高收益"到"风险收益 比"的科学决策。 克而瑞联手Asia Bankers Club 首发 《2025上半年阿联酋住宅市场趋势报告》 ，以专业、权威的视角 ...

8月，重点四城二手房新增挂牌量呈现季节性回升，但城市间分化显著。 ◎ 文/俞倩倩 8月以来重点城市二手房成交仍处于缓步下行通道，据CRIC监测数据，8月30个重点城市二手房成交面积环比降9%，同比持平，增 长动能放缓。究竟当前二手房业主挂牌积极性如何？热点城市中新增挂牌房源有存在哪些结构性分化特征呢？ 京沪深8月新增二手挂牌套数同环比齐增 沪深同比涨幅超5成 01 为了更好的分析二手房业主心态变化，我们主力聚焦了北京、上海、深圳、杭州等核心一二线城市，从CRIC监测的四城新增挂牌套 数来看，8月四城挂牌量季节性回升，京沪深同环比齐增，沪深同比涨幅均在5成以上。仅杭州一城同环比齐跌，业主挂牌积极性稳 步回落。 | 城市 | 8月 | 环比 | 同比 | | --- | --- | --- | --- | | 北京 | 17959 | 7% | 33% | | 上海 | 15534 | 16% | 21% | | 深圳 | 68865 | 7% | d4% | | 杭州 | 6801 | -3% | -28% | | | | 100万元 | 100-300 | 300-500 | 4/2017 . TTA . s ...