Core Viewpoint - The real estate market in China has shown signs of stabilization and improvement since 2025, driven by financial policies and the implementation of special bonds, leading to better indicators in land auctions, housing prices, and inventory reduction [3][14]. Group 1: Market Trends - The overall real estate market has transitioned from merely addressing the availability of housing to focusing on the quality of housing, emphasizing the importance of building "good houses" to meet the needs of the public [14]. - The introduction of the "good house" concept in government reports marks a significant shift towards high-quality residential projects, which are expected to dominate new supply [3][14]. - The 2025 first half product evaluation revealed a total of 60 projects that met the criteria for high-end, light luxury, and quality categories, indicating a competitive landscape focused on product quality [13][14]. Group 2: Evaluation Process - The evaluation process for residential projects includes criteria such as design, living experience, interior decoration, community space, and project awards, ensuring a comprehensive assessment of product quality [13][14]. - The evaluation will culminate in the announcement of the "Top Ten High-end/Light Luxury/Quality Works" and the "Good House Comprehensive Award/Individual Awards" in late June [13][14]. - The evaluation process involves expert reviews and public voting, enhancing the credibility and transparency of the assessment [13][14]. Group 3: Industry Response - Real estate companies are actively responding to the "good house" strategy by enhancing housing quality and increasing configurations in similar product categories to boost competitiveness [14]. - The rise of AI technology is opening new possibilities for smart housing, aligning with the industry's goal to meet diverse living needs and improve the quality of life for buyers [14]. - The ongoing "Good House Tour" initiative aims to showcase award-winning projects and benchmark developments, fostering a platform for product quality exchange and collaboration within the industry [14].

Core Viewpoint - The land supply and demand scale increased week-on-week, with a notable rise in premium rates in third and fourth-tier cities, indicating a potential recovery in the real estate market [1]. Supply - The total supply of land this week was 7.26 million square meters, reflecting a 25% increase compared to the previous week [2]. - Key cities offered 92 plots of residential land, with an average plot ratio of 1.7. Cities like Tianjin, Guangzhou, Nanjing, Changchun, and Jinan had average plot ratios not exceeding 1.5 [2]. - Notable land supply includes a residential plot in Hangzhou's Xiaoshan District with a base price of 4.6 billion yuan and a plot ratio of 2.8, located near the Qiantang River and major transportation lines [2]. Transaction - The total transaction area reached 4.36 million square meters, marking a significant 64% increase week-on-week, with a transaction value of 28.4 billion yuan, up 38% [3]. - The highest transaction value for residential land this week was in Guangzhou's Tianhe District, where a plot was acquired for 2.25 billion yuan, with a floor price of 30,000 yuan per square meter [3]. High Premium Transactions - High-value and high-premium land transactions occurred in cities like Foshan and Wenzhou, with Foshan's Zen District plot achieving a premium rate of 27.4% [4]. - The plot in Foshan had a base price of 613 million yuan and was won by a consortium after 48 rounds of bidding, with a floor price of 12,000 yuan per square meter [4]. Key Transactions Ranking - The ranking of key land transactions included Guangzhou's Tianhe District plot acquired by Jindi for 3.05 billion yuan at a floor price of 30,519 yuan per square meter, with a premium rate of 0% [7]. - Other notable transactions included a plot in Hangzhou acquired by Greentown for 1.4 billion yuan with a premium rate of 40% [8].

6月供给"缩量提质"预期成交延续弱复苏，新房成交大概率环比持增增，同比持平。 ◎ 文 / 俞倩倩 6月供应同环比齐降重回阶段低位， 一二线城市迎阶段性回落，三四线低位修复；沪深杭蓉等热点城市全面回 调，供给约束愈发显著。 从供给结构来看，重点城市刚需、改善、高端占比结构为34%、55%和12%，呈现出以改善为主，刚需为辅的 供应结构。 半数以上城市以主城为供应主力。 预判后市，我们认为，6月供给"缩量提质"预期成交延续弱复苏，新房成交大概率环比持增增，同比持平。 规模：6月28城供应同比降25%约束加剧 沪深杭蓉等全面回调 6月房企推盘积极性稳步回落，整体供给量与今年1月同期持平，土地对新房供给约束日益显著： 据CRIC调 研，6月28个重点城市预计新增商品住宅供应面积547万平方米，环比下降14%，同比下跌47%，2025年上半年 累计同比下降25%。 分能级来看， 一线稳步回调，单月同环比齐跌，上海、深圳供应几近停滞，北京、广州阶段性放量，环比大 增。 据CRIC监测数据，6月一线预计供应面积达134万平方米，环比下降10%，同比下降44%，上半年累计同比 下降22%。北京单月供应规模预计达66万平方米， ...

点击标题阅读全文 榜单 VIEW 克而瑞研究中心 "每周研究精读" ， 聚焦宏观、行业、房企、土拍、产品、客需、榜单等多个研究成果，与各界探讨行业运 行逻辑、变数及未来趋势。 2 0 2 5年1 - 5月中国房地产企业销售TOP1 0 0排行榜 专题 | 2024年房企存货管理专题——典型房企现房库存占比接近3成 从存货规模、存货结构、投资力度等方面进行分析，探讨2024年典型房地产企业的存货状况和发展趋势。 专题 | 2025年存量宅地清单透视：城市库存与收储分化下的破局路径 各城市库存规模及开工进度显著分化，专项债收储仍需进一步细化落地。 观点 专项债发行快报｜连续两月超3 0 0亿主投房地产，半数份额来自福建省第八期 房地 产相 关规模环比 降4 0 % 至5 2 5亿，区域分化，福建 土储债 1 / 3用 于土地回购。 行业透视｜现房销售一旦落地，对代建市场有何影响？ 在" 所 见即所得" 销售模式下 ，产 品力的突破与进阶是 实现超额收益的关键。 5月新房成交环比基本持平；百强房企5月业绩环比增长3.5%。 2025年1-5月中国房地产企业新增货值TOP100排行榜 市场格局仍集中于头部企业；前5月 ...

Core Viewpoint - The market remains concentrated among leading enterprises, with over 60% of the top 100 sales companies not restarting land acquisition in the first five months of 2025 [1][20]. Group 1: Market Overview - From January to May 2025, the land supply and transaction scale have shown a year-on-year decline for five consecutive months, with the land market becoming increasingly polarized [10]. - The top 100 real estate companies saw a 38% year-on-year increase in investment amount, with 11 companies acquiring over 10 billion yuan in land [14]. - The overall land transaction area in 300 cities decreased by 18% year-on-year, with a transaction amount of 807 billion yuan, reflecting a 12% increase [12]. Group 2: Investment Trends - The threshold for the top 100 companies' new land reserve value was 2 billion yuan, down 8% year-on-year, while the threshold for total price increased by 30% to 990 million yuan [14][16]. - The total new land reserve value, total price, and area for the top 100 companies from January to May 2025 were 939.3 billion yuan, 482.4 billion yuan, and 4.372 million square meters, respectively, with significant year-on-year growth [19]. - The land acquisition-to-sales ratio for the top 100 companies remained stable at 0.27, with the top 10 companies having a higher ratio of 0.38 [23]. Group 3: Focus on Core Cities - The land market continues to control supply, ensuring only a few quality land and major projects are available, preventing oversupply [25]. - Leading companies are focusing on high-energy cities and quality land resources, while most companies are tightening investment strategies and prioritizing inventory reduction [25]. - The trend indicates that optimizing land reserve structure is crucial for company development, with a focus on high turnover and profitable projects in core cities [25].

研究中心专题卡介绍 研究专题卡是克而瑞研究中心推出的一套系统化的房地产企业情报定制方案，旨在用专业的行业知识与精湛的 行业预判为房企预测走势、预警风险、提供借鉴。 每年为企业提供『宏观研究、市场研究、企业管控、项目借鉴、营销案例、产品案例、运营模式、企业深度、 企业融资及盈利模式』十大类、五十个专题的选择。 产品类型 服务形式 从存货规模、存货结构、投资力度等方面进行分析，探讨2024年典型房地产企业的存货状况和发展趋势。 企业可根据自身需求从专题列表中选择适合专题打包组成定制专题卡，但全年累积不得超过会员自身等级规定数量。 2025年新增专题 点击 红色标题 阅读缩略版 专题 | 2025年存量宅地清单透视：城市库存与收储分化下的破局路径 各城市库存规模及开工进度显著分化，专项债收储仍需进一步细化落地。 专题 | 2024年房企盈利能力报告——行业毛利率下降至10%，72%房企净利润亏损 2024年确认存货跌价损失1 6 7 7亿，相比2023年大幅提升26%。 专题 | 2024年房企偿债能力报告：流动性压力仍在加大，行业信用修复仍需时间 2024年底5 0家样本房企中8 4%的企业现金持有量较期初有所减 ...

Core Viewpoint - The Chinese real estate market shows signs of stabilization in May 2025, with new home supply significantly decreasing, while transaction volumes remained stable compared to April, and year-on-year growth is maintained [8][10]. Group 1: Sales Performance - In May 2025, the top 100 real estate companies achieved a total sales amount of 294.58 billion yuan, reflecting a month-on-month growth of 3.5% [9][10]. - From January to May 2025, the cumulative sales amount reached 1,312.75 billion yuan [10]. - Over half of the top 100 companies reported month-on-month performance improvements in May, with 22 companies experiencing growth rates exceeding 30% [10]. Group 2: Market Trends - The overall real estate market continues to show a weak recovery trend, with expectations for June indicating a steady increase in transaction volumes, while year-on-year comparisons may show slight declines [10][18]. - The supply of new homes is expected to improve, driven by the mid-year push from real estate companies and enhanced supply quality [18]. - The first-tier cities, particularly hotspots like Shanghai and Shenzhen, are experiencing supply constraints, which may limit transaction volumes despite the introduction of suitable properties [18]. Group 3: Sales Scale Variations - The sales threshold for the top 30 real estate companies increased by 5.3% year-on-year to 9.53 billion yuan in May 2025 [13]. - The sales scale among different tiers of the top 100 companies shows divergence, with the 31-50 tier experiencing cumulative sales growth, while the top 10 and 11-20 tiers saw declines [15].

一场改变行业的产品革命，2025已经出发 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 "好房子会说话" ——这不是口号，而是克而瑞产品力巡礼的初心。 自2021年起，克而瑞"产品力100"全国好盘巡礼， 累计探访79个标杆项目，发布120+份深度报告， 见证了中国房地产从"规模为王"到"品质为王"的蜕变。 2025年，我们以更犀利的眼光、更开放的姿态启程： ✅ 携手业内产品专家， 以"产品品鉴官"身份解剖项目基因； ✅ 从"绿色低碳"、"交付兑现"到"社区运营力"， 多维评价体系 重新定义"好房子标准"； ✅ 不只是评选，更是 行业生态共建、 价值共振场。 西安站 即将启程 10大红盘+1场闭门会，探究"西安好房子" ⏰时间安排： 6月4-5日（周三/四） 探盘亮点： 获奖单品+城市标杆，实地勘察企业对"好房子"的解题思路 闭门沙龙： 好房子产品趋势（限定人数） 价值收获： 破解"产品同质化"困局，找到错位竞争的真实案例；跳出"纸上谈兵"，看透政策调控与市场需求的交汇点。 活动咨询： 李女士17602128104 （微信同号，备注"西安 ...

热度：平均溢价率整体回落，城市间显著分化。 5月平均溢价率回落至7%，一二线城市土拍仍维 持热度，本月平均溢价率仍达到10%，延续了2025年以来的高位。 土地市场延续控量去库存，供应优质宅地占比有望持续提升。 ◎ 文 / 马千里 2025年5月，土地市场成交规模延续量缩价涨态势。据月末快报数据，5月土地成交建筑面积同比下降 18%，成交金额同比增长12%，连续5个月建面回落而金额上升。截至5月25日，本月土地供应建筑面积 4813万平方米，环比上月同期上升10%，同比下降19.3%。本月平均溢价率达到7.2%，环比下降了1.9个 百分点，但北京、上海等核心城市仍成交了多宗高溢价地块，本月一线城市平均溢价率达到13.7%，再度 回到10%以上。5月份以来，中央宏观调控重点着力金融政策稳预期，持续改善行业资金面压力，并发文 推进城市更新，为行业发展带来新的增长动能。 核心要点 供求：面积同比回落而金额增长， 截至2025年5月25日，本月土地供应建筑面积4813万平方米，同 比下降19.3%。成交建筑面积2826万平方米，同比下降18%，成交金额807亿元，同比增长12%。 分布：一二线量价同比均增，三四线量价 ...

Core Viewpoint - The article discusses the recent financial policies and special bond issuance aimed at supporting urban renewal and stabilizing the real estate market in China, highlighting the increase in land recovery projects and the ongoing efforts to improve land use efficiency [2][9]. Special Bonds Issuance - In May 2025, the total issuance of special bonds remained high at approximately 200 billion, with a notable focus on real estate, where the issuance exceeded 300 billion, remaining stable month-on-month [2][7]. - The issuance of special bonds specifically targeting real estate was 318 billion, a slight decrease of 5% from the previous month, but still above 300 billion for two consecutive months [7][6]. Land Recovery Projects - The proportion of special bonds for land recovery has significantly increased, with one-third of the land reserve bonds in Fujian being allocated for the recovery of idle or existing land [3][20]. - In May, Fujian issued 150 billion in land reserve bonds, with over 50 billion specifically for land recovery projects, primarily in Longyan city [21][20]. Regional Distribution - Half of the real estate-related bonds issued in May came from Fujian and Jiangxi, with Fujian alone accounting for over 100 billion, a decrease of two provinces compared to the previous month [4][12]. - The focus on land recovery in Fujian is evident, as the province issued 196 billion in real estate-related special bonds, with a significant portion directed towards land recovery projects [12][21]. Future Expectations - The ongoing urban renewal initiatives are expected to accelerate the issuance frequency and volume of real estate-related special bonds, with an emphasis on revitalizing existing land and commercial properties [9][3]. - The total issuance of land reserve bonds in the first five months of 2025 reached 710 billion, accounting for 36.12% of the total real estate-related special bonds [16][15].