Core Viewpoint - The shift towards selling completed properties is fundamentally changing the funding model for real estate companies, leading to a significant decline in investment returns and a push towards light-asset development strategies [2][4][5] Group 1: Impact of Current Housing Sales - The current housing sales model necessitates developers to have sufficient self-funding, resulting in longer development cycles and decreased capital turnover [5][6] - This shift is prompting companies to adjust their business portfolios, with a noticeable move towards light-asset operations such as construction management [5][6] - Over 100 real estate companies have engaged in project management, with 49 establishing independent management platforms, indicating a growing trend towards specialized construction management [5][6] Group 2: Land Transaction Trends - The decline in land transactions and the need for local government financing will lead to an increased proportion of residential construction management projects [7][8] - Despite a decrease in land acquisition, the overall scale of the construction management market is expected to remain stable, with a focus on commercial projects [7][8] Group 3: Market Penetration by City Tier - The penetration rate of construction management is expected to rise, particularly in first-tier cities, while second-tier cities will stabilize and third- and fourth-tier cities may decline [9][10] - First-tier cities have historically low penetration rates, but this is expected to increase as companies seek to engage in local government projects to optimize land resources [10] Group 4: Changes in Construction Management Models - The trend towards "small equity operation" in construction management is increasing, necessitating adjustments in payment structures and timelines [12] - Companies are facing challenges related to funding pressures and extended return cycles, requiring a re-evaluation of payment rules linked to project milestones [12] Group 5: Intensifying Competition in Construction Management - The construction management sector is experiencing intensified competition, with a potential for a "second" round of industry reshuffling as new entrants gain market share [13][14] - Companies must enhance their service capabilities and operational efficiency to remain competitive, leveraging digital tools to improve project delivery [14][15] - Establishing long-term partnerships with local government platforms is crucial for aligning interests and ensuring project success [16]

《2024年阿联酋房地产市场住宅白皮书》 重磅发布！ 波斯湾畔，沙漠与海岸的交汇点 迪拜的奢华，阿布扎比的资源富饶 "黄金签、零税费、自由区" 吸引国际置业者目光 "国际枢纽"迪拜与"智慧可持续"定位阿布扎比 未来5-10年仍是中东最具价值的房地产投资市场之一 《2024年阿联酋房地产市场住宅白皮书》由 CRIC 克而瑞研究中心撰写， Asia Bankers Club提供技术支持。 这份白 皮书对阿联酋房地产住宅市场进行了全面剖析， 涵盖阿联酋整体分析、重点市场分析、行业竞争格局分析、高价 值区域总结与建议以及趋势与风险等多方面内容， 为投资者、从业者和关注者提供了极具价值的市场洞察与决 策依据。 在整体分析部分， 深入探讨了阿联酋的经济、人口、购房政策法规及未来发展潜力。 经济上， 疫情后复苏显 著，2024 年 GDP 创下新高，经济多元化成果显现，非石油经济比重逐年增加，房地产业对 GDP 贡献率也不断攀 升。 人口方面， 规模高速增长，年轻群体消费力强，外籍人口占比近九成，宽松的投资移民政策持续吸引海外高净 值人群。 购房政策法规 以零税费为核心，对全球投资者极具吸引力，同时房地产相关政策友好，保障 ...

Core Viewpoint - The concept of "Good House" has been introduced in the government work report, providing policy guidance for the "housing for all" initiative, marking a significant shift from policy advocacy to a binding national standard with the implementation of the "Residential Project Specification" on May 1, 2025, leading to a profound transformation in the industry from "quantity" to "quality" [2][3]. Group 1: Industry Response to "Good House" - Over 50% of monitored real estate companies have mentioned "Good House" in their official communications this year, indicating a strong industry response to this significant concept [2]. - Various companies have developed comprehensive systems to ensure their products meet the expectations and standards set by the "Good House" initiative, integrating their past experiences and advancements in the quality era [2][3]. Group 2: Company Standards and Innovations - Greentown China introduced the industry's first "Good House" standard, focusing on six key elements: aesthetics, affordability, intelligence, low carbon, full lifecycle, and health [3]. - China Electric Power Real Estate established a "Good House" standard with six dimensions and 165 technical parameters, emphasizing safety, health, green, and smart features [3]. - Poly Developments proposed a "Cultural Community" product concept, integrating "good products, good services, good living" as its core strategy [3]. - China Resources Land has established a "Good House" system focusing on community, product, and service, detailing twelve key scenarios to meet customer needs [3][6]. Group 3: Addressing Consumer Pain Points - The focus on consumer needs has become paramount, with companies like Greentown China responding to insights from a lifestyle demand report by offering customized living spaces [10]. - China State Construction developed a "Good House" construction system based on extensive customer feedback, addressing over 95% of common residential pain points [11]. - China Overseas Property launched the Living OS system, aiming to meet diverse customer expectations through a technology-driven approach [13]. Group 4: Technological Integration - The integration of technology and intelligence into housing products is a growing trend, with companies like Poly Developments implementing a comprehensive smart response across their product and service chains [14]. - Wuhan Urban Construction is utilizing BIM technology in its projects to enhance construction efficiency and quality control [14][16]. - Jinji Real Estate is collaborating with Huawei to provide smart home systems for high-end residential projects, aiming to create a holistic intelligent living environment [17]. Group 5: Product Launches and Market Trends - The "Good House" era has seen the launch of innovative products, such as Huafa's "Good House" project in Zhuhai, featuring advanced technology like AI butlers and drone delivery systems [18]. - China State Construction has introduced several projects with "Good House" characteristics, focusing on green and low-carbon living environments [21]. - Poly Developments' project "Zhenluan" emphasizes functional aesthetics, transforming traditional luxury into practical living spaces [24]. Group 6: Future Developments and Evaluations - The 2025 semi-annual CRIC "China Real Estate Product Evaluation" has been initiated, including a new category for "Good House" evaluations, with results expected in June [25][27].

Core Insights - The article discusses the evolving trends in the real estate market, focusing on product innovation and customer preferences in residential housing [4][10][13]. Group 1: Product Dynamics - The "4×4 Good Product Concept" by Yuexiu Properties emphasizes four key aspects: quality, warmth, intelligence, and growth, supported by 16 product propositions [10]. - The "4+X" product series targets various market segments, including high-end, ecological, urban renewal, and youth-oriented housing [12]. - The market is seeing a shift towards larger residential units, with a notable decline in the sales proportion of units under 120 square meters [21][24]. Group 2: Customer Trends - Modern families are seeking homes that reflect emotional values, with a focus on flexible spaces that can adapt to changing needs [16][17]. - The emotional core of home design is characterized by three aspects: defining spaces, providing therapeutic environments, and ensuring harmony [17]. - The demand for larger units is increasing, with a significant rise in the sales of four-bedroom apartments, while two and three-bedroom units are declining [36][37]. Group 3: Residential Product Structure - The overall market is trending towards larger units, with a 1.5 percentage point decrease in the share of units sized 100-120 square meters [21][24]. - In first-tier cities, the focus is on the 100-140 square meter range, while second-tier cities show a slight decrease in this segment [24][31]. - The mid to high-end price segments are gaining traction, particularly in the Pearl River Delta region, where the share of properties priced between 500-1,000 million yuan has increased [30][31]. Group 4: Project Highlights - The Hangzhou Greentown Runbai project features a low-density community with high-end quality, luxurious landscaping, and well-designed layouts that enhance privacy and comfort [4][58]. - The project is strategically located in a mature area with excellent amenities, including shopping, healthcare, and educational institutions [58][63]. - The design incorporates modern aesthetics with functional spaces, catering to the needs of high-net-worth individuals [45][56].

Core Viewpoint - The real estate industry has entered a critical phase of inventory reduction, with a pressing need to activate existing land resources as the market stabilizes in 2025. The central government has emphasized accelerating the collection of idle land through special bonds, granting local governments autonomy in pricing and usage [3][8]. Group 1: Inventory Status - The industry is in a deep inventory reduction phase, with the broad inventory scale in typical cities reaching 3.2 times that of the narrow inventory, and the broad digestion cycle generally exceeding 5 years [3][4]. - The narrow inventory has decreased by approximately 9% since its peak in September 2024, but the broad inventory remains high, with a slight increase of 0.7% due to the sale of quality land [9][10]. - The total area of proposed land for collection has reached 6,565 hectares, which could lead to a 54% increase in new home sales in the first four months of 2025 [4][35]. Group 2: City-Level Inventory Disparities - Significant disparities exist in potential inventory across cities, with Chongqing, Zhengzhou, and Shenyang facing urgent challenges in land collection, as their potential inventory exceeds 1,000 hectares [4][20]. - High inventory cities like Chongqing and Zhengzhou have over 70% of undeveloped land, necessitating accelerated collection efforts and exploration of converting ongoing projects into affordable housing [4][23]. - Cities with lower inventory pressures, such as Beijing and Hefei, have a potential digestion cycle of only 1 year, indicating a healthier supply-demand relationship [20][37]. Group 3: Collection Strategies and Challenges - The collection of idle land is primarily focused on third- and fourth-tier cities, with 84% of the proposed collection area concentrated in these regions [5][39]. - The collection plans are expected to significantly reduce the broad inventory digestion cycle in cities like Zhengzhou and Kunming by over 1 year [6][39]. - The implementation of special bonds for land collection needs to accelerate, with a focus on transparency and precise identification of inventory pressure in different city sectors to enhance targeted policies [6][37]. Group 4: Future Outlook - The real estate industry is at a pivotal point for inventory management, with the rapid implementation of special bond collection policies and deepening supply-demand reforms contributing to market stabilization [36][44]. - The core challenge remains the high level of broad inventory, with the special bond collection serving as a key tool to address this issue [37][38]. - Continuous efforts are required to expand the scope of land collection in high-inventory cities, while also focusing on high-traffic areas to restore market health [39][40].

2025年第21周 Weekly 2025年5月19日-2025年5月25日，第21周土地供应规模小幅上涨，成交建面环比小幅回落，但成交金额 环比接近倍增，溢价率水平也恢复至年内高位。本周重点城市监测供应建筑面积581万平方米，环比增 长27%，成交266万平方米，环比小幅下降6%。本周一二线城市多宗优质宅地进入拍卖环节，周度平 均溢价率回升至14.2%，创近7周新高，重新回到2025年以来的高位。 供应：本周供应建筑面积581万平方米，环比增长27%。 本周重点城市供应含宅用地48幅，平均容积率为 2.3，西安、济南、郑州、青岛本周供应宅地平均容积率均不低于2.5。 重点供应地块方面，本周北京丰台区挂牌了一宗宅地，位于新宫板块，出让底价20.8亿元，起拍楼板价4万 元/平方米，容积率2.0。要求执行高标准住宅建设要求，交通便利，商业配套成熟，生态资源丰富，为四 环沿线较为稀缺的低密住宅用地。西侧毗邻的建发金茂项目地块于2024年11月成交，容积率同样为2.0，其 时成交楼板价为4万元/平方米，目前新房售价在7.9万元/平方米左右。 天津河西区挂牌一宗宅地，出让底价17.5亿元，起拍楼板价1.8万元/平方米， ...

5月27日，克而瑞宣布：中国房地产首个AI智能体——CRIC深度智联正式上线。除PC端 www.dichanai.com外，"CRIC深度智联"微信小程序同步推出。在AI Agent正在步入爆发 发展的初期，作为中国首个垂直领域AI智能体，CRIC深度智联依托克而瑞20年房地产行业 经验和数据积累与多模态大模型技术，打通数据整合、智能分析到内容生成全链路。不仅 会用地产思维进行思考分析，更会提供文章、报告等专业工作成果，为房地产人提供了降 本增效的"第二大脑"。 CRIC深度智联由克而瑞自主研发，是在多个AI大模型能力基础上的一次面向房地产行业的应用创 新。不同于通用智能体，其运用地产思维应对垂类需求，整合工程创新力、行业认知力、数据沉淀 力，是国内实现AI智能体行业闭环应用的首例。 正式上线的CRIC深度智联普通版拥有搜索、文章、报告、知识库四大功能。用户可免费使用搜索功 能，文章和报告按生成服务次数收费，当前有很大力度优惠。 可生成土地/住宅/商业等各类市场报告，根据指令自动生成大纲，收集资料，匹配数据，结论分析， 酷炫排版……工作全程可视化。用户不仅可随时介入调整思路更可以运用AI工具在线编辑并按需求 ...

苏州未来代建仍有很大的发展空间，适宜代建企业深耕挖掘。 ◎ 文 / 谢杨春、吴嘉茗 苏州作为代建发展较快、渗透率快速提升的典型城市，当前市场在售项目中已有较多代建项目。与自持项 目相比，代建项目依然是市场中的"非主流"部分，占市场总成交的20%以下，且受到城投拿地的限制，代 建项目面临整体售价较低、区位条件较差的挑战。但整体来看，苏州目前仍有较多未开工的城投地块，对 于代建企业而言存在较大的发展机遇。 2024年开盘项目中31%为代建项目 渗透率逐年提升 01 此前，CRIC统计了32重点监测城市历年开盘项目中代建项目的渗透率，可见苏州、无锡两个城市的代建渗 透率快速提升， 到2024年，苏州开盘项目中已有31%为代建项目，成为重点监测城市中代建渗透率最高的 城市。 由于商品住宅项目中的代建项目，主要来自于城投公司拿地后委托给代建公司的项目，因此，城投公司拿 地是商品住宅代建的前提之一。 结合城投公司在苏州的拿地情况来看，从2021年以来，城投公司历年拿地建面占土地总成交的比例动态攀 升，2021年仅占35%，但 2023年和2024年城投拿地建面占比分别达到86%和64%，也就是说苏州土拍出让 地块中，超过 ...

阿联酋凭开放政策、经济转型及全球化定位成全球房地产焦点，迪拜与阿布扎比各具特色。 阿联酋凭借开放的政策环境、持续的经济转型和全球化的城市定位，成为全球房地产投资者关注的焦点。 迪拜与阿布扎比两大核心市场各具特色。迪拜以国际化流量引擎打造资产流动性优势，阿布扎比以智慧规 划构建稀缺价值壁垒，两者共同构成中东地区最具抗跌性的投资组合。 迪 Dubai 拜 市场机遇：政策、经济与规划三重红利叠加 The United Arab Emirates 0 1 1、政策红利构建投资友好型环境 • 黄金签证：吸引外籍投资者（2024年外籍购房占比超60%，英、印、中买家为主），购房即享长期居留 权。 • 税费优势：无资本利得税、遗产税，持有成本低；低利率环境（3%-4%）降低购房杠杆压力。 2、经济韧性与人口支撑 • 多元产业，非石油经济占比74.6%，旅游业（年接待1872万国际游客）。 • 人口结构优势显著：68.6%的25-54岁青壮年群体、92%的外籍人口比例，催生旺盛的居住与租赁需求。 3、区域价值分化孕育结构性机会 • 核心区（短期高流动性）： -朱美拉棕榈岛海景别墅（全球顶级配套，抗通胀属性）。 4、未来增长引 ...

Core Viewpoint - Abu Dhabi has identified five key investment hotspots based on the "2030 Plan," focusing on unique resources to establish livable investment benchmarks [1][34]. Group 1: Key Areas and Their Characteristics - **Hudayriyat Island**: Positioned as a coastal sports and leisure center, featuring a 50 km pristine coastline and sports facilities, with low-density residential developments led by Modon [3][6]. - **Al Reem Island**: Serves as an extension of the Abu Dhabi Global Market (ADGM), catering to financial and commercial expansion needs, with diverse residential options and stable rental yields of 6-8% [3][12]. - **Saadiyat Island**: A luxury resort area integrating culture and nature, with a $27 billion investment in global cultural landmarks, supported by scarce sea view resources for long-term appreciation [3][17]. - **Yas Island**: A premier entertainment and commercial hub, focusing on theme parks and event-driven economies, with stable tourism rental demand [3][23]. - **Al Raha Beach**: Combines modern urban living with natural ecology, connecting the city with Yas Island, featuring developments primarily led by Aldar [3][31]. Group 2: Project Examples - **Hudayriyat Island - Al Naseem**: A high-end villa community with 4-6 bedroom units (470-639 m²), showcasing ecological luxury and royal views, with prices exceeding 20 million AED and annual appreciation rates of 8-10% [9][10]. - **Al Reem Island - Muheira**: A high-end apartment community offering 1-3 bedroom units (70-186 m²), with a starting price of 1.3 million AED and projected rental yields of 10-15% [16][17]. - **Saadiyat Island - PARK VIEW**: A mixed-use development with 207 residential units and 217 hotel apartments, designed as an "art + ecology" community, located near major cultural landmarks [20][21]. - **Yas Island - Water's Edge**: A waterfront residential project with 13 buildings and extensive leisure facilities, offering high rental returns of 12-16% based on short-term rental demand [27][28]. - **Al Raha Beach - Muzoon Building**: A residential project with units ranging from studios to three-bedroom apartments, emphasizing waterfront ecology and smart living, with rental yields of 5-6% [32].