VIEW 新规产品入市托举4月去化率同比持增 5月或将延续弱复苏走势，房企推货"提质缩量"背景下，广州、成都等新规项目集中入市或将带动市场"点状回温"。 专项债收储规模已近4000亿，回收宅地中民企占比17% 拟收储宅地6565公顷，助力2025年楼市去库存提速54%，其中14城广义消化周期下降超过1年。 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。 点击标题阅读全文 观点 现房销售将加速落地，更是系统工程需完善配套制度 现房销售模式有望成为中国商品住宅销售新常态，实践和丰富房地产行业发展新模式的应有之义。 城投拿地"量少地偏"，一线城市代建前景几何？ 代建项目在一线城市的渗透率仍会长期低于平均水平，但在商品住宅的代建以外，一线城市仍有很多公建配套类的政府代 建机遇值得企业深挖。 金科重整计划裁定通过，房企债务重组加速 房企债务重组和企业重整进入快车道。 年报点评 谨慎投资攻坚去化，建立扁平管理架构提效 期内谨慎获取京蓉两地块，推进组织架构调整，未来需关注存量去化，提升利润。 研报 2 0 2 5年4月全国住宅产品 ...

克而瑞《2024年阿联酋房地产市场住宅白皮书》 5月20日重磅发布！ 波斯湾畔，沙漠与海岸的交汇点，近年来正以不容忽视的强劲势头吸引全球资本的瞩目。阿联酋以黄金签证和零税费，向全球投资移民客递出橄榄枝。迪 拜的奢华，阿布扎比的资源富饶，强劲搏动着…… 0 1 阿联酋地产行业崛起 "黄金签、零税费、自由区"对海外投资客友好 位于波斯湾畔的阿联酋总面积83600平方千米，海岸线长734千米，石油和天然气资源非常丰富。 2021年摆脱疫情影响后经济强势复苏，2024年阿联酋实际国内生产总值(GDP)同比增长3.9%，达到1.74万亿迪拉姆 1 ，为历史最高值。 房地产行业迅速 复苏， 2024 年前 3 季度，房地产行业对 GDP 的贡献率为 7.6%，为历史最高值。 2024年阿联酋总人口数量已达到1250万人，外籍居民约占88.5%。 工作机会多、税费低、优质教育医疗资源等因素使阿联酋成为备受外籍人士欢迎的目 的地。 同时也与阿联酋 宽松的长期签证获得条件有关， 允许向投资者、科学家、医生、工程师、艺术家、作家等专门人才和他们的家人授予阿联酋长期签证。 其中投资移民被普遍采取的是通过"黄金签证" 获得 10 年 ...

现房销售模式有望成为中国商品住宅销售新常态，实践和丰富房地产行业发展新模式的应有之义。 ◎ 文 / 杨科伟 近期有关全国推行现房销售的消息不胫而走，引发全行业广泛关注。但中央层面的相关方案并未公开披 露，在"因城施策"背景下的地方试点方兴未艾。因此，现房销售并不是空穴来风的新事物，现房销售模式 的探索在中国房地产市场已有多年历程，最早可追溯至2014年上海黄浦区的一宗地块首次明确要求"建成 房屋须以全装修现房销售"，此后在历轮楼市过热调控措施中，多地都在土地出让环节设置现房销售条 件，将这一模式作为土地出让的特殊要求。 近年来，中国房地产行业经历了深度调整，先是三四线再到二线城市，越来越多项目销售速度赶不上施工 进度，期房变成了现房销售正悄然成为主流趋势，现房销售的市场条件逐渐成熟，将成为推动房地产行业 高质量发展的重要举措。 中央有力有序推进、地方试点进程提速 从被动土地调控手段到主动选择改革 现房销售真正被提上中央政策议程是在2023年全国住房和城乡建设工作会议表示："有条件的可以进行现 房销售，继续实行预售的，必须把资金监管责任落到位，防止资金抽逃，不能出现新的交楼风险。"这一 表述进一步强化了现房销售 ...

5.20 即将发布 —CRIC × Asia Bankers Club— #阿联酋置业投资 行情研判 ✦ 企业分析 ✦ 投策指引 ⭐克而瑞《阿联酋房地产市场住宅白皮书》 ⫸2025【5月20日】重磅发布！ …… ...

Core Insights - The article highlights the upcoming release of the "UAE Real Estate Market Residential White Paper" by CRIC in collaboration with Asia Bankers Club, scheduled for May 20, 2025, indicating a significant focus on the UAE property investment landscape [1] Market Overview - The UAE real estate market is positioned as a key area for investment, with a focus on residential properties [1] Value Areas - The article suggests that certain regions within the UAE are identified as high-value investment areas, although specific locations are not detailed in the provided content [1] Benchmark Projects - The white paper is expected to outline benchmark projects within the UAE real estate sector, providing insights into successful developments and investment opportunities [1]

Core Viewpoint - The real estate market is expected to continue a weak recovery trend in May, with a focus on quality over quantity in project launches, particularly in cities like Guangzhou and Chengdu, which may lead to localized market improvements [1][21]. Market Performance - In April, the average project de-stocking rate in 30 key cities was 38%, a decrease of 6 percentage points month-on-month but an increase of 13 percentage points year-on-year, maintaining a high level for 2023 [3][4]. - The overall market heat in April showed a slight decline compared to March, but year-on-year comparisons remained positive, indicating a stabilization in the market [4][21]. - Cities like Chengdu, Changsha, Zhengzhou, Hangzhou, and Tianjin saw de-stocking rates exceeding 60%, primarily due to the introduction of quality improvement projects [4][21]. Project Characteristics - New regulations and high-efficiency projects are gaining popularity, with cities experiencing stable growth in de-stocking rates attributed to the launch of core area improvement projects [8][9]. - In Guangzhou, 13 new regulation products accounted for 60% of the market, with a notable project, Poly Tianyi, achieving a 37% de-stocking rate upon its launch [8]. - In Zhengzhou, two new projects significantly outperformed traditional offerings, indicating a strong demand for high-quality housing even in a sluggish market [9]. Supporting Factors - Quality infrastructure, particularly in transportation and education, is crucial for attracting buyers, with projects near transit lines and reputable schools performing well [10][13]. - The trend of "price for volume" is evident in second-tier cities like Chengdu and Chongqing, where discounts and enhanced commission structures have led to improved sales performance during the May Day holiday [15][18]. Future Outlook - The market is anticipated to maintain a weak recovery trend in May, with a focus on quality project launches potentially driving localized improvements [21]. - Major cities like Beijing, Shanghai, and Hangzhou may see sustained market heat if suitable high-quality projects are introduced, while cities like Wuhan and Tianjin are expected to stabilize after previous adjustments [21]. - However, weaker second-tier cities such as Fuzhou, Nanning, and Kunming face challenges with high inventory levels, making overall de-stocking prospects less optimistic [21].

5.20 即将发布 —CRIC × Asia Bankers Club— #阿联酋置业投资 行业数据 ✦ 前景预测 ✦ 风险评估 ⭐克而瑞《阿联酋房地产市场住宅白皮书》 ⫸2025【5月20日】重磅发布！ …… ...

Core Viewpoint - The article discusses the acceleration of land storage plans by local governments in response to the central government's policies, highlighting a significant increase in land acquisition amounts and areas, which is expected to aid in the inventory reduction of the real estate market by 2025 [2][4][25]. Group 1: Land Storage Plans - Since 2025, 171 cities have announced land storage plans totaling 391.8 billion yuan, with a land area of 6,565 hectares, which is projected to accelerate inventory reduction in the housing market by 54% [2][4]. - In April alone, the announced land storage area reached 7,198 hectares, with a monetary value of 173 billion yuan, surpassing the total for the first quarter [3][4]. - The average theoretical construction area from the proposed residential land storage exceeds 130 million square meters, which is more than half of the estimated new housing sales for the first four months of 2025 [6]. Group 2: Focus on Third and Fourth Tier Cities - The majority of the land storage efforts are concentrated in third and fourth-tier cities, with 5,437 hectares (84% of the total) planned for acquisition, amounting to 165.9 billion yuan [10][14]. - Among the cities, Zhengzhou leads with a planned storage area of 273 hectares, while Xi'an has the highest total acquisition price at 12.56 billion yuan [14][18]. Group 3: Impact on Inventory Reduction - If the proposed land storage plans are fully implemented, 14 cities could see their inventory turnover periods decrease by over one year, with some cities like Jiujiang and Liu'an potentially reducing their turnover periods by more than three years [19]. - Zhengzhou, with a new housing transaction volume of 5 million square meters, has improved its inventory turnover period by 1.1 years due to effective land storage execution [19]. Group 4: Types of Enterprises Involved - State-owned enterprises dominate the land acquisition market, accounting for 70% of the total area acquired, while private enterprises only represent 17% [21]. - The average acquisition price for state-owned enterprises is the highest at 3,998 million yuan per hectare, reflecting their focus on prime locations [21]. Group 5: Recommendations for Improvement - The article suggests that local authorities should expedite the conversion of proposed land storage into actual storage and enhance transparency regarding land ownership and development progress to better manage inventory pressures [25].

期内谨慎获取京蓉两地块，推进组织架构调整，未来需关注存量去化，提升利润。 ◎ 作者 / 沈晓玲、易天宇 核 心 观 点 【 合约销售实现400亿，202 5 年计划销售278 亿 】 2024年，首开股份实现全口径销售金额400.13亿 元，同比降低35%。经营性现金流净额为净流入73.8亿，相比2023年净增加了17亿。主要是期内首开 股份减少了经营性支出。2025年，首开股份计划销售面积155万平方米、签约金额278亿元，复工面积 669万平方米、新开工面积26万平方米、竣工面积203 万平方米。 【公司保持在北京市场的领先位置，拿地谨慎获取两幅地块】 首开股份于2024年下半年，获取了位于 成都、北京的两幅地块。从区域上看，公司在北京的优势得以保持，期末，首开股份的拟售、在售主要 项目（含自持）156个，其中当期在建面积约 1000万平方米。京内主要项目 74 个，总规模约 1660 万 平方米。期内，首开股份的存货跌价损失约31亿。期末，存货账面余额1142亿，相应存货跌价准备49 亿。计提存货跌价准备主要集中于已完工项目，存货中开发产品的存货跌价准备37万。其中，厦门九 珑岸项目的存货跌价准备高达6 ...

代建项目在一线城市的渗透率仍会长期低于平均水平，但在商品住宅的代建以外，一线城市仍有很多公 建配套类的政府代建机遇值得企业深挖。 ◎ 文 / 谢杨春、吴嘉茗 随着代建行业近两年快速发展，重点城市代建渗透率持续走高。但在一线城市，代建项目仍然相对少见， 四个一线城市2021年至今开盘项目中，代建项目的占比仅有1%左右。 一线城市代建少主要是城市土地资源稀缺、投资前景较好，高总价之下企业选择自行开发以追求更高利 润。从已上市的代建项目来看，以城投委托的郊区刚需项目为主，且基本选择了头部的代建企业。 考虑到过去几年仍有部分城投在一线城市"托底"土地，未来是否有更多的代建需求释放？房企代建此类项 目机会还会有吗？ 一线城市代建渗透率低于1% 代建项目均是城投远郊刚需楼盘 01 根据CRIC统计的32个城市2021年至2025年一季度开盘的项目，可以发现：一线城市代建比例大幅低于其 他城市， 过去四年中，一线城市新开盘项目中代建占比不足1%，低于2.4%的平均水平。 以代建渗透率最高的2024年来看，二三线城市渗透率已经突破8%，一线仅1.25%，其中仅有广州、北京渗 透率超过1%，与无锡、苏州等代建发展较快的城市相对 ...