当前货币政策通过"降成本+扩需求+稳预期"三管齐下，短期内LPR、公积金和结构性贷款利率下调，中长期 则通过系列消费支持政策与市场信心修复，推动房地产行业新发展模式转型。 ◎ 文 / 杨科伟 今日上午国务院新闻办公室举行新闻发布会，请中国人民银行行长潘功胜、金融监管总局局长李云泽、中国证 监会主席吴清介绍"一揽子金融政策支持稳市场稳预期"有关情况，并答记者问。发布会上,针对房地产市场央行 和金管局提出几大增量金融政策,加力巩固房地产市场止跌回稳势头。 01 央行通过降准、降低LPR和公积金利率落实宽松信贷支持刚需购房 人民银行推出一揽子货币政策措施，主要有三大类共十项措施。一是数量型政策，通过普遍降准和定向降准加 大中长期流动性供给。二是价格型政策，下调政策利率，降低结构性货币政策工具利率，调降公积金贷款利 率。三是结构型政策，完善现有结构性货币政策工具，并创设新的政策工具，支持科技创新、扩大消费、普惠 金融等领域。 第一，降低存款准备金率0.5个百分点，预计将向市场提供长期流动性约1万亿元。整体存款准备金率的平均水 平将从原来的6.6%降低到6.2%，降低银行负债成本，可以极大增强银行体系对购房者和开发企业 ...

2024年保利发展实现全口径销售金额3230.29亿元，销售额排名稳居行业第一； 拿地节奏明显放缓， 总土储仍然超过1亿平米。 ◎ 作者 / 房玲、 易天宇 核 心 观 点 【 规模稳居行业第一，存货去化面临一定困难】 2024年保利发展实现全口径销售金额3230.29亿元， 销售面积1796.61万平方米，分别同比减少23.49%和24.7%，销售额排名稳居行业第一。保利自2022年 开始主动控制新开工面积，2024年的新开工面积为1276万平方米，压缩建安成本的同时，也让企业在 2024年底的存货规模同比减少了8.2%至7986亿元。但是其中竣工物业规模增长了21.2%至1994亿元， 对存货的占比也提高了6.1个百分点至25%，企业的存货去化面临着一定的困难。 【 拿地节奏明显放缓，总土储仍然超过1亿平米】 2024年保利发展新增项目35个，新增计容建筑面积 为307.4万平方米，拓展成本683亿元，分别同比减少74%和58.2%，企业的拿地节奏明显有所放缓。 2024年保利重点投资一线城市，建面占比达到30.6%，相较于2023年全年提升了13.7个百分点，因此 企业平均拿地成本为22217元/平米， ...

Core Viewpoint - The land transaction scale continues to increase week-on-week, with significant price premiums observed in key cities, indicating a sustained demand in the real estate market [1][3]. Supply - The supply of land this week reached 5.35 million square meters, representing an 18% increase compared to the previous week [2]. - The average plot ratio for residential land this week was 1.87, with cities like Hangzhou, Nanjing, and Jinan having ratios below 2.0 [2]. - In Beijing, five residential land parcels were listed with starting prices exceeding 2 billion yuan, with the highest starting price in Tongzhou District at 7.491 billion yuan [2]. Transaction - The total transaction area was 4.46 million square meters, marking a 52% increase week-on-week, with a total transaction value of 47.7 billion yuan, up 61% [3]. - High premium residential land transactions occurred in cities like Hangzhou, Nanjing, Guangzhou, and Beijing, with a weekly premium rate of 8.6%, maintaining above 5% for 12 consecutive weeks [3]. - A notable transaction in Beijing involved a comprehensive land parcel in Chaoyang District sold for 12.6 billion yuan, with an average floor price of 44,000 yuan per square meter [3]. Key Transactions - In Nanjing, 20 residential land parcels were auctioned, with the G28 parcel in Jianye District achieving a floor price of 45,000 yuan per square meter, a historical high for the city [4]. - The top transactions included: - Beijing: Chaoyang District, total price 12.6 billion yuan, floor price 44,565 yuan/sqm, premium rate 0% [7]. - Hangzhou: Century City core unit, total price 4.5 billion yuan, floor price 51,611 yuan/sqm, premium rate 29% [8]. - Nanjing: G28 parcel, total price 3.204 billion yuan, floor price 45,053 yuan/sqm, premium rate 26% [8].

Core Viewpoint - The article highlights a mixed performance in the real estate market during the May Day holiday, with a notable increase in domestic tourism while the housing market shows signs of stagnation or slight recovery in certain cities [2][13]. Group 1: New Housing Subscription - New housing subscriptions in 19 key cities saw a slight year-on-year decline of 4%, with a total subscription area of 122.2 million square meters during the May Day holiday, reflecting a 35% decrease from the previous month [4][3]. - Major cities like Beijing, Shanghai, and Shenzhen experienced insufficient growth momentum, with Beijing and Shenzhen seeing a significant drop in project visits and subscriptions [5][6]. - Cities such as Guangzhou, Wuhan, and Tianjin maintained a weak recovery, with Guangzhou's project visits increasing by over 200% during the holiday due to aggressive marketing and discounts [5][6]. Group 2: Market Dynamics - The article notes a significant disparity in market performance across different cities, with cities like Hefei, Nanjing, and Changsha showing a decline in subscription areas of over 40% year-on-year [7]. - In Wuhan, the market showed a steady increase in activity, with visits up 45% and subscriptions up 70% compared to April, driven by limited new supply and strong demand for upgraded housing [6][7]. - The overall market sentiment indicates that consumers are prioritizing value for money, leading to strong sales in core area properties and heavily discounted entry-level homes [10][13]. Group 3: Future Outlook - The article predicts that overall transaction volumes in May will remain at low levels, potentially stabilizing or slightly increasing compared to April, with year-on-year comparisons expected to hold steady [13]. - The introduction of quality housing products in cities like Guangzhou and Chongqing is anticipated to further stimulate demand and increase new housing transactions [13].

Core Viewpoint - The real estate market showed signs of stabilization in Q1 2025, with a potential continuation of weak recovery in Q2, particularly in hot cities [1][3]. Group 1: Market Overview - In Q1 2025, the overall real estate market stabilized, with total transaction area for new and second-hand homes reaching 82.04 million square meters, a year-on-year increase of 17% [3][5]. - New home transactions in 115 key cities remained flat compared to last year, with a total area of 51.31 million square meters [5]. - First-tier cities outperformed second and third-tier cities, with first-tier cities showing a 26% year-on-year increase, while third and fourth-tier cities experienced an 8% decline [5][7]. Group 2: City-Specific Trends - Hot cities like Beijing, Shanghai, Hangzhou, and Chengdu saw stronger recovery in second-hand home markets compared to new homes [7]. - Cities such as Guangzhou, Tianjin, and Wuhan showed signs of weak recovery, with transaction levels returning to last year's figures [9]. - In contrast, cities like Hefei and Nanjing displayed insufficient growth momentum, with declining customer conversion rates [16][19]. Group 3: Product and Market Dynamics - Strong product offerings, particularly new regulations for high-efficiency housing, have driven market interest, with new products achieving high sales rates [22][23]. - Well-developed infrastructure, such as transit-oriented developments and school districts, has become a key selling point for properties [27]. - Discounted pricing and strong marketing strategies for entry-level homes have contributed to increased sales volume [30]. Group 4: Future Outlook - The market is expected to continue its weak recovery trend into Q2 2025, with new home quality upgrades attracting second-hand home buyers [31][32]. - The average sales price of second-hand homes in core cities has increased, indicating a warming market that extends to first-time buyers [31].

Core Viewpoint - The second-hand housing market in Beijing, Shanghai, Shenzhen, and Hangzhou is showing signs of recovery in Q1 2025, with transaction volume increasing by 17% year-on-year, indicating a stabilization in prices and market expectations [1][5][10]. Group 1: Transaction Trends - In Q1 2025, the total transaction area for both new and second-hand homes reached 82.04 million square meters, marking a 17% year-on-year increase, which is at the median level of the past six years [5]. - The year-on-year growth rate for second-hand homes outpaced that of new homes in most cities, with Shanghai, Shenzhen, and Hangzhou seeing around 50% increases in second-hand transactions [6][8]. - The transaction volume for new homes in Shenzhen surged by 83% year-on-year, attributed to a low base from the previous year [6]. Group 2: Listing Trends - The growth rate of new listings for second-hand homes in Beijing, Shanghai, Shenzhen, and Hangzhou has slowed, with a year-on-year increase of 16% and 55% in Beijing and Shanghai, respectively, while Shenzhen and Hangzhou saw declines of 11% and 19% [12][14]. - The proportion of listings for luxury homes priced over 10 million yuan has increased in Beijing, Shanghai, and Hangzhou, while Shenzhen experienced a decline in high-end listings [15][20]. Group 3: Buyer Demand - The proportion of transactions for affordable housing remains above 50%, but the concentration has decreased, with higher demand for improved and luxury properties [23]. - The transaction share for properties priced between 5 million and 30 million yuan has increased, indicating a shift in buyer preferences towards higher-value homes [23][31]. Group 4: Price Trends - Over 50% of second-hand housing communities in Shanghai, Shenzhen, and Hangzhou have seen price increases, with Beijing reaching 46% [33]. - The bargaining space for second-hand homes in major cities has narrowed, with Shanghai, Shenzhen, and Hangzhou all having less than 20% negotiation space [35][44]. - High-end properties are leading the price increases, with a significant portion of affordable housing also showing signs of price stabilization [44][45]. Group 5: Market Dynamics - The second-hand housing market is transitioning from a "price-for-volume" strategy to a "volume-increase-price-stability" model, indicating a more active supply and demand dynamic [42]. - The concentration of transactions is shifting towards core urban areas, with notable increases in transaction volumes in key districts of Beijing, Shanghai, Shenzhen, and Hangzhou [43].

2 0 2 5年1 - 4月中国房地产企业新增货值TOP1 0 0排行榜 2025年1-4月销售百强房企拿地集中度依然维持高位，销售TOP10房企新增货值占销售百强新增货量的69%，较2024年末 增加7个百分点，未来市场格局仍将集中于头部企业。 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。 点击标题阅读全文 排行榜 2 0 2 5年1 - 4月中国房地产企业销售TOP1 0 0排行榜 4月新房成交环比回落，持平去年同期；百强房企4月业绩环比降低10.4%、同比降低8.7%。 观点 城投拿地锐减≠代建退潮，3 . 6亿㎡未开工土地潜藏机遇 城投公司长期来看仍将保持较高的代建需求，城投拿地的代建空间正处于探底回升的阶段。 沪深杭二手高改和豪宅成交量价齐增预示止跌回稳进程加快 当前热点城市京沪深杭二手房市场已逐步由此前"以价换量"过渡至当前"量增价稳"，二手房市场企稳回升态势初 显，短期来看沪深杭二手房市场还将延续震荡行情。 4月房地产类共计717亿元，湖南、厦门发行大额土储债 4月新增专项债总量环比降4 9 ...

热点城市沪深杭等供给约束愈发明显，供应基本进入"空窗期"，客观上限制了成交放量，不过因适销对 路楼盘入市，短期内市场热度有望延续。 ◎ 文 / 俞倩倩 5月供应同环比齐降重回阶段低位， 不同能级城市迎"普降"行情，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37%、47%和16%，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，5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微增，同比持平。 结构：供应改善为主占比47% 半数以上城市以主城为供应主力 03 规模：5月28城供应同比降39%约束加剧 沪深蓉杭等全面回调 5月房企推盘积极性稳步回落，整体供给量较3月高点呈现出稳步回落态势，土地对新房供给约束日益显 著： 据CRIC调研，5月28个重点城市预计新增商品住宅供应面积567万平方米，环比下降36%，同比下跌 39%，前5月累计同比下降24%。 分能级来看， 一线稳步回调，单月同环比降幅均超4成，上海、深圳供应几近停滞，仅北京同比持平去 年。 据CRIC监测数据，5月一线预计供应面积达100万平 ...

当前热点城市京沪深杭二手房市场已逐步由此前"以价换量"过渡至当前"量增价稳"，二手房市场企稳回 升态势初显，短期来看沪深杭二手房市场还将延续震荡行情。 ◎ 文 / 俞倩倩 2025年以来，二手房成交热情不减，据CRIC监测数据，2025年1季度30个重点城市二手房成交同比上涨2 成以上，增幅显著好于新房。而热点恒热的京沪深杭同比涨幅超35%显著好于30城平均水平，究竟1季度二 手房成交结构有哪些变化？热销房源又具备怎样的共性特征呢？ 沪深杭低总价成交集中度下降 500-3000万成交占比环增 01 从成交总价段来看，北京、上海、深圳、杭州均以低总价段为成交主力（成交套数占比大于60%），2025 年1季度以来，除了北京主力总价段400万以内成交集中度保持上升之外，其余三城主力总价段集中度均有 了不同程度回落。 改善和豪宅购买力相对坚挺：除了北京之外，沪深杭总价500-3000万成交环比均呈现稳中有增，其中上海 600-800万、800-1000万、1000-3000万三个总价段同环比齐增，这点也不难理解，优质豪宅受限于新房供 应有限，高端客群被迫选择二手房市场置业，除了自住需求外更多是满足资产保值增值需求。 ...

| | | | 衣: 甘肃市工馆目》〈农三月城市立五七吨成川排厅） | | | | --- | --- | --- | --- | --- | --- | | 城市 | 挂牌截止日期 ５月８日 | 地块数量 3 | 底价（亿元） 25.83 | 建面 (万㎡) 36.83 | 占地(万㎡) 14.73 | | | 5月19日 ５月 16日 | 3 1 | 18.45 13.23 | 20.06 12.02 | 8.91 4.81 | | | ５月７日 | 1 | 12.03 | 13.78 | 5.51 | | 西安 | | | | | | | | ５月 30 日 | 3 | 10.11 | 33.71 | 13.48 | | | ５月 29 日 | 1 | 4.47 | 4.52 | 2.05 | | | ５月 22 日 | 1 | 2.03 | 7.14 | 2.86 | | | 5 月 28 日 | 1 | 0.71 | 4.24 | 0.72 | | 上海 | ５月９日 | ব | 82.73 | 22.78 | 11.02 | | 杭州 | ５月 20 日 | 3 | 30.04 | 14.32 | ...