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 ...

Core Viewpoint - The land market continues to control supply and reduce inventory, with the proportion of quality residential land supply expected to increase [1][6]. Supply and Demand - As of May 25, 2025, the land supply area is 48.13 million square meters, a year-on-year decrease of 19.3%. The transaction area is 28.26 million square meters, down 18% year-on-year, while the transaction amount is 80.7 billion yuan, up 12% year-on-year [4][10][16]. - The average premium rate for land transactions has decreased to 7.2%, with first and second-tier cities maintaining heat in land auctions, averaging a premium rate of 10% [5][21]. - First and second-tier cities saw transaction volume and price increase year-on-year, while third and fourth-tier cities experienced a decline in both [5][17]. Market Heat - The average premium rate in May is 7.2%, continuing a downward trend. However, first and second-tier cities maintain auction heat, with average premium rates still above 10% [21][20]. - High-quality land transactions have driven the increase in transaction amounts, indicating a strategy of controlling quantity while improving quality [6][16]. Future Outlook - The land market is expected to continue controlling supply and reducing inventory, with an increase in the supply of quality residential land. The ongoing urban renewal efforts and government support are anticipated to bring more quality land supply in 2025 [6][8]. - The differentiation among cities is significant, with first and second-tier cities showing positive growth in transaction scale, while third and fourth-tier cities continue to see a contraction in land auction scale [17][21]. Key Land Transactions - In May, the top land transactions were concentrated in Shanghai and Beijing, with significant premium rates observed in high-demand areas. For instance, the highest transaction price in Beijing's Haidian District reached 4.5 billion yuan, with a premium rate of 12% [28][32]. - The average floor price for land transactions in major cities remains high, with some areas exceeding 80,000 yuan per square meter [32][34].

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].

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].