Core Viewpoint - The article discusses the recent land sales in Hangzhou, highlighting the competitive bidding and the implications for the real estate market in the region, particularly in the low-density residential sector [2][5][12]. Group 1: Land Sales Overview - On September 16, two low-density residential plots were sold in Hangzhou, with the Gongshu District plot sold for 1.33 billion yuan, won by Yuexiu Property at a 25.5% premium [2][5]. - The Qiantang District plot was sold for 790 million yuan, with a 1.28% premium, won by Xingyao Property [2][5]. Group 2: Detailed Land Information - The Gongshu District plot has an area of 34,165 m² and a planned building area of 64,913.5 m², with a starting price of 1.06 billion yuan and a final price of 1.33 billion yuan, resulting in a floor price of 20,490 yuan/m² [5][6]. - The Qiantang District plot covers 38,629 m² with a planned building area of 81,120.9 m², starting at 780 million yuan and selling for 790 million yuan, leading to a floor price of 9,773 yuan/m² [5][6]. Group 3: Market Dynamics - The Gongshu District plot is located in a prime area with good transportation links and strong educational and medical facilities, contributing to its high demand and rapid sales [5][10]. - The surrounding new housing market has shown strong performance, with recent projects achieving 100% sales on the day of launch, indicating a robust demand in the area [10][14]. Group 4: Price Trends - In August, Hangzhou's new home prices saw a month-on-month increase of 0.4%, ranking first nationally, while the second-hand home price index was at 99.9, second only to Changchun [12][14]. - The article notes that over the past year, the new home absorption cycle in the area has remained around one month, with all projects selling out within the launch month [14][15].

价格、库存指标边际改善，但房地产销售仍在下降，行业修复需要一个过程 ◎ 文 / 马千里 从 8 月 金融数据来看， M1同比 增长 6%， 同比增速再创 2024年 以来新高。 M 2 同比 增长 8.8%， 与上月增速持平。自 2025年 以来， M1-M2剪刀差持续 震荡回落， 8 月份 已经降至 2.8 个 百分点，居民消费意愿持续提振。 8月 上旬 财政部 、 央行 、 金融 监管总局联合发布 《个人消费贷款财政贴息政策实施 方案》， 对小额消费贷款和 重点领域消费贷款 贴息， 年贴息比例为 1个百分点。再加之年内 以旧换新、国补促销活动的持续，消费市场的 复苏， 也在 进一 步巩固经济、 就业 和 人口发展的稳定局面。 央行披露 金融 统计数据 显示 ， 前八个月人民币贷款增加 13.46万亿元，住户贷款增加7110亿元，而 住户中长期贷款 增加 1.08万亿元。当前 房地产市场销售 端虽然仍面临不确定性挑战，但在积极的财政和金融政策支持下，各类以旧换新等促 消费 政策，还是在有效提振居民消费指标。 8月22日，国务院常务会议指出，要在对政策实施情况进行认真总结评估的基础上，加强统筹协调，完善实施机 ...

随着要素市场化配置试点的落实，势必将进一步加快提高各地的土地使用效率， 地方层面有望迎来更多实质性利好的细化政策和项目推进 。尤其是进一步放 权地方管理，以及允许探索用地类型转换等举措，将在供给侧为当前行业止跌回稳提供更多助力。 2025年第3 7 周 ， 国务院开展要素市场化配置综合改革试点，将继续深化实践探索，不断提高土地要素市场化配置水平。发改委发文加快推进成熟资产类型 REITs 项目申报，保障性租赁住房项目建设为明确支持的项目类型。地方层面，因地方优化公积金类政策发布减少，本周发布政策频次显著回落。 01 周度中央：鼓励采取市场化方式盘活存量闲置土地，十省市率先试点落实 9月1 1 日，国务院批复了全国部分地区要素市场化配置综合改革试点实施方案。同意 2年内开展北京城市副中心、苏南重点城市、杭甬温、合肥都市圈、福厦 泉、郑州市、长株潭、粤港澳大湾区内地九市、重庆市、成都市等10个要素市场化配置综合改革试点。并印发了1 0 个地区的试点改革方案。（ 完整原文链接 https://www.gov.cn/zhengce/content/202509/content_7040121.htm ） 在土地要素方 ...

Core Viewpoint - The article emphasizes the shift in the real estate industry from a "product-oriented" approach to a "user-oriented" development path, highlighting the importance of deep co-creation mechanisms with customers in product design, property services, and community operations [4]. Group 1: Design and Co-Creation - Traditional residential products limited buyers to a few options, but the co-creation model allows customers to become co-creators of the product [6]. - The case of China Merchants Shekou's Nantong Heyuan illustrates this innovation, where future homeowners were invited to participate in discussions about their ideal homes from the land acquisition stage [6][7]. - The co-creation process encompasses various dimensions, including architectural style, landscape design, public spaces, and interior decoration, allowing homeowners to select styles that harmonize with the surrounding environment [7][11]. Group 2: Service Quality and Community Engagement - Service quality and innovation are crucial for measuring a real estate company's competitiveness, as seen in Greentown's customer relationship co-creation system, which focuses on customer needs through continuous communication [14]. - Greentown's initiative in Wenzhou, where homeowners participated in community tree-planting activities, not only beautified the environment but also fostered emotional connections among residents [14][16]. - The establishment of community agreements through homeowner discussions enhances mutual understanding and respect among residents, while community operations empower homeowners to take the lead in organizing activities, increasing their sense of belonging [18]. Group 3: Sustainable Competitive Advantage - The co-creation mechanism from design to service not only enhances the value of residential products but also builds new customer relationships, providing real estate companies with sustainable competitive advantages [21].

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 当住宅开发从"空间制造"转向"场景营造"，架空层这片曾被遗忘的灰色地带，正被头部房企打造成 品牌联名的高质感泛会所。 文/产品力研究中心 随着消费者从"有房住"向"住好房"需求转变，社区价值正经历一场深刻变革。物理配套的完备性已是基础 门槛，而生活品质的放大器效应逐渐成为高端住宅产品的核心竞争力。这种转变驱动着开发商重新审视社 区空间的价值潜力，尤其聚焦于长期被忽视的架空层区域。 通过深度联名知名文化品牌与生活方式IP，一批标杆项目将架空层转型为主题泛会所空间，构建起自生长 的社区情感生态系统。业主最终收获的已不再是孤立的功能盒子，而是深度融合互动的生活方式解决方 案。 品牌联名将传统社区配套升级为策展型生活平台 01 以下文章来源于克而瑞产品测评 ，作者产品力研究中心 成都新希望D23风华项目通过深度品牌联名合作，在3、4号楼架空层打造了集社交、文化与休闲于一体的 超级泛会所体系，成为成都高端社区场景创新的标杆案例。该项目与本土及国际知名品牌携手，以专业运 营能力为业主构建了多元化的生活场景。 萃坊STILLFUN威士忌行政酒廊 ， 作为成都 ...

Core Viewpoints - The article discusses the ongoing adjustments in the real estate market, particularly focusing on price fluctuations and inventory pressures in cities like Nanjing, where 71% of newly built communities saw price reductions in August [5] - The report highlights the increasing transaction volume in the auctioned property market, indicating a potential recovery phase for the industry [7] - It notes a rebound in land auction activity, with significant price increases in certain areas, suggesting a renewed interest in land acquisition despite previous declines [8] Market Trends - Nanjing's housing prices are under pressure due to high inventory and land supply, leading to a deep adjustment period for second-hand homes [5] - In major cities like Beijing, Shanghai, and Shenzhen, there is a growing trend of small-sized, low-total-price transactions, particularly among first-time buyers [5] - The auction market for distressed properties reached a new high in August, with luxury properties in Shenzhen selling at an 80% premium, indicating strong demand in this segment [7] Land Supply and Auction Activity - The land auction market is showing signs of recovery, with a notable increase in average premium rates to 6.4%, up by 4.1 percentage points [8] - The total land supply and transaction volume in key cities have decreased significantly, with a 45% drop in supply and a 41% drop in transaction volume compared to the previous week [8] Policy Support - Local governments are implementing measures to boost demand, including optimizing housing fund policies and enhancing tax benefits, particularly in Shenzhen [9] - The article emphasizes the importance of these policies in stabilizing the market and supporting homebuyers [9] Company Performance - China Merchants Shekou reported a net profit margin of 3.38%, with a decrease in retained earnings due to perpetual bond impacts [13] - Gemdale Group is facing sales and profit pressures, necessitating a focus on restoring operational momentum [14] - New Town Holdings has achieved a sales collection rate of 115.05%, with its commercial sector acting as a stabilizing profit source [15] - Shoukai Co. has seen a narrowing of losses and improved gross margins, supported by low-cost financing [16]

Core Viewpoint - The Nanjing real estate market is experiencing a significant downturn, with both new and second-hand housing transactions declining, leading to a notable increase in the proportion of price reductions across various neighborhoods [2][4][21]. Group 1: Market Performance - In August, the Nanjing market saw a continued decline in new home transactions, with six low-density residential plots sold at base prices [2]. - The number of high-frequency trading neighborhoods decreased for several consecutive months, with only 192 neighborhoods recorded in August, a 58% drop compared to the same period last year [4]. - The overall transaction volume for second-hand homes was only 6,300 units in August, indicating a significant contraction in market activity [4]. Group 2: Price Trends - A striking 68% of high-frequency trading neighborhoods experienced a month-on-month price decline, marking an 11 percentage point increase from the previous month and the second-highest level this year [4][11]. - The average listing price for second-hand homes in Nanjing dropped by 10.3% year-on-year as of August 2025, with 77% of high-frequency trading neighborhoods seeing a price reduction [11]. Group 3: Segment Analysis - Among different property types, 71% of affordable housing neighborhoods and 65% of improvement-type neighborhoods saw price declines, while high-end neighborhoods had a more balanced price change with 50% experiencing declines [13]. - In August, the majority of neighborhoods in key trading areas, such as Hexi North and Xianlin Lake, reported price drops exceeding 80% [15]. Group 4: Inventory and Supply Dynamics - Nanjing's narrow inventory digestion cycle is under 20 months, but the broader inventory digestion cycle is nearing 10 years, indicating a significant amount of "dead inventory" in the market [21]. - The ongoing high supply of land is contributing to the downward pressure on housing prices, as many previously desirable low-density residential plots are now being sold at base prices [21]. Group 5: Recommendations for Market Stabilization - To stabilize the market, it is recommended that authorities focus on supporting key trading areas and optimizing supply-side measures to restore confidence in supply and demand [22]. - A dynamic balance mechanism should be established to link land supply with broader inventory levels, aiming to improve market expectations and inventory structure [22].

Company Highlights - Guomao Real Estate received recognition for eight projects as municipal excellent engineering in August [1] - Longfor achieved business innovation and boundary expansion in its agency construction services [1] - Greentown China reported agency sales of 60.6 billion RMB for the first eight months [6] - Hopson Development recorded agency sales of 4.236 billion RMB for the first eight months of 2025 [7] Project Developments - Runze Management consortium won the bid for a public rental housing project in Dongguan city center [1] - Jianfa updated its agency construction with eight schools ready for the new school season [1] - Qishan Yayuan and eight other projects received excellent engineering quality ratings; Xiamen No. 1 High School's TQ campus and Siming campus were officially inaugurated [1] - The Wutong resettlement housing project obtained a construction permit and has officially entered the construction phase [1] Project Acquisition - Longfor's Kunshan Baima Jing project marks its third project in Kunshan, providing brand and green building technology services [1] - The project covers an area of approximately 19,463 square meters with a total construction area of about 84,483 square meters, planning to build 510 public rental housing units [1] Market Expansion - Greentown Management expanded its managed area by 13.9% year-on-year in the first half of the year [10] - CIFI Construction Management has entered over 80 cities [10] - New City Construction Management successfully signed seven projects in July [10]

Core Viewpoint - The company has shown significant recovery in revenue and gross margin in the first half of 2025 compared to the same period in 2024, with a narrowing of net losses and a reduction in inventory value [1][3][4]. Sales Performance - In the first half of 2025, the company achieved total sales of 11.4 billion yuan, a decrease of 25% year-on-year, with sales area down by 2% to 720,000 square meters [2][5]. - The average sales price dropped to 15,833 yuan per square meter, while cash received from sales reached 15.5 billion yuan, up 25.8% year-on-year [5][22]. - The company has made progress in liquidating non-residential assets, achieving sales of 2.5 billion yuan from commercial and parking space [2][5]. Financial Performance - The company reported revenue of 18 billion yuan in the first half of 2025, a 105% increase year-on-year, with gross profit rising 168% to 2.23 billion yuan, resulting in a gross margin of 12.39%, an increase of 7.6 percentage points [3][17]. - Despite a net loss of 1.436 billion yuan, the loss has narrowed compared to previous periods, indicating improved operational efficiency [3][18]. Inventory Management - The company's inventory value stood at 96.9 billion yuan, down 11% from the beginning of the year, with a focus on accelerating the disposal of underperforming residential projects and non-core assets [11][12]. - The structure of inventory has shifted, with the balance of development products increasing by 3% [12][13]. Financing and Debt Management - The company received 1.5 billion yuan in new liquidity support from its parent group and successfully issued multiple bonds and medium-term notes at low interest rates [20][21]. - Cash flow from financing activities showed a net outflow of 10 billion yuan, primarily due to efforts to reduce leverage, with total interest-bearing debt at 104.57 billion yuan, a decrease of 6% from the beginning of the year [4][22]. Property Management and Diversification - The company is actively developing its property management segment, with a focus on optimizing operations and enhancing brand presence in commercial spaces [26][27]. - In the long-term rental market, the company has established its own brand "Shoukai Leshang," with a current occupancy rate of 93% across 11 properties [28].

法拍房市场作为居住权流动链条中的重要"补漏"环节，也将在行业止跌回稳进程中持续受益，为行业 发展新模式的建立提供更多助力。 ◎ 文 / 马千里 2025年8月，月内法拍房成交量再创年内新高，挂牌量略有回落，市场热度有所升温。本月法拍房供应规 模回落至3.2万套，仍是年内第二高位；成交量5466套，超过7月份再创年内新高。竞拍热度也有所上升， 7%的成交房源出价达到100次以上。 本月法拍房市场继续迎来了多宗高总价标的，如深圳新地中央广场商务楼、上海郊区百亩别墅、杭州 西湖区五星级酒店等，共有18处标的起拍价格均在1亿元以上。此外也有多宗非破产诉讼类的二手房 源试水法拍市场，如厦门天琴湾1000平方米独栋、富阳玫瑰园别墅、广州南国公馆大平层等，起拍价 均在1000万元以上。正如上月所预计，随着越来越多的中介和资产管理机构关注到法拍房的成交机 会，法拍房市场也在持续迎来更多不同种类的优质房源。 不过随着越来越多地区的房产租售比提升，逐渐追上资金使用成本，行业也需要警惕非法资金的流入 流出。8月末住建部发布了《房地产从业机构反洗钱工作管理办法》，要求房地产开发企业或者房地 产中介机构，应当履行反洗钱义务。而法拍房市 ...