Group 1 - The core viewpoint of the article is that the Chinese public REITs are entering a new era, which may assist real estate companies in completing strategic transformations [1] - The government continues to support the development of public REITs in 2025, with a positive market response [1][27] - The 782 document introduces four innovations to promote the normalization of public REITs development, focusing on expanding the asset scope and accelerating the approval and issuance of REITs [1][27] Group 2 - The asset scope has been expanded to include new types such as railways, ports, ultra-high voltage transmission, communication towers, market-oriented rental housing, cultural tourism, specialized markets, and elderly care facilities [3][4] - The expansion support mechanism has been optimized, simplifying the application process for newly acquired projects and allowing cross-regional integration of existing assets [3][4] - The 782 document emphasizes the importance of project quality, requiring a focus on high-quality projects that align with national strategic goals [4] Group 3 - Over 87% of the listed public REITs reported profits in the first half of the year, with stable returns [7][27] - As of October 21, 2025, a total of 415.38 billion yuan has been raised in public REITs, with more listings expected by the end of the year [7][12] - The market has seen significant participation from real estate companies, with eight companies having issued public REITs primarily in the consumer infrastructure sector [16][17] Group 4 - State-owned enterprises are actively exploring public REITs, leveraging policy benefits to transform their roles [18][20] - Private enterprises also have opportunities to participate in public REITs, with a focus on possessing quality properties [23] - Public REITs enhance the commercial independence of real estate companies and optimize liquidity, aiding in their transformation and upgrade [23][24]

2025年第42周 Weekly 2025年10月13日-2025年10月19日，第42周土地供求规模延续低位，整体土拍热度依旧平淡，仅少数优 质地块保持点状热度。本周重点城市监测供应土地建筑面积368万平方米，环比上升30%，成交建筑面 积为355万平方米，环比上升17%。本周溢价率1.6%，环比低位回升，仍然只有少数优质地块保持点状 热度。 供应： 本周供应建筑面积为368万平方米，环比上升30%。 一线城市北京、广州各供应两宗宅地，合计出让底 价39.16亿元。 重点城市本周供应宅地78幅，平均容积率2.0。重点供应地块方面，北京东城区供应一幅低密宅地，地块容积 率1.1，出让底价19.5亿元，起拍楼板价7.8万元/平方米。地块位于东城板块，地块由4个子地块构成，其中 0127-0202子地块限高3.3米、容积率0.39，需按四合院形态建设并整院出售，其余三个地块限高18米，严禁高 低配建别墅。地块自身优势在于位于二环内核心区域，距天安门约3公里，位置优越，且容积率低，居住舒适 度高，周边交通便利，邻地铁5号线和7号线换乘的磁器口站，并有国瑞购物中心、新世界百货、同仁医院等成 熟配套。地块周边尚无同类项 ...

Highlights - Real estate companies are focusing on product dynamics, with Greentown Community upgrading its commercial strategy to create a "Million Club" brand cluster [4][12] - The demand for cabinet furniture is shifting towards movable, intelligent, and multifunctional combinations, indicating a trend from static living to dynamic lifestyles [7][21] - The overall market transaction structure is trending towards larger areas, with products over 120㎡ seeing increased transaction proportions compared to the previous year [32][39] Customer Trends - The residential structure is evolving, with a notable increase in the transaction share of larger units, particularly in first-tier cities where 100-120㎡ and 120-140㎡ products have seen a rise in market share [32][39] - In second-tier cities, the transaction center is shifting upwards, with products over 120㎡ gaining market share, especially in the 140-160㎡ segment [32] - Third and fourth-tier cities are showing similar trends, with increased market shares for products over 120㎡ [32] Product Highlights Analysis - The demand for cabinets is changing, with consumers preferring functional upgrades and new experiences, leading to a decline in traditional cabinet types [21][24] - The design of residential spaces is adapting to these changes, emphasizing flexible and open layouts to accommodate movable and intelligent furniture [24][25] Excellent Project Analysis - Suzhou Gongchen Jinmao Mansion combines "canal assets, technology residences, and Jinmao brand" to create a pure improvement community, supported by a three-dimensional transportation system [8][63] - The project features unique architectural aesthetics and high-efficiency space layouts, with a focus on community interaction and ecological integration [46][56] Product Structure Characteristics - The national residential product structure shows a shift towards larger units, with significant increases in the transaction share of products over 120㎡ [32][39] - In the Bohai Rim region, high-priced products are gaining strength, while the share of products below 1 million yuan is declining [33][38] - The transaction share of three-bedroom units remains dominant, with a notable increase in the share of four-bedroom units [39][44]

今天国新办未同步召开相关发布会，为近年来首次。 前三季度运行总体平稳，国内需求持续改善 01 2025年9月，各地区各部门加快构建新发展格局，实施更加积极有为的宏观政策，纵深推进全国统一大市场建 设，国民经济运行总体平稳，高质量发展扎实推进。具体来看： 一，前三季度经济运行平稳，环比略有回升。 前三季度，我国GDP为1015036亿元，按不变价格计算，同比增 长5.2%。三季度，我国GDP为354500亿元，按不变价格计算，同比增长4.8%。经季节因素调整后，三季度 GDP环比增长1.1%，比二季度回升0.1个百分点。 二、生产供给增势良好，三次产业共同发力。 消费潜力不断 释放，旅游出行、快递外卖等相关服务业增长较快，批发和零售业，交通运输、仓储和邮政业，住宿和餐饮业 合计拉动经济增长0.9个百分点。 三、国内需求持续改善，外贸韧性不断彰显。 前三季度，最终消费支出对经 济增长贡献率为53.5%，拉动GDP增长2.8个百分点。前三季度，货物和服务净出口对经济增长贡献率为 29.0%，拉动GDP增长1.5个百分点。 四、市场活力持续释放，新动能不断积聚增强。 制造业转型升级加快。 前三季度，规模以上装备制造业 ...

Core Viewpoint - The article emphasizes the need for high-quality urban development and the implementation of new urban infrastructure to enhance resilience, aligning with the evolving requirements of urbanization in China [2][3][4]. Group 1: Urban Development Strategies - The Ministry of Housing and Urban-Rural Development (MOHURD) and nine other departments have jointly issued an action plan to promote new urban infrastructure construction from 2025 to 2027, focusing on digital, networked, and intelligent urban infrastructure to improve risk prevention and governance capabilities [2][3]. - The MOHURD Minister Ni Hong highlighted the importance of adapting to new urban development trends, emphasizing a shift from rapid growth to stable development and from large-scale expansion to quality enhancement [3][4]. Group 2: Financial Stability and Policy Measures - The People's Bank of China (PBOC) has stated the need to balance economic growth and risk prevention, exploring the expansion of macro-prudential and financial stability tools to manage financial risks effectively [4]. - The article notes that local governments have increased the frequency of market stabilization policies, particularly in housing provident fund policies, with several cities implementing measures to support homebuyers [5][6]. Group 3: Local Policy Developments - In the past week, 14 provinces and cities have released market stabilization policies, with significant changes in housing provident fund policies, such as Chengdu's new "commercial to public" loan policy and unlimited loan amounts for recent graduates in Guilin [5][6]. - The article mentions that cities like Yunnan and Chongqing are focusing on innovative urban renewal strategies and have set goals for significant progress in urban renewal actions by 2027 [6][7].

Core Viewpoint - The second-hand housing market in key cities like Beijing, Shanghai, Shenzhen, and Hangzhou shows a significant year-on-year increase in transaction volume, contrasting with a decline in new housing transactions. The market is characterized by a strong demand from first-time buyers and a stable high-end segment, while the middle-tier demand is weakening [2][14]. Summary by Sections Transaction Volume and Structure - In September 2025, the transaction volume of second-hand houses in 30 key cities increased by 9% year-on-year, while new housing transactions showed a declining trend [2]. - The proportion of transactions under 2 million yuan in Beijing, Shanghai, Shenzhen, and Hangzhou has increased, indicating a strong presence of first-time buyers [3][14]. Price Segmentation - The share of transactions priced below 2 million yuan in Shanghai reached 46.56%, with a month-on-month increase of 2.79 percentage points and a year-on-year increase of 7.51 percentage points [3]. - Conversely, the middle-tier segments (500-600 million yuan) in these cities have seen a decline in transaction share, reflecting increased buyer hesitation [3][14]. High-End Market Stability - The high-end market remains stable, with luxury properties priced over 10 million yuan in Beijing and Shanghai showing resilience, while Shenzhen's luxury market (3-5 million yuan) has also seen significant growth [3][14]. Area and Size Trends - The majority of transactions in Beijing, Shanghai, and Shenzhen are concentrated in small-sized properties (under 70 square meters), which account for over 30% of total transactions [7]. - In Hangzhou, there is a notable increase in the transaction share of larger properties (over 160 square meters), catering to buyers looking for long-term living solutions [7][14]. Regional Focus - The transaction share in Shanghai is increasingly concentrated in suburban areas, while Beijing and Hangzhou see a focus on core urban districts [11][14]. - The top three areas with the highest transaction growth in September 2025 include Beijing's Chaoyang District and Shenzhen's Longgang District, indicating a shift in buyer preferences towards more central locations [11][14]. Market Outlook - The second-hand housing market is expected to experience a seasonal decline in October, with prices still in a downward cycle. The market is transitioning to a buyer's market, where buyers are more selective based on location, amenities, and price [14].

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 榜单 新房成交绝对量或将延续低位徘徊，基于去年10月基数较高，成交单月同比降幅仍将有进一步扩大的可能。城市 间、项目间分化还将持续加剧。 大家房产溢价20%竞得杭州浦沿宅地，杨家墩片区时隔1年再迎土地成交 1 0 月 15 日，大家房产以 12.64 亿、近 2 0% 溢价竞得杭州浦沿宅地，片区隔年再成交，同日钱塘两商办地块底 价出让。 2025年前三季度中国房地产企业代建排行榜 2 025年前三季度，代建新拓TOP5企业占比保持49%高位，行业整体延续高集中度走势，头部企业牢牢占据市场 份额，其余企业突围难度较大。 观点 上海二手房"怪象"：9 成小区下调挂牌价，房价却现止跌势头 9月上海一手房成交环比增4 9%，带动二手房活跃度，形成"降价促成交、成交稳价"格局。 9月四代宅去化率居前但分化显著,沪杭顶豪继续领涨 研报 法拍房月报｜9月挂拍4.2万套年内次高，成交率19%降至下半年新低（2025年9月） 2 025年9月法拍房供应4 . ...

Group 1: Industry Policy - The government construction management policy is becoming increasingly refined, standardized, and market-oriented, focusing on six key areas: strengthening institutional construction, enhancing professional capabilities, diversifying construction methods, promoting meticulous management, advancing standardization, and implementing full-cycle supervision [1][5][9] - In the third quarter of 2025, seven provinces and cities introduced policies related to government construction management, indicating a continued high frequency of policy issuance [6][7] - The policies emphasize precise applicability and meticulous management throughout the project lifecycle, with clear delineation of responsibilities among various parties involved [7][10][12] Group 2: Land Acquisition by Urban Investment Companies - In the third quarter of 2025, urban investment and platform companies accounted for 55% of land acquisition, a 12.8 percentage point increase from the second quarter, but a 14.2 percentage point decrease from the same period in 2024 [2][16] - The land acquisition area by urban investment companies exceeded 37 million square meters in the first nine months of 2025, representing an 11% decrease year-on-year [2][16] Group 3: Corporate Insights - The construction management industry is advancing standardization, with companies like Greentown Management and Longfor Dragon Smart Manufacturing enhancing their competitive edge through specialized field standardization [30][26] - The trend of ecological operation is being constructed, with companies like Greentown Management and New City Management launching supply chain platforms for recruitment [30][26] Group 4: Key Projects - The Tangshan Longhu Liyuan project, a sample project for alleviating difficulties, was delivered by Greentown Management, which faced challenges such as overcoming the "stalled project" stigma and improving product quality [18][19][20] - The Xuhui Construction Management's Nanjing Hexi South G116 affordable rental community project was also delivered, showcasing the company's commitment to social housing [21] Group 5: Bidding and Tendering - In the first three quarters of 2025, the number of awarded construction projects increased by 18% year-on-year, with the third quarter alone seeing 172 projects awarded, the highest in three years, marking a 37% increase year-on-year [4][22][23] - State-owned enterprises remain the primary clients for construction management services, with companies like Greentown Management and Longfor Dragon Smart Manufacturing expanding their project portfolios significantly [26][30]

Core Viewpoint - The supply of auctioned properties in September 2025 reached 46,000 units, a month-on-month increase of 44%, while transaction volume decreased to 5,033 units, reflecting a cooling market despite remaining at a high level for the year [3][4][23]. Supply and Demand - The number of properties listed for auction increased by 31% month-on-month, totaling 42,000 units [4][12]. - The average starting price for auctioned properties was 40.6 billion yuan, up 25% from the previous month [12]. - Ten cities reported over 500 new auction listings, with Chongqing leading at 1,990 units [16]. Transaction Volume - The transaction volume for auctioned properties was 5,033 units, a decrease of 8% month-on-month but still above 5,000 units for two consecutive weeks [5][23]. - The average transaction rate for auctioned properties was 19.3%, marking a decline for two consecutive months [6][33]. Price Trends - The average discount rate for auctioned properties was 32.3%, with a slight increase of 0.1 percentage points [37]. - The average starting discount rate for auctioned properties was 28.1%, down 0.7 percentage points from the previous month [37]. Market Outlook - The market for auctioned properties is experiencing a decline in transaction rates and heat, influenced by the release of pent-up demand and the establishment of new supply-demand relationships [8]. - The average number of bids for auctioned properties dropped to 14, with only 5.5% of properties receiving over 100 bids, both new lows for 2025 [8][23]. Notable Transactions - A high-value auction property in Hangzhou sold for 32 million yuan, nearly three times its starting price, indicating strong demand for premium properties [28]. - The highest transaction price for an auctioned property was 84.86 million yuan in Shanghai, reflecting a 30% discount from its assessed value [29].

9月上海一手房成交环比增49%，带动二手房活跃度，形成"降价促成交、成交稳价"格局。 ◎ 文/ 马千里 2025年9月，上海二手房出现"相悖"信号： 一方面，挂牌端"以价换量"趋势进一步强化， 当月91%的小区挂牌价环比回落，较8月提 升5个百分点，房东降价意愿持续释放； 另一方面，成交端却同步显现止跌企稳信号， 全月二手房交易量突破1.8万套，环比高位上 行3%，且45%的小区成交价格实现环比上涨，较上月增加4个百分点。 这种"多数小区降挂牌价"与"整体市场止跌"的看似矛盾的表现，并非偶然。其背后是上海"8.25"新政效应逐步传导，叠加新房供应规 模扩大带来的一二手房联动作用——9月上海一手房成交套数环比大幅增长49%，直接带动二手房交易活跃度提升，最终形成当前市 场"降价促成交、成交稳价格"的特殊格局。 超九成小区挂牌价下降，近一年挂牌价平均下降13.6% 01 2025年二季度以来，上海下调挂牌价格的小区占比逐月上升，至9月份更是攀升至91%，创下历史新高。从挂牌价格指数走势来看， 近一年上海各小区挂牌价格平均下跌了13.6%，2025年下半年以来价格下调速度尤为显著。这一方面是因为前期价格较为坚挺的板 ...