Core Viewpoint - The real estate market is experiencing a decline in both supply and demand, with first-tier cities showing resilience in transaction growth despite overall market weakness [1][2][10]. Policy Section - New housing supply and demand have decreased by approximately 20% compared to the previous month, with a cumulative year-on-year decline of 18% [1][3]. - First-tier cities have shown a cumulative year-on-year increase in transactions, indicating strong market resilience [1][2]. Supply Section - In Q3 2025, the overall housing supply decreased significantly, with a 21% year-on-year decline in new supply across 110 key cities [3][4]. - First-tier cities experienced a 25% month-on-month decline in supply, but the year-on-year decline was less severe at 14% [7]. - Some second and third-tier cities, such as Kunming and Changchun, showed positive growth in supply, indicating localized recovery [8]. Transaction Section - New housing transactions fell to the lowest level in nearly five years, with a year-on-year decline of 18% in Q3 2025 [10][11]. - First-tier cities maintained a cumulative year-on-year transaction growth of 4%, outperforming second and third-tier cities [18][19]. - The overall transaction volume in second and third-tier cities decreased significantly, with some cities like Chengdu showing strong demand despite a decline [19]. Second-hand Market Section - The second-hand housing market remains relatively stable, with a cumulative year-on-year increase of 4% in transaction volume across 30 monitored cities [21][22]. - Cities like Shanghai and Shenzhen saw significant year-on-year growth in second-hand transactions, while others like Nanjing and Zhengzhou are still in a correction phase [23]. Price Section - The price decline in new homes across 70 cities is slowing, with first-tier cities like Beijing and Shanghai maintaining price increases [25][26]. - High-end properties in core cities are experiencing stable demand, while lower-tier cities face price corrections due to oversupply [26]. Inventory Section - The inventory of new homes is gradually decreasing, with a total of 45.56 million square meters reported by the end of August 2025, reflecting a 9% year-on-year decline [27][34]. - First-tier cities have manageable inventory levels, while second and third-tier cities face significant inventory challenges [34]. Future Outlook - The fourth quarter is expected to see a slight increase in new housing supply, driven by policy support and increased marketing efforts from developers [36][38]. - The market is likely to experience a weak recovery, with an anticipated annual transaction decline of around 10% [38][39]. - The "Good House" initiative is gaining momentum, with a focus on high-quality housing driven by policy support and market demand [75].

Core Viewpoint - The forum highlighted the investment opportunities in the Middle East, particularly in the context of the Belt and Road Initiative, emphasizing the importance of policy communication and collaboration between China and Arab countries to enhance investment confidence and quality of cooperation [2][5][6]. Group 1: Investment Opportunities - The UAE, especially Abu Dhabi, is becoming a global investment hub, with significant potential in residential and commercial real estate development [6]. - The Belt and Road Initiative has facilitated greater connectivity and investment opportunities, with high rental yields and asset appreciation rates attracting Chinese investors [6][15]. - The UAE's tax advantages, including the absence of income tax, capital gains tax, and inheritance tax, significantly enhance its appeal for global investors [7][8]. Group 2: Strategic Considerations for Outbound Investment - Chinese companies should align their outbound investment strategies with national policies and the development strategies of host countries, such as aligning with Saudi Arabia's Vision 2030 [7]. - Understanding the local market dynamics, cultural nuances, and potential demand for construction projects is crucial for successful investment [7][12]. - The establishment of free zones and government support in the UAE provides a conducive environment for foreign enterprises to set up operations [8]. Group 3: Risk Management and Legal Strategies - Companies must be aware of geopolitical risks, project execution challenges, and operational risks when investing abroad, particularly in volatile regions [12][13]. - Effective risk management strategies include selecting appropriate legal frameworks and dispute resolution mechanisms to mitigate uncertainties in cross-border investments [17]. - The importance of data sharing and knowledge exchange between academia and industry is emphasized to reduce cooperation costs and enhance decision-making [9][10].

Core Viewpoint - The article emphasizes the importance of establishing a standardized "health check" system for existing buildings in China, addressing the aging issue of the real estate sector and promoting a shift from reactive maintenance to proactive prevention [2][5]. Group 1: Implementation of Building Health Checks - The "Building Health Check Implementation Evaluation Guidelines" (hereinafter referred to as "Guidelines") will be officially released in December, providing a standardized approach to building inspections [2][5]. - The Ministry of Housing and Urban-Rural Development has initiated a nationwide building health check program, marking the beginning of a system for "building health checks, building insurance, and building retirement" [2][5]. - The guidelines aim to create a long-term mechanism for managing health and safety issues throughout the entire lifecycle of buildings [3][5]. Group 2: Market Demand and Industry Impact - As of 2024, China's total housing construction area exceeds 660 billion square meters, with 35% of buildings over 30 years old, highlighting the urgent need for building inspections [5]. - The building repair market in China has surpassed one trillion yuan, with an estimated 500,000 professionals expected to be involved in building health checks over the next five years [5][6]. - The implementation of the guidelines is expected to transform urban renewal from "treating existing problems" to "preventing future issues," creating new opportunities in the real estate sector [5][6]. Group 3: Features of the Guidelines - The guidelines introduce a "management + implementation" dual-core system, featuring a comprehensive health check mechanism that includes routine, basic, and specialized inspections [6][8]. - The guidelines advocate for the use of non-destructive intelligent technologies, such as drones and wall-climbing robots, to minimize secondary damage during inspections [6][8]. - A three-tier evaluation system categorizes inspection results into excellent, good, and satisfactory based on eight dimensions, providing a management benchmark [6][8]. Group 4: Systematic Framework and Coverage - The guidelines are designed to provide scientific and standardized implementation instructions, covering various aspects of building inspections, including structural integrity, environmental factors, and information management [8][9]. - The focus of the guidelines is not on assessing the quality of buildings but on evaluating the completeness and thoroughness of the inspection process [8][9]. - The guidelines are expected to be finalized and published by the end of December, marking a new standardized phase for building health checks in China [9].

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 专题 2025上半年房企存货管理专题——典型房企计提减值准备仍在继续 以5 0 家典型上市房企为研究样本，揭示行业在"规模收缩"与"风险缓释"中的实践路径，为房企优化库存结构、投资者研判行业风险提供参 考。 2025年上半年房企盈利能力报告——毛利率修复至10.87%，净利润维持亏损 期内确认存货跌价损失494亿，净利润亏损902亿。 2025上半年房企偿债能力报告：现金短债比继续下滑，行业信用修复仍需时间 20 25年中期50家典型上市房企的现金持有量为11867亿元，较期初减少了9. 49%。 观点 头部房企加速布局社群运营，华润、华发均已设立集团IP 土拍｜厦门4宗宅地成交81.25亿元，均由本地国企竞得 9月23日，厦门4宗宅地顺利出让，合计揽金81.2 5亿元，均由本地国企底价竞得。 研报 地产社群运营正被越来越多的房企关注，其热度呈现爆发式增长。 城市更新催生代建需求，企业如何"入场"？ 能否真正理解政策、整合资源、平衡多方诉求， ...

9月23日， 由克而瑞主办的"全球视野·中东机遇——2025中东不动产投资高峰论坛"在上海举办 。克而 瑞集团董事长丁祖昱先生、克而瑞集团CEO张燕女士携手国内外、来自产学研跨界专家、领袖、高管出 席论坛并发布重要研究成果及主题演讲。 来自阿布扎比的领先房地产企业Aldar Developm 的CEO，Jonathan Emery先生在论坛上作《政企协同下的 品牌共赢：ALDAR如何借力国家战略打造"阿联酋名片"》作主题演讲，内容如下： Jonathan Emery Aldar Developm CEO 很荣幸来到上海——这座象征着雄心壮志和进步的城市，共同庆祝中阿关系的蓬勃发展，并探索房地产领 域合作的新途径。此次盛会体现了两国四十多年的友谊与伙伴关系。随着双边贸易额接近1000亿美元，深 ▲点击图片查看论坛实录 化合作的空间巨大。不仅在贸易领域，阿联酋和中国在投资、文化、旅游和教育等领域的合作也日益紧 密。正是本着这种合作精神，今天我想与大家分享阿布扎比的房地产故事。 站在上海，我深深地感受到，贵市非凡的崛起与我们今天在阿布扎比——Aldar 的故乡，以及我们持续塑 造的城市——所见证的成长之间，竟有如此 ...

Policy - The central government is focusing on high-quality urban development and has initiated a series of policies to stabilize the real estate market, including the construction of a new real estate development model and urban renewal projects [5][7][28] - The central government has emphasized the importance of local governments in implementing these policies, with significant policy announcements from major cities like Beijing, Shanghai, and Shenzhen aimed at easing market pressures [13][15][19] Industry - The real estate market is experiencing a gradual recovery, with a narrowing decline in housing prices and a decrease in unsold inventory, although new home sales continue to face challenges [34][38][50] - The land market is seeing a rational cooling, with a 9% year-on-year decline in land transaction volume across 300 cities, while the average land price is increasing, indicating a shift towards quality over quantity in land supply [54][54] - The overall sentiment in the real estate sector is cautious, with developers adopting a more prudent approach to investments, focusing on high-quality land and projects [54][54]

◎ 文 / 房玲 洪宇桁 2025年中期50家典型上市房企的现金持有量为11867亿元，较期初减少了9.49%。 研究视点 2025上半年房企融资政策延续了相对宽松的基调，城市房地产融资协调机制持续推进，截至5月7日"白名单"贷款审 批通过金额已达到6.7万亿元，缓解了房企的部分资金压力。与此同时，出险房企的债务重组进程也在持续推进中， 部分房企已经实现境内外债务重组成功，但当前房企整体的债务压力依然较大。 从50家样本房企 1 的财务情况来看，2025年中期 样本房企的现金持有量较期初继续减少9.49%，总有息负债减少 0.95%。 在此背景下， 调整后的非受限现金短债比相比期初略有下降，达0.37，房企短期压力仍在加大。 从2025年中期样本房企三条红线分档结果来看，踩线房企占比较期初降低2个百分点至72%， 其中黄档占比和期初 持平，橙档和红档占比较期初分别降低4个和提高2个百分点至24%和34%。 | 财务指标 | 2021年 | 2022年 | 2023年 | 2024年 | 2025H | 较期初变动 | | --- | --- | --- | --- | --- | --- | --- | | ...

Industry - The first comprehensive capability evaluation standard for construction management companies has been officially released, known as the "Construction Management Company Comprehensive Capability Evaluation Standard" [1] - This standard aims to provide a fundamental framework for the industry, facilitating quick and intuitive understanding for clients regarding the capabilities of construction management firms [1] Company - Runze Management participated in the 16th Real Estate Scientific Development Forum, showcasing its management strategy that emphasizes efficiency and cost-effectiveness, achieving a construction period of 19 months for a large cultural and sports venue [1] - Longfor Qianting Digital released a white paper on the digital transformation of real estate, indicating a focus on smart solutions in the industry [1] - Xuhui Construction Management won a bid for a high-quality project in Qingbaijiang District, Chengdu, providing comprehensive construction management services [1] Projects - Longfor Longzhizao is collaborating with Dajia Health Investment to establish a benchmark elderly care community in Shanghai's Jing'an District, responding to the growing demand for high-end elderly care services [4] - Xuhui Construction Management has successfully delivered a high-end service apartment project in Nanjing's Hexi South G116 community [1] - Several projects have been awarded, including the Yuyiao Yangming East Road residential project with a contract amount of 458 million yuan and the Longquan Shutangfan land construction project with a contract amount of 349 million yuan [8]

9月23日， 由克而瑞主办的"全球视野·中东机遇——2025中东不动产投资高峰论坛"在上海举办 。克而 瑞集团董事长丁祖昱先生、克而瑞集团CEO张燕女士携手国内外、来自产学研跨界专家、领袖、高管出 席论坛并发布重要研究成果及主题演讲。 上海建工集团海外业务管理部总经理李岚女士围绕《中国经验，海外实践：海外项目的本土化策略》作主 题演讲，主要内容如下： 李岚 上海建工集团海外业务管理部总经理 一、中国经验全球化实践：三大路径破局 ▲点击图片查看论坛实录 上海建工53个在建项目遍布东南亚、非洲等26个"一带一路"沿线国家，以三类实践树标杆： 1、标杆项目显科技硬实力：建卡塔尔世界杯教育城体育场、乌兹别克斯坦塔什干新城银行大楼等项目， 展现技术与建造能力； 2、属地化运营扎根，打造长期根据地市场：比如深耕柬埔寨市场，参与巴萨河大桥、金边三环等基建， 成为当地"路桥"建设主力军； 1、从输出产品到产业共建：突破能源合作局限，共建新能源、先进制造产业链，将中东纳入全球产业布 局；从"项目输出者"转变为"长期合作者"。 2、从低价竞争到价值出海：对接中东4万亿美元主权资本，聚焦新能源、数字基建等高附加值项目，建 立"懂中 ...

Core Viewpoint - The ability to truly understand policies, integrate resources, and balance multiple stakeholder demands will be crucial for construction enterprises to achieve scale and brand breakthroughs in the urban renewal sector [1][3]. Group 1: Urban Renewal Policy and Government Support - Since 2025, urban renewal has become a significant part of real estate policy, receiving notable support from the government in terms of statements, policy formulation, and financial backing [3]. - Key meetings in July 2025 emphasized urban renewal as an important focus, with the Central Urban Work Conference highlighting it as a key strategy for current and future urban work [3]. - The frequency of urban renewal policy releases has increased significantly since 2025, with cities like Shanghai, Xiamen, and Nanjing announcing specific plans and funding allocations for urban renewal projects [4][6]. Group 2: Financial Support and Investment Trends - The issuance of special bonds for real estate has been on the rise, with significant allocations directed towards urban renewal projects, including the renovation of old urban areas and affordable housing [4][8]. - In the first seven months of 2025, special bond investments for urban village renovations reached 57.3 billion, a year-on-year increase of 487%, while investments in affordable housing reached 25.3 billion, up 150% [4][8]. Group 3: Market Opportunities for Construction Enterprises - The complexity and long duration of urban renewal projects present numerous opportunities for construction enterprises, with a notable increase in the number of projects awarded since 2024 [9][12]. - Major provinces like Shandong, Guangdong, and Jiangsu account for 50% of the awarded urban renewal projects, correlating with their higher special bond investments [12][13]. Group 4: Required Capabilities for Construction Enterprises - Construction enterprises must enhance their comprehensive management capabilities to succeed in urban renewal projects, focusing on five key areas: - Comprehensive coordination ability to manage the entire project lifecycle [18]. - Strong financial strength to ensure stable funding and investment [18][19]. - Capability to integrate and operate industries effectively within urban contexts [19]. - Innovative balancing ability to merge cultural, commercial, and environmental elements [20]. - Risk management capability to navigate the complexities and uncertainties of urban renewal projects [21].