Investment Rating - The report indicates a positive outlook for the real estate market in the central and western regions, particularly highlighting the resilience of the Chengdu market and signs of stabilization in various cities [3][4][7]. Core Insights - The report emphasizes that after two years of significant adjustments in the real estate market, homebuyers have become more rational in their purchasing decisions. The Spring Festival of 2024 serves as a critical observation point for the effects of newly implemented policies [3][4]. - Chengdu is noted for its market resilience, with a significant increase in second-hand housing transactions, reflecting a shift in buyer preferences due to high new home prices [3][6]. - The report outlines a trend of improving market conditions across various cities, with specific mentions of policy optimizations in places like Xi'an and Wuhan, which are aimed at stabilizing the market and enhancing buyer confidence [9][10][12]. Summary by Relevant Sections Chengdu Market - Chengdu's new home market shows a notable increase in the average unit size, with a shift towards second-hand homes due to high prices in core areas. The number of second-hand home transactions has significantly outpaced new home sales, with 2023 seeing a 1.5 times increase in second-hand transactions compared to new homes [3][6]. - The market is entering a positive cycle, driven by population support and the segmentation of demand between new and second-hand homes [6]. Chongqing Market - Chongqing's real estate market has stabilized, with a slight increase in transaction volume in 2023. The city has implemented various policies to support homebuyers, particularly focusing on returning residents during the Spring Festival [7][9]. - The center city saw a 4.9% year-on-year increase in transaction volume, while surrounding districts accounted for 60% of the total market transactions [7]. Xi'an Market - Xi'an has seen a rise in improvement housing demand, with policies aimed at easing restrictions on purchases and loans. The city is actively working to stimulate the market through land supply and policy support [10][12]. - The introduction of quality land parcels is expected to enhance market stability and attract further investment [10]. Wuhan Market - Wuhan's real estate market is gradually recovering, with second-hand home transactions surpassing new home sales for the first time. The city has implemented supportive policies to encourage market health [12][13]. - The market is characterized by a cautious buyer sentiment, with a focus on quality and pricing [12]. Zhengzhou Market - Zhengzhou's market is experiencing significant internal differentiation, with a slight increase in new home transactions in 2023. However, the overall sentiment remains low, with a preference for second-hand homes among first-time buyers [15][16]. - Innovative marketing strategies are being adopted to attract buyers, particularly targeting returning residents [15]. Nanchang Market - Nanchang's market is witnessing a shift towards improvement housing demand, with government policies facilitating lower mortgage rates and subsidies. However, buyer sentiment has become more cautious as government subsidies approach expiration [16][18]. - The balance between new and second-hand home transactions is becoming more equal, reflecting changing buyer preferences [16]. Xiangyang Market - Xiangyang's market is showing signs of stability, with increased government subsidies and promotional activities aimed at boosting sales. The market is expected to maintain a steady performance in 2024 [19].

中指研究院大数据中心 中国北房京地中产指企信业息资技讯术研监究测院报告 电 话： 4006北30京66中18指信息技术研究院 查看往期全文：https：//www.cih-index.com/ 别的 中国房地产企业资讯监测报告 (20240205-20240211) 目录 一．土地储备................................................................................................................................................2 上周重点监测企业拿地情况.............................................................................................................2 1. 南浔交投 5.99 亿元竞得湖州南浔区一宗宅地 成交楼面价 5836 元/㎡...........................2 2. 昆明邦辉置业有限公司以 57847 万元成功竞得昆明双 ...

Investment Rating - The report indicates a generally cautious outlook for the real estate market during the Spring Festival period, with a notable decline in new home sales compared to the previous year [2][29]. Core Insights - The new home sales area in representative cities during the Spring Festival (February 10-17, 2024) decreased by approximately 27% compared to the same period in 2023 [3][4]. - Despite various promotional activities and policy optimizations aimed at stimulating demand, consumer sentiment remains cautious, with many potential buyers still in a wait-and-see mode [2][29]. - The report highlights that while some first-tier cities like Beijing and Shenzhen showed signs of improved market sentiment due to policy support, actual transaction volumes did not reflect significant changes [29]. Summary by Sections Sales Performance - In the Spring Festival period, the average daily sales area of new homes in 25 representative cities was 21.70 million square meters, down 27% year-on-year [6][4]. - Specific cities like Shanghai and Shenzhen saw minimal new home activity, with only one project in Shanghai under subscription during the holiday [8][11]. Consumer Behavior - A survey conducted during the Spring Festival revealed that 22.7% of respondents had purchased a home, while 46.9% engaged in property viewings but remained undecided [26]. - The primary concerns for potential buyers include expectations of further price declines and insufficient down payment funds, indicating a weak purchasing sentiment [28]. Market Outlook - The report anticipates that the real estate market may gradually stabilize post-holiday, particularly in core first- and second-tier cities, as the effects of recent policy adjustments begin to materialize [31][29]. - The ongoing financing support for real estate projects is expected to alleviate some market pressures and improve buyer confidence in the near future [31].

中指研究院 中国房地产指数系统 X` 好的 春节楼市观察—京津冀&山东：低温态势未改，部分城市现筑底迹象 经历过去两年房地产市场的深度调整，购房者置业已经更加理性。今年1月底以来，核心一二线城 市接连优化楼市政策，政策力度不断增强，2024年春节假期是新政后观察政策效果的重要节点，市场情 绪和购房者意愿是否有变化，看房、购房人数是否有增加等是行业关注焦点。春节期间，中指研究院各 地分析师以“春节楼市观察”为主题，通过分析各地最新楼市变化情况，研判市场量价走势，形成了区 域市场系列报告，本文为系列研究之京津冀&山东篇。 自2021年下半年起，伴随着全国市场下行，京津冀&山东地区整体楼市降温明显，2023年，房地产 政策环境不断改善，因城施策力度加大，但受经济下行，购房者预期偏弱等因素影响，京津冀&山东多数 城市房地产市场调整压力不减，2024年春节期间市场分化行情延续，核心板块优质楼盘更受关注。具体 城市来看，北京楼市整体平稳运行，通州限购政策优化对成交起到一定促进作用，但成交数据尚未显现， 未来楼市政策仍存优化预期，市场运行预计将更为稳健。天津当前市场仍以消化库存为主，市场活跃度 略显不足，分化现象仍较严重， ...

Investment Rating - The report indicates a mixed investment rating for the real estate markets in the Yangtze River Delta and Pearl River Delta regions, with specific cities showing varying degrees of recovery and challenges [3][17]. Core Insights - The report highlights a significant divergence in the real estate markets of the Yangtze River Delta and Pearl River Delta, with cities like Hangzhou showing a relatively better performance while others like Nanjing and Shenzhen face ongoing challenges [3][6][18]. - The report emphasizes that buyer sentiment has shifted towards a more cautious and rational approach, with many potential buyers adopting a wait-and-see attitude due to economic uncertainties and market conditions [5][19]. - The analysis suggests that while some cities may experience a mild recovery, the overall market sentiment remains subdued, and the recovery trajectory will depend on various local factors and policy adjustments [6][12][21]. Summary by Relevant Sections Yangtze River Delta - **Hangzhou**: The city has shown resilience with a 10% year-on-year increase in new home sales, driven by favorable policies and a strong local economy. However, buyer sentiment is cautious, with a 27.1% decrease in registration for public lottery draws, indicating a shift towards a more conservative purchasing approach [5][6]. - **Nanjing**: The new home market faces significant pressure with a 20% year-on-year decline in sales volume. The city has a high inventory level, leading to a projected clearing period of 23.1 months [6][8]. - **Other Cities**: Cities like Suzhou and Yangzhou continue to experience market adjustments, with varying levels of buyer interest and policy impacts. The overall sentiment remains cautious, with a focus on improving product quality and buyer confidence [11][12]. Pearl River Delta - **Shenzhen**: The new home market has seen a 39.4% increase in supply but a 6.8% decline in sales, indicating a challenging market environment. The focus has shifted to the second-hand housing market, which has seen a 55.6% increase in transactions [18][19]. - **Guangzhou**: Recent policy adjustments have eased some restrictions, leading to a slight improvement in buyer sentiment. However, the market remains cautious, with expectations of a "small spring" in the central areas post-holiday [19][21]. - **Foshan and Zhuhai**: Both cities are experiencing shifts in buyer demographics, with a growing focus on local buyers and improved product offerings. The market remains competitive, with developers enhancing product quality to attract buyers [21][24].

重磅利好！2019 年以来央行最大降息落地，楼市“小阳春”稳了？ 2024 年 2 月 20 日，中国人民银行授权全国银行间同业拆借中心公布最新 贷款市场报价利率（LPR），1 年期LPR保持 3.45%不变，5 年期以上LPR下调 25 个基点，由 4.2%调整至3.95%。 图：2019年以来1年期LPR、5年期以上LPR和MLF利率走势 1年期贷款市场报价利率(LPR) 5年期以上贷款市场报价利率(LPR) 1年期中期借贷便利(MLF)利率 5.0% 4.5% 4.30% 4.20% 3.95% 4.0% 3.65% 4.20% 3.55% 3.45% 3.5% 3.45% 3.0% 2.75% 2.65% 2.50% 2.5% 2.50% 2.0% 数据来源：央行，中指数据CREIS 1、本次为非对称降息，5 年期以上 LPR 下调 25 个基点，为 2019 年换锚 以来最大降幅，房贷利率进一步接近历史最低水平 2023年央行两次下调LPR，分别是6月下调1年期LPR和5年期以上LPR （均下调10BP）、8 月下调1 年期 LPR（非对称降息，下调 10BP）。2024 年2 月，央行再次降息，1 ...