Q 中国房地产企业监测报告（2024 年 11 月） CREIS 中指数据显示，2024 年 11 月，一线城市商品住宅平均成交面 积为 89.94 万㎡，同比增长 49.14%，环比增长 1.38%；二线城市商品 住宅平均成交面积为 53.95 万㎡，同比增长 21.51%，环比增长 10.40%； 三线代表城市商品住宅平均成交面积为23.18万㎡，同比增长9.85%， 环比增长 2.04%。 11 月重点监测品牌房企累计新增土地面积 51.60 万平方米，环比增 加 86.35%；规划建筑面积为 120.78 万平方米，环比增加 89.04%； 拿地成本 385.07 亿元，环比增加 128.31%。本月中海地产土地出让 金额最多，拿地 3 宗，增加占地面积和规划建筑面积分别为 20.74 万 平方米和 54.53 万平方米，出让金为 198.28 亿元。 中指云 中指研究院大数据中心 电 话：400-630-6618 查看往期全文：https：// www.cih-index.com/ ◆ 市场需求：11 月各线城市新房成交量环比增长。 ◆ 拿地情况：11 月品牌房企拿地较上月增加。 本报告数据来自于中 ...

Industry Investment Rating - The report does not explicitly provide an industry investment rating [1][2][3] Core Views - The report focuses on the risk resolution of real estate developers, emphasizing the importance of policy support, market-oriented and legal principles, and the responsibility of local governments and developers [2][3][4][5] - The core approach is to prioritize the delivery of pre-sold homes (保交楼) and stabilize people's livelihoods, with a focus on rescuing projects rather than companies [3][4][6] - The report highlights the need for a systematic approach to resolve risks, including evaluating developers' sustainability, classifying risks, and implementing targeted support policies [17][18] Policy Evolution - Since H2 2021, policies have evolved from encouraging mergers and acquisitions of distressed projects to focusing on project financing and improving the overall financing environment [3][4] - Key policies include the establishment of a "white list" mechanism for project financing, the introduction of a 200 billion RMB special loan for housing projects, and the "Financial 16 Measures" to support mergers and acquisitions [3][4][10] - In 2024, the focus shifted to supporting project financing needs and distinguishing between project and corporate risks [3][4] Risk Resolution Path - The report suggests a three-step approach: evaluating developers' sustainability, classifying risks, and implementing targeted support policies [17][18] - For systemically important developers, the focus is on debt restructuring, asset stripping, and state capital injection [17][18] - For insolvent developers, the approach involves bankruptcy reorganization and the independent operation of quality assets [17][18] Market Challenges - The real estate market downturn has reduced developers' sales revenue and cash flow, making debt restructuring and asset disposal more difficult [15] - Strict project-level fund supervision has limited developers' ability to centralize funds, adding to the challenges [15] - Global economic uncertainties, such as interest rate and exchange rate fluctuations, have further complicated overseas debt restructuring [15] Policy Recommendations - The report recommends piloting risk resolution models with typical developers before scaling up [18] - It suggests leveraging existing policies, such as reclaiming idle land and stock commercial housing, to support risk resolution [18] - The report emphasizes the need for coordinated efforts among developers, shareholders, creditors, and governments to reduce debt and improve asset structures [19] International Comparison - The report draws parallels with the US subprime mortgage crisis, highlighting the importance of national-level intervention, asset classification, and diverse measures to stabilize the financial system [8][13]

Investment Rating - The report does not provide a specific investment rating for the industry Core Insights - The rapid development of the internet has expanded information dissemination channels, allowing property management companies to utilize both traditional and new media platforms to create a comprehensive communication matrix, achieving boundary-less and full coverage of information dissemination [2] - Property management companies are increasingly experimenting with new digital media channels, enhancing brand exposure and reach through platforms like WeChat, Douyin, and their own channels [2] - The report highlights the importance of maximizing communication effectiveness and shaping brand influence through the comprehensive use of new media by leading property service companies [9] Summary by Sections WeChat Public Account Rankings - In November 2024, the top 50 property service companies' WeChat public accounts had a total reading volume of approximately 2.837 million, with an average reading volume of about 57,000 [6] - The top three companies in terms of reading volume were "万物有云/邻居" from 万物云空间科技服务股份有限公司, "中海物业公众号矩阵" from 中海物业管理有限公司, and "长城物业集团" from 长城物业集团股份有限公司, each exceeding 179,000 readings [10] WeChat Video Account Rankings - The average likes and shares for the top 30 WeChat video accounts in November 2024 were approximately 104,000, with the top three being 新希望服务视频号矩阵, 物小宝, and 建业物业/建业新生活, each exceeding 50,000 interactions [4][14] - The total likes and shares for the top 30 property service companies' WeChat video accounts reached approximately 3.115 million [15] Douyin Video Account Rankings - In November 2024, the top five Douyin video accounts for property service companies achieved a total of 189,000 likes and shares, with 新希望服务 leading with over 110,000 interactions [16][17] - The top five Douyin accounts included 新希望服务, 宝石花物业, and 绿都智慧生活服务有限公司, showcasing significant engagement [17]

更多政策解读、城市月报、房企研究报告...... 51 周市场要点（12.15-12.21） 4、企业资讯：房企非银融资类型以公司债、中期票据为主，部分企 业通过超短期融资券等方式获取资金。中国金茂出售金茂三亚 100% 股权及相关债权予海南骊驰咨询，交易总对价 18.49 亿元。宝龙地产 债务重组计划获法院正式批准，金轮天地控股 82.41%的债务持有人 已加入重组支持协议。广州城更与湖北联投新城集团签署战略合作， 共推城市更新产业升级。 一线城市新房成交 82 万 m 2，环比下降 13.7%，同比增长 59.4%。其 中北京新房成交环比增长 29.4%，深圳同比增长 393.6%，同比增幅 居一线城市首位； 一线城市二手房成交 12346 套，环比下降 8.5%，同比增长 115.7%。 其中一线城市同比增长均超过 100%，深圳增幅居一线城市首位； 数据来源：中指数据 CREIS ▍库存：51 周 10 城新房可售面积环比下降 | --- | --- | --- | --- | --- | |----------|-------|--------|-----------------|--------- ...

Investment Rating - The report provides a positive outlook on the real estate market, indicating a "buy" rating for key cities and projects due to recent policy support and market stabilization [10][14]. Core Insights - The real estate market in major cities has shown signs of recovery, with new housing sales in 30 key cities increasing by 12.4% month-on-month and 20.6% year-on-year in November [10]. - The report highlights that the recent policy measures, including tax adjustments and the use of local government bonds for land acquisition, are expected to sustain market stability and growth [14]. - Notably, cities like Shenzhen have experienced a doubling in both new and second-hand housing transactions year-on-year, reflecting strong market demand [10]. Summary by Sections Market Performance - In November, the new housing sales area in 30 key cities increased by 12.4% month-on-month and 20.6% year-on-year, with a notable expansion compared to October [10]. - The second-hand housing transaction volume in 20 key cities rose by 11.7% month-on-month and 26.3% year-on-year [10]. Policy Impact - Continuous favorable policies from the government, such as optimizing tax rates for home purchases, are contributing to a "stop-drop and stabilize" trend in the real estate market [14]. - The adjustment of the contract tax rate for homes under 140 square meters is expected to enhance affordability and stimulate demand [14]. Price Trends - The report indicates that the average price of new residential properties in major cities has shown a slight increase, with cities like Shanghai and Chengdu reporting price rises of 1.32% and 1.28% respectively [31]. - The average price per square meter in Shenzhen reached 67,725 yuan, reflecting a 0.21% increase [37]. Project Highlights - The report lists several key projects across major cities, emphasizing the involvement of well-known developers and the focus on high-quality offerings to meet diverse consumer needs [28].

Investment Rating - The report does not explicitly provide an investment rating for the property service industry in China for October 2024 Core Insights - The total new contract area for the top 50 property service companies in October 2024 reached approximately 86.5 million square meters, indicating a strong expansion trend among leading companies [5] - The average new contract area for these top companies was 1.73 million square meters, with major players like Country Garden Life Service Group, China Overseas Property Management, and Poly Property Service exceeding 5 million square meters in new contracts [5] - The total area for third-party market expansion among the top 50 companies was about 68.83 million square meters, with an average of 1.38 million square meters per company [8] - The top two companies in third-party market expansion were Country Garden Life Service Group and Shanghai Yongsheng Property Management, with areas of 5.08 million square meters and 4.60 million square meters respectively [8] - The total area for associated contract acceptance among the top 50 companies was approximately 22.6 million square meters, with an average of 450,000 square meters per company [12] - Leading companies like Poly Property Service and China Overseas Property Management are expected to add over 1.8 million square meters of managed area due to support from parent companies and affiliates [12] Summary by Sections New Contract Area Analysis - The top 50 property service companies achieved a total new contract area of approximately 86.5 million square meters in October 2024 [5] - The average new contract area for these companies was 1.73 million square meters, with significant contributions from the top three companies [5] Third-Party Market Expansion Analysis - The total area for third-party market expansion among the top 50 companies was about 68.83 million square meters, with an average of 1.38 million square meters [8] - The leading companies in this category were Country Garden Life Service Group and Shanghai Yongsheng Property Management [8] Associated Contract Acceptance Analysis - The total area for associated contract acceptance among the top 50 companies was approximately 22.6 million square meters, with an average of 450,000 square meters [12] - Major players are leveraging their relationships with parent companies to enhance their managed area [12]

Investment Rating - The report does not explicitly state an investment rating for the real estate industry. Core Insights - In October 2024, the average transaction area of commodity residential properties in first-tier cities was 706,400 square meters, a year-on-year increase of 12.85% and a month-on-month increase of 38.46% [3][13] - The sales revenue of monitored leading real estate companies increased by 65.2% month-on-month, with China Overseas Land & Investment showing the highest increase at 121.0% [4][27] - The financing scale of real estate companies decreased by 36.6% compared to the previous month, totaling 44.548 billion yuan [6][31] Summary by Sections 1. Overall Business Conditions of Real Estate Companies in October 2024 1.1 National Market Overview - **Market Demand**: In October, new home transaction volumes increased month-on-month across various city tiers, with first-tier cities seeing significant growth [3][13]. - **Supply and Demand Situation**: The sales-to-supply ratio decreased year-on-year, with new listings in 20 representative cities totaling 8.0395 million square meters, a month-on-month decrease of 29.22% [14]. - **Policy Review**: The Ministry of Finance announced measures to stabilize the real estate market, including the use of special bonds for land reserves and optimizing tax policies [15][19][20]. 1.2 Key Enterprises Overview - **Land Acquisition**: In October, monitored brand real estate companies acquired a total of 276,900 square meters of land, a month-on-month decrease of 52.82% [5][25]. - **Sales Performance**: The sales revenue of monitored leading real estate companies increased by 65.2% month-on-month, with half of the companies experiencing a year-on-year decline [4][27]. - **Financing Situation**: The financing scale decreased by 36.6% compared to the previous month, with a total of 33 financing transactions [6][31]. 2. Business Conditions of Brand Real Estate Companies in October 2024 2.1 Vanke - **New Land Reserves**: Vanke acquired 1 plot of land in October with a total construction area of 12,400 square meters and a land cost of 37.92 million yuan [43].

Investment Rating - The report indicates a positive outlook for the real estate market, particularly in first-tier cities, with significant year-on-year growth in transaction volumes [5][6][29]. Core Insights - Overall transaction volume in the real estate market decreased week-on-week but showed a notable year-on-year increase, with first-tier cities leading the growth at 43.34% [5][29]. - The total residential land transaction area across 40 major cities was 1.46 million square meters, generating land transfer fees of 36 billion yuan [13][15]. - Non-bank financing for real estate companies primarily involved medium-term notes and corporate bonds, with some firms utilizing short-term financing instruments [23][24]. Summary by Sections Transactions - The overall transaction volume decreased week-on-week, while first-tier cities experienced a slight increase [5][7]. - First-tier cities saw a week-on-week increase in transaction area by 1.8%, with Guangzhou leading at 32.5% [5][6]. - Year-on-year, first-tier cities recorded a significant increase, with Shenzhen showing a remarkable growth of 246.7% [5][6]. Land Transactions - The total land transfer fees across 40 major cities reached 36 billion yuan, with Fuzhou leading at nearly 12.3 billion yuan [13][15]. - The top five land transaction prices were dominated by cities in the Pearl River Delta, with Guangzhou's Tianhe district leading [15][18]. Inventory - The overall inventory in monitored cities slightly decreased by 0.49% week-on-week, with first-tier cities showing mixed results [10][11]. - Shenzhen and Beijing saw slight increases in inventory, while Guangzhou and Shanghai experienced minor declines [11][12]. Policy Developments - The Ministry of Natural Resources clarified the details for special bonds to acquire land, while the Ministry of Finance and other departments announced tax incentives [29][30]. - Cities like Changsha and Shenzhen implemented measures to support homebuyers, including the cancellation of sales restrictions and increased public fund support for families with multiple children [29][30].

Investment Rating - The report indicates a positive outlook for the real estate market, particularly in first-tier cities, with significant year-on-year growth in transaction volumes [5][6][29]. Core Insights - Overall transaction volume in the real estate market decreased week-on-week but showed a notable year-on-year increase, with first-tier cities leading the growth at 43.34% [5][29]. - The total residential land transaction area across 40 major cities was 1.46 million square meters, generating land transfer fees of 36 billion yuan [13][15]. - Non-bank financing for real estate companies primarily involved medium-term notes and corporate bonds, with some firms utilizing short-term financing instruments [23][24]. Summary by Sections Transactions - The overall transaction volume decreased week-on-week, while first-tier cities experienced a slight increase [5][7]. - First-tier cities saw a week-on-week increase in transaction area by 1.8%, with Guangzhou leading at 32.5% [5][6]. - Year-on-year, first-tier cities recorded a significant increase, with Shenzhen showing a remarkable growth of 246.7% [5][6]. Land Transactions - The total land transfer fees across 40 major cities reached 36 billion yuan, with Fuzhou leading at nearly 12.3 billion yuan [13][15]. - The top five land transaction prices were dominated by cities in the Pearl River Delta, with Guangzhou's Tianhe district leading [15][18]. Inventory - The overall inventory in monitored cities slightly decreased by 0.49%, with first-tier cities showing mixed results [10][11]. - Shenzhen and Beijing saw slight increases in inventory, while Guangzhou and Shanghai experienced minor declines [11][12]. Policy Developments - The Ministry of Natural Resources clarified the details for special bonds to acquire land, while the Ministry of Finance introduced tax incentives [29][30]. - Cities like Changsha and Shenzhen implemented measures to support homebuyers, including lifting sales restrictions and increasing public fund support for families with multiple children [29][30].

Investment Rating - The report indicates a positive outlook for the real estate industry, particularly in the context of urban village renovation and the implementation of monetary compensation measures [2][3]. Core Insights - The Ministry of Housing and Urban-Rural Development has announced a "combination punch" policy aimed at implementing 1 million new urban village renovations and dilapidated housing renovations through monetary compensation, reflecting a strong commitment to stabilize the real estate market [2][12]. - The expansion of the urban village renovation policy support range to nearly 300 cities is expected to accelerate the implementation of the renovation plan, with a significant increase in the number of eligible projects [2][12]. - The emphasis on monetary compensation for urban village renovations is anticipated to create additional housing demand, facilitating the absorption of existing inventory in the market [3][5]. Summary by Sections Policy Support and Expansion - The recent notification expands the urban village renovation policy to include cities with a population of over 200,000, significantly increasing the number of eligible projects from 35 to nearly 300 [2][12]. - The plan includes financial support measures such as inclusion in local government bond support and specialized loans from financial institutions [10][12]. Housing Demand and Market Impact - The report estimates that the renovation of 1 million units could lead to approximately 100 million square meters of residential sales, contributing about 10% to the overall market volume [3][5]. - The combination of monetary compensation and housing vouchers is expected to enhance the effectiveness of policies aimed at reducing existing inventory [3][5]. Urban Renewal Strategy - Urban village renovation is positioned as a critical component of national urban renewal strategies, aimed at promoting high-quality urban development and unlocking urbanization potential [6][12]. - The notification mandates local governments to implement comprehensive support policies, ensuring the protection of residents' rights and efficient project execution [6][12].