住建部调研强调地方应扛起房地产调控责任，重点省份有望率先止跌回稳

Core Viewpoint - The Chinese government is intensifying efforts to stabilize the real estate market, emphasizing the importance of local governments in implementing effective policies to promote recovery and growth in the sector [2][6]. Group 1: Government Actions and Policies - The State Council has mandated greater efforts to halt the decline in the real estate market, with recent actions including a research group visiting Guangdong and Zhejiang to analyze market conditions and gather feedback [2]. - The Ministry of Housing and Urban-Rural Development has highlighted the need for local governments to take responsibility and utilize their policy autonomy to implement targeted measures [2][7]. - The government aims to enhance the quality of housing, focusing on safety, comfort, and sustainability, while also stabilizing expectations, activating demand, optimizing supply, and mitigating risks [2][4]. Group 2: Market Performance and Trends - According to the China Index Academy, the real estate market showed signs of recovery in early 2025, with new home prices in monitored cities rising by 1.16% in the first half of the year, although the growth rate has slowed compared to the previous period [5]. - The second-hand housing market has seen a cumulative price decline of 3.60%, with prices continuing to drop for 38 consecutive months, despite a high level of activity in transactions [5][6]. - Key provinces like Guangdong and Zhejiang have shown resilience, with new home transaction areas increasing year-on-year, indicating a stable market foundation despite national sales declines [3][7]. Group 3: Future Outlook - The report anticipates that local governments will actively implement existing policies to further stabilize the real estate market, including enhancing urban renewal and financial support for housing projects [8]. - Focused efforts will be made to improve financing mechanisms and stimulate demand in major cities like Guangzhou and Shenzhen, which are critical to the overall market recovery [8].