Core Viewpoint - The real estate industry is expected to see a significant decline in delivery volumes after 2024, marking the end of a peak delivery period driven by the "guarantee delivery" policy [1][2] Group 1: Industry Overview - The national housing completion area from 2021 to 2024 was reported as 101,412 million square meters, 86,222 million square meters, 99,831 million square meters, and 73,743 million square meters respectively, indicating a rebound in 2023 after a decline in 2022 [1] - The delivery volume for real estate companies in the first half of 2025 is expected to drop significantly, with a general decline of over 50% in the number of units delivered [1] - The top 10 real estate companies accounted for 38.08 million units delivered, representing 56.46% of the total deliveries from 50 companies [1] Group 2: Company Focus - Sunac - Sunac delivered 186,000 units in 2022, 312,000 units in 2023, and 170,000 units in 2024, totaling over 668,000 units delivered [2] - In the first half of this year, Sunac delivered 15,000 units, including notable projects such as Xi'an Sunac Lan Yue Fu and Chongqing Chang Le Ya Song [2] - For 2025, Sunac aims to deliver over 50,000 units, with expectations to complete all guarantee delivery tasks by the end of the year [2] - The company is transitioning into a new development phase characterized by debt restructuring, stabilized sales, and the completion of guarantee delivery tasks [2]
上半年房企交付力高位回落，“保交房”进入最后关键期