10年一次的重要会议：楼市，或将迎来大动作！

Core Insights - The recent Central Urban Work Conference indicates a shift in urban development strategy from rapid expansion to quality improvement and urban renewal, reflecting a similar context to the 2015 meeting [3][5][7] - The current economic backdrop mirrors that of 2015, with low growth rates, high inventory pressures in the real estate market, and challenges in traditional industries [7][9] - A new round of urban renewal is anticipated, but the scale of initiatives may be limited compared to previous efforts, as many properties have already been addressed in past reforms [11][13] Group 1: Urban Development Strategy - Urbanization in China has transitioned from rapid growth to stable development, focusing on enhancing existing urban areas rather than expanding [3] - Officials are encouraged to adopt a sustainable development approach, moving away from inefficient large-scale infrastructure projects [3] - The strategy includes developing modern urban clusters and metropolitan areas to improve the capacity for population and economic growth [3] Group 2: Economic Context - The economic conditions today are reminiscent of 2015, with a growth rate of 6.9% and significant pressures on the real estate sector [7][9] - The real estate market has been under continuous downward pressure, affecting related industries and local government revenues [9] - The potential for a "Shelter Reform 2.0" initiative is being discussed, similar to the successful policies implemented after the 2015 meeting [9][11] Group 3: Urban Renewal Challenges - The scale of urban renewal efforts is expected to be smaller than in previous years, with only 1 million units targeted for renovation compared to 18 million in the past [11] - Current urbanization rates are high, with 67% urbanization and a 61.5% household leverage ratio, indicating a saturation point in urban growth [13] - Future urbanization will focus on both new developments and the improvement of existing urban areas, with a shift towards smaller cities and counties [13][15]