房地产市场修复回稳

Core Viewpoint - The real estate market in China has shown signs of stabilization and recovery in the first half of the year, driven by policy support, demand structure adjustments, and industry transformation [1][2][3] Market Performance - New residential sales in key cities remained stable, with first-tier and strong second-tier cities experiencing year-on-year growth in sales area, such as Shenzhen and Guangzhou with increases of 24% and 17% respectively [2] - The second-hand housing market saw significant growth, with cities like Shenzhen reporting over 30% year-on-year increase in transaction volume [2][3] - Overall, the new residential prices in 100 cities increased by 1.16% in the first half of the year, with a 0.19% increase in June [2] Policy Measures - The government has implemented various "stabilize the real estate market" policies, focusing on stimulating demand, reducing inventory, and managing risks [5][6] - Over 340 policy measures were introduced across various regions, including adjustments to housing fund policies and increased subsidies for home purchases, particularly for families with multiple children [6][7] Land Market - The land market saw a 27.5% year-on-year increase in land transfer revenue, although the area of land sold decreased by 5.5% [4] New Development Models - The real estate sector is transitioning towards a new development model, emphasizing a "market + guarantee" housing supply system and high-quality housing construction [8][9] - The government aims to enhance the quality of housing, with new standards for "good houses" being established and implemented [9] Outlook for the Second Half - Industry experts anticipate that policies will continue to focus on stabilizing expectations, activating demand, optimizing supply, and mitigating risks, with ongoing differentiation in the market [10]