新开工面积跌幅连续5个月收窄 市场探底企稳趋势未变

Core Viewpoint - The real estate market in China is experiencing a stabilization trend after a prolonged adjustment phase, supported by policy optimization and urban renewal demands, reducing the likelihood of significant further declines in the market [2][10]. Investment and Development Trends - From January to July, national real estate development investment reached 5.36 trillion yuan, a year-on-year decrease of 12.0%, with residential investment around 4.12 trillion yuan, down 10.9% [3][6]. - The new construction area saw a year-on-year decline of 19.4%, but the rate of decline has narrowed for five consecutive months, indicating a potential end to the industry's three-year contraction [6][7]. Funding and Financial Pressure - Real estate developers faced significant financial pressure, with total funds available amounting to approximately 5.73 trillion yuan, a year-on-year decrease of 7.5% [7][8]. - Domestic loans increased slightly by 0.1% to 920.7 billion yuan, while self-raised funds decreased by 8.5% to about 2.32 trillion yuan [7]. Market Dynamics and Policy Impact - The market is expected to stabilize due to ongoing policy adjustments aimed at restoring the fundamental aspects of housing consumption, including support for family planning and education [10][11]. - The focus on urban renewal and the transformation of old neighborhoods is anticipated to drive demand for new housing, particularly in core cities where land auctions remain competitive [12].