所有人注意！房地产的转向，9月开始越来越明显了

Policy Level: Continuous Easing and Strong Support - Major cities like Beijing, Shanghai, and Shenzhen are leading the policy changes in the real estate sector, with significant adjustments to housing purchase restrictions and support for low-income housing [2][3][4] - Beijing's policy changes, such as lifting purchase limits outside the Fifth Ring, have resulted in increased market activity and improved market expectations [2] - Shanghai's new measures focus on affordable housing and optimizing housing credit, reducing the financial burden on homebuyers [2][4] Central Government's Direction - The Central Urban Work Conference has set a clear direction for the future of the real estate market, emphasizing the need for a new development model [4][5] - The focus is on a dual-track system of "market + guarantee" to address housing needs across different income groups, with reforms in pre-sale systems, land use, and tax regulations [4][5] Market Level: Stabilization and Divergence - After September, some cities have shown signs of market stabilization, particularly in first and second-tier cities, driven by policies like reduced down payments and lower mortgage rates [8][11] - In Beijing, new home transaction volumes have increased, with a notable rise in both new and second-hand home sales [8][11] - However, significant market divergence remains, with first and second-tier cities recovering faster than third and fourth-tier cities, which face higher inventory pressures [12][13] Industry Level: Active Transformation and New Paths - Real estate companies are actively seeking transformation, moving towards diversified and sustainable business models beyond traditional property development [13][14] - Companies are increasingly involved in affordable housing projects, long-term rental housing, and urban renewal initiatives, which align with social responsibilities and policy support [14][16] - The focus on green and smart building practices is growing, with companies adopting energy-efficient designs and advanced technologies to enhance living experiences [16] Future Outlook - The real estate market is entering a new development phase following the central government's policy adjustments and local implementations [17][18] - Continuous collaboration among government, enterprises, and society is essential to ensure healthy market development, with an emphasis on balanced policies to prevent market volatility [17][18]