如何破除“内卷”困局——中国房地产业“内卷”的现状、原因与应对策略

Core Viewpoint - The Chinese real estate market is undergoing profound changes, shifting from rapid growth to a phase of high-quality development, with "involution" reflecting the structural challenges and competition within the industry [1][10]. Group 1: Current Status of "Involution" in the Real Estate Industry - "Involution" in the real estate sector manifests as intensified competition among companies, diminishing marginal returns, insufficient innovation, and overall declining industry efficiency [2]. - The land market is characterized by "stable prices and reduced volume," with companies adopting more cautious land acquisition strategies, particularly in core cities, leading to fierce competition for premium land parcels [3]. - In the first half of 2025, the total area of commercial land transactions in 300 cities was 250 million square meters, down 8% year-on-year, marking a new low since 2010 [3]. - High land prices are squeezing profit margins for companies, necessitating high selling prices to maintain basic profitability, which contrasts sharply with the current market conditions [4]. Group 2: Product and Service Homogeneity - The phenomenon of product homogeneity is widespread, with many companies lacking innovation, resulting in residential projects that are similar in design and features, making it difficult to establish unique competitive advantages [5]. - The introduction of new regulations has led to a focus on high usable area, but the effectiveness of this approach has diminished as market saturation increases, with significant drops in sales rates in cities like Chengdu and Wuhan [5]. - The real estate intermediary sector is also experiencing severe competition, with small agencies engaging in price wars, leading to a significant increase in the number of second-hand homes listed for sale [5]. Group 3: Industry Development Weakness and Profit Decline - Sales performance continues to decline, with the sales volume of the top 100 real estate companies in August 2025 down 17.6% year-on-year, and cumulative sales down 13.1% [7]. - Over 50% of listed real estate companies reported losses in the first half of 2025, indicating a shift from a high-profit era to a low-profit environment [8]. - The average management fee for many construction projects has dropped to 1%-2%, compared to around 5% for leading companies before [8]. Group 4: Inventory Pressure and Extended Sales Cycle - The total inventory of residential properties reached 41.978 million square meters by the end of July 2025, with an increasing trend in the sales cycle, which rose to 25.5 months [9]. - The inventory situation is particularly severe in third- and fourth-tier cities, where half of the cities have a sales cycle exceeding 30 months [9]. - The second-hand housing market is also facing intensified competition, with a significant number of listings leading to price reductions [9]. Group 5: Causes of "Involution" in the Real Estate Industry - The "involution" phenomenon is driven by multiple factors, including macroeconomic changes, supply-demand reversals, industry model transitions, and insufficient corporate capabilities [10]. - The shift from high-speed growth to high-quality development has led to a mismatch between outdated growth logic and emerging new drivers [10]. - The tightening financial environment has created "debt anxiety" for companies, forcing them to focus on cash flow preservation, often through price reductions [12]. Group 6: Strategies to Address "Involution" - Companies need to focus on product innovation and differentiation strategies to break through the "involution" cycle, emphasizing unique product offerings that meet real customer needs [20][21]. - Embracing urban renewal opportunities and transitioning to a dual strategy of heavy and light asset operations can help companies navigate the current market pressures [22][23]. - Enhancing marketing innovation and customer experience is crucial for building differentiated competitive advantages in a market with increasingly diverse customer demands [24][25]. - Improving operational efficiency and cost control through refined management practices is essential for companies to thrive in a challenging environment [26].