新房成交环比有所增长，国际大机构开始调仓布局中国商业地产

Group 1 - The core viewpoint of the articles highlights the ongoing changes in China's real estate market, with a shift from "demand stimulation" to "supply quality improvement" in local policies, which is expected to benefit long-term industry structure optimization despite ongoing price pressures and a prevailing wait-and-see sentiment among residents [1][2] - As of September 29, the Beijing Municipal Commission of Housing and Urban-Rural Development has issued 25 pre-sale permits this month, covering 22 real estate projects across 10 districts, providing nearly 6,000 housing units [1] - New home transactions have seen a month-on-month increase due to low base effects and localized demand release, although year-on-year figures remain low, while the second-hand housing market shows resilience with a year-on-year recovery in core cities [1] Group 2 - The Financial Times article suggests that domestic investors in China are optimistic that a potential interest rate cut by the Federal Reserve could lead to a significant rebound in domestic housing prices, with bold predictions of a trillion-dollar capital inflow into China, potentially boosting the yuan and driving a noticeable increase in the housing market [1] - The article emphasizes that for real estate investors, rental yield is the true "anchor," and similar to stocks, short-term price movements in real estate are influenced by investor sentiment and capital flows, while the long-term value of real estate investment lies in stable rental returns [1] - Even if the Federal Reserve's rate cuts lead to foreign capital returning to domestic real estate, the capital's pursuit of profit will likely prioritize high-end commercial real estate or quality corporate bonds in core cities, with current commercial real estate yields in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen reaching as high as 5%, surpassing U.S. Treasury yields [2]