楼市三季考：超470条新政“护市” 一线城市成交修复

Core Viewpoint - The real estate market in China has shown signs of stabilization in 2025, with various policies implemented to support the market recovery, particularly in major cities like Beijing, Shanghai, and Shenzhen [1][2][7]. Policy Measures - Over 470 policies have been introduced across approximately 200 provinces and cities since the beginning of 2025, with a focus on demand stimulation and supply optimization [2][4]. - Key demand-side policies include adjustments to housing provident fund regulations, home purchase subsidies, and the relaxation of purchase restrictions in core cities [4][5]. - Notable examples of demand-side measures include substantial subsidies for families with multiple children purchasing larger homes in cities like Quzhou and Yueyang [4]. Market Performance - The first three quarters of 2025 saw a recovery in transaction volumes in first-tier cities, with both new and second-hand home sales showing positive trends [7][8]. - In Beijing, the average daily transaction volume for new residential properties increased by 19% month-on-month and 20% year-on-year in September [8]. - Shanghai experienced a 31% month-on-month increase in new residential property transactions following policy changes [8]. Supply-Side Adjustments - Local governments are actively managing supply by controlling new land releases and reducing inventory, with over 4,600 idle land parcels identified for potential repurposing [5][6]. - The total area of land targeted for recovery exceeds 2.4 million square meters, with a financial commitment of over 620 billion yuan [5]. Future Directions - The focus on urban renewal and high-quality development is expected to shape the future of the real estate sector, moving from rapid expansion to quality enhancement [10][11]. - Policies promoting the construction of "good houses" are being emphasized, aiming to meet the evolving housing needs of the population [12]. - The market is anticipated to continue its stabilization efforts, with future policies likely to concentrate on stimulating demand for improved housing and revitalizing existing properties and land [12].