中国楼市转型释信号，探路新“存量时代”

Core Insights - The Chinese real estate market is undergoing a transformation, shifting from a phase of large-scale expansion to one focused on improving existing stock and efficiency during the "14th Five-Year Plan" period [1] Group 1: Market Trends - The "stock" market is becoming the main focus, with 15 provinces reporting that second-hand housing transactions have surpassed new housing sales, indicating a significant shift in market dynamics [1] - The renovation and upgrading of existing housing stock is becoming a crucial source of housing supply, with 2,387 urban village renovation projects and over 2.3 million housing units constructed for resettlement during the "14th Five-Year Plan" [1] Group 2: Sales Dynamics - The proportion of existing home sales is increasing, reflecting deeper reforms in real estate development, financing, and sales systems. From January to August this year, existing home sales grew by 11.7% year-on-year, while pre-sale housing sales fell by 11.8% [2] - Existing home sales accounted for 35.4% of total sales in the first eight months of this year, an increase of 4.6 percentage points compared to the entire year of 2024 [2] Group 3: Resource Allocation - The interconnection of "people, housing, land, and money" is key to the transformation of the real estate market. The Ministry of Housing and Urban-Rural Development will guide local governments to determine housing demand based on population changes and to allocate land and financial resources accordingly [2][3] Group 4: Quality Housing Initiatives - The concept of "good housing" has been emphasized, with standards for "good housing" being defined in terms of design, materials, construction, and maintenance. This initiative aims to improve both new and existing housing [3]