明确！十五五楼市转向高质量发展，买房逻辑已经改写

Core Insights - The article emphasizes the shift in China's real estate industry from a high-leverage, high-turnover expansion model to a focus on high-quality development, aligning with the "14th Five-Year Plan" and prioritizing the improvement of people's livelihoods [1][3]. Policy Underpinnings - The new mechanism of "people-house-land-money" linkage replaces the old logic of "land determines housing," focusing on matching land and financial resources with population trends [4]. - In 2025, residential land supply is expected to decrease by 20% nationwide, with a 30% reduction in second-tier cities, reflecting this policy shift [4]. - Demand-side measures include lowering down payments and interest rates, while supply-side initiatives aim to optimize existing stock, such as converting commercial housing into affordable housing [4]. Industry Transformation - Real estate companies are transitioning from "developers" to "service operators," emphasizing product and service quality over rapid turnover [6]. - Companies like Vanke and Longfor are investing in long-term rental apartments and property management, indicating a shift towards quality-driven competition [6]. - The market is witnessing a further division, with urban renewal focusing on "retain, modify, and demolish" rather than large-scale redevelopment [6]. Product Standards - The introduction of new national standards for "good housing" includes criteria such as minimum ceiling heights and enhanced sound insulation, promoting quality across all housing types, including affordable housing [7][8]. Restructuring Purchase Logic - Demand is shifting from speculative buying to a focus on living quality, with a 11.7% increase in existing home sales and an 11.8% decrease in pre-sale homes in the first eight months of 2025 [10]. - The value perception is changing from "location is paramount" to "quality is king," with buyers increasingly considering environmental and service factors [11]. - The housing acquisition path is evolving into a tiered selection process, allowing new citizens to transition through various housing types [12]. Market Differentiation - The real estate market is showing significant differentiation, with core urban areas in cities like Hangzhou and Chengdu experiencing over 70% project absorption rates, while cities facing population decline struggle with inventory [14]. - The focus is shifting towards essential housing types and quality residential properties, with investment demand dropping below 10% [14].