库存“八连降”、销售降幅收窄，房地产转型驶入“深水区”

Core Viewpoint - The real estate market in China is undergoing a significant adjustment, with investment declining and sales showing signs of stabilization due to policy measures [1][2][12]. Group 1: Investment Trends - From January to October, national real estate development investment reached 7.36 trillion yuan, a year-on-year decrease of 14.7%, indicating a deep adjustment period in the market [1]. - Real estate developers' funds received totaled 7.89 trillion yuan, down 9.7% year-on-year, with various funding sources such as domestic loans and personal mortgage loans also experiencing declines [6][7]. - The decline in funds received has narrowed compared to previous periods, suggesting some improvement in the financial situation of real estate companies [7]. Group 2: Construction and Development - The total area of housing under construction was 6.529 billion square meters, down 9.4% year-on-year, with new construction area dropping by 19.8% [7]. - The completion area of housing was 3.49 billion square meters, reflecting a 16.9% decrease, indicating a slowdown in construction activity [7]. Group 3: Sales and Inventory - New residential property sales area decreased by 6.8% year-on-year, with sales revenue down 9.6%, but the rate of decline has slowed compared to previous periods [12][13]. - The inventory of unsold commercial housing decreased by 3.22 million square meters from September to October, marking the eighth consecutive month of decline [14]. - The ongoing efforts to reduce inventory and stabilize the market are showing positive results, with a focus on controlling new supply and optimizing existing stock [14][15].