三个变化彰显中国楼市更加成熟

Core Viewpoint - The Chinese real estate market is undergoing significant changes after over four years of adjustment and rebalancing, transitioning towards a high-quality development phase with evolving supply-demand structures, transaction patterns, and operational models [1]. Group 1: Transaction Trends - The total transaction volume in the real estate market is stabilizing, with second-hand homes increasingly dominating the market. As of January to November this year, second-hand home transactions accounted for 45% of total housing transaction area nationwide [1]. - Major first-tier cities have already entered a phase dominated by existing home transactions, with over 60% of total transactions in these cities being second-hand homes. In Beijing, this figure exceeds 80% [1]. - The total transaction volume of new and second-hand homes in 30 key cities has stopped declining year-on-year, indicating a "bottoming out" trend [1]. Group 2: Rental Market Development - The "rent and purchase" model is gradually taking shape, with rental housing becoming an important source of housing supply. The implementation of the Housing Rental Regulations in September has pushed the rental market towards a more regulated and legal framework [2]. - Changing housing consumption attitudes among young people and the implementation of policies like "equal rights for renting and buying" are leading to an increase in rental demand, particularly from families [2]. - Although short-term rental growth may divert some purchasing demand, it is expected to stabilize the market in the long run by mitigating irrational behaviors [2]. Group 3: Market Differentiation - The previous trend of uniform price increases across large, medium, and small cities is becoming less common, with significant differentiation emerging in the market. Different projects within the same city are experiencing varying sales performances [4]. - Some hot cities are showing positive signs of recovery, with seven cities reporting over 5% year-on-year growth in new and second-hand home transactions from January to November [4]. - The new market dynamics require real estate companies to shift from a scale-driven investment model to a more sustainable operational model focused on careful project management [4]. Group 4: Future Outlook - The Chinese real estate market is expected to undergo a series of changes and restructuring, driven by the construction of quality housing, ongoing urbanization, and urban renewal initiatives, which will introduce new supply, demand, and characteristics to the market [5].