明年着力稳定房地产市场：去库存 推动高质量城市更新

Core Viewpoint - The new model for real estate development in China will focus on "de-inventory" and "stabilizing the housing market," with supply-side reforms emphasizing "controlling increments, de-inventory, and optimizing supply" [1][2] Group 1: Policy Directions - The Central Economic Work Conference highlighted the importance of stabilizing the real estate market as a key task for the upcoming year, emphasizing tailored policies for different cities [1] - The conference called for encouraging the acquisition of existing housing stock for use in affordable housing projects, indicating a shift towards utilizing existing inventory [2] - The focus on "de-inventory" reflects the ongoing pressure to reduce housing stock, with the current de-inventory cycle for 100 cities reaching a historical high of 27.4 months as of November [2] Group 2: Urban Renewal and Quality Development - High-quality urban renewal is identified as a new strategy for stabilizing the housing market, aiming to enhance living standards and improve urban aesthetics while ensuring sustainable business models [2][3] - The approach to urban renewal should prioritize systematic planning and phased implementation, focusing on optimizing urban structures and enhancing quality of life [3] - The government aims to integrate urban renewal with safety hazard elimination and housing market stabilization efforts [3] Group 3: Housing Fund Reforms - The housing provident fund system is recognized as a crucial financial tool in the real estate sector, with calls for reforms to enhance its effectiveness, particularly in cities with low loan uptake [4] - The need for institutional reforms is emphasized to support the dual model of rental and purchase housing, enhancing the role of the provident fund in this context [4] Group 4: Market Outlook - The real estate market is expected to exhibit characteristics of dual-track policy stability and market differentiation by 2026, with a focus on high-quality development and rational housing expectations [4] - Companies are advised to adapt to the new development model and focus on improving product quality, while buyers should prioritize high-quality housing in core cities [4]