房地产的新时代来了

Core Viewpoint - The Central Economic Work Conference outlined key tasks for 2026, emphasizing the importance of domestic demand, innovation, reform, openness, coordinated development, green transformation, improving people's livelihoods, and risk management in key areas [1][2]. Group 1: Economic Policy Direction - The economic work for 2026 will focus on stability and quality improvement, leveraging both existing and new policies to enhance macroeconomic governance [2]. - A more proactive fiscal policy will be implemented, maintaining necessary fiscal deficits and optimizing expenditure structures while addressing local fiscal challenges [2]. - A moderately loose monetary policy will be maintained, with an emphasis on stabilizing economic growth and guiding financial institutions to support key sectors [2]. Group 2: Real Estate Sector Focus - The real estate sector's stabilization is a priority, with strategies including city-specific policies to control new supply, reduce inventory, and improve quality [3][4]. - The shift from a focus on new housing supply to revitalizing existing stock is emphasized, with a goal of enhancing the quality of new developments [3][6]. - The 2026 policy aims to create a balanced approach between new and existing housing, marking a transition towards a more sustainable real estate model [6]. Group 3: Comparison with Previous Years - In 2024, the focus was on preventing systemic risks in the real estate sector, with measures to stimulate demand and manage land supply [4][5]. - The evolution of policy from controlling new land supply to a more nuanced approach of "controlling increment, reducing inventory, and improving supply" reflects a deeper understanding of the sector's needs [6]. Group 4: Future Outlook - The real estate industry is expected to continue its transformation towards a model that prioritizes quality and sustainability over mere sales growth [6]. - The overarching goal is to stabilize the real estate market, which is seen as essential for achieving broader economic and social development objectives [6].