中央定调：明年将着力稳定房地产市场，保障性住房建设提速，一线城市限购有望再放松 ｜ 2025年终经济观察

Group 1 - The central economic work conference emphasized stabilizing the real estate market, implementing city-specific policies to control supply, reduce inventory, and improve quality, while encouraging the acquisition of existing residential properties for affordable housing [2][4] - The conference identified "domestic demand as the main driver" and highlighted the importance of real estate in expanding domestic demand, with expectations for continued policy support in 2026 [3][4] - The conference noted the need to address unreasonable restrictions in the consumption sector, particularly in housing, with potential adjustments to purchase restrictions in major cities [3][4] Group 2 - The conference outlined eight key tasks for economic work in 2026, with a focus on stabilizing investment and increasing central budget investment to stimulate private investment and promote urban renewal [4] - Data from the National Bureau of Statistics indicated a continuous decline in real estate development investment, with a year-on-year drop from 9.8% at the beginning of the year to 14.7% in the first ten months [4] - The conference highlighted the urgency of reducing inventory in the real estate sector, with the inventory cycle for new residential properties in 100 cities reaching 27.4 months, significantly exceeding the reasonable range of 14 months [5] Group 3 - The conference emphasized the importance of affordable housing and reforming the housing provident fund system, linking the acquisition of existing properties to the development of affordable housing [6][7] - Local government special bonds have played a significant role in acquiring idle land and existing properties, with over 4,800 parcels of land targeted for acquisition and a total amount exceeding 650 billion yuan [6] - The conference proposed a new development model for real estate, focusing on a dual-track system that balances supply and demand policies to ensure healthy market development [7][8] Group 4 - The reform of the housing provident fund system is expected to continue, with over 260 new policies introduced this year, focusing on increasing loan limits and flexibility in usage [8] - Shenzhen has implemented new regulations to optimize the withdrawal policies for housing provident funds, supporting employees involved in old housing renovation projects [8]