Xin Lang Cai Jing·2025-12-12 14:13Core Viewpoint - The Central Economic Work Conference emphasizes the need to stabilize the real estate market, continuing previous policy directions, with a clear stance on stabilizing the housing market [2][4][12]. Real Estate Market - The conference highlights the importance of stabilizing the real estate market through targeted policies, including controlling new supply, reducing inventory, and improving supply quality [3][12]. - In the first ten months of this year, the national commercial housing sales area decreased by 6.8% year-on-year, a reduction from the previous year's decline of 12.9%, indicating a stabilization trend in the housing market [4][11]. - Policies aimed at optimizing both supply and demand are expected to further support the stabilization of the housing market [4][11]. Fiscal and Monetary Policy - The conference proposes to continue implementing more proactive fiscal policies, maintaining necessary fiscal deficits, total debt scale, and overall expenditure [4][12]. - A moderately loose monetary policy will be maintained, with expectations for further reductions in the Loan Prime Rate (LPR) to alleviate repayment pressures for homebuyers and support demand release [4][11]. - The policies will enhance counter-cyclical and cross-cyclical adjustments, promoting economic growth alongside real estate market stability [4][11]. Domestic Demand and Commercial Real Estate - The conference emphasizes expanding domestic demand, with expectations for continued growth in offline retail sales, benefiting commercial real estate companies with strong operational capabilities [5][14]. - Initiatives to boost consumer spending and improve income expectations for residents are anticipated to further release consumption potential [5][14]. - The focus on high-quality urban renewal and the construction of "good housing" is expected to create new opportunities in the real estate sector [3][12].