稳楼市画好了蓝图，政策密集出台，房价仍下跌，关键问题出在这？

Core Viewpoint - The article emphasizes that despite clear policies from the government to stabilize the real estate market, the execution of these policies has been slow, leading to a disconnect between policy intentions and market realities [1][3]. Group 1: Policy Implementation - The State Council's meeting on August 18, 2025, highlighted the need to consolidate the real estate market's stabilization, mentioning urban renewal and the release of improvement demand as specific directions [3]. - There has been a significant delay in the implementation of supporting policies, with the Ministry of Housing and Urban-Rural Development only releasing a notice on November 22, 2025, to establish a mechanism for urban inspection and renewal [3]. - The prolonged wait for policy details has led to increased preliminary costs for projects and negatively impacted market confidence [5]. Group 2: Market Response - The adjustments to local purchase restrictions in cities like Beijing and Shanghai have been limited, allowing only certain qualified families to purchase homes, which has not effectively expanded the potential buyer pool [5][7]. - From July to November 2025, second-hand housing prices in Beijing and Shanghai continued to decline, with a decrease of 1.3% in Beijing and 0.8% in Shanghai in November, indicating that policy effects have been minimal [7]. Group 3: Inventory Management - The central government has encouraged localities to increase the acquisition of existing housing for affordable housing purposes, with over 70 cities issuing announcements for housing collection [10]. - However, the collection efforts remain at an "individual case" level, with cities like Zhengzhou and Wuhan facing challenges in meeting the criteria for housing acquisition, leading to slower progress than expected [10][11]. - The lack of a scalable collection mechanism and operational support has hindered the effectiveness of inventory management policies in stabilizing prices [11]. Group 4: Market Outlook - Positive signals are emerging in the real estate market, with the inventory of unsold commercial housing decreasing for nine consecutive months and rental yields approaching reasonable levels [11]. - The central government's strategy of "controlling increments, reducing inventory, and optimizing supply" provides a clear direction for future policy execution [11]. - If the final execution of policies can be improved, the foundation for market stability will strengthen, and market confidence is expected to gradually recover [11].