攻坚克难 房地产行业全力推进保交楼

Core Viewpoint - The real estate industry is accelerating the delivery of key projects to ensure housing delivery, which is crucial for protecting buyers' rights and stabilizing the market [1][2]. Group 1: Current Progress and Challenges - As of October 2023, over 7.5 million sold but undelivered housing units have been delivered nationwide, reflecting significant progress in the housing delivery initiative [1]. - Since the second half of 2021, many real estate companies faced financial pressures leading to project suspensions and delivery delays, impacting buyer confidence [2]. - By the end of 2021, approximately 24 monitored cities had unresolved projects totaling about 24.68 million square meters, representing around 10% of the total residential sales area for that year [2]. Group 2: Policy and Financial Support - The "protect housing delivery" policy was first included in a central political meeting in July 2022, establishing a framework for ongoing support [2]. - In 2022, the central bank introduced a special loan of 350 billion yuan for housing delivery, which has been pivotal in stabilizing project operations [6]. - The "white list" project loan mechanism has been implemented, with over 7 trillion yuan approved for loans, ensuring the construction and delivery of housing projects [6]. Group 3: Company-Specific Developments - Major companies like Country Garden and Sunac China have made significant progress, with Country Garden delivering over 1.8 million units since 2022 and Sunac China delivering approximately 668,000 units from 2022 to 2024 [4]. - The Bo Yu Yuan project by the Ocean Group achieved early delivery in September 2023, completing over 1,700 units ahead of schedule [3]. Group 4: Addressing Difficult Projects - Approximately 80% to 90% of sold housing has been delivered, with remaining projects facing complex issues such as tangled debt relationships and ownership disputes [8]. - In lower-tier cities, projects face longer recovery cycles and mismatched risk-return profiles, complicating the introduction of new funds [8]. Group 5: Future Directions and Industry Transformation - After completing housing delivery tasks, companies are shifting focus to long-term development, including restarting undeveloped projects and attracting new investments [9]. - The industry is moving towards a more secure and sustainable development model, with new policies like "delivery upon certification" being established [9].