中经评论：理性看待房地产开发投资下降

Group 1 - National real estate development investment decreased by 15.9% year-on-year from January to November, reflecting the implementation of control measures and market adjustments [1] - The decline in real estate investment is attributed to strict control of new real estate projects and a significant shift in supply-demand dynamics, with new housing demand unlikely to return to previous peak levels [1] - The role of second-hand housing is increasingly prominent, with second-hand transactions accounting for 45% of total housing transactions in the first eleven months of 2025, and major cities seeing significant year-on-year growth in second-hand sales [1] Group 2 - The total transaction volume of new and second-hand homes in 30 key cities has stopped declining year-on-year, indicating stable market demand despite adjustments in new home sales [2] - The sales area of commercial housing has exceeded the area of new construction, suggesting effective inventory reduction, and cities with excess real estate should halt new land acquisitions [2] - Long-term urbanization efforts continue, with significant potential for optimizing existing urban stock and meeting public demand for high-quality housing [2] Group 3 - The focus will be on the renovation of old urban communities, villages, and unsafe housing to address public concerns and eliminate safety hazards [3] - Emphasis on high standards in construction and renovation to meet diverse housing needs and drive industry upgrades [3]