经济日报：理性看待房地产开发投资下降

Group 1 - The core viewpoint of the articles indicates a significant decline in real estate development investment, with a year-on-year decrease of 15.9% from January to November, reflecting both the implementation of control measures and a natural market adjustment [1] - The decline in real estate investment is attributed to strict control over new developments, leading to a structural shift from high demand to an oversupply situation, making it impossible to rely on land sales for fiscal revenue [1] - The increasing role of second-hand housing is highlighted, with second-hand transactions accounting for 45% of total housing transactions by November 2025, and major cities like Shenzhen and Shanghai seeing transaction volume growth of 20% to 30% [1] Group 2 - The total transaction volume of new and second-hand homes in 30 key cities has stabilized, indicating a halt in the decline, despite adjustments in new home sales due to high base figures from the previous year [2] - The current situation shows that the sales area of commercial housing exceeds the area of new construction, indicating effective inventory reduction, and calls for tailored policies to manage supply and demand [2] - Long-term prospects for new urbanization in China remain positive, with significant potential for optimizing urban stock and meeting the public's expectations for high-quality housing [2]