易宪容：精准施策，破解住房“以旧换新”三大挑战

Core Viewpoint - The focus on stabilizing the real estate market has been highlighted as a key task for 2026, with local practices emerging to revitalize the market, particularly through Shandong Province's new housing "old-for-new" policy [1] Group 1: Policy Overview - Shandong's "old-for-new" housing policy aims to address the main obstacle to improving housing demand, specifically the difficulty in selling old homes [1] - The policy includes three main pathways: "sell old for new," "collect old for new," and "demolish old for new," each designed to facilitate the exchange of old properties for new ones [1] Group 2: Implementation Challenges - The effectiveness of the Shandong model depends on managing price expectations, as there is often a discrepancy between the price old homeowners expect and what buyers are willing to pay [2] - Sustainable funding is crucial for the policy's success, requiring long-term, manageable financial support amidst declining local government revenues [2] - The efficiency of revitalizing existing assets is a challenge, as acquired old homes must be effectively transformed into viable housing options [2] Group 3: Strategic Recommendations - To overcome challenges, the "old-for-new" initiative should align with the Ministry of Housing's emphasis on precise policies and systemic thinking, necessitating deeper reforms and collaboration [3] - Financial channels need to be opened, with a focus on attracting social capital and establishing a "real estate stability development fund" to support the initiative [3] - The "old-for-new" policy should be integrated with broader strategies like affordable housing construction and urban renewal to maximize social and market benefits [3] Group 4: Market Transformation - The core of stabilizing the market lies in rebuilding expectations, which requires significant changes in supply dynamics, shifting from quantity to quality in new housing [4] - Accelerating the sale of existing homes is essential to alleviate buyer concerns about delivery risks, thereby restoring market confidence [4] - The "old-for-new" policy reflects both the innovative efforts in various regions and the complexities of the real estate market's transformation, emphasizing the need for a holistic approach involving all market elements [4]