Core Viewpoint - The housing ticket settlement system is emerging as a new force in the real estate market of first-tier cities, significantly impacting market dynamics and inventory reduction [3][11]. Group 1: Guangzhou's Housing Ticket Progress - As of early December, Guangzhou has issued 1,411 housing tickets with a total value of 1.868 billion yuan, utilizing 1,041 tickets to absorb 792 units of existing residential properties [3][11]. - The city has preliminarily subscribed to approximately 5,500 housing units through housing tickets, covering over 550,000 square meters and involving around 9.8 billion yuan in funds [3][11]. - The housing ticket system has been particularly effective in revitalizing the inventory of existing residential properties, marking a new development phase for the policy [3][11]. Group 2: Market Impact and Developer Response - The implementation of housing tickets in Guangzhou has actively stimulated the market, with significant uptake in districts like Huangpu, where over 6,000 housing tickets are expected to be subscribed by December 2025 [5][13]. - Developers are increasingly accepting housing tickets, with reports indicating that 40% of sales in some projects are driven by this mechanism [5][13]. - Companies like Vanke and Science City Group have reported substantial sales linked to housing tickets, with Vanke's project in Huangpu achieving 12 signed contracts and over 100 agreements [5][13][14]. Group 3: Expansion to Other Cities - Shenzhen is gradually adopting the housing ticket system, with the first ticket issued valued at 40.55 million yuan for a land consolidation project [7][15]. - The city has integrated housing tickets into its core compensation methods for urban renewal projects, indicating a broader trend among first-tier cities to implement similar systems [7][15]. - The housing ticket system has now been established in over 90 cities across the country, evolving into a multi-functional policy tool aimed at settlement, inventory reduction, and risk mitigation [9][17]. Group 4: Future Trends and Recommendations - Experts suggest that Shenzhen should create a comprehensive housing resource database to enhance the selection for residents and provide more policy incentives to make housing tickets more attractive than monetary compensation [9][17]. - The ongoing development of the housing ticket system is expected to play a crucial role in inventory reduction across various projects, particularly in non-core areas [8][16].