2026年楼市：控增量、去库存、优供给

Core Viewpoint - The recent Central Economic Work Conference emphasizes a policy approach of "controlling increment, reducing inventory, and optimizing supply" in the real estate sector, which has been further detailed in the National Housing and Urban-Rural Development Work Conference [1][2]. Group 1: Policy Implementation - The principle of "city-specific policies" is fundamental for stabilizing the market, recognizing the significant regional differences in real estate markets across cities and districts [1]. - Experts suggest that local governments should implement precise controls based on core data such as population trends, housing inventory, and second-hand housing listings, adhering to the "people-land-house-money" coordination principle [1][2]. - The shift towards a stock-dominated real estate market is seen as a necessary evolution rather than a temporary fluctuation, with the majority of demand now coming from improvement needs through a "buy-sell" replacement model [2]. Group 2: Supply-Side Measures - The focus on "controlling increment" aims to limit new real estate land in cities with excess supply, promoting urban renewal and the revitalization of existing land [2]. - The "reducing inventory" initiative is not merely about clearing stock but involves a systematic approach that balances market stability, public welfare, and urban upgrades [2][3]. - The acquisition of existing residential properties for use as affordable housing can alleviate market pressure and broaden the supply channels for affordable housing, thus achieving dual objectives of "reducing inventory" and "supplying guarantees" [3]. Group 3: Long-term Development - The optimization of supply is crucial for long-term market stability, focusing on enhancing housing quality to meet diverse needs [3][4]. - The "five good" requirements—good standards, good design, good materials, good construction, and good maintenance—are emphasized to promote the construction of quality housing and improve living conditions [3]. - The integration of "controlling increment, reducing inventory, and optimizing supply" forms a complete logical chain for supply-side reform in real estate, aiming for a dynamic balance in market supply and demand [4].