中央重磅定调，明年房地产如何去库存？

Core Viewpoint - The central economic work conference emphasizes stabilizing the real estate market and outlines policies for inventory reduction, with a focus on how to effectively reduce real estate inventory in the coming year [1] Group 1: Inventory Reduction - The national inventory of unsold commercial housing has decreased for nine consecutive months since March, but as of the end of November, the absolute scale still exceeds 750 million square meters, indicating significant inventory pressure [1] - Revitalizing existing stock through the acquisition of existing homes for affordable housing is a key strategy to accelerate inventory reduction and alleviate financial pressure on some real estate companies [2] - The progress of the existing housing acquisition policy has been slow due to multiple constraints such as funding sources and pricing mechanisms, but efforts will be intensified in the coming year with potential policy optimizations [2] Group 2: Supply Control - The transition from large-scale expansion to improving existing stock requires optimizing the supply structure rather than merely controlling new supply, with a focus on increasing high-quality housing supply [2] - It is expected that land supply in areas with high inventory will be limited to prevent exacerbating the inventory issue, while the construction of high-quality homes will be promoted in an orderly manner [2] Group 3: Demand Side Measures - Due to market differentiation across cities, targeted measures are necessary to release residents' rigid and improved housing demands, with expectations for the relaxation of unreasonable restrictions in first-tier cities [3] - Financial support policies, particularly regarding housing provident funds, are anticipated to increase, including potential reforms to raise loan limits and lower down payments and interest rates [3] - The ongoing urbanization process will continue to drive the rigid housing demand of new citizens, while the potential for improved housing demand remains significant as living standards rise [3] Group 4: Future Development - The inventory reduction in the real estate sector is a crucial step towards transitioning to a new development model, aiming to establish a new supply-demand balance that aligns with demographic changes and urbanization stages [4] - Achieving effective clearance of ineffective supply and orderly satisfaction of reasonable demand will enhance product and service quality, enabling the real estate industry to achieve sustainable development and support high-quality economic growth [4]