21社论丨发挥协同效应，稳定房地产市场

Core Viewpoint - The recent policy adjustments in Beijing aim to stabilize the real estate market by optimizing purchase restrictions and housing credit policies, with expectations for more cities to follow suit [1] Group 1: Policy Adjustments - Beijing has issued a notice to further optimize and adjust real estate policies, focusing on stabilizing the market [1] - The adjustments are in line with the requirement to eliminate unreasonable restrictive measures on housing consumption and are tailored to local conditions [1] - The central economic work conference has set a clear goal for next year's real estate work, emphasizing the need to stabilize the market and implement city-specific measures [2] Group 2: Market Dynamics - The real estate market is currently experiencing a "strong supply and weak demand" situation due to a large stock of new homes and the inclusion of second-hand homes in the market [1] - The stock of unsold homes should be encouraged to be purchased by local governments for use as affordable housing, which can help restore market confidence [2] - The proportion of second-hand home transactions has increased from less than 28% at the end of the 13th Five-Year Plan to 45% currently, with major cities seeing over 60% [2] Group 3: Rental Market and Investment - Rental yields in first-tier cities are recovering, and declining interest rates are making rental returns more attractive, creating favorable conditions for market stability [3] - The relationship between market supply and demand has fundamentally changed, necessitating a comprehensive approach to stabilize the real estate market [3] - Cities should balance various aspects such as market and security, rental and purchase, and new and second-hand homes to effectively reduce inventory [3]