马光远：房地产政策释放最重磅信号

Core Viewpoint - The article emphasizes the significant impact of the real estate market's downturn on the economy, acknowledging the substantial decline in property prices and its effects on households and financial institutions [5][7][11]. Real Estate Policy - The article from "Qiushi" magazine signals a shift in policy regarding the real estate market, addressing previously unspoken issues and recognizing the financial asset nature of real estate [3][8][11]. - It highlights the need for improved management of market expectations and proactive policy measures to stabilize the real estate market [17][18][21]. Economic Impact - The decline in real estate prices has led to a reduction in consumer confidence and spending, as a significant portion of household wealth is tied to property [5][7]. - The article notes that the real estate sector's financial attributes have been re-emphasized, indicating a recognition of its dual role as both a living space and an investment [7][8]. Market Dynamics - The article discusses the transition of the real estate market from a phase of rapid expansion to one focused on quality and efficiency, with a shift in consumer demand from quantity to quality [8][9]. - It points out the need for real estate companies to adapt their business models from high-leverage strategies to more sustainable practices [9][11]. Industry Positioning - Real estate is redefined as a foundational industry rather than merely a pillar industry, emphasizing its critical role in the national economy and its connections to various sectors [11][12]. - The article provides comparative data showing that China's real estate sector's contribution to GDP is significantly lower than that of developed countries, indicating room for growth [12][13]. Demand and Supply - The article asserts that there remains a substantial demand for housing in China, with statistics indicating a need for millions of new housing units annually [13][15]. - It highlights the disparity in living space per capita compared to other countries, suggesting that the narrative of overdevelopment is misleading [15][16]. Policy Recommendations - The article advocates for decisive and comprehensive policy actions to stabilize the real estate market, urging against piecemeal adjustments [18][21]. - It stresses the importance of aligning policy measures with market expectations to avoid prolonged market volatility [18][21].