专访宋丁：房地产改善预期是关键，政策需一次性给足

Core Insights - The year 2026 marks the beginning of China's "14th Five-Year Plan," which outlines the development blueprint for the country until 2030, focusing on the transformation of the real estate sector towards high-quality development and the stabilization of market expectations [2][3]. Group 1: Real Estate Market Trends - The real estate industry is entering a critical transformation phase, shifting from scale expansion to quality development, with the key macro trend being the "improvement and stabilization of market expectations" [3][4]. - The emphasis on "improvement" over "stability" is crucial, as previous efforts to stabilize expectations have not achieved desired outcomes due to inadequate implementation of improvement measures [3][5]. Group 2: Policy Recommendations - Policies must be precise and implemented in a single step rather than gradually, such as the removal of purchase restrictions to boost market confidence [3][8]. - Positive media narratives are essential to reshape market sentiment and alleviate negative emotions accumulated over recent years [4][5]. - Sufficient financial support from both central and local governments is necessary to address the industry's challenges, including debt resolution and inventory reduction [5][6]. Group 3: Market Dynamics and Participation - The market recovery requires a balanced approach to supply and demand, avoiding prolonged imbalances that could hinder growth [5][6]. - Engaging the public and consumers in the real estate market is vital for creating a supportive environment for the industry's transformation [5][6]. Group 4: Urban Market Differentiation - The real estate market is experiencing significant differentiation, with structural gaps remaining despite overall market saturation, necessitating respect for market dynamics without forced interventions [6][7]. - Investment attributes of real estate must be acknowledged, particularly in major cities where demand is driven by both residential and investment needs [6][7]. Group 5: High-Quality Development Initiatives - The focus on high-quality development involves creating premium housing products, promoting green building practices, and enhancing urban renewal efforts [10][11]. - The current year is seen as a critical testing phase for high-quality development strategies, with expectations for the industry to establish a mature model for future growth [10][11].