楼市“交付难”基本解决，房地产最重的担子已卸下

Core Viewpoint - The issue of "delivery difficulties" in the real estate sector, which once caused market panic, is gradually becoming a thing of the past, with significant progress in the delivery of previously sold but undelivered homes [2][5] Group 1: Delivery Progress - As of the end of the "14th Five-Year Plan," approximately 7.5 million units of "sold but undelivered" homes have been delivered nationwide, indicating effective alleviation of the delivery difficulties [2][5] - Major real estate companies, including Country Garden, Greenland, and Sunac, have reported substantial delivery figures, with Country Garden delivering about 1.85 million units and Greenland projected to deliver over 800,000 square meters in 2025 [4][5] - The delivery pressure on real estate companies has significantly eased, with many firms stating that their delivery tasks are nearly complete [4][6] Group 2: Policy and Support Measures - The national "guarantee delivery" initiative has entered its final phase, with a reported delivery rate of 99% for the 3.96 million units targeted in the campaign [5][6] - A comprehensive risk mitigation action has been in place for about three years, involving collaboration among national, provincial, and municipal levels to ensure accountability among local governments, real estate companies, and financial institutions [6][8] - Financial support for projects has been robust, with over 7 trillion yuan approved for "white list" projects, facilitating smooth construction and delivery [5][6] Group 3: Market Outlook and Recovery - Experts indicate that the risks in the real estate sector have significantly subsided, with many companies now focusing on debt resolution, asset management, and revitalizing their operational capabilities [8][9] - The real estate market is showing signs of stabilization, particularly in first-tier cities, with a decrease in project suspensions and an increase in timely and high-standard deliveries [9] - The measures taken have led to a reduction in concerns over unfinished projects, with a notable decline in early loan repayments, laying a solid foundation for market recovery and rebuilding confidence in the industry [9]