Ge Long Hui·2026-02-05 07:47Core Viewpoint - Shanghai has recently implemented a pilot policy for the acquisition of second-hand housing, with the Bank of China Shanghai Branch indicating it will provide full-cycle financial support for these acquisitions aimed at affordable rental housing projects. Morgan Stanley views this as a symbolic gesture, suggesting that its impact on housing sales in mainland China may be limited, and it does not address the funding source and scale bottlenecks of the repurchase plan [1]. Group 1 - The pilot policy for second-hand housing acquisition in Shanghai aims to support affordable rental housing projects [1] - Morgan Stanley believes the policy may not significantly reduce overall housing supply and could even lead to an increase in supply in the long term [1] - The requirement for homeowners to purchase new properties to qualify for the program may pose challenges, as the value of new homes in core urban areas is significantly higher than that of old homes, potentially leading to increased leverage for homeowners [1] Group 2 - Recent investment sentiment has driven the performance of the mainland property sector, but this outperformance may not be sustainable [1] - The recent rebound in second-hand market sales is viewed as temporary, according to Morgan Stanley [1] - The company maintains a positive outlook on quality developers with reliable self-rescue capabilities, such as China Resources Land and New World Development, as well as on Jianfa International, anticipating that its quality land reserves will drive profit recovery [1]