Xin Lang Cai Jing·2026-02-05 17:13Core Viewpoint - The "delivery difficulties" risk in the real estate industry has been largely resolved, with many real estate companies reporting significant progress in fulfilling their delivery commitments by 2025 [1][2][3]. Group 1: Delivery Progress - As of the end of the "14th Five-Year Plan," approximately 7.5 million units of "sold but undelivered" housing have been delivered nationwide, with major companies like Country Garden delivering about 1.85 million units [1][3]. - Greenland Holdings announced that its residential projects will deliver over 8 million square meters by 2025, translating to around 80,000 units [2]. - Sunac Group reported cumulative deliveries of over 720,000 units from 2022 to 2025, indicating that its delivery work is nearing completion [2]. Group 2: Risk Mitigation and Policy Direction - The national "delivery guarantee" task is set to be fully completed by 2025, with a delivery rate of 99% for the 3.96 million units targeted [3]. - The government has implemented a systematic risk mitigation action over the past three years, involving collaboration across various levels of government and the real estate sector [4]. - Recent policies emphasize stabilizing the market and transitioning to high-quality development, moving away from the "high leverage, high turnover" model [1][8]. Group 3: Industry Transformation - With the completion of large-scale delivery tasks, real estate companies are shifting focus towards debt resolution, asset management, and revitalizing existing land [6][7]. - Companies like Country Garden and Sunac have made substantial progress in debt restructuring and reorganization [6]. - The upcoming "15th Five-Year Plan" aims to promote high-quality development in the real estate sector, addressing previous issues of high debt and leverage [8][9]. Group 4: Market Stabilization - Despite overall sales not fully stabilizing, some key cities have shown signs of recovery since the fourth quarter of 2025, indicating a potential market rebound [10]. - The central economic work conference has outlined clear directives for 2026, focusing on risk stabilization and market support [8][9].