房地产周报20240624：新房销售偏弱，二手房销售回暖

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [1][3]. Core Insights - New home sales continue to show weakness, with a year-to-date cumulative sales area in 20 cities down by 33.89% compared to the previous year [1][14]. - In contrast, second-hand home sales are showing signs of recovery, with a year-to-date cumulative sales area in 10 cities down by only 4.17% [1][20]. - The report highlights the need for a genuine recovery signal in the real estate market, particularly in core cities, to improve market sentiment and stabilize home prices [3][31]. Market Performance - The A-share real estate index (801180.SL) decreased by 5.76% during the week of June 17-21, underperforming the broader market [1][8]. - The H-share real estate index (HSPDM.HK) also fell by 3.71% during the same period [1][11]. Sales Data - New home sales in first-tier cities saw a year-to-date cumulative sales area decline of 30.68% [1][14]. - Second-hand home sales in first-tier cities increased by 16.31% month-on-month for the period of June 1-23 [1][20]. Policy Developments - The central bank announced a combination of support policies for the real estate sector, including lowering the minimum down payment ratio for personal housing loans and canceling the lower limit on personal mortgage rates [2][30]. - The Ministry of Housing and Urban-Rural Development is promoting the acquisition of completed stock housing for use as affordable housing [2][30]. Investment Recommendations - The report suggests that the recovery of the real estate market will benefit quality real estate companies and intermediaries focused on first and second-tier cities, such as China Resources Land, China Merchants Shekou, and Beike [3][31].