6月房地产行业月报（第72期）：市场初显修复，期待政策“新动作”

Investment Rating - The report indicates a cautious optimism regarding the real estate industry, with expectations for further policy actions to stabilize the market [1]. Core Insights - The "517" policy has been fully implemented, and there is anticipation for new policy measures to support market recovery [6][8]. - The residential market shows signs of recovery, but future trends remain uncertain, with expectations of continued pressure in the second half of the year [33]. - The land market's response to the "517" policy has been limited, with only localized hotspots observed [43]. Industry Policy - The "517" policy has been fully executed, with significant measures taken in major cities like Beijing to lower down payment ratios and mortgage rates [7][17]. - The government is expected to introduce additional measures to stimulate demand and manage inventory, as indicated by recent statements from the State Council [6][9]. - Local governments are under pressure to implement "inventory reduction" strategies, but progress is anticipated to be slow due to multiple constraints [23][25]. Residential Market - In June, the national residential sales area reached 13.755 million square meters, marking an 18.1% month-on-month increase but a 26.9% year-on-year decline [31]. - First-tier cities saw a significant recovery, with sales volume reaching 2.774 million square meters, a 38.2% increase from the previous month [34]. - The second-hand housing market showed more improvement compared to new homes, particularly in cities like Shanghai and Guangzhou [33]. Land Market - In June, the total area of residential land supply was 48.755 million square meters, a 14.2% decrease from the previous month [38]. - The land transaction volume in first-tier cities remains low, with only six plots sold, reflecting a 64.1% year-on-year decline [39]. - The average premium rate for land transactions in first-tier cities was 1.7%, indicating a cautious approach from developers [44]. Corporate Performance - In June, corporate financing and sales showed marginal improvements, with China Overseas Land & Investment topping the sales chart [45]. - The total land acquisition amount for the top 100 real estate companies reached 112.98 billion yuan in June, a 149.2% increase month-on-month [46]. - The market remains dominated by state-owned enterprises, although private companies are gradually increasing their market share [46].