7月房地产行业月报（第73期）：下半年是“收储”政策落地关键期，7月民企拿地占比仅14%

Investment Rating - The report does not explicitly provide an investment rating for the real estate industry Core Insights - The second half of the year is a critical period for the implementation of the "stockpiling" policy, with private enterprises accounting for only 14% of land acquisitions in July [1] - The policy environment remains focused on stability, with the 20th Central Committee's Third Plenary Session emphasizing a balanced development approach rather than aggressive market rescue measures [3][11] - The residential market is experiencing a decline in transaction volume due to reduced policy effectiveness and seasonal factors, with July's sales area down 21.0% month-on-month and 13.6% year-on-year [4][30] - The land market shows signs of localized heat, with the cancellation of premium rate caps leading to high premium land parcels in cities like Shanghai and Hangzhou [5][37] - Corporate performance is weak, with declines in investment, sales, and financing activities observed across the industry [6][10] Industry Policy - The 20th Central Committee's Third Plenary Session has set the tone for real estate, focusing on "de-stocking" strategies and empowering local governments for market regulation [3][11] - The July political bureau meeting reiterated support for acquiring existing residential properties for affordable housing, indicating a key phase for stockpiling policies [3][21] Residential Market - The residential market is facing a downturn, with July's sales volume at 1,112.6 million square meters, marking a historical low since 2017 [4][30] - Major cities like Hangzhou and Suzhou have seen significant declines in transaction volumes, with Hangzhou down 52.9% month-on-month [4][30] Land Market - In July 2024, the total area of residential land supply reached 5,374.6 million square meters, a 10.2% increase month-on-month [5][36] - High premium land parcels have emerged in cities like Shanghai and Hangzhou, with notable premium rates observed in recent land auctions [5][37] Corporate Performance - Investment, sales, and financing activities have all shown declines, with the overall trend indicating a challenging environment for real estate companies [6][10]