房地产行业研究：上海试点保障房货币化配建，销售倡导所见即所得

Investment Rating - The report maintains a "Buy" rating for the real estate industry [1] Core Insights - The A-share real estate sector experienced a decline of 2.4% this week, ranking 16th among all sectors, while the Hong Kong real estate sector fell by 1.7%, ranking 12th [2] - New home sales decreased week-on-week by 16% and year-on-year by 20%, with first-tier cities seeing a 24% decline week-on-week [2][21] - The report highlights the implementation of a pilot program in Shanghai for monetizing affordable housing, which aims to optimize the supply of affordable housing by converting physical allocations into monetary funds [7] - The report suggests that the market may see improvements in sales volume and market activity as traditional marketing periods approach, but emphasizes the need for supportive policies [2] Summary by Sections Market Review - The report notes a significant drop in land transactions, with a 79% week-on-week decrease in land area sold across 300 cities, totaling 186,000 square meters [17] - The cumulative land area sold since the beginning of 2024 is 13,258,000 square meters, reflecting a 45% year-on-year decline [17] - The top five companies in terms of land acquisition amount are Greentown China, Jianfa Real Estate, Binjiang Group, Poly Developments, and China Resources Land, with acquisition amounts of 29.5 billion, 27.9 billion, 22.2 billion, 21.7 billion, and 15.9 billion respectively [19] New Home Sales - In the week of August 31 to September 6, new home sales across 35 cities totaled 2.3 million square meters, with a year-to-date cumulative decline of 28% [21] - First-tier cities showed a year-on-year increase of 0.5% in sales, while second-tier cities experienced a 31% decline year-on-year [21] Second-Hand Home Sales - Second-hand home sales totaled 1.43 million square meters, with a week-on-week decrease of 6% but a year-on-year increase of 7% [26] - First-tier cities saw a 9% decline week-on-week but a 27% increase year-on-year [26] Policy and Market Dynamics - The report discusses the trend of selling properties based on usable area rather than gross area, which is being adopted in multiple cities to enhance transparency and consumer confidence [9] - The report emphasizes the importance of policy support for market recovery, including potential measures such as accelerated land reserves and adjustments to mortgage rates [2]