2024年房地产行业运行半年报

Investment Rating - The report indicates a low-level operation of the domestic real estate market in the first half of 2024, with a focus on inventory reduction as a key priority for the industry [2][3] Core Viewpoints - The report emphasizes that despite the continuous release of loose policies, the sales decline has narrowed, but inventory reduction pressure remains significant, and the recovery of sales is crucial for the survival of most real estate companies [2][4] - The report highlights that the central and local governments have adopted a "de-inventory" policy as a guiding principle, with expectations for continued implementation in the second half of 2024 [3][4] Policy Summary - The report outlines a series of policies aimed at stabilizing the real estate market, including lowering down payment ratios and interest rates for housing loans, as well as various incentives for home purchases [4][5][6] - It notes that the "924 package policy" introduced in September 2024 includes measures to lower existing mortgage rates and unify down payment ratios for first and second homes [7][8] Financing Environment - The report discusses the ongoing challenges in the financing environment for real estate companies, with a focus on the need for improved sales performance to enhance liquidity [11][19] - It mentions that the overall financing environment remains loose, but the benefits of favorable policies are limited to a small group of companies, particularly those with weaker qualifications [11][19] Supply and Demand Dynamics - The report indicates that the real estate sales market continues to decline, with a significant drop in sales area and value in the first half of 2024, although the rate of decline has slowed due to policy support [31][37] - It highlights that the inventory turnover period has increased, indicating ongoing challenges in inventory reduction [31][38] Market Performance - The report states that the total sales area of commercial housing in the first half of 2024 was 479 million square meters, a year-on-year decrease of 19.00%, while the sales value was 4.71 trillion yuan, down 25.00% [37] - It also notes that the average price of new residential properties in major cities continues to decline, reflecting a persistent downward trend in housing prices [38][40]