房地产行业点评研究：城中村改造增量，财政助力去库稳预期

Investment Rating - Investment recommendation: Outperform the market (maintained) [7] Core Insights - The Ministry of Housing and Urban-Rural Development plans to implement 1 million sets of urban village and dilapidated housing renovations through monetary compensation, estimating a total scale of approximately 1 trillion yuan for the renovation [4][12] - The "guarantee delivery" campaign has successfully delivered 2.46 million units, with a target of increasing the credit scale of "white list" projects to 4 trillion yuan by the end of 2024 [4][12] - The Ministry of Finance supports local governments in using special bonds to acquire land and provides refinancing support in collaboration with the central bank, aiming to help local governments digest existing housing and land [4][12] Summary by Sections Urban Village Renovation - The core policy involves the addition of 1 million sets of urban village and dilapidated housing renovations, with a potential renovation scale of 1 trillion yuan if concentrated in 35 major cities [12] - There are 170,000 sets of urban villages and 50,000 sets of dilapidated housing needing renovation across the country [12] - The policy supports major cities and allows local governments to issue special bonds and receive tax benefits [13] Guarantee Delivery (Financing Coordination Mechanism) - The "guarantee delivery" campaign has delivered 2.46 million units, with plans to expand the credit scale of "white list" projects to 4 trillion yuan by year-end [12][13] - The focus is on ensuring project financing and timely delivery of housing [13] Affordable Housing - As of September, 1.48 million sets of affordable housing have been constructed, with a target of 450,000 people moving into affordable housing by year-end [13] - The Ministry of Finance allows local governments to use special bonds to acquire existing housing for affordable housing purposes [13] Land Acquisition - The financial regulatory authority permits banks to issue loans for the acquisition of idle land, aiming to improve cash flow in the real estate sector [13] - The central bank will provide necessary refinancing support for these acquisitions [13]