房地产行业：“白名单”信贷规模将增至4万亿，万达出售南京资产

Investment Rating - The report indicates a positive investment outlook for the real estate industry, particularly focusing on the support measures for "white list" projects and the increase in credit scale to 4 trillion yuan by the end of 2024 [2][4]. Core Insights - The central government has extended the operational property loan policies and the "Financial 16 Measures" until the end of 2026, aiming to alleviate liquidity pressures on real estate companies [2][4]. - The "white list" projects have seen a significant increase in approved loans, reaching 2.23 trillion yuan as of mid-October 2024, with plans to expand this to 4 trillion yuan by the end of 2024 [2][4]. - Insurers are increasingly investing in high-quality commercial and office assets, while distressed real estate companies are selling assets to repay debts [5][10]. Summary by Sections Policy Support - The central government has introduced various policies to support real estate financing, including allowing special bonds for land reserves and optimizing tax policies [4][2]. - Local governments are also implementing measures to ease financial pressures on real estate companies, such as deferring tax payments and facilitating the entry of projects into the "white list" [2][4]. Mergers and Acquisitions - In September 2024, the real estate sector recorded 9 merger and acquisition transactions, maintaining the same level as the previous month, with a total disclosed transaction value of approximately 3.52 billion yuan, reflecting a 53.2% decrease month-on-month [5][10]. - Notable transactions include China Jinmao acquiring a 40% stake in Xi'an Mingmao Real Estate for approximately 1.66474 billion yuan and Vanke selling its shopping center in Guangzhou [10][11]. Asset Sales - Distressed real estate companies are actively selling assets to reduce debt, with transactions involving companies like Diou Home and Land Control selling properties to mitigate future development costs [10][11]. - The report highlights the trend of insurers acquiring prime commercial assets, which helps improve their asset-liability matching and enhances capital efficiency [10][11].