房地产行业新房二手房周报：10万亿化债政策落地，支持房地产相关税收政策即将推出

Investment Rating - The report maintains a positive investment suggestion for the real estate sector, indicating a "stop falling and stabilize" logic as the core rationale for the sector's recovery [5]. Core Insights - The report highlights the implementation of a 10 trillion yuan debt policy to support the real estate sector, with related tax policies expected to be introduced soon [2]. - The overall transaction area for new and second-hand homes in 12 tracked cities reached 3.464 million square meters this week, showing a month-on-month decrease of 11.1% but a year-on-year increase of 31.3% [2]. - The report notes that the transaction area for new and second-hand homes has increased by 28.5% year-on-year since November 2024, while it has decreased by 15.6% year-to-date [2]. Summary by Sections Market Overview - The report provides a comprehensive overview of the real estate market, including significant data on transaction volumes and trends across various city tiers [9][11][13]. - The total transaction area for new homes in 49 cities decreased by 32% month-on-month but increased by 19% year-on-year [15]. Key Company Announcements - Poly Developments reported a signed area of 2.2259 million square meters in October, a year-on-year increase of 23.98%, with a total signed amount of 42.337 billion yuan, up 27.85% [4]. - China Merchants Shekou achieved a signed area of 917,700 square meters in October, reflecting a year-on-year increase of 5.2% [4]. - Vanke A reported a signed area of 1.439 million square meters in October, down 28.1% year-on-year, with a total signed amount of 21.36 billion yuan, down 32.9% [4]. Policy Developments - The report mentions the approval of an additional 6 trillion yuan in local government debt limits and the arrangement of 4 trillion yuan in special bonds to support local debt management, particularly in the real estate sector [2]. - The Ministry of Finance is working on policy details to promote the recovery of idle land and the acquisition of existing residential properties for affordable housing [2]. Transaction Data - The report details the transaction data for new homes, indicating a total of 21,848 units sold nationwide this week, with a total area of 258,000 square meters, reflecting a year-on-year increase of 19% [11]. - The second-hand housing market saw 22,159 units sold, with a total area of 217,000 square meters, showing a year-on-year increase of 47% [13].