房地产行业中央经济工作会议点评：供需两侧齐发力，推动地产止跌回稳

Investment Rating - The report maintains a "Recommended" rating for the real estate industry [3]. Core Insights - The central economic work conference emphasizes the need to stabilize the real estate market, focusing on both supply and demand aspects. It highlights the importance of urban village and dilapidated housing renovations to release housing demand, with a target of 1 million units for such renovations by October 2024 [2]. - The report suggests that the existing inventory of both housing and land will be addressed through measures such as the disposal of unsold properties and the revitalization of idle land, which could enhance liquidity for local governments and enterprises [2]. - A new development model for real estate is anticipated, which includes parallel development of market housing and affordable housing, along with stricter regulatory oversight on the entire process from land acquisition to construction [3]. Summary by Sections Supply and Demand Dynamics - The report discusses the dual approach to stabilize the real estate market by enhancing demand through renovation projects and controlling the supply of new land for real estate development [2]. - It notes that the current inventory of unsold properties stands at 730 million square meters, with a potential recovery scale of 240 million square meters, translating to a monetary value of approximately 971.3 billion yuan [2]. Inventory Management - The report highlights the importance of managing existing inventory, including the disposal of unsold properties and the revitalization of idle land, which could significantly improve liquidity for local governments and enterprises [2]. - It mentions that the area of idle land that could be revitalized is estimated to be around 500 million square meters, which, if fully utilized, could alleviate liquidity issues for local governments and enterprises [2]. New Development Model - The anticipated new model for real estate development includes a dual housing approach, combining market and affordable housing, and emphasizes stricter regulatory measures throughout the development process [3]. - The report expresses optimism about the potential for industry valuation to rise as policies take effect, particularly for leading real estate companies with strong operational management capabilities [3].