中央经济工作会议强调稳楼市

Investment Rating - The report maintains a positive outlook on the real estate sector, emphasizing the need for continued policy support to stabilize the market [7][10]. Core Viewpoints - The central economic work conference highlighted the importance of stabilizing the real estate market and emphasized the need to release housing demand potential [7][10]. - The real estate sector index underperformed compared to the CSI 300 index, with a relative return of -0.9% [22][23]. - New housing sales in 44 major cities decreased by 1.7% week-on-week, while second-hand housing sales dropped by 14.2% [30][8]. Market Performance Overview - The real estate index (Shenwan) closed at 2424.66, with a weekly decline of 1.9%, while the CSI 300 index reported a weekly decline of 1.0% [22][23]. - The average premium rate for land transactions in 36 major cities decreased to 1.0%, down by 1.6% from the previous week [57][45]. Policy Developments - The central government is focused on preventing risks in key areas and aims to stimulate housing demand through various measures, including tax exemptions and increased loan limits [25][29]. - Local policies have been implemented in several cities to support housing purchases, such as lowering down payment ratios and allowing the withdrawal of housing provident funds [25][29]. Sales and Inventory Data - As of week 50, the inventory in 18 major cities was 879,000 units, a slight decrease from the previous week, with a sales-to-inventory ratio of 17.3 months [38][30]. - First-tier cities saw a new housing transaction increase of 20.6%, while second-tier cities experienced a decrease of 22.7% [30][8]. Land Market Activity - The land market showed increased activity, with 36 major cities collectively selling 103 plots, although the total land transfer revenue decreased to 63.305 billion yuan, down by 4.96 billion yuan from the previous week [45][8]. - The number of land parcels that were unsold or had transactions canceled or delayed reached 49 [57][45]. Company Announcements - Key companies such as Vanke A, China Merchants Shekou, and others have made announcements regarding guarantees and related transactions [9][66].