中国房地产研报：改善盘“以质争量”、刚需盘“以价取胜”支撑市场回温

Investment Rating - The report indicates a positive outlook for the real estate industry, with a focus on the recovery of the market supported by quality improvement and pricing strategies [2][24]. Core Insights - The real estate market in China has shown signs of stabilization, with an average sales rate of 41% in 27 key cities as of November 2024, marking a 7% increase month-on-month and an 8% increase year-on-year [4][24]. - The report highlights that improvement properties are competing on quality, while first-time buyer properties are focusing on price to drive sales [10][24]. - The introduction of innovative housing products, particularly the fourth-generation homes, has attracted buyers, especially those looking to upgrade from second-hand homes [10][24]. Summary by Sections Market Performance - The average sales rate in 27 cities has reached 41% in November 2024, close to the peak of 46% observed in 2023 [4][24]. - Cities like Suzhou, Hefei, and Zhengzhou have seen sales rates above 50%, attributed to developers focusing on quality and reducing supply [6][24]. Product Innovation - The fourth-generation homes are gaining traction due to their high usable area and well-designed functional spaces, appealing to upgrade buyers [10][24]. - Notable projects include the Fuxing Huiyu Platinum Mansion in Wuhan and the招商金陵序 in Nanjing, which have achieved high sales due to their innovative designs and attractive pricing [11][13]. Educational Appeal - Properties in strong educational districts are performing well, with projects in cities like Xi'an and Changsha seeing significant sales due to their proximity to quality schools [15][18]. - The report lists several successful school district projects, emphasizing the importance of educational resources in driving sales [16][18]. Pricing Strategies - In lower-tier cities, projects are adopting aggressive pricing strategies to attract buyers, with discounts and promotional offers leading to increased sales [19][23]. - The report notes that properties in cities like Chongqing and Xiamen have successfully utilized price reductions to boost sales volumes [19][23]. Future Outlook - The report anticipates that as the year-end approaches, developers will increase the frequency of new launches and enhance discount offerings, supported by favorable policy effects, which may sustain market momentum [24].