房地产行业：2025春节楼市观察-中西部篇

Investment Rating - The report indicates a positive outlook for the real estate market in the central and western regions of China, driven by favorable government policies and market recovery signals [2][6][12]. Core Insights - The central and local governments are continuously implementing favorable policies to stabilize the real estate market, with a clear signal from the Politburo meeting on September 26, 2023, to promote market recovery [2]. - The real estate market in Chengdu shows resilience, with new home sales area ranking first nationally for the third consecutive year in 2024, and second-hand home sales also leading the country [3][5]. - In Chongqing, the market is experiencing a bifurcation between new and second-hand homes, with a focus on high-quality housing construction [6][7]. - The Xi'an market is seeing a shift in buyer demographics, with an increase in buyers from other provinces and a growing preference for high-quality projects [9][10]. - Wuhan's market is benefiting from new regulations that promote housing quality, leading to a significant increase in sales of high-quality residential projects [12][13]. - The Nanchang market is characterized by a stable core area and a notable increase in demand for larger homes, with new projects catering to this trend [14][15]. - The Zhengzhou market is marked by cautious consumer sentiment, with transportation and education being key factors influencing purchasing decisions [16][17]. - In Hubei's Xiangyang, the return of migrant workers is boosting market activity, although buyer sentiment remains cautious [18][19]. - The overall market in Changde is under pressure from high inventory levels, with a need for policy support to stimulate demand [24][25]. Summary by Sections Chengdu - Chengdu's new home sales area remains the highest in the country, with a significant increase in second-hand home transactions [3][5]. - The market is seeing a shift towards second-hand homes due to high prices in core areas and a stable average unit size of new homes [3][4]. Chongqing - The market is recovering with favorable policies, and new home sales are stabilizing, particularly in the central urban area [6][7]. - The second-hand home market remains active, with a notable increase in transactions following the lifting of sales restrictions [7]. Xi'an - The market is experiencing a demographic shift, with a growing proportion of buyers from other provinces and an increase in demand for larger, high-quality homes [9][10]. - The government is expected to continue optimizing policies to stabilize the market [11]. Wuhan - The introduction of new design regulations is driving the development of high-quality residential projects, leading to increased sales [12][13]. - The market is expected to focus on quality development, supported by government initiatives [13]. Nanchang - The market is stable, with a significant increase in the proportion of larger homes sold, indicating a shift in buyer preferences [14][15]. - The second-hand market remains steady, with a notable ratio of transactions between new and second-hand homes [15]. Zhengzhou - Consumer sentiment is cautious, with a focus on transportation and education as key factors in purchasing decisions [16][17]. - The government is implementing various measures to stimulate market activity [16]. Hubei (Xiangyang and Others) - The return of migrant workers is providing a boost to the market, although buyer sentiment remains cautious [18][19]. - The market is characterized by a mix of new policies aimed at stimulating demand and addressing inventory issues [19]. Changde - The market is under pressure from high inventory levels, with ongoing adjustments needed to stimulate demand [24][25].