房地产周报：新房及二手房销售增速有所放缓

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [2][29] Core Insights - New and second-hand housing sales growth has slowed down, with the Ministry of Housing and Urban-Rural Development indicating ongoing efforts to promote urban renewal [3] - The sales area of new homes in 28 cities for the week of March 2-8 was 2.736 million square meters, down from 3.538 million square meters the previous week [3] - Year-to-date sales area for new homes from January 1 to March 8 shows a year-on-year growth of 11.05%, an increase from 9.83% the previous period [3] - The cumulative sales area for second-hand homes in 13 cities for the same period shows a year-on-year growth of 30.47%, up from 28.97% previously [3] - The report highlights that various policy tools are expected to stabilize the real estate market gradually, with a focus on valuation recovery opportunities in the short term and leading companies with core city resources in the medium to long term [5] Summary by Sections Sales Performance - The cumulative sales area for new and second-hand homes in 12 cities for the year-to-date period shows a year-on-year growth of 9.46%, up from 7.07% previously [4] - The monthly cumulative sales area growth for the same period is 17.92%, down from 53.87% the previous month [4] Policy Developments - The Minister of Housing and Urban-Rural Development stated that all old residential areas built before 2000 will be included in urban renewal projects, encouraging local exploration of resident-led renovations [5] - The scope of urban village renovations has been expanded to all cities at the prefecture level and above, with plans for further expansion [5] Investment Recommendations - The report recommends focusing on leading companies such as Poly Developments, China Resources Land, China Merchants Shekou, Greentown China, and Yuexiu Property, which are expected to benefit from the policies [5] - The report also notes that companies with market-oriented operational capabilities, such as Longfor Group and New Town Holdings, are likely to benefit from increased credit support [5]