房地产统计局1-4月数据点评：4月新房销售与新开工面积降幅均有所扩大

Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - In April 2025, new home sales and new construction area both saw an expanded decline, with cumulative sales area from January to April down by 2.8% year-on-year, compared to a previous decline of 3% [1] - The cumulative sales amount for the same period decreased by 3.2% year-on-year, worsening from a prior decline of 2.1% [1] - The average sales price in April showed a month-on-month increase of 3%, despite a year-on-year decrease of 4.7% [1] - New construction area and completion area also experienced a significant year-on-year decline, with new construction area down by 23.8% and completion area down by 16.9% from January to April [2] - The cumulative development investment amount decreased by 10.3% year-on-year, slightly worsening from a previous decline of 9.9% [2] - The funding available to real estate developers saw a year-on-year decline of 4.1% from January to April, compared to a previous decline of 3.7% [3] - The report suggests focusing on valuation recovery opportunities due to policy implementation in the short term, and in the long term, on leading companies with quality product resources and real estate operation capabilities in core cities [3] Summary by Sections Sales Data - In April 2025, the sales area decreased by 2.1% year-on-year, worsening from a previous decline of 0.9% [1] - The sales amount in April decreased by 6.7% year-on-year, compared to a prior decline of 1.6% [1] Construction Data - The new construction area in April decreased by 22.1% year-on-year, worsening from a previous decline of 18.1% [2] - The completion area in April saw a year-on-year decline of 27.9%, compared to a previous decline of 11.5% [2] Investment Data - The cumulative development investment amount from January to April decreased by 10.3% year-on-year, compared to a previous decline of 9.9% [2] - In April, the single-month development investment amount decreased by 11.3% year-on-year, worsening from a previous decline of 10% [2] Funding Data - The cumulative funding available to real estate developers decreased by 4.1% year-on-year from January to April, compared to a previous decline of 3.7% [3] - In April, the single-month funding available decreased by 5.3% year-on-year, worsening from a previous decline of 3.9% [3]