大陆房地产行业月度资料点评：4月销售降幅扩大，投资未见好转

Investment Rating - The report indicates a cautious outlook for the real estate industry, suggesting that the sector is still in a recovery phase, with expected declines in sales and investment for the year [22][24]. Core Insights - In April, national real estate sales amounted to 623.7 billion yuan, with a year-over-year decline of 6.7%, and sales area at 6.4 million square meters, down 2.1% year-over-year [4]. - The investment amount in real estate for April was 782.6 billion yuan, reflecting an 11.3% year-over-year decrease, with the decline expanding by 1.3 percentage points [18]. - The report highlights that the government is expected to implement policies to stabilize the real estate market, emphasizing the need for ongoing support to address the uncertainties in market recovery [24]. Summary by Sections Sales Performance - April's real estate sales showed a significant year-over-year decline, with the sales amount and area both experiencing increased drops compared to previous months [4]. - For the first four months of the year, total sales reached 2.7035 trillion yuan, down 3.2% year-over-year [4]. Price Trends - The price index for new and second-hand homes in 70 major cities saw year-over-year declines of 4.55% and 6.76%, respectively, although the rate of decline has narrowed compared to March [11]. Investment and Funding - The total funding for real estate enterprises in April was 786.7 billion yuan, down 5.8% year-over-year, with most funding sources showing declines except for domestic loans [18]. - The report notes that the investment amount for the first four months was 2.773 trillion yuan, down 10.3% year-over-year [18]. Construction Activity - New construction area in April was 4.8 million square meters, down 22.3% year-over-year, while completed area was 2.6 million square meters, down 28.1% year-over-year [21]. - The report indicates that the inventory of unsold residential properties stood at 781 million square meters as of April 2025, with a depletion cycle of 8.92 months [15]. Policy Outlook - The government is expected to enhance policy measures to support the real estate sector, focusing on urban renewal and risk mitigation [24]. - The report anticipates a 7% decline in real estate sales and a 10% decline in investment for the year, with a gradual stabilization expected over time [24].