Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - The transaction area of new and second-hand homes has turned positive on a month-on-month and year-on-year basis, indicating a recovery in the market [1][5] - Local governments are implementing measures to boost consumption and meet housing demand, including urban village renovations and increased support for housing provident fund withdrawals [1] - The inventory of new homes and the de-stocking cycle have increased month-on-month, while showing a year-on-year decline [1] Summary by Sections 1. Key City New Home Market, Second-Hand Home Market, and Inventory Tracking - New home transaction area in 40 cities reached 2.1 million square meters, up 13.0% month-on-month and 2.3% year-on-year [1][16] - Second-hand home transaction area in 18 cities was 179.7 million square meters, up 30.5% month-on-month and 15.4% year-on-year [1][5] - New home inventory in 12 cities was 87.88 million square meters, with a month-on-month increase of 0.4% and a year-on-year decrease of 16.4% [1][40] 2. Land Market Tracking - The total area of land transactions in 100 cities was 804.9 million square meters, down 57.5% month-on-month but up 4.9% year-on-year [1][12] - The total land transaction price was 26.7 billion yuan, down 29.4% month-on-month but up 44.2% year-on-year [1][12] - The average floor price of land was 3,318 yuan per square meter, up 66.4% month-on-month and 37.5% year-on-year [1][12] 3. Policy Review - Jiangsu Province has announced measures to stimulate consumption, including urban village renovations and increased housing provident fund support [1] - Chengdu has implemented a new regulation for the supervision of pre-sale funds for commercial housing [1] - Guangzhou has proposed a plan to boost consumption, focusing on the renovation of old residential areas and optimizing housing provident fund policies [1] 4. Company Announcements - The report highlights the performance of several real estate companies, suggesting a focus on those with strong sales and land reserves in core cities [5] - Companies such as Binjiang Group, Greentown China, and China Resources Land are identified as having high market share in key cities [5] - The report also notes the increasing issuance of domestic bonds by real estate companies, with a total issuance of 12.7 billion yuan, up 55.8% month-on-month [1][54]
房地产行业第24周周报：本周新房二手房成交面积同环比均转正，多地发布提振消费行动方案，均涉及更好满足住房消费需求的多项措施-20250616
Bank of China Securities·2025-06-16 09:19