统计局2025年1-5月房地产数据点评：5月地产基本面延续4月趋势，销售量价和投融资指标趋弱

Investment Rating - The investment rating for the real estate industry is "Outperform the Market" (maintained) [2] Core Views - The real estate market continues to show weakness in sales volume, price, and financing indicators, following the downward trend observed in April [4][68] - The State Council's meeting on June 13 emphasized the need for stronger measures to stabilize the real estate market, with expectations for upcoming policies to support inventory reduction and market recovery [4][68] - Specific stock recommendations include China Resources Land, China Resources Mixc Life, China Jinmao, Beike-W, and I Love My Home [4][68] Summary by Sections Sales and Investment Data - From January to May 2025, national real estate development investment reached 36,234 billion yuan, a year-on-year decrease of 10.7%. The area of new construction was 23,184 million square meters, down 22.8%, and the area of completed buildings was 18,385 million square meters, down 17.3% [3][36] - New residential sales area was 35,315 million square meters, a year-on-year decline of 2.9%, while sales revenue was 34,091 billion yuan, down 3.8% [3][36] Price Trends - The average selling price of new residential properties in the first five months of 2025 was 9,653 yuan per square meter, a year-on-year decrease of 0.9%. In May, the average price was 10,004 yuan per square meter, down 2.8% year-on-year [20] - In May 2025, the prices of new homes in 70 cities fell by 4.1% year-on-year, while second-hand home prices decreased by 6.3% year-on-year [20] Financing and Development - The financing for real estate companies was 40,232 billion yuan from January to May 2025, a year-on-year decrease of 5.3%. The monthly financing in May was 7,636 billion yuan, down 10.1% year-on-year [36] - The new construction area in May was 5,348 million square meters, down 19.3% year-on-year, while the completed area was 2,737 million square meters, down 19.5% year-on-year [58]