房地产行业周报：5月统计局数据仍承压，深圳发布城市更新新规-20250625

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - The report indicates that since September 2024, the central government's clear requirement has been to stabilize the real estate and stock markets. The focus on building quality housing and high-quality residential properties is expected to lead to a development wave in this sector [5][48] - The report suggests that the real estate market is under pressure, with significant declines in investment and new construction areas, but there are also measures being taken to stimulate demand through urban renewal and housing quality improvement initiatives [48][49] Market Performance - The Shanghai Composite Index fell by 0.5%, the Shenzhen Component Index by 1.2%, and the real estate sector (Shenwan) by 1.7% during the week [5][8] - In terms of individual stocks, notable gainers included Tibet City Investment (+10.3%) and Shibei High-tech (+5.9%), while significant losers included ST Zhongdi (-10.5%) and Zhujiang Shares (-9.6%) [5][8] Data Tracking New Housing Transactions - For the week of June 14-20, new housing transactions in 42 key cities totaled 2.38 million square meters, a 12.5% increase from the previous week, but a 12.9% decrease year-on-year [15][19] - Cumulatively, from June 1-20, new housing transactions reached 6 million square meters, a 9.4% increase month-on-month but a 5.4% decrease year-on-year [19] Second-hand Housing Transactions - For the week of June 14-20, second-hand housing transactions in 21 key cities totaled 2.19 million square meters, a 1.4% increase from the previous week, but a 5.7% decrease year-on-year [32][36] - Cumulatively, from June 1-20, second-hand housing transactions reached 5.91 million square meters, a 12.2% increase month-on-month and a 2.0% increase year-on-year [36] Industry News - From January to May 2025, real estate development investment decreased by 10.7% year-on-year, with new construction area down by 22.8% and completed area down by 17.3% [48][49] - The report highlights various local government initiatives aimed at improving housing quality and facilitating urban renewal, including adjustments to public housing policies in cities like Shenzhen and Jiangsu [48][49] Company Announcements - China Resources Land issued up to 3 billion yuan in medium-term notes, with interest rates ranging from 1.8% to 3.0% [51] - Poly Developments received approval for a 5 billion yuan short-term financing bond [51]