Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [5]. Core Viewpoints - The real estate market in China is expected to continue bottoming out, with core cities likely to stabilize sooner. Two major opportunities are highlighted: the elevation of housing policies and the strong performance of quality commercial enterprises during a monetary easing cycle, which may lead to a revaluation of consumer-oriented commercial real estate assets [5]. Industry Data Summary - New Housing Transactions: In the week of November 22-28, 2025, 34 key cities saw a total new housing transaction of 2.52 million square meters, a decrease of 1.7% week-on-week. Year-on-year, new housing transactions in November dropped by 35% [6][9]. - Second-Hand Housing Transactions: In the same week, 13 cities recorded a total of 1.16 million square meters in second-hand housing transactions, an increase of 4.2% week-on-week. Year-to-date, second-hand housing transactions have increased by 0.7% [14]. - Inventory Levels: As of November 28, 2025, the total available residential area in 15 cities was 89.846 million square meters, with a week-on-week increase of 0.4%. The average months of inventory depletion was 23.3 months, a slight decrease [25]. Policy and News Tracking - REITs Development: The National Development and Reform Commission is promoting the expansion of public REITs to include hotels and commercial offices. The China Securities Regulatory Commission has initiated a pilot for commercial real estate REITs [34][36]. - Local Housing Policies: Qingdao has introduced housing subsidies for talent, offering up to 300,000 yuan for doctoral graduates. Fuzhou plans to provide subsidies for families with multiple children, while Beijing's "14th Five-Year Plan" emphasizes improving the housing supply system [34][35]. - Land Market Activity: In Shanghai, nine land parcels were sold for a total of 17.33 billion yuan, while Wuhan's land sales totaled approximately 3.97 billion yuan [34][39]. Company Dynamics - New City Holdings: Successfully issued private REITs with a scale of 616 million yuan, backed by the Wuyue Plaza asset [5]. - Vanke: Engaged in discussions regarding the extension of a bond due on December 15, 2025, with a remaining balance of 2 billion yuan [5][41]. - China Jinmao: Announced plans to sell 100% equity in Jinmao (Sanya) Tourism Co., Ltd. for 2.27 billion yuan [5][43].