房地产行业第48周周报：新房二手房成交同比降幅扩大，商业不动产REITs试点启动-20251203

Investment Rating - The report rates the real estate sector as "Outperform" [5] Core Insights - New home transaction area increased month-on-month but decreased year-on-year, with a significant drop of 45.8% compared to the same period last year [5] - The launch of commercial real estate REITs (Real Estate Investment Trusts) is being piloted, indicating a new phase of development for the REITs market in China [5] - The report highlights a shift in the real estate market dynamics, with a focus on stabilizing the fundamentals and exploring new consumption scenarios in commercial real estate [6] Summary by Sections 1) New Home Market Tracking - In the week of November 22-28, 2025, new home transaction area in 40 cities was 225.3 million square meters, up 8.6% month-on-month but down 45.8% year-on-year [5][15] - Transaction volumes in first, second, and third/fourth-tier cities showed varied performance, with first-tier cities seeing a 50.3% increase month-on-month [15][21] - New home inventory in 12 cities was 11,379 million square meters, with a month-on-month increase of 0.3% and a year-on-year decrease of 10.7% [40][41] 2) Second-Hand Home Market Tracking - In 18 cities, second-hand home transaction area was 161.7 million square meters, down 4.4% month-on-month and 26.0% year-on-year [47][51] - First-tier cities experienced a year-on-year decline of 30.7% in transaction volumes, while second-tier cities saw a decrease of 19.3% [51][55] 3) Land Market Tracking - Total land transaction area across 100 cities was 2,050 million square meters, up 7.3% month-on-month but down 28.2% year-on-year [62][63] - The average land price was 2,282.4 yuan per square meter, reflecting an 18.5% increase month-on-month but a 16.6% decrease year-on-year [64][68] - The land premium rate was 1.3%, down 1.3 percentage points month-on-month but up 0.01 percentage points year-on-year [68] 4) Policy Developments - The China Securities Regulatory Commission is soliciting opinions on the pilot program for commercial real estate REITs, which aims to enhance the regulatory framework and operational standards for these funds [5] 5) Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, smaller firms showing significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [6]