地产及物管行业周报：住建部明确因城施策稳定房地产市场，北京进一步放松限购政策-20251228

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][31]. Core Insights - The real estate market is showing signs of recovery, with new home sales in 34 key cities increasing by 17.3% week-on-week, and a notable policy shift in Beijing to relax purchase restrictions [4][31]. - The report identifies two major opportunities: the rise of favorable housing policies and the strong performance of quality commercial enterprises during a monetary easing cycle, which could lead to a revaluation of consumer-oriented commercial real estate assets [4][31]. Industry Data Summary New Home Sales - New home sales in 34 key cities totaled 3.63 million square meters, up 17.3% week-on-week, with first and second-tier cities seeing a 19.9% increase, while third and fourth-tier cities experienced a 13.6% decline [5][7]. - Year-on-year, December sales in 34 cities dropped by 29%, with first and second-tier cities down 28.4% and third and fourth-tier cities down 35.7% [7][8]. Second-Hand Home Sales - Second-hand home sales in 13 key cities reached 1.22 million square meters, a 2.4% increase week-on-week, but down 31.2% year-on-year [12][24]. Inventory and Market Dynamics - The inventory of unsold residential properties in 15 cities increased by 0.3% to 90.67 million square meters, with a month’s supply of 22.7 months, reflecting a slight increase [24][31]. Policy and News Tracking Macro Policies - The Ministry of Housing and Urban-Rural Development has emphasized city-specific policies to stabilize the real estate market, with measures to control supply and reduce inventory [31][34]. - Beijing has announced adjustments to purchase restrictions, including reduced social security or tax requirements for non-local families and optimized credit policies [31][34]. Company Developments - Poly Real Estate has received approval to issue 5 billion yuan in convertible bonds, while Vanke has extended the grace period for a 2 billion yuan medium-term note [39][40]. - China Jinmao successfully sold its 100% stake in the Ritz-Carlton Hotel in Sanya for 2.26 billion yuan [40].