房地产行业周观点：销售端仍下滑，城市融资协调机制进一步推进

Investment Rating - The report indicates a weak performance of the real estate sector, with a slight decline of 0.72% in the Shenwan first-level real estate index from February 26 to March 1, 2024, underperforming the Shanghai and Shenzhen 300 index, which rose by 1.38% [2][12]. Core Insights - The report highlights a significant decline in sales for the top 100 real estate companies, with total sales amounting to 476.24 billion yuan in January and February 2024, representing a year-on-year decrease of 51.6%. February alone saw a month-on-month decline of 29.3% and a year-on-year drop of 64.7% [2][26]. - The report discusses the establishment of a city financing coordination mechanism, with 276 cities having set up such mechanisms by February 28, 2024, proposing around 6,000 real estate projects and approving loans exceeding 200 billion yuan [2][26]. Market Review - The real estate sector index fell by 0.72% during the week of February 26 to March 1, 2024, while the broader market index rose by 1.38%, indicating underperformance [12]. - The report notes that the sales of commercial housing in 30 major cities increased by 51.07% week-on-week but decreased by 57.19% year-on-year, with total sales of 1.4636 million square meters during the week [27]. Policy Overview - Key policies include the Ministry of Housing and Urban-Rural Development's notification on the scientific preparation of housing development plans for 2024 and 2025, emphasizing the importance of a coordinated mechanism for housing, land, and finance [2][24]. - The report mentions the adjustment of housing provident fund policies in Changchun and the introduction of rental deposit management regulations in Beijing, aimed at stabilizing the housing market [24]. Sales and Land Market Conditions - The report indicates that the supply of residential land in 100 cities decreased by 52.46% year-on-year, with a total supply of 3.595 million square meters during the week of February 26 to March 3, 2024 [35]. - The average premium rate for residential land transactions was reported at 3.77%, with first-tier cities showing a premium rate of 0.00% [35]. Financing Situation - As of March 3, 2024, the domestic bond issuance in the real estate sector amounted to 1.631 billion yuan, with a total issuance of 230.837 billion yuan year-to-date [41].