房地产市场周报：房地产新政加快落地，市场呈点状复苏态势

Investment Rating - The report indicates a cautious outlook on the real estate market, suggesting potential investment opportunities in state-owned enterprises and top private companies that are on the financing whitelist [3]. Core Insights - The real estate market is experiencing a segmented recovery, with second-tier cities showing an increase in transaction volume while first and third-tier cities are declining [2][10]. - Recent policy changes, including the cancellation of purchase restrictions in key cities, are expected to stimulate demand, although the overall market activity remains subdued [2][11]. - The long-term demand for housing is projected to remain substantial, particularly in core cities, despite a recent decline in population growth [9]. Summary by Sections Weekly Insights - The report highlights a mixed performance in property sales across different city tiers, with second-tier cities seeing an 8.52% increase in transaction area, while first-tier cities decreased by 7.43% [2][10]. - The overall market activity is still low, with new home sales showing only a sporadic recovery [2][10]. Policy Dynamics and Key News - Recent government measures include the comprehensive cancellation of purchase restrictions in Zhuhai and the introduction of new supportive policies in Hubei [11][12][13]. - Emphasis on managing intertwined risks in the real estate sector and local government debt was highlighted in a recent meeting led by He Lifeng [11]. High-Frequency Data on Property Market - For the week of May 20 to May 26, 2024, the total transaction area for new homes in 30 major cities increased by 0.23% week-on-week but decreased by 35.12% year-on-year [14][15]. - The cumulative transaction area for new homes in these cities has seen a significant decline of 41.89% year-on-year [15]. Land Market Data - The land supply in 100 major cities increased by 21.40% week-on-week, but the number of transactions decreased by 16.08% year-on-year [27][28]. - The average land price for new supplies rose by 57.00% week-on-week, indicating a potential recovery in land market sentiment [30]. Real Estate Development Investment Data - As of April 2024, cumulative real estate development investment reached 30,928 billion yuan, reflecting a year-on-year decrease of 9.80% [34]. - The construction area for new housing has also seen a significant decline, with new starts down by 24.60% year-on-year [36].