房地产行业周报（5.27-6.2）：5月百强销售同比-35%，一线城市进一步放松

Investment Rating - The report maintains an "Outperform" rating for the real estate sector [1] Core Insights - In May, the sales amount of the top 100 real estate companies decreased by 35.4% year-on-year but increased by 4.3% month-on-month, with total sales amounting to 354.8 billion yuan [2][6] - The cumulative sales amount from January to May reached 1.5414 trillion yuan, reflecting a year-on-year decline of 46.0% [6] - The sales thresholds for various tiers of real estate companies have further decreased, with the top 10 companies' sales threshold dropping by 52.8% to 35.21 billion yuan [8][14] - Major cities are implementing policy upgrades to stimulate the housing market, including reductions in mortgage rates and down payment ratios [16][28] Summary by Sections Weekly Review - The sales amount of the top 100 real estate companies in May was 354.8 billion yuan, down 35.4% year-on-year and up 4.3% month-on-month [6] - The total sales area was 18.99 million square meters, with a year-on-year decrease of 35.7% [6] Market Overview - The average premium rate in land auctions has decreased to 2.0%, with a land turnover rate of 24.5%, marking a significant increase [13][14] - The investment from real estate companies remains cautious, with nearly 70% of the top sales companies not acquiring new land [14] Policy Dynamics - Major cities like Shanghai, Guangzhou, and Shenzhen have introduced policies to lower mortgage rates and down payment requirements, aiming to boost market activity [16][28] - Specific adjustments include lowering the minimum down payment for first-time homebuyers to 15% and for second homes to 25% [28][29] Company Dynamics - Notable companies with better sales performance in May include China Overseas Land & Investment and Greentown China, with year-on-year sales changes of -30% and -18%, respectively [8][9] - Poly Developments has been active in asset management, including the transfer of equity and debt related to its subsidiary [30]