总结与展望 | 2025年三季度中国房地产行业总结与展望（上）

Policy - The central government is focusing on high-quality urban development and has initiated a series of policies to stabilize the real estate market, including the construction of a new real estate development model and urban renewal projects [5][7][28] - The central government has emphasized the importance of local governments in implementing these policies, with significant policy announcements from major cities like Beijing, Shanghai, and Shenzhen aimed at easing market pressures [13][15][19] Industry - The real estate market is experiencing a gradual recovery, with a narrowing decline in housing prices and a decrease in unsold inventory, although new home sales continue to face challenges [34][38][50] - The land market is seeing a rational cooling, with a 9% year-on-year decline in land transaction volume across 300 cities, while the average land price is increasing, indicating a shift towards quality over quantity in land supply [54][54] - The overall sentiment in the real estate sector is cautious, with developers adopting a more prudent approach to investments, focusing on high-quality land and projects [54][54]