每周精读 | 四中全会提“房地产高质量发展”；2025公募REITs发展现状与趋势（10.20-10.25）

Group 1 - The article discusses the current status and trends of public REITs in China, indicating that they are entering a new era and may assist real estate companies in strategic transformation [5] - The Fourth Plenary Session emphasizes high-quality development in real estate, proposing new models and focusing on "good housing" as a fundamental aspect [7] - The second-hand housing market in major cities like Beijing, Shanghai, Shenzhen, and Hangzhou shows a significant increase in high-priced listings, although overall transaction volumes are expected to remain volatile [7] Group 2 - Industry data reveals a narrowing decline in housing prices and a year-on-year increase in construction completions, suggesting a stabilization in the industry, although further efforts are needed [7] - The land supply and demand scale remains low, with a slight increase in land transaction volume and a premium rate of 1.6%, indicating that only a few quality plots are experiencing localized heat [9] - A joint statement from the Ministry of Housing and Urban-Rural Development and other departments outlines a top-level approach to urban development, focusing on resilient city infrastructure [10] Group 3 - CIFI Construction Management expanded its project portfolio by 17 new projects in Q3 2025, while New Town Construction Management signed contracts for over 570,000 square meters [11] - The article highlights the successful sales of lighthouse strategic benchmark projects by CIFI, with expectations for several new projects to enter the market in Q4, indicating potential future growth [7][11]