明年房地产如何去库存？丨落实会议部署 问答中国经济

Core Viewpoint - The article emphasizes the importance of effectively reducing real estate inventory as a key measure to stabilize the real estate market in the coming year, highlighting the need for coordinated efforts on both supply and demand sides [1][4]. Group 1: Inventory Reduction Strategies - The national inventory of unsold commercial housing has been decreasing for nine consecutive months since March, yet it still exceeds 750 million square meters as of the end of November, indicating significant inventory pressure [1]. - Revitalizing existing stock through the acquisition of surplus housing for affordable housing is a crucial strategy. This approach not only accelerates inventory reduction but also alleviates financial pressure on some real estate companies [2]. - The progress of the stock acquisition policy has been slow due to challenges such as funding sources, pricing mechanisms, and project selection criteria. Future efforts will focus on optimizing related policies to enhance local government autonomy in acquisition [2]. Group 2: Supply-Side Measures - The shift in urban development from large-scale expansion to improving existing stock necessitates a focus on quality housing rather than merely increasing supply. This includes limiting land supply in high-inventory areas to prevent exacerbating the inventory issue [2]. - The construction of high-quality housing is expected to stimulate demand for upgrading and improving living conditions, with an emphasis on orderly development to avoid short-term disruptions to existing inventory [2]. Group 3: Demand-Side Measures - The real estate market shows significant differentiation across cities, requiring targeted measures to unleash residents' rigid and improvement-driven housing demands. Policies may include loosening restrictions in first-tier cities and providing subsidies and housing fund support in others [3]. - Financial support policies, particularly regarding housing funds, are anticipated to strengthen, potentially including higher loan limits, lower down payments and interest rates, and expanded usage of funds to lower purchasing costs [3]. - The ongoing urbanization process is expected to continue driving the demand for housing among new urban residents, while the potential for upgrading existing housing remains substantial due to rising living standards [4].