21社论丨发挥协同效应，稳定房地产市场

Core Viewpoint - The recent policy adjustments in Beijing aim to stabilize the real estate market by optimizing purchase restrictions and housing credit policies, with expectations for more cities to follow suit [1] Group 1: Policy Adjustments - The adjustments are designed to implement the removal of unreasonable consumption restrictions on housing and to promote active real estate transactions [1] - The focus is on expanding domestic demand, as the real estate sector significantly influences investment and consumption through related industries like renovation and home appliances [1] Group 2: Market Dynamics - The real estate market is undergoing adjustments primarily due to demographic changes and urbanization, leading to a "strong supply and weak demand" situation [1] - The current market conditions indicate a need for faster inventory digestion to achieve a balance between supply and demand, particularly in cities with population inflows [2] Group 3: Inventory Management - The existing inventory consists of unsold housing and second-hand homes, with the latter's transaction share increasing from less than 28% at the end of the 13th Five-Year Plan to 45% currently, and over 60% in major cities [2] - Encouraging local governments to acquire unsold properties for affordable housing can help quickly reduce market inventory and restore market confidence [2] Group 4: Market Stability - The rental yield in first-tier cities is recovering, and lower interest rates are making rental returns more attractive, contributing to market stability [3] - A comprehensive approach is necessary to stabilize the real estate market, balancing various aspects such as market and security, rental and purchase, and new and second-hand homes [3]