房地产下一个攻坚战：卖现房

Core Viewpoint - The "delivery difficulty" risk in the real estate industry has been largely resolved, and the next challenge is to gradually implement the sale of completed homes [3][4]. Group 1: Delivery Completion - Multiple real estate companies have reported that the task of ensuring home delivery is nearing completion, with approximately 7.5 million units of "sold but undelivered" homes delivered nationwide by the end of the 14th Five-Year Plan [3][4]. - Country Garden has delivered about 1.85 million units from 2022 to 2025, while Greenland's residential projects are expected to deliver over 8 million square meters in 2025, translating to around 80,000 units [6][7]. - The Ministry of Housing and Urban-Rural Development reported that by November 2025, 391.8 million units of the 396 million units targeted for delivery had been completed, achieving a delivery rate of 99% [8]. Group 2: Industry Transition - With the completion of the delivery task, the real estate industry is entering a new phase focused on high-quality development, moving away from the "high leverage, high turnover" model [4][10]. - Real estate companies are shifting their focus towards debt resolution, asset management, and revitalizing existing land, with several firms like Country Garden and Sunac making significant progress in debt restructuring [10][12]. Group 3: Policy Direction - The Central Economic Work Conference emphasized the need to stabilize the real estate market and mitigate risks, with a focus on promoting high-quality development in the upcoming 15th Five-Year Plan [14][16]. - The Ministry of Housing and Urban-Rural Development plans to solidify foundational systems in development, financing, and sales, including the gradual implementation of a completed home sales system [15][16].