多地收购二手房用作保租房

Core Viewpoint - The article discusses the implementation of policies across various cities in China that promote the exchange of old homes for new ones and the acquisition of second-hand homes for use as affordable rental housing, signaling a shift in the real estate industry from "incremental development" to "stock operation" [3][10]. Group 1: Policy Implementation - In early 2026, policies for "exchanging old for new" and acquiring second-hand homes for affordable housing are being rolled out in multiple cities [3]. - The first batch of second-hand homes acquired in Shanghai will be used for affordable rental housing, targeting new citizens, young people, and university graduates [5]. - Three districts in Shanghai, including Pudong, Jing'an, and Xuhui, are set to pilot these initiatives, with a focus on properties that are well-located, have clear ownership, and are small-sized [5][6]. Group 2: Market Trends - The shift towards acquiring second-hand homes is a response to the challenges faced by homeowners in selling their old properties, which has disrupted the housing exchange chain [9]. - The national housing market is experiencing a fundamental change, with a decrease in new home transactions and an increase in second-hand home transactions, indicating a rising substitution effect of second-hand homes for new ones [9][10]. - The demand for small-sized rental units is high, with 78.2% of rental demand in Shanghai for one- and two-bedroom apartments, particularly in core districts [11]. Group 3: Implications for Stakeholders - The policies align with the central government's macroeconomic goals to stabilize the real estate market and encourage the acquisition of existing properties for affordable housing [10]. - Local governments and state-owned enterprises are expected to transition from being "land suppliers" to "market stabilizers" and "housing resource operators" [10]. - The collaboration between real estate companies and local state-owned platforms in the acquisition and operation of second-hand homes may become a new business direction for these entities [10].