保交楼全面完成

Core Viewpoint - The government is implementing proactive macro policies to stabilize the economy, particularly focusing on the real estate sector, with an emphasis on risk prevention and management in 2026 [1][9]. Group 1: Government Policies and Real Estate Market Stability - The government aims to stabilize the real estate market by controlling new supply, reducing inventory, and optimizing supply through city-specific measures [1][6]. - The "保交房" (guarantee delivery of housing) task has been fully completed, with over 7.5 million units delivered nationwide by October last year [3]. - The government is encouraging the acquisition of existing housing for use as affordable housing, which will help alleviate financial pressures on real estate companies [6][7]. Group 2: Real Estate Delivery and Company Performance - Major real estate companies like Country Garden and Greenland Holdings are nearing the completion of their delivery tasks, with Country Garden aiming to finish most of its deliveries by mid-2026 [3][4]. - In 2025, the top three companies in terms of delivery volume are expected to be Country Garden (170,000 units), China Overseas Land & Investment (133,200 units), and Poly Developments (130,000 units), with a significant decrease in total delivery volume compared to 2024 [3]. - The overall delivery scale of the top 10 real estate companies is projected to decline by 36% in 2025 compared to 2024 [3]. Group 3: Financial Tools and Risk Management - The government is utilizing special bonds to acquire idle land and optimize resource allocation, with over 5,500 parcels of land valued at over 750 billion yuan planned for acquisition [7]. - The "白名单" (white list) system is being leveraged to support reasonable financing needs of real estate companies, with loans exceeding 7 trillion yuan supporting nearly 20 million housing units [9][10]. - The financing environment for the real estate sector is improving, with a total financing amount of 414.31 billion yuan for 65 typical real estate companies in 2025 [10].