Investment Rating - The report maintains a "Recommended" rating for the real estate industry [1] Core Insights - The Shanghai government has introduced new policies to relax housing purchase restrictions, aiming to promote a stable and healthy development of the real estate market [3] - The policies include lowering the threshold for non-local residents to purchase homes, increasing the maximum housing provident fund loan amount, and improving property tax policies to support housing demand [3] - The report suggests that these measures will likely release pent-up housing demand, leading to a gradual recovery in the real estate market [3] Summary by Sections Policy Changes - The Shanghai government has relaxed housing purchase restrictions for non-local residents, including: - Reducing the minimum social security or individual income tax payment period to 1 year for purchasing homes in the outer ring [3] - Allowing non-local residents who have paid individual income tax for 3 years or more to purchase an additional home in the outer ring [3] - Permitting non-local residents with a Shanghai residence permit for over 5 years to buy one home without proof of social security or tax payments [3] Loan Policy Adjustments - The maximum housing provident fund loan amount for first-time homebuyers has been increased from 1.6 million to 2.4 million, with potential increases for families with multiple children or those purchasing green buildings [3] - The loan policy has been optimized to allow individuals who have previously used provident fund loans to apply again under certain conditions [3] Tax Policy Enhancements - Starting January 1, 2026, property tax exemptions will be granted to local residents' children when purchasing their first home, aimed at stimulating housing demand [3] Investment Recommendations - The report highlights potential investment opportunities in leading real estate companies such as China Merchants Shekou, Poly Developments, and China Resources Land, among others [3] - It also suggests focusing on quality developers, property management firms, and commercial real estate [3]

Group 1 - The current interest rate strategy shows certain advantages, with the value of credit bonds gradually emerging. Since 2025, the bond market has maintained low volatility, and since early 2026, it has steadily recovered, with stable liquidity. The potential for capital gains in credit bonds is relatively limited, but the certainty of interest income is more prominent, highlighting the relative advantage of interest rate strategies. Recently, credit bond sentiment has improved, and spreads have slightly recovered, with medium to short-duration varieties providing stable interest contributions while controlling net value fluctuations, thus demonstrating a favorable cost-performance ratio in the current phase [9][12][31] - In the context of continuous central bank support for liquidity, the price of funds remains relatively low, making credit bonds attractive in terms of interest income. From the current environment, credit bond investments are more suitable to return to allocation logic, with interest rate strategies as the core. The short-end arbitrage space still exists, and under the premise of controllable funding costs, medium to short-duration varieties have a relatively stable rolling income base [12][31] Group 2 - The distribution of urban investment bonds shows that Jiangsu, Zhejiang, and Shandong have the largest stock sizes, with 27,995.77 billion, 22,357.20 billion, and 16,089.69 billion respectively. The head provinces are generally at a lower valuation level compared to the national average. For example, the 1-year AA-rated bonds in Jiangsu and Zhejiang are at 1.74%, below the national average of 1.75% [16][17] - The overall stock of urban investment bonds with a valuation above 2% is approximately 89,374.08 billion, with 7,252.75 billion having a remaining maturity of 3 years or less, accounting for about 8.1% of the high-yield stock. The high-yield urban investment stock is mainly concentrated in eastern provinces, while the short-duration allocable scale comes more from the central and western regions [18][19][24] Group 3 - The distribution of industrial bonds shows that high-yield resources are mainly concentrated in the real estate, non-bank financial, and construction decoration sectors. As of February 11, 2026, the stock of industrial bonds with a valuation above 2% is approximately 7.33 trillion, with a remaining maturity of 3 years or less amounting to 1.22 trillion. The industry distribution is highly concentrated, with real estate, non-bank financial, and construction decoration being the core sources of current industrial bond interest assets [31][33] - The real estate sector remains the absolute mainstay of high-yield industrial bonds, with a stock valuation above 2% reaching 1.02 trillion, of which 4,328.59 billion is allocable within 3 years. The non-bank financial sector ranks second, with a high-yield stock of approximately 940.1 billion, and 1,385 billion within 3 years, concentrated in the 2-3 year AA and AA+ levels [31][33]

记者丨吴抒颖 根据出让公告，马场地块起始价186.44亿元，名义起拍楼面价3.29万元/平方米。其总用地面积约19.45 万平方米，出让宗地面积17.4万平方米，计容总建面56.7万平方米，涵盖二类居住、商业、中小学等多 种用地性质。此外，这宗地块还将引入一家高端时尚百货运营企业。 对于商业项目，出让公告要求项目建成后，竞得人须自持全部物业，自持年限与土地出让年限一致，自 持物业需整体确权。此外，竞得人须在合同签订后一个月内与天河区政府签订《产业协议》，主要内容 为总投资额为不低于人民币60亿元且需引进一家高端时尚百货运营企业，项目建成运营后6年内，销售 贡献累计不低于300亿元。 此外，项目还将引入一家计容建面不低于4.5万平方米的国际知名五星级酒店以及同品牌酒店式公寓， 项目建成运营后的6年内，经营产值贡献累计不低于20亿元。 广东省住房政策研究中心首席研究员李宇嘉分析称，从地段上看，马场地块位于珠江新城东区，被称为 珠江新城最后一块"宝地"，可以称得上是多年来广州出让的地段最为核心、体量最大、业态最为丰富的 地块。因此，其出让工作提上日程后的一举一动都备受关注，竞拍当日更是吸引了多家开发商参与角 逐。 ...

本报（chinatimes.net.cn）记者李贝贝 上海报道 马年春节假期，楼市整体呈现典型的"假期模式"。据中指研究院统计，受节日返乡、出游及部分城市网 签暂停更新等因素影响，重点城市新房及二手房网签成交量均处于季节性低位。重点21城春节假期 （2.15—2.23）新建商品住宅共网签成交10万平米，相比去年春节假期日均成交量基本持平。 不过，春节期间，部分房企仍主动"抢跑"楼市复苏周期，多地楼盘开启"春节不打烊"模式，通过多元化 促销举措提前锁定置业需求、激活市场活力。中指研究院指数研究部总经理曹晶晶向《华夏时报》记者 表示，春节之后，核心城市楼市有望开启"小阳春"温和复苏行情，假期积压需求有望逐步释放。 2月25日午间，上海发出楼市新政，宣布进一步调减住房限购政策、优化住房公积金贷款政策、完善个 人住房房产税政策。其中规定，对在本市缴纳社会保险或个人所得税满3年及以上的非本市户籍居民家 庭或成年单身人士，在执行现有住房限购政策基础上，可在外环内增购1套住房。 房企促销发力，二手房带看升温 春节假期前夕，全国多地密集出台了新一轮房地产市场优化政策，从公积金贷款额度提升、购房补贴发 放到信贷条件放宽，全方位 ...

8家房企激战，超130轮竞价，10万 +人在线围观，官网一度被挤崩…… 2026年广州土地市场的首拍， 用最激烈的方式，宣告了核心资产的不可替代性。 截至发稿，珠江新城最后一块拼图——马场地块，已经进行限时竞价4个半小时还没停， 目前出价的是828越秀，总价超215亿元，楼面价已超7.57万/㎡， 成为广州楼面价TOP1！ 公开信息显示，本次共有8家企业参与竞买，分别为保利、越秀、华润、招商、珠实、广州地铁、广州建筑、广州城投。 值得注意的是，这场开年第一拍，不只是8家房企的肉搏战，更是市场给2026年的广州楼市投下的一张沉甸甸的"信任票"。 10万人围观的"终极地块"，到底有多特殊？ 还有马场地块的"顶级配套"更是一场高端生活的"全家桶"盛宴。地块周边有K11、花城汇、高德置地广场、天德广场、IGC天汇广场等大型商圈。除了周 边的顶级配套。 马场地块自身规划中真正的"王炸"，是它将在这里亲手打造一个全新的、更顶级的商业核心。 公共设施示意图 根据 "国际商都消费地" 的官方定位， 地块内规划了庞大的商业商务空间，明确将引入 "顶奢百货+高端酒店+特色体验" 的一体化消费链。市场普遍确 信，这里将成为世界级顶 ...

Investment Rating - The industry investment rating is "Outperform the Market" which indicates an expected performance that exceeds the market by more than 5% over the next six months [7]. Core Insights - The report highlights the recent optimization of real estate policies in Shanghai, which is expected to positively impact the market. Key changes include adjustments to purchasing conditions for non-local residents, an increase in the maximum public housing loan amount, and tax exemptions for certain families [6][3]. - The report emphasizes the importance of monitoring the market trends post-holiday, suggesting that quality real estate companies may present investment opportunities due to their strong inventory structure and product capabilities [6][5]. Summary by Sections Policy Changes - Shanghai has implemented several policy optimizations, including: 1. Non-local residents can purchase additional properties under certain conditions, such as having a social security or tax payment history of one year for properties within the outer ring [6]. 2. Public housing loan policies have been adjusted, with the maximum loan amount increased from 1.6 million yuan to 2.4 million yuan, and additional benefits for families with multiple children [6]. 3. A temporary exemption from personal property tax for families with only one home starting January 1, 2026 [6]. Market Performance - The report notes that the number of second-hand home transactions in Shanghai has remained stable, with monthly sales exceeding 22,000 units from November 2025 to January 2026. This stability is expected to improve short-term market conditions [6]. - The report also mentions that the average daily transaction volume for new homes in 12 comparable cities decreased by 9.1% during the Spring Festival compared to the previous year, while the transaction volume for second-hand homes in major cities like Beijing, Shanghai, and Shenzhen increased by 39.1% [6]. Investment Recommendations - The report suggests that the market may have already priced in concerns regarding sales and performance, indicating that certain quality companies may have long-term investment value. Companies such as China Resources Land and Jianfa are highlighted for their strong land acquisition and product capabilities [6][5].

截至发稿，马场地块竞价已经超过130轮，总价已经达到213.24亿元，这意味着马场地块很有可能刷新 广州总价"地王"的记录。从最新的竞价轮次来看，主要参与应价的有保利、越秀和广州城投。 根据出让公告，马场地块起始价186.44亿元，名义起拍楼面价3.29万元/平方米。其总用地面积约19.45 万平方米，出让宗地面积17.4万平方米，计容总建面56.7万平方米，涵盖二类居住、商业、中小学等多 种用地性质。此外，这宗地块还将引入一家高端时尚百货运营企业。 对于商业项目，出让公告要求项目建成后，竞得人须自持全部物业，自持年限与土地出让年限一致，自 持物业需整体确权。此外，竞得人须在合同签订后一个月内与天河区政府签订《产业协议》，主要内容 为总投资额为不低于人民币60亿元且需引进一家高端时尚百货运营企业，项目建成运营后6年内，销售 贡献累计不低于300亿元。 此外，项目还将引入一家计容建面不低于4.5万平方米的国际知名五星级酒店以及同品牌酒店式公寓， 项目建成运营后的6年内，经营产值贡献累计不低于20亿元。 21世纪经济报道记者吴抒颖 广州开年的土拍大戏2月25日正式上演，珠江新城马场地块进入竞价阶段。 这宗地块吸引 ...

此次共有华润、招商、保利、越秀、珠实、广州地铁、广州建筑、广州城投8家企业参与竞拍。 2月25日上午10:00开始限时竞价的广州天河区马场1期地块，引发激烈争夺。该综合用地包括商业用 地、其他交通设施用地、二类居住用地和中小学用地等,位于珠江新城东区，被称为珠江新城最后一 块"宝地"，位置核心、体量较大、业态丰富，起始价高达186.44亿元。此次共有华润、招商、保利、越 秀、珠实、广州地铁、广州建筑、广州城投8家企业参与竞拍。经过百余轮竞价，该地块价格已超过200 亿元，目前竞价仍在继续。 ...

Summary of China Property Weekly Wrap Industry Overview - The report focuses on the **Chinese property market**, specifically analyzing sales performance during the **Chinese New Year (CNY)** holidays in 2026 compared to 2025. Key Highlights - **Sales Performance**: - Average home visitations increased by **9%** compared to the 2025 CNY weeks. - New listing supply was **11%** lower than the previous year, indicating a more contained market supply [1][4]. - **Daily Average Volume**: - During the 2026 CNY holidays (February 15th-23rd), primary markets saw a **39%** increase in daily average volume compared to the 2025 holiday period. - Secondary markets experienced a **74%** increase from the prior year [4]. - **Two-Week Performance**: - In Weeks 7 & 8 of 2026, primary market volume was **35%** above the 2025 CNY level but **51%** below the year-to-date (YTD) 2026 weekly average. - Secondary market volume was **68%** above the 2025 CNY level but **59%** below the YTD 2026 average [4]. - **New Home Sales**: - New home sales volume in Weeks 7 & 8 was **35%** above the 2025 CNY weeks and **51%** below the YTD 2026 weekly average. - New home search activities increased by **5%** week-over-week [4]. - **Secondary Transactions**: - Average secondary transactions in Weeks 7 & 8 were **68%** above the 2025 CNY weeks and **59%** below the YTD 2026 average, with price expectations improving for agents [4]. Market Trends - **Inventory Levels**: - Inventory balance remained stable with inventory months at **30.0**, slightly above the average of **29.4** in January 2026 [7][24]. - **Valuation Metrics**: - Offshore coverage trades at an average **24%** discount to end-2026 estimated net asset value (NAV) and at **0.6X** 2026 estimated price-to-book (P/B) ratio. - Onshore coverage trades at a **7%** discount to end-2026 NAV and at **0.5X** 2026 estimated P/B [7][37]. - **Sales Decline**: - Property sales in approximately **75 cities** suggest that top-100 developers' presales are likely to decline by **35%** year-over-year in February, compared to a **29%** decline in January [7]. - **Completions and New Starts**: - Completions are expected to decline by a high-single-digit percentage year-over-year in January-February 2026, with new starts also projected to decline by mid-teens percentage year-over-year [7][29]. Additional Insights - **Home Appliance Sales**: Expected to show year-over-year improvement in January based on secondary sales trends in around **20 cities** [7]. - **Market Sentiment**: The average Centaline Salesman Index (CSI) increased by **1.6 percentage points** week-over-week, indicating a more positive outlook among agents regarding property prices [19]. This summary encapsulates the key findings and trends in the Chinese property market as reported in the weekly wrap, highlighting both positive sales performance during the CNY period and ongoing challenges in the market.

据悉，马场地块建于1992年，最初作为经营性赛马场赛事用地，见证了广州赛马文化的辉煌。广州赛马 场停止运营后，这片土地逐渐转为汽车、家居、餐饮等经营场所。当前的马场地块，作为珠江沿岸高质 量发展带与科教发展走廊板块联动的战略支点，承载着链接珠江新城CBD和金融城的重要使命。目 前，珠江新城东区与金融城西区之间，城市界面与配套尚未充分融合。围绕功能定位、公服设施、交通 承载能力三个方面，马场地块及周边片区将打造成为连接珠江新城CBD和金融城的桥梁及中心地带， 通过优化用地功能，置入优质产业，创造市民共享的"公园+体育"活力空间，推动空间重构、功能重组 与价值重塑，实现从低效用地向高质量发展示范区的根本转变，助力广州建设引领湾区发展的中央活力 区和国际消费中心。 从商业方面来看，目前珠江新城商圈的大型商业体主要集中在新中轴线附近，包括广州K11、天汇广场 IGC等。而马场地块所在的珠江新城东区，目前尚未形成明显的商业集聚效应。马场地块改造完成后， 将有望改变这一状况。根据地块规划，将以生态花园办公与高端商务总部为载体，打造多元活力的商务 新高地。引入"顶奢百货+高端酒店+特色体验"一体化消费链，集聚高端商业资源及 ...