中国商业经济学会副会长宋向清在接受《证券日报》记者采访时表示，土地储备专项债券的发行成为盘 活存量土地与优化资源配置的关键抓手，将"沉睡资源"转化为发展动能。 8月21日，2025年浙江省土地储备专项债券(八期)完成招标发行，发行金额为26.76亿元，发行期限为5 年。该债券的信用评级报告显示，资金用途方面，本次公开发行债券专项用于杭州市、温州市、嘉兴 市、金华市、衢州市、台州市和丽水市的21个土地储备项目。 上述债券的成功发行是土地储备专项债券发行持续落地的一个缩影。《证券日报》记者根据企业预警通 最新数据梳理发现，截至8月22日，今年土地储备专项债券发行规模已达到2732.47亿元，涉及1105个项 目，53只专项债券。 "土地储备专项债券的加速发行，调节改善了土地供求关系，有助于缓解房地产市场的库存压力，稳定 市场预期，促进房地产市场平稳健康发展。"陕西巨丰投资资讯有限责任公司高级投资顾问朱华雷告诉 《证券日报》记者。 朱华雷表示，土地储备专项债券的发行有助于盘活存量闲置土地，优化土地供应结构。政府通过专项债 券资金将闲置土地收储后，可对地块进行规划调整，进而实现土地资源的更合理利用，提高土地利用效 率 ...

业内人士指出，自去年"9·26"政策以来，核心一二线城市销售端率先回稳，不过今年二季度以来波动局 面再次显现，此次一线城市率先发力扭转预期，有望阻断市场二次探底。 一线城市相继出手 中经记者 吴静 卢志坤 北京报道 楼市"止跌回稳"复杂筑底之际，北京在一线城市中率先迎来限购政策优化调整。 8月8日，北京市住房和城乡建设委员会、北京住房公积金管理中心联合印发《关于进一步优化调整本市 房地产相关政策的通知》（以下简称"《通知》"），明确提出符合条件家庭在北京五环外不再限制购房 套数，新政从8月9日开始执行。 他认为，此次政策落地后，五环外新房市场有望迎来销售高峰。一方面，符合条件家庭不限购房套数将 吸引更多购房者关注五环外的新房项目，增加市场需求。另一方面，对于开发商而言，这是一个积极信 号，将促使他们加快项目建设和推盘节奏。 张大伟认为，二手房市场同样会受到推动，更多房源将进入市场流通，交易活跃度将提升。而且，市场 交易的增加可能会对二手房价格起到一定"维稳"作用。 与此同时，放宽五环外购房限制，有利于引导人口和产业向五环外迁移，促进职住平衡，缓解中心城区 的人口压力，推动城市空间布局的优化。 根据中原地产研究 ...

Investment Rating - The report maintains a "Recommendation" rating for the real estate sector [2] Core Insights - The real estate sector index fell by 3.4%, ranking 29th among 31 industry sectors [8] - New home sales in 20 monitored cities increased by 16% week-on-week, but year-on-year sales decreased by 21% [19] - Second-hand home sales in 11 monitored cities decreased by 8% week-on-week and 4% year-on-year [23] - The report highlights the importance of effective policies and fiscal measures to stabilize the market [32] Summary by Sections Industry Basic Data - Total number of stocks: 107 - Total market value: 1,159.996 billion - Circulating market value: 1,111.33 billion [2] Sales Performance - New home sales in the 31st week amounted to 184 million square meters, with a daily average of 26.3 million square meters [19] - Year-to-date new home sales in 20 cities totaled 60.97 million square meters, down 8% year-on-year [19] - Second-hand home sales in the 31st week totaled 174 million square meters, with a daily average of 24.9 million square meters [23] Financing Activities - New City Holdings issued 1 billion in medium-term notes with a coupon rate of 2.68% [28] - The majority of bond issuances this week were from local state-owned enterprises [31] Investment Strategy - The report suggests focusing on companies with strong product moats and stable rental income from quality commercial real estate [32] - Key companies to watch include Greentown China, China Resources Land, Swire Properties, China Resources Vientiane Life, and Beike-W [32]

Core Viewpoint - Chengdu's government has introduced 17 specific measures to promote the stable and healthy development of the real estate market, focusing on improving supply quality, meeting demand, revitalizing existing stock, and optimizing housing provident fund policies [1] Group 1: Housing Market Policies - The city will gradually lift housing sales restrictions to better meet residents' needs for changing homes, allowing properties purchased before October 14, 2024, to be traded after obtaining property certificates starting from July 21, 2025 [2] - From January 1, 2026, second-hand homes purchased before October 14, 2024, will also have their transfer restrictions lifted, except for certain special cases [2] Group 2: Housing Provident Fund Adjustments - The new policy increases the loan support from the housing provident fund, reducing the minimum down payment for second homes from 30% to 20% [2] - The age limit for flexible employment individuals participating in the housing provident fund is raised to the legal retirement age, and the minimum contribution period for loan applications is shortened from 12 months to 6 months [2] - Residents can now withdraw their provident fund contributions for the renovation of old elevators in residential complexes, supporting improved living conditions [3] Group 3: Local Incentives and Educational Policies - Various districts are encouraged to implement direct subsidies for home purchases and optimize existing real estate support policies [4] - The "Anjia Chengdu" initiative promotes real estate consumption through offline activities during major festivals and the establishment of an online housing marketplace [4] - Conditional districts may allow guardians of school-age children to apply for school enrollment based on new housing purchase contracts, facilitating easier access to education [4] Group 4: Overall Development Strategy - The new measures aim to enhance supply quality, promote the revitalization of existing properties, and ensure balanced regional development through improved planning and operational efficiency [4] - The notification will take effect on July 21, 2025, superseding any conflicting previous regulations [4]

Core Viewpoint - The notification issued by Changsha's housing and urban-rural development bureau aims to optimize real estate development measures to stimulate market vitality and promote stable and healthy development of the real estate market in Changsha [2] Group 1: Housing Support Policies - The notification introduces a "trade-in" housing subsidy policy, allowing families or individuals who sell their existing homes and purchase new homes within one year to claim a subsidy of 1% of the new home's total price, with a maximum of 30,000 yuan per unit [3] - For families with multiple children, the notification provides special support, allowing families with two or more children to have their existing housing count reduced when applying for housing credit policies [4] Group 2: Land Resource Activation - The notification encourages the use of housing vouchers for resettlement and promotes the flexible application of housing vouchers in urban village and city dilapidated housing renovations [6] - It supports the modification of commercial project plans to lower the commercial-residential ratio to activate existing land resources and increase the acquisition of existing residential properties for affordable housing [7] Group 3: Financial Support for Real Estate - The notification emphasizes strengthening financial support for real estate through measures such as implementing a "white list" for real estate and innovating a "loan-deposit linkage" mechanism to meet the reasonable financing needs of real estate companies [8] Group 4: Quality Improvement in Housing - The notification stresses the construction of "good houses" through green, digital, intelligent, and prefabricated building methods, aiming to enhance the overall quality of residential properties [9] - It reiterates the increase in loan limits for families with two or more children purchasing their first or second homes, with specific increases of 20% and 30% respectively [9] Group 5: Market Regulation and Implementation - The notification outlines the need for improved management of new housing service facilities and further regulation of real estate market behavior to maintain a clean market environment [10] - The notification will take effect from July 14, 2025, for a duration of one year, with relevant departments expected to refine corresponding measures based on actual conditions [10]

Core Viewpoint - The article emphasizes the importance of promoting a stable, healthy, and high-quality development of the real estate market, highlighting the need for local governments to take responsibility and utilize real estate regulation policies effectively [1] Group 1: Policy Implementation - Local governments should adopt city-specific and precise measures to enhance the systematic effectiveness of policy implementation [1] - There is a call for continuous efforts to consolidate the stability of the real estate market [1] Group 2: Development Goals - The focus is on accelerating the construction of safe, comfortable, green, and smart housing to meet the new expectations of the public [1] Group 3: Market Activation - A multi-faceted approach is necessary to stabilize expectations, activate demand, optimize supply, and mitigate risks [1] - Greater efforts are required to push the real estate market towards recovery and stabilization [1]

Core Viewpoint - The current real estate market is at a critical juncture, with uncertainty about how much prices will drop before stabilizing, which is a key goal for 2025 [1][3] Market Adjustment - The real estate market is still in an adjustment phase, with predictions of a 10%-20% potential decline in national housing prices and an adjustment period lasting 1-3 years [3] - The adjustment may vary significantly by region, with first-tier cities remaining relatively stable while third and fourth-tier cities face higher risks of price declines [3] Factors Influencing Prices - Various factors, including declining birth rates and an aging population, contribute to a decrease in demand for housing, leading to an oversupply situation [3] - The current policies have reduced speculative buying, which previously supported high housing prices [3] Economic Implications - A significant drop in housing prices could disproportionately affect low- to middle-income families, for whom real estate constitutes 60%-70% of their wealth, while high-income families are less impacted [7][8] - The importance of stabilizing housing prices is emphasized due to its impact on multiple industries and employment [5][7] Policy Actions - Recent government actions have focused on promoting a stable and healthy real estate market, with a call for more targeted and effective policies to stabilize expectations and activate demand [8][9] - The necessity of synchronizing the recovery of the economy with the stabilization of the real estate market is highlighted, as both are interdependent [9][11]

Group 1 - The summer housing festival in Jinan aims to enhance housing consumption to boost domestic demand and ensure people's livelihoods, running from June to the end of August 2025 [1][3] - The event is organized by the Jinan Housing and Urban-Rural Development Bureau and the Jinan Real Estate Association, featuring nearly 40 real estate companies and over 50 quality projects [3][5] - Various promotional activities will be held across districts, targeting specific groups such as new citizens, doctors, and teachers, to stimulate the real estate market [5] Group 2 - The festival will provide a platform for policy promotion and supply-demand matching, focusing on the demand for safe, comfortable, green, and smart housing [3] - The Jinan government has implemented several measures, including the "sell old to buy new" and "housing ticket placement" initiatives, to support housing consumption and improve living conditions [3][5] - Future efforts will focus on enhancing the quality of housing, communities, and urban areas, while optimizing policy measures and market regulation to foster a healthy market ecosystem [5]

Core Viewpoint - Hunan Province's Chenzhou City has introduced 18 policy measures to promote stable, healthy, and high-quality development in the real estate sector, focusing on supporting home purchases, assisting real estate companies, accelerating inventory reduction, stimulating market vitality, revitalizing existing assets, and optimizing supply [1] Summary by Relevant Categories Support for Home Purchases - Chenzhou City has implemented a housing subsidy policy, providing financial incentives based on the actual paid deed tax for new residential purchases in the city center [1] - For new residential properties, a subsidy of 50% of the deed tax is offered during key periods such as May Day, National Day, and seasonal housing fairs [1] - Families with two or more children purchasing new residential properties in the city center can receive a subsidy of 60% of the deed tax [1] Support for Real Estate Companies - The measures aim to provide assistance to real estate companies to ensure their stability and growth in the market [1] Inventory Reduction - The policies are designed to accelerate the reduction of existing inventory in the real estate market, contributing to a healthier market environment [1] Market Vitality - The introduction of these measures is expected to stimulate market activity and enhance overall market vitality in the real estate sector [1] Revitalization of Existing Assets - The policies also focus on revitalizing existing assets within the real estate market to improve overall supply and demand dynamics [1] Optimization of Supply - The measures aim to optimize the supply of real estate offerings in Chenzhou City, ensuring a better alignment with market needs [1]

Core Viewpoint - The new policy issued by Xi'an aims to promote the stable and healthy development of the real estate market, focusing on key issues faced by the sector, including land supply, financial support, and market linkage [1][2]. Group 1: Land Supply Optimization - The policy emphasizes the construction of "good houses" and "good communities," prioritizing land supply for areas with complete infrastructure and amenities [2]. - It encourages the development of safe, comfortable, green, and smart housing, improving standards throughout the entire lifecycle of buildings [2]. - A new mechanism for residential land assessment is introduced, linking land prices to surrounding property sales, which is expected to stimulate land acquisition by developers and balance costs and returns [3]. Group 2: Financial Policy Adjustments - The policy includes measures to lower the cost of home purchases and development, such as adjusting the minimum down payment for personal housing loans and improving the pricing mechanism for loan interest rates [5]. - It expands the coverage of the "white list" policy to ensure compliance projects have stable financing channels, and allows employees from the Guanzhong Plain urban agglomeration to enjoy the same housing fund loan rights as local residents [5]. Group 3: Market Activation Measures - The policy proposes measures to enhance the linkage between the first and second-hand housing markets, including expediting property rights certificate processing and promoting activities like "old-for-new" housing exchanges [6]. - It aims to streamline property transaction services, allowing for one-stop processing of transactions, tax payments, and utility transfers [6]. - The policy also includes provisions for regulating pre-sale funds and facilitating the trading of self-owned commercial properties, contributing to a better business environment [6].