Core Viewpoint - The Ministry of Housing and Urban-Rural Development is accelerating the construction of a new model for real estate development, focusing on reforming and improving the financing and sales systems in the real estate sector [1][2]. Group 1: Achievements During the 14th Five-Year Plan - During the 14th Five-Year Plan, approximately 5 billion square meters of new residential properties were sold nationwide [1]. - Over 11 million units of various types of affordable housing and urban renewal projects were constructed, benefiting more than 30 million people [1]. - More than 240,000 old urban communities were renovated, impacting over 40 million households and 110 million individuals [1]. Group 2: Reform Initiatives - The establishment of a "people, housing, land, and finance" linkage mechanism is a key initiative to ensure the stable and healthy development of the real estate market [2]. - Local governments are guided to develop housing plans based on population changes, ensuring a scientific arrangement of land supply and financial resource allocation [2]. - The traditional "three highs" model in real estate development is deemed unsuitable for current conditions and requires transformation [2]. Group 3: Financing and Sales Reforms - Project companies are required to exercise independent legal rights, and investors are prohibited from misappropriating funds before project delivery [3]. - A "white list" system for project financing has been established, with over 7 trillion yuan approved for loans to "white list" projects, ensuring the construction and delivery of residential properties [3]. - The promotion of "real estate sales as seen" aims to fundamentally prevent delivery risks, while pre-sale funds are subject to strict regulatory oversight to protect buyers' rights [3]. Group 4: Future Plans - During the 15th Five-Year Plan, the Ministry will continue to collaborate with relevant departments to implement tasks aimed at creating a new model for real estate development [4]. - The goal is to establish a sound supply system, reasonable resource allocation, standardized regulatory frameworks, and stable industry operations to promote high-quality development in the real estate sector [4].

Core Viewpoint - The Ministry of Housing and Urban-Rural Development is accelerating the establishment of a new model for real estate development, focusing on reforming and improving the financing and sales systems in the real estate sector [1][2]. Group 1: Achievements During the 14th Five-Year Plan - During the 14th Five-Year Plan, approximately 5 billion square meters of new commercial residential space were sold nationwide [1]. - Over 11 million units of various types of affordable housing and urban renewal projects were constructed, benefiting more than 30 million people [1]. - More than 240,000 old urban communities were renovated, impacting over 40 million households and 110 million individuals [1]. Group 2: Reform Initiatives - The establishment of a "people, housing, land, and finance" linkage mechanism is a key initiative to ensure the stable and healthy development of the real estate market [2]. - Local governments are guided to develop housing plans based on population changes, ensuring a scientific arrangement of land supply and financial resource allocation [2]. - The traditional "three highs" model in real estate development is deemed unsuitable for current conditions and requires transformation [2]. Group 3: Financing and Sales Regulations - Project companies are required to exercise independent legal rights, and investors are prohibited from misappropriating funds before project delivery [3]. - A "white list" system for project financing has been established, with over 7 trillion yuan approved for loans to "white list" projects, ensuring the construction and delivery of commercial housing [3]. - The promotion of "现房销售" (selling existing houses) is being actively pursued to mitigate delivery risks and protect buyers' rights [3]. Group 4: Future Plans - During the 15th Five-Year Plan, the Ministry will continue to collaborate with relevant departments to implement tasks aimed at creating a new model for real estate development [4]. - The goal is to establish a sound supply system, reasonable resource allocation, standardized regulatory frameworks, and stable industry operations to promote high-quality development in the real estate sector [4].

（来源：地产冲冲冲） 核心观点：新房成交面积同环比下降，建立可持续城市更新模式 本周我们跟踪的68城新房成交同环比下降，20城二手房成交面积同比下降。土地成交面积同比下降，溢价率环比增长。国内信用债发 行规模环比减少。本周住建部提出坚持机制创新，建立可持续城市更新模式，目前多地已落地城市更新文件，预计新机制将加快建 立，住建部正研究改造存量老房，下一步将联合地方试点，未来将加快构建房地产发展新模式。我们认为，在各项促进房地产市场止 跌回稳政策作用下，今年以来我国房地产市场整体朝着止跌回稳的方向迈进，在止跌回稳的过程中，房价仍可能存在小幅度震荡，期 待后续在政策作用下，房地产市场进一步稳定。在更加积极的财政政策、适度宽松的货币政策下，存量收储及城中村改造工作有望加 速推进，改善现有住房供求关系，加快止跌回稳进程，维持行业"看好"评级。 建立可持续城市更新模式，加快构建房地产发展新模式 中央层面：住建部：坚持机制创新，建立可持续城市更新模式，目前多地已落地城市更新文件，预计新机制将加快建立，住建部正研 究改造存量老房，下一步将联合地方试点，未来将加快构建房地产发展新模式。 地方层面：南京：南京住房公积金管理中心1 ...

Group 1 - The core viewpoint of the news is that the "14th Five-Year Plan" period is crucial for the real estate industry to embrace a new model, focusing on high-quality development in housing and urban construction [1][4] - During the "14th Five-Year Plan," the housing and urban construction system aims to improve living conditions and urban environments, with significant achievements reported [1][2] - The government has established a multi-tiered housing security system to address the basic housing needs of vulnerable groups, including public rental housing and affordable housing [2][3] Group 2 - The total construction of various types of affordable housing and urban renovation projects during the "14th Five-Year Plan" is expected to exceed 11 million units, benefiting over 30 million people [2] - The cumulative sales of new residential properties during this period are projected to reach approximately 5 billion square meters, indicating a robust housing market [2] - The real estate market is transitioning to a stock era, with signs of stabilization in both new and second-hand housing transactions [3] Group 3 - The new real estate development model aims to adapt to significant changes in supply and demand dynamics, promoting stable and healthy market development [4] - Key initiatives include improving the housing supply system, establishing a linkage mechanism for resources, and reforming the development, financing, and sales systems [4] - The emphasis on "good housing" focuses on quality standards, design, materials, construction, and maintenance, with a commitment to enhancing living conditions [5] Group 4 - The government is actively promoting the delivery of over 7.5 million units of housing that have been sold but not yet delivered, ensuring the protection of buyers' rights [3] - The focus on "good housing" will also extend to the renovation of old neighborhoods and the construction of affordable housing [5] - Future efforts will continue to align with urban development and renewal, aiming for a well-structured supply system and a stable real estate market [5]

Core Viewpoint - The Chinese real estate market is undergoing a historic transformation in supply and demand dynamics, necessitating a new development model that balances stability, growth, and transition [2][6]. Group 1: Market Dynamics - The Ministry of Housing and Urban-Rural Development emphasizes that the stable and healthy development of the real estate market fundamentally depends on the effective allocation of four resource factors: people, housing, land, and finance [2]. - The traditional policy approach to stimulate the market needs to be adjusted, moving away from short-term solutions to a more nuanced understanding of supply-demand relationships and resident needs [3][7]. Group 2: "Guarantee Delivery" Initiatives - The "Guarantee Delivery" initiative remains a key focus in constructing the new real estate development model, with significant progress reported during the "14th Five-Year Plan" period [4]. - Over 7 trillion yuan in loan approvals have been granted for projects on the "white list," aimed at ensuring normal construction funding and timely project delivery [5]. Group 3: Market Trends and Sales Data - From January to September 2025, the total sales of the top 100 real estate companies amounted to 26,065.9 billion yuan, reflecting a year-on-year decline of 12.2% [5]. - The market is transitioning to a "stock era," where the volume of second-hand housing transactions is surpassing that of new homes in 15 provinces, indicating a shift in market dynamics [6]. Group 4: Future Development Strategies - The new model emphasizes a shift from incremental to stock thinking, focusing on matching supply with actual demand rather than forcing supply based on government land purchases [7]. - The establishment of a mechanism for the interconnection of the four resource factors is underway, with local governments actively planning and assessing housing development strategies for the "15th Five-Year Plan" [7].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The new housing transaction area has decreased both year-on-year and month-on-month, prompting the establishment of a sustainable urban renewal model. The Ministry of Housing and Urban-Rural Development emphasizes innovation in mechanisms to accelerate the establishment of this new model, with pilot projects expected to be launched in collaboration with local governments [5][6][61] - The overall real estate market in China is moving towards stabilization, with policies aimed at preventing further declines. However, slight fluctuations in housing prices may still occur during this stabilization process [5][61] Summary by Sections 1. Sustainable Urban Renewal Model - The Ministry of Housing and Urban-Rural Development aims to establish a sustainable urban renewal model, with multiple cities already implementing urban renewal documents. The focus is on renovating existing old housing and launching pilot projects with local governments [6][14][61] 2. Sales Sector - In the 41st week of 2025, the transaction area of new residential properties in 68 major cities was 1.32 million square meters, a year-on-year decrease of 52% and a month-on-month decrease of 32%. Cumulatively, the transaction area from the beginning of the year to date is 91.74 million square meters, reflecting an 11% year-on-year decline [19][36] - The transaction area of second-hand houses in 20 cities was 1.01 million square meters, with a year-on-year growth rate of -45% [36] 3. Investment Sector - In the 41st week of 2025, the planned building area of land released in 100 major cities was 47.78 million square meters, with a transaction area of 11.89 million square meters, representing a year-on-year decrease of 9%. The transaction premium rate was 4.8% [41][42] 4. Financing Sector - In the 41st week of 2025, the issuance of credit bonds was 0.94 billion yuan, a year-on-year decrease of 64% and a month-on-month decrease of 55%. The cumulative issuance of credit bonds was 314.86 billion yuan, remaining stable year-on-year [48][50] 5. Weekly Market Review - The real estate index fell by 0.82%, underperforming the Shanghai and Shenzhen 300 index, which decreased by 0.51%. The real estate sector ranked 20th among 28 sectors in terms of performance [53][55]

Group 1: Real Estate Market Repositioning - The core viewpoint emphasizes the need for a "repositioning" of the real estate market in China, transitioning from being an economic pillar to a dual role as a "foundation for livelihood" and an "innovation carrier" [1] - The report highlights that the traditional model of "high leverage, high debt, high turnover" is no longer sustainable, necessitating a new development model for real estate [1] - The central government aims to alleviate housing difficulties for new citizens and youth by promoting high-quality housing construction and urban village renovations [1] Group 2: Economic Dependency on Real Estate - Experts argue that China must gradually reduce its reliance on real estate for economic growth, as the current development stage cannot support significant economic boosts from the real estate sector [2] - There is a persistent imbalance between new housing supply and urban population growth, indicating a shift towards a secondary market dominated by second-hand housing transactions [2] - The changing housing consumption concept is reflected in the growing rental market and increasing proportion of existing home sales [2] Group 3: Structural Differentiation in Real Estate - The real estate market in China shows structural differentiation, with strong demand in urban areas experiencing population inflow, while areas with population outflow face contraction [3] - The need for "precise policies" is emphasized, advocating for supply driven by demand and the creation of demand through supply [3] - The call for a standardized rental market and extending housing security to a broader range of workers is highlighted [3] Group 4: Office Market Dynamics - The office market is currently characterized by oversupply, particularly in major cities like Shanghai, Beijing, and Shenzhen, leading to a downward trend in rental prices [4] - The demand for office space is showing signs of gradual recovery, but the disparity among different sectors remains significant [4] - Proposed strategies include controlling new supply, enhancing old building renovation mechanisms, and improving rental monitoring to boost market confidence [4]

Core Insights - The "14th Five-Year Plan" period has seen significant improvements in housing conditions, urban living environments, and the transformation of the construction industry in China [3][4][5] Housing Supply and Demand - A multi-tiered housing security system has been established, including public rental housing and affordable housing, benefiting over 30 million people with the construction of more than 11 million housing units [4] - Policies to support home purchases have been enhanced, including lowering down payment ratios and interest rates, resulting in approximately 5 billion square meters of new residential sales during the "14th Five-Year Plan" [5] - Over 7.5 million previously sold but undelivered homes have been successfully delivered [5] Urban Development and Infrastructure - The renovation of old urban communities has improved living quality for over 110 million residents, with more than 240,000 old communities renovated [5] - Historical building protection initiatives have been implemented in over 70 cities, enhancing urban aesthetics and preserving cultural heritage [6] Construction Industry Growth - The construction industry is projected to reach a value of 32.7 trillion yuan by 2024, marking a 24% increase from 2020 [7] - Significant infrastructure projects have been completed, including 154 billion square meters of construction and extensive road and rail networks [7] Real Estate Reform and Development - The government is reforming the real estate sector to adapt to changing market dynamics, focusing on a new development model that balances market forces with government support [9] - A new mechanism for coordinating real estate financing has been established, with over 7 trillion yuan in loan approvals for "white list" projects [9] Technological Advancements - The construction sector is advancing in technology, focusing on green, smart, and efficient building practices, with significant breakthroughs in various technical fields [10] - The integration of new technologies, such as urban information models, is enhancing urban management and service delivery [10]

10月11日，国务院新闻办举行新闻发布会，介绍"十四五"时期住房城乡建设高质量发展成就。 住房城乡建设部部长倪虹表示，5年来，人民群众住房条件进一步改善、城市人居环境质量进一步提 升、建筑业转型升级进一步加快、住房城乡建设领域改革进一步深化。 750多万套已售难交付住房实现交付 "十四五"时期，住房城乡建设系统牢牢抓住"安居"这个人民群众幸福生活的基点，坚持市场与保障相结 合，多措并举、多点发力，提高人民群众居住水平。 着力保障困难群众基本住房需求。住房城乡建设部副部长董建国介绍，体系上，充分考虑保障对象的实 际情况差异，建立包含公租房、保障性租赁住房和配售型保障性住房的多层次住房保障体系，对新市 民、青年人等不同群体，在住房保障制度上作出相应安排。方式上，坚持货币补贴和实物保障相结合， 以需定建、以需定购，筹集保障性住房房源，根据群众需求宜租则租、宜售则售。"十四五"时期，建设 筹集各类保障性住房和城中村、城市危旧房改造等安置住房1100多万套（间）、惠及3000多万群众。 着力满足多样化改善性住房需求。不断加大对居民购房的政策支持力度，下调住房公积金和商业银行贷 款首付比例和利率、对居民"卖旧买新"换购住 ...

Core Viewpoint - The article discusses the achievements and ongoing efforts in the housing and urban construction sector during the "14th Five-Year Plan" period, emphasizing improvements in housing conditions, urban living environments, and the construction industry's transformation and upgrades [11][12][15]. Group 1: Housing Improvement and Urban Development - Over the past five years, housing conditions for the public have improved, with a focus on ensuring basic housing needs for vulnerable groups through a multi-tiered housing security system [11][12]. - A total of 11 million units of various types of affordable housing and relocation housing have been constructed, benefiting over 30 million people [12]. - The cumulative sales of new residential buildings reached approximately 5 billion square meters during the "14th Five-Year Plan" period [13]. Group 2: Construction Industry Growth - The construction industry's output value is projected to reach 32.7 trillion yuan by 2024, an increase of 6.3 trillion yuan (24%) compared to 2020 [15]. - From 2021 to 2024, the industry is expected to complete 1.54 billion square meters of construction and significant infrastructure projects, including 7,900 kilometers of municipal roads and 29,000 kilometers of highways [15]. Group 3: Real Estate Development Reform - The government is accelerating the establishment of a new real estate development model, focusing on optimizing housing supply systems and reforming foundational systems related to real estate development, financing, and sales [16]. - A total of over 7 trillion yuan in loans has been approved for "white list" projects, supporting the real estate market's stability [16]. Group 4: Technological Advancements in Construction - The housing and urban construction sector is focusing on technological innovation, with significant breakthroughs in various construction technologies and materials [17]. - The implementation of the "urban brain" concept aims to enhance urban management and improve public services through advanced data integration and analysis [17].