Core Viewpoint - The 20th Central Committee of the Communist Party of China has outlined a blueprint for the economic and social development during the "14th Five-Year Plan" period, emphasizing the promotion of high-quality development in the real estate sector, signaling continued government support for the industry [1]. Group 1: Economic Impact - The real estate industry is a pillar of the national economy, significantly driving the development of upstream and downstream industries [1]. - There remains demand in the real estate market, with ongoing space for industry development as urban growth shifts from large-scale expansion to enhancing existing stock [1]. Group 2: Supply System Enhancement - To promote high-quality development, it is essential to further improve the supply system, addressing both basic housing needs and diverse improvement demands [1]. - The housing rental market should be regulated, fostering market-oriented and professional rental enterprises while enhancing industry supervision and service capabilities [1]. Group 3: Resource Allocation - The stable and healthy development of the real estate market fundamentally depends on the effective allocation of four key resources: people, housing, land, and finance [2]. - A mechanism for the interconnection of these resources should be established, with housing development plans based on population changes to ensure a balanced supply and demand [2]. Group 4: Regulatory Framework - There is a need to reform and improve the regulatory system for real estate development, financing, and sales to promote stable industry operations [2]. - Strict regulations should be enforced to prevent misuse of funds in project companies and ensure that financing needs are met through designated banks [2]. Group 5: Quality Development - The real estate industry should focus on developing safe, comfortable, green, and smart housing, enhancing standards across the entire housing lifecycle [3]. - The industry must adopt a new development model centered on urban connotation and renewal to achieve sustainable and healthy growth [3].

推动房地产高质量发展，应进一步规范监管制度，推动行业稳健经营。应改革完善房地产开发、融资、 销售制度。在房地产开发方面，项目交付前，严禁投资人违规抽挪项目公司销售、融资等资金，严禁抽 逃出资或提前分红。在房地产项目融资方面，房地产项目确定一家银行或银团为主办银行，项目开发、 建设、销售等资金都存入主办银行，主办银行保障项目公司的合理融资需求。在商品房销售方面，有力 有序推进现房销售，做到"所见即所得"，从根本上防范交付风险；继续实行预售的，规范预售资金监 管，切实维护购房人合法权益。 推动房地产高质量发展，应发展安全、舒适、绿色、智慧的"好房子"。房地产行业应全链条提升住房标 准、设计、材料、建造、运维水平，把保障房建成"好房子"，将新房子建成"好房子"，将老房子改造 成"好房子"。 未来，房地产业只有立足城市内涵式发展和城市更新大场景，加快构建房地产发展新模式，向高质量发 展要效益，才能迎来平稳健康发展。 我国房地产市场仍有需求，产业发展仍有空间。我国城市发展正从大规模增量扩张阶段转向以存量提质 增效为主的阶段。人民群众期盼过上更高品质的生活，对好房子、好小区、好社区、好城区仍有持续不 断的需求。 推动房地 ...

Core Insights - The "15th Five-Year Plan" emphasizes the importance of promoting high-quality development in the real estate sector, indicating a shift in focus compared to the previous "14th Five-Year Plan" where real estate was not singled out as a task [2][10]. Group 1: Real Estate Development - The "15th Five-Year Plan" outlines specific tasks for real estate, including optimizing the supply of affordable housing and improving housing quality, which reflects the changing structure of housing demand [4][6]. - The plan aims to establish a new development model for real estate, focusing on foundational systems for development, financing, and sales, which are expected to see breakthroughs in policy [2][3]. Group 2: Urban Renewal - The plan calls for a strong implementation of urban renewal, recognizing its importance as cities transition from rapid growth to stable development, focusing on quality improvement of existing urban areas [7][8]. - Urban renewal is expected to generate new industrial demand and improve living conditions, with policies to support financing and planning anticipated to accelerate [8]. Group 3: Housing Policy Adjustments - The plan proposes the removal of unreasonable restrictive measures on housing consumption, indicating a clear timeline for the exit of certain policies to create more space for housing consumption [9][10]. - There is an emphasis on the need for a coordinated approach to managing real estate risks, with a focus on preventing systemic risks through macro-prudential financial reforms [10].

Capital Market Development - The proposal emphasizes improving the inclusiveness and adaptability of the capital market, enhancing the coordination between investment and financing functions [1] - The China Securities Regulatory Commission (CSRC) plans to deepen the reform of the Growth Enterprise Market, establishing listing standards that better align with the characteristics of emerging industries and innovative enterprises [1][2] - The focus is on providing more precise and inclusive financial services for new industries, new business formats, and new technologies [1] Direct Financing Enhancement - The proposal advocates for the active development of direct financing methods such as equity and bonds, while steadily advancing futures, derivatives, and asset securitization [2] - It calls for further deepening capital market reforms to enhance financing capabilities for various types of enterprises, particularly in supporting technological innovation [2] Resource Allocation and Market Functionality - The proposal aims to accelerate the establishment of a market-oriented resource allocation system, promoting efficient allocation of various resources [3] - A well-functioning capital market is deemed crucial for achieving the goals of the 14th Five-Year Plan and contributing to China's modernization process [3] Macroeconomic Governance - The proposal highlights the need to enhance macroeconomic governance effectiveness, emphasizing the coordination of fiscal and monetary policies [4] - It aims to create a more internally driven economic growth model, focusing on consumption and domestic demand [4] Fiscal Policy and Financial Sustainability - The proposal stresses the importance of active fiscal policies to enhance fiscal sustainability and ensure financial resources are allocated effectively [5] - It suggests optimizing the fiscal relationship between central and local governments to improve financial coordination [5] Monetary Policy Transmission - The proposal calls for improvements in the central bank's system and the establishment of a robust monetary policy framework to ensure effective transmission mechanisms [6][7] Financial Regulation - The proposal emphasizes the need for comprehensive financial regulation, enhancing collaboration between central and local regulatory bodies [8] - It aims to build a risk prevention and resolution system to ensure the stability of the financial system [8] State-Owned Enterprise Reform - The proposal advocates for deepening the reform of state-owned enterprises (SOEs) to enhance their core functions and competitiveness [9] - It emphasizes the integration of technological and industrial innovation to drive sustainable development [9] Private Economy Development - The proposal aims to implement laws and systems that ensure equal access to production factors and fair market competition for the private economy [10] - It emphasizes the need for practical measures to stimulate private investment and address the challenges faced by private enterprises [10] Consumer-Oriented Policies - The proposal suggests increasing government spending on social welfare to enhance consumer confidence and stimulate consumption [11] - It aims to improve the institutional mechanisms that promote consumption and support consumer rights [11] Investment Approval Reform - The proposal calls for reforms in the investment approval system to clarify investment directions and priorities at both central and local levels [12] - It emphasizes the need for a unified online approval platform to streamline the investment project approval process [12] Real Estate Development - The proposal focuses on promoting high-quality development in the real estate sector, advocating for a new development model [14] - It emphasizes the importance of macro-prudential management and supporting quality real estate enterprises in financing [14]

Core Viewpoint - The Central Committee's proposal emphasizes the need for high-quality development in the real estate sector, aiming to establish a new development model that enhances the foundational systems of property development, financing, and sales [1] Group 1: New Development Model - The proposal highlights the importance of adapting to significant changes in the supply-demand relationship within the real estate market, suggesting that constructing a new development model is essential for stable and healthy market growth [1] - Key measures include optimizing the supply of affordable housing and increasing the supply of improved housing based on local conditions, as well as implementing quality enhancement projects for housing and property services [1][2] Group 2: Quality and Supply System - The optimization of the supply system and quality upgrades are identified as crucial tasks for structural reform on the supply side of housing, focusing on meeting and creating new demands to improve living conditions [2] - The construction of "good houses" involves not only enhancing the quality of new residential properties but also updating and renovating existing housing, emphasizing standards, design, materials, construction, and maintenance [2]

Core Insights - The Central Committee's proposal emphasizes promoting high-quality development in the real estate sector, aiming to establish a new development model and improve foundational systems for property development, financing, and sales [1][2] Group 1: High-Quality Development - The concept of "high-quality development" in real estate is framed within the context of enhancing and securing people's livelihoods, highlighting the sector's role in housing and social welfare [1] - The proposal suggests optimizing the supply of affordable housing and increasing the supply of improved housing based on local conditions, alongside initiatives for constructing safe, comfortable, green, and smart homes [1][2] Group 2: Supply System Optimization - The optimization of the housing supply system and quality upgrades are identified as crucial tasks for structural reform on the supply side of housing, focusing on meeting and creating new demands to improve living conditions [2] - The construction of "good houses" involves not only enhancing the quality of new residential buildings but also includes the renovation and upgrading of existing housing, emphasizing standards, design, materials, construction, and maintenance [2]

Core Insights - The Central Committee's proposal emphasizes promoting high-quality development in the real estate sector, aiming to establish a new development model and improve the foundational systems for property development, financing, and sales [1] Group 1: Policy Recommendations - The proposal highlights the need to adapt to significant changes in the supply-demand relationship within the real estate market, suggesting that constructing a new development model is essential for stable and healthy market growth [1] - It places "high-quality development" of real estate within the framework of enhancing and improving people's livelihoods, underscoring the sector's role in housing and social welfare [1] Group 2: Implementation Strategies - Key measures for implementing the new model include optimizing the supply of affordable housing, increasing the supply of improved housing based on local conditions, and constructing safe, comfortable, green, and smart homes [1] - The focus on enhancing the quality of housing involves not only the improvement of new residential properties but also the renovation of existing housing, emphasizing standards, design, materials, construction, and maintenance [2]

作者丨张敏 编辑丨张星 10月28日，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称"'十五 五'规划建议"）发布。"十五五"规划建议指出，"清理汽车、住房等消费不合理限制性措施"，"大力实施 城市更新"。 此外，"推动房地产高质量发展"被单列为一项任务，并放在加大保障和改善民生的战略任务中。具体提 出，"加快构建房地产发展新模式，完善商品房开发、融资、销售等基础制度。优化保障性住房供给， 满足城镇工薪群体和各类困难家庭基本住房需求。因城施策增加改善性住房供给。建设安全舒适绿色智 慧的'好房子'，实施房屋品质提升工程和物业服务质量提升行动。建立房屋全生命周期安全管理制 度。" "十五五"规划建议还提及，"盘活用好低效用地、闲置房产、存量基础设施。""统筹推进房地产、地方 政府债务、中小金融机构等风险有序化解。" 高质量发展的五大路径 房地产与固定资产投资和城市发展息息相关，又关乎消费与民生。因此，与房地产有关的内容，经常被 放在不同的任务中。 在"十四五"规划建议中，房地产有关的内容主要被放在"全面促进消费""推进以人为核心的新型城镇 化"任务中，并未单列。相较之下，在"十五五"规划建 ...

作者丨张敏 编辑丨张星 10月28日，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简 称"'十五五'规划建议"）发布。"十五五"规划建议指出，"清理汽车、住房等消费不合理限制性 措施"，"大力实施城市更新"。 此外，" 推动房地产高质量发展"被单列为一项任务，并放在加大保障和改善民生的战略任务 中 。具体提出，"加快构建房地产发展新模式，完善商品房开发、融资、销售等基础制度。优 化保障性住房供给，满足城镇工薪群体和各类困难家庭基本住房需求。因城施策增加改善性住 房供给。建设安全舒适绿色智慧的'好房子'，实施房屋品质提升工程和物业服务质量提升行 动。建立房屋全生命周期安全管理制度。" "十五五"规划建议还提及，"盘活用好低效用地、闲置房产、存量基础设施。""统筹推进房地 产、地方政府债务、中小金融机构等风险有序化解。" 高质量发展的五大路径 房地产与固定资产投资和城市发展息息相关，又关乎消费与民生。因此，与房地产有关的内 容，经常被放在不同的任务中。 在"十四五"规划建议中，房地产有关的内容主要被放在"全面促进消费""推进以人为核心的新 型城镇化"任务中，并未单列。相较之下，在"十五五"规 ...

Investment Rating - The report maintains a cautious outlook on the real estate sector, indicating a need for more policy support to stimulate market activity [7][43]. Core Views - The new housing transaction volume in 30 major cities decreased by 22.1% year-on-year, showing a slight improvement from the previous week's decline of 24.4% [1][14]. - The report highlights that the transaction volume in first-tier cities continues to show a narrowing increase or expanding decrease, with Beijing down 6.7% and Shanghai down 1.1% year-on-year [2][17]. - The land transaction volume in 100 major cities fell by 14.9% year-on-year, although it increased by 19.6% month-on-month [4][32]. - The report emphasizes the need for more robust policy measures to invigorate the real estate market, as recent policy discussions have not sufficiently addressed the sector's challenges [7][43]. Summary by Sections New Housing Sales - The new housing sales volume in 30 major cities reached 1.97 million square meters, down 22.1% year-on-year, with first, second, and third-tier cities showing declines of -33.4%, -14.0%, and -21.0% respectively [1][14]. - Cumulative new housing sales in first-tier cities show a mixed performance, with Beijing and Shenzhen experiencing declines, while Guangzhou saw a 3.0% increase [2][17]. Inventory and Sales Ratio - The inventory-to-sales ratio for major cities was 101.2, higher than last year's 70.2 but lower than the previous week's 112.9 [3][25]. - First-tier cities had an inventory-to-sales ratio of 63.4, up from 44.9 last year but down from 71.8 the previous week [3][25]. Land Transactions - The land transaction volume in 100 major cities was 24.11 million square meters, down 14.9% year-on-year but up 19.6% month-on-month [4][32]. - First-tier cities saw a 24.1% year-on-year increase in land transaction volume, while second-tier cities increased by 7.6% [32]. Policy and Market Outlook - The report notes that the recent policy discussions from the Fourth Plenary Session of the Central Committee have not provided substantial support for the real estate sector, indicating a need for more decisive actions [5][39]. - The focus on high-quality development in the "14th Five-Year Plan" includes promoting real estate development, but the specifics remain vague [5][39]. Stock Performance - The report indicates that the Hong Kong-listed mainland property stocks lagged behind the broader market, with the Hang Seng China Mainland Property Index rising only 0.2% [6][41]. - Specific stocks such as China Overseas Development and China Resources Land are highlighted as potential investment opportunities [8][44].