转自：北京日报客户端 在今天上午国务院新闻办公室举行的新闻发布会上，住房城乡建设部相关负责人表示，"十四五"期间， 加快构建房地产发展新模式工作取得了积极进展，住房供应体系日趋完善。 住房城乡建设部副部长 董建国：房地产市场能否平稳健康发展，根本上取决于"人、房、地、钱"四类 要素资源的配置效果。我们指导各地以编制和实施住房发展规划和年度计划为抓手，根据人口变化确定 住房需求，科学安排土地供应、引导配置金融资源，也就是以人定房，以房定地、以房定钱，促进房地 产市场供需平衡、结构合理。去年和今年，各地已经编制实施了住房发展年度计划，目前正在积极谋 划、科学研判，编制"十五五"住房发展规划。 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。 住房城乡建设部副部长 董建国："十五五"期间，我们将继续和有关部门密切配合，立足于城市内涵式 发展和城市更新大场景，落实好构建房地产发展新模式的各项任务，推动形成供应体系健全、要素配置 合理、监管制度规范、行业经营稳健的房地产发展新格局，促进房地产高质量发展。 来源：央视新闻客户端 ...

全国累计销售新建商品住宅面积约50亿平方米 倪虹表示，人民群众住房条件进一步改善。"十四五"期间，全国累计销售新建商品住宅面积约50亿平方米；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。 50亿平方米、1100多万套（间）、24万多个、4000多万户、1.1亿人、12.9万部……住房城乡建设部部长倪虹10月11日在国新办举行的"高质量完成'十四 五'规划"系列主题新闻发布会上给出的一组组数据显示，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。 据介绍，截至目前，全国750多万套已售难交付的住房实现交付，有力维护了广大购房人合法权益。同时，存量住房市场的规模持续扩大，目前，全国有 15个省、区、市二手住宅交易量超过新房。 其一，着力保障困难群众基本住房需求。这是政府的一项重要职责，住房城乡建设部指导各地在对低保家庭实现应保尽保的基础上，因城施策保障城镇困 难家庭基本住房需求。在方式上，坚持货币补贴和实物保障相结合，以需定建、以需定购，筹集保障性住房的房源，根据群众需求宜租则租、宜售则售。 "为了更加精准地对接保障对象的需求和保障房源的供给，提升 ...

Core Insights - The current phase of urbanization in China is shifting from rapid growth to stable development, focusing on improving existing urban infrastructure rather than large-scale expansion [1] - The Ministry of Housing and Urban-Rural Development (MOHURD) aims to implement the "14th Five-Year Plan" effectively and is preparing for the "15th Five-Year Plan" to enhance urban living conditions and promote modern city development [1] Summary by Sections Housing Market Performance - During the "14th Five-Year Plan," approximately 5 billion square meters of new residential properties were sold nationwide [2] - The transaction volume of second-hand housing has surpassed that of new homes in 15 provinces, regions, and municipalities [2] - Over 7 million units of sold but undelivered housing have been successfully delivered [3] Urban Development Initiatives - More than 240,000 old urban communities have been renovated, benefiting over 110 million residents [4] - The MOHURD has implemented 2,387 urban village renovation projects, providing over 2.3 million units of resettlement housing [4] - A total of 840,000 kilometers of underground pipelines have been upgraded, enhancing urban safety and resilience [4] Financing and Policy Support - The national "white list" project loan approval amount has exceeded 7 trillion yuan, facilitating financing for housing projects [5][6] - The MOHURD has introduced various supportive measures for homebuyers, including lowering down payment ratios and interest rates, as well as tax incentives for property transactions [2][6] Future Planning - The MOHURD is actively preparing the "15th Five-Year Plan" for housing development, focusing on aligning housing supply with population changes and optimizing land and financial resource allocation [7] - The ministry aims to establish a new model for real estate development that promotes high-quality growth and a balanced supply-demand structure [7]

格隆汇10月11日｜住房城乡建设部部长倪虹今日在国新办举行的"高质量完成'十四五'规划"系列主题新 闻发布会上表示，五年来，住房城乡建设部坚持守正创新，注重系统集成，突出实际成效，纵深推进各 项改革任务，用改革的思维和办法破解难题，努力为住房城乡建设事业高质量发展夯实基础。住房城乡 建设部深化住房和房地产领域改革，加快构建房地产发展新模式，完善住房供应体系，改革完善房地产 开发、融资、销售等基础性制度，建立人、房、地、钱要素联动新机制。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com (责任编辑：宋政 HN002) ...

Core Viewpoint - The article discusses the achievements and future plans for high-quality development in housing and urban construction during the "14th Five-Year Plan" period, emphasizing urban renewal, housing supply, and infrastructure improvements [1][2]. Group 1: Urban Renewal and Housing Quality - The Ministry of Housing and Urban-Rural Development is focusing on transforming old houses into "good houses" through renovation, emphasizing five key aspects: good standards, good design, good materials, good construction, and good maintenance [2]. - The ministry aims to systematically promote the construction of "four goods": good houses, good communities, good neighborhoods, and good urban areas, with a particular focus on the renovation of old residential areas [2][3]. Group 2: Housing Market Dynamics - During the "14th Five-Year Plan," a total of 5 billion square meters of new residential buildings were sold, with 15 provinces and cities reporting higher transaction volumes in second-hand housing than new homes [4]. - The stability and health of the real estate market depend on the effective allocation of four resource elements: people, houses, land, and money, guiding local governments to develop housing plans based on population changes [4]. Group 3: Infrastructure Improvements - The government has updated and renovated 310,000 kilometers of aging pipelines for water, electricity, gas, and heating, addressing common issues such as leaks and unstable voltage [6]. - A total of 129,000 elevators have been installed in old residential areas, significantly improving accessibility for elderly residents [5][6]. Group 4: Historical Building Preservation - Pilot projects for the protection and utilization of historical buildings have been launched in over 70 cities, transforming many old factories and commercial areas into cultural and tourism sites [7].

Core Viewpoint - The "14th Five-Year Plan" period has seen significant reforms and developments in the housing and urban construction sector, focusing on high-quality growth and the establishment of new mechanisms for housing supply and urban governance [2][10]. Group 1: Reforms in Housing and Urban Construction - The Ministry of Housing and Urban-Rural Development is deepening reforms in the housing and real estate sector, aiming to create a new model for real estate development and improve the housing supply system [2]. - A new mechanism linking housing, finance, and other resources is being established to enhance urban governance and construction efficiency [2][8]. - The construction sector is being transformed through the integration of new technologies and standards, promoting smart construction and a modernized building industry [2][10]. Group 2: Market Dynamics - During the "14th Five-Year Plan," a total of 5 billion square meters of new residential properties have been sold, with the secondary housing market expanding significantly, as evidenced by 15 provinces and cities where second-hand home transactions have surpassed new home sales [3][9]. - The approval amount for loans related to white-listed real estate projects has exceeded 7 trillion yuan, ensuring the delivery of commercial housing projects [9]. Group 3: Consumer Protection and Quality Standards - The Ministry is prioritizing the protection of homebuyers' rights, with over 7.5 million units of sold but undelivered homes successfully delivered [4]. - The national mandatory residential project standards have been upgraded, including 14 new requirements such as increased building height and sound insulation standards [7]. Group 4: Urban Renewal and Historical Preservation - The Ministry has initiated urban health assessments in 297 cities and over 150 counties, focusing on urban renewal and the protection of historical buildings [2][11]. - More than 70 cities are piloting historical building preservation, with numerous old districts being revitalized into cultural and tourism hubs [11]. Group 5: Future Planning and Policy Implementation - The Ministry is working on several supporting documents to implement the Central Urban Work Conference's spirit, focusing on urban renewal, governance modernization, and the preparation of the "15th Five-Year Plan" [12][13].

南都N视频记者还从发布会现场获悉，"十四五"期间，全国累计改造城镇老旧小区24万多个，惠及4000 多万户、1.1亿人；加装电梯12.9万部，增设停车位340多万个、养老托育等社区服务设施6.4万个；更新 改造供水、燃气、供热等地下管网84万公里；打造"口袋公园"1.8万多个、城市绿道2.5万公里，以"小切 口"改善"大民生"。 南都讯 记者潘珊菊 发自北京 住房城乡建设部部长倪虹10月11日在国新办举行的"高质量完成'十四五'规 划"系列主题新闻发布会上介绍，"十四五"时期，全国累计销售新建商品住宅面积约50亿平方米；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。 住房城乡建设部部长倪虹。 倪虹提到，五年来，他们抓住"安居"这个人民群众幸福生活的基点，适应房地产市场供求关系发生重大 变化的新形势，适时调整优化房地产政策，扎实做好保交楼工作，坚决打好保交房攻坚战，加快构建房 地产发展新模式，增加保障性住房供给，稳步推进城中村和城市危旧房改造，发挥住房公积金作用，系 统推进安全、舒适、绿色、智慧的"好房子"建设，不断满足人民群众基本住房需求和多样化改善性住 ...

Investment Rating - The report does not explicitly state an investment rating for the real estate industry Core Insights - The performance of leading real estate companies declined year-on-year in August 2025, with land acquisition costs amounting to 13.55 billion yuan [6] - The average transaction area for new residential properties in first-tier cities decreased by 21.16% year-on-year, while second-tier cities saw a decline of 4.51% [10] - The total bond financing in the real estate sector was 55.31 billion yuan in August 2025, reflecting a year-on-year decrease of 4.3% [7] Summary by Sections 1. Overall Industry Performance in August 2025 - **Market Demand**: The average transaction area for new residential properties in first-tier cities was 470,300 m², down 21.16% year-on-year; second-tier cities recorded 313,800 m², down 4.51%; and third-tier cities saw 128,900 m², down 10.76% [10] - **Sales Situation**: The sales revenue of monitored brand real estate companies decreased by 2.6% year-on-year, with a month-on-month increase of 15.0%. Among the 10 monitored companies, five experienced a year-on-year decline, with the largest drop being 58.9% for Jindi Group [5] - **Land Acquisition**: The total land acquisition cost for monitored brand real estate companies was 13.55 billion yuan, with a total land area of 273,000 m² acquired [6] - **Financing Situation**: The total bond financing in the real estate sector was 55.31 billion yuan, down 4.3% year-on-year, with credit bond financing at 30.78 billion yuan, down 18.4% [7] 2. Key Companies' Performance - **Vanke**: In August, Vanke acquired land with a total cost of 156 million yuan and reported a sales revenue of 9 billion yuan, a year-on-year decrease of 47.7% [43][45] - **China Overseas Property**: This company recorded the highest month-on-month sales increase of 54.9% among the monitored companies [5] - **China Resources Land**: Acquired land with a total area of 19,100 m² and a planning area of 65,300 m² [38] 3. Policy Insights - The report highlights the government's focus on stabilizing the real estate market and promoting urban renewal, with policies aimed at enhancing housing supply and improving living conditions [12][19] - The emphasis on "good housing" construction and urban renewal is expected to drive future policy support for the real estate sector [24][25]

Core Viewpoint - The meeting organized by the China Securities Association focused on the economic outlook for the fourth quarter of 2025 and new investment opportunities amid the "anti-involution" trend, with participation from 14 chief economists from various securities firms [1] Economic Forecast - Nearly 60% of chief economists predict an increase in the year-on-year growth rate of fixed asset investment in the fourth quarter, which is expected to enhance its contribution to economic growth [1] - Over 80% of economists anticipate a year-on-year rise in both CPI and PPI in the fourth quarter [1] Consumption and Investment Strategies - Experts recommend multiple measures to stimulate potential consumption, emphasizing the development of new consumption types such as digital, green, and health-related consumption [1] - There is a call to cultivate new growth points in consumption, including cultural and entertainment tourism, sports events, and domestic trendy products [1] - The need to accelerate the establishment of a new model for real estate development is highlighted to promote a stable and healthy real estate market [1]

Core Viewpoint - The article discusses the transition of urbanization in China from rapid growth to stable development, emphasizing the need for quality improvement in existing urban spaces and the real estate sector, as outlined in the recent central government policies [1][2][6]. Urbanization and City Development - China's urbanization rate has surpassed 67%, with over 70% of urban development being stock space, indicating a shift from large-scale expansion to enhancing existing urban quality [1]. - The recent Central Urban Work Conference and the subsequent "Opinions" document highlight the importance of integrated urban development, enhancing the competitiveness of mega cities, and activating existing urban resources [1][6]. Real Estate Market Dynamics - The housing issue for urban residents has largely been resolved, transitioning from "having a house" to "having a good house," with a significant demand for quality housing that is not being met by current supply [2][14]. - The real estate market is expected to stabilize and adjust in supply and structure, with a focus on high-quality housing and community development [2][24]. Urban Group and City Coordination - The evolution of urban systems is moving towards coordinated development among metropolitan areas, city clusters, and small to medium-sized cities, with a focus on functional complementarity and differentiated development [2][10]. - The "Opinions" document emphasizes the need for strategic layouts and institutional innovations to enhance urban group and metropolitan area development, providing opportunities for market expectations and resource allocation [6][24]. Housing Quality and Community Development - The demand for "good houses" is substantial, but supply remains insufficient, necessitating efforts in both stock updates and new construction [2][15]. - Enhancing the quality of housing must also include improving surrounding environments, public services, and infrastructure to create better living conditions [16][22]. Challenges and Solutions in Urbanization - The article warns against blindly following the experiences of other countries regarding urban concentration, advocating for a balanced approach to urban size and functionality [10][11]. - Addressing the imbalance between large cities and smaller towns requires optimizing public resource allocation and promoting two-way flow of resources and industries between urban centers and surrounding areas [11][12]. Future Directions in Real Estate - The central government's policies are expected to accelerate market adjustments, promote new real estate development models, and enhance the quality of housing supply [24]. - The focus will be on reducing burdens for homebuyers, improving public services, and converting existing stock into affordable housing to meet diverse needs [22][23].