近日，国务院总理李强主持召开国务院第九次全体会议，强调要采取有力措施巩固房地产市场止跌回稳态势，结合城市更新推进城中村和危旧房改造，多 管齐下释放改善性需求。 自2024年9月26日中央政治局会议首提"止跌回稳"以来，整体市场都在推动房地产止跌回稳过程中。 2025年以来，中央和地方 "因城施策"出台相关措施推动房地产止跌回稳，政策措施成效明显，总体延续去年四季度以来止跌回稳的势头。 2025年7月30日中央政治局会议召开，此次政治局会议有关房地产行业没有专门表述，强调了落实好中央城市工作会议精神，高质量开展城市更新。联系 到7月15日召开的中央城市工作会议来看，高质量开展城市更新、稳步推进城中村和危旧房改造，加大"好房子"供应成为未来房地产止跌回稳的重要抓 手。 此次国务院第九次全体会议的强调则将"城市更新推进城中村和危旧房改造"的重要性提到了更高的纬度。 高质量开展城市更新 催生存量改善需求 2025年8月18日，李强主持召开国务院第九次全体会议强调：采取有力措施巩固房地产市场止跌回稳态势，结合城市更新推进城中村和危旧房改造，多管 齐下释放改善性需求。 半个多月前，7月30日中央政治局会议就曾强调了"高质 ...

Core Viewpoint - The Chinese government has emphasized the need to stabilize the real estate market and implement measures to support recovery, indicating a clear direction for future development and raising expectations among homebuyers [1][6]. Group 1: Current Real Estate Market Analysis - Overall data performance is poor, with significant declines in real estate development investment, new housing sales area, and sales revenue from January to July 2023. For instance, in July, the national new housing sales area was 57.09 million square meters, and sales revenue was 532.5 billion yuan, reflecting a month-on-month drop of 46% and 48% respectively [3]. - Despite the overall downturn, some cities show positive signs, with a narrowing decline in housing prices across 70 major cities. For example, in July, 10 cities saw stable or rising new housing prices, including Beijing and Shanghai [4]. Group 2: Significance of Government Policy Direction - The goal of "stabilizing and recovering" the market has been reiterated by the State Council, sending a strong positive signal to the market and alleviating concerns among buyers and investors [5]. - The focus on urban renewal and the renovation of dilapidated housing is expected to improve living conditions and stimulate investment, thus becoming a new growth point for the real estate market [6]. Group 3: Local Policies to Stabilize the Market - Beijing has optimized its real estate policies by adjusting purchase restrictions and enhancing housing fund support, leading to a noticeable increase in market demand [9]. - Other cities like Suzhou and Hefei have also introduced measures to lower down payment ratios and streamline loan processes, effectively boosting homebuyer confidence and purchasing power [10]. Group 4: Accelerating Urban Village and Dilapidated Housing Renovation - The emphasis on urban village and dilapidated housing renovation highlights its importance in improving living conditions and driving economic growth through related investments [11]. - The implementation of these renovations should consider historical preservation and adopt tailored strategies for each area to enhance community quality [12]. Group 5: Potential for Releasing Improvement Demand - There is significant potential for improvement demand, as evidenced by the increasing market share of larger housing units in major cities, indicating a shift towards higher living standards [13]. - Policies aimed at enhancing the supply of high-quality housing and reducing purchasing restrictions are expected to further stimulate improvement demand in the market [14]. Group 6: Impact on Homebuyers - Homebuyers are advised to consider the current market adjustments and policy changes, which may lower purchasing costs and improve feasibility [15]. - It is crucial for buyers to pay attention to policy directions and select properties in areas undergoing urban renewal, as these may offer better living conditions and investment potential [16].

Core Viewpoint - The State Council emphasizes the need to consolidate and expand the economic recovery momentum and strive to achieve the annual economic and social development goals, with a focus on six key areas for the second half of the year [1] Group 1: Economic Policy Implementation - The government aims to enhance the effectiveness of macro policy implementation, assess policy impacts, and respond to market concerns to stabilize expectations [1] - There is a recognition of marginal economic slowdown in June and July, particularly in fixed asset investment and retail sales, necessitating timely responses to stabilize market expectations [1] Group 2: Domestic Circulation - Strengthening domestic circulation is identified as a key focus, leveraging its inherent stability and long-term growth potential to counter uncertainties in international circulation [2][3] Group 3: Consumer Potential - The government plans to stimulate consumption by removing restrictive measures in the consumption sector and fostering new growth points in service consumption and new consumption models [4] Group 4: Effective Investment - There is an emphasis on increasing effective investment, particularly in major projects that can boost domestic demand, create jobs, and support growth, with a focus on investments that serve the public [4] Group 5: Unified Market Construction - The meeting highlights the importance of advancing the construction of a unified national market to continuously release the benefits of a super-large-scale market [5] Group 6: Real Estate Market Stabilization - The government intends to take strong measures to stabilize the real estate market and promote urban renewal, addressing the need for improvement in housing demand [5]

Group 1 - The core objective of the policy is to stabilize the real estate market, preventing panic-induced declines and systemic financial risks, indicating that while prices may not surge, significant drops are also unlikely [2] - The renovation of urban villages and dilapidated housing is a key strategy, aimed at improving living conditions and generating new housing demand, which will enhance property values and absorb existing inventory [2][3] - The policies are designed to support "improvement demand," targeting those looking to upgrade their homes, with potential measures including lower down payments for second homes and interest rate incentives [3] Group 2 - For first-time homebuyers, the focus should be on selecting the right property based on location, quality, and surrounding amenities, while ensuring that monthly payments do not exceed 50% of household income [6] - For those with improvement needs, it is advisable to monitor upcoming policies that may lower costs associated with purchasing new homes, and to consider selling their current property before buying a new one [7] - Investors should shift their focus from speculative buying to long-term holding in core urban areas with population growth, relying on rental income to manage cash flow [8]

Group 1 - The State Council emphasized the need for strong measures to stabilize the real estate market and release improvement demand through urban renewal and the renovation of old housing [2][3] - Recent months have seen fluctuations in the real estate market, which had previously shown signs of stabilization since October of last year [2][3] - From January to July 2025, the sales area of new commercial housing decreased by 4.0% year-on-year, with residential sales area down by 4.1% [2] Group 2 - The sales revenue of new commercial housing fell by 6.5%, with residential sales revenue down by 6.2% [2] - The number of cities with rising new residential sales prices has decreased, indicating an expansion of price declines [2][3] - The importance of the real estate sector to the domestic economy is significant, and its downturn affects many related industries and consumer wealth [3]

Group 1 - The State Council's ninth plenary meeting emphasizes strong measures to stabilize the real estate market and stimulate demand through urban renewal and the renovation of urban villages and dilapidated housing [1][3][4] - From January to July this year, real estate development investment, new housing sales area, sales revenue, and funds available to real estate developers have all decreased year-on-year, but positive factors in the market are increasing [1][2] - In July, the year-on-year decline in housing prices across 70 large and medium-sized cities narrowed, with some cities experiencing stable or rising new housing prices compared to the previous month [1][2] Group 2 - Recent policy adjustments in various cities, such as Beijing and Hainan, aim to reduce the burden on homebuyers and stimulate housing consumption by relaxing purchase restrictions and enhancing loan support [2][3] - The improvement in market expectations and confidence among homebuyers is bolstered by breakthroughs in debt restructuring among several real estate companies, which may accelerate risk mitigation processes [2][3] - The renovation of urban villages and dilapidated housing is expected to not only improve living conditions but also serve as a significant driver for local economic growth [3][4] Group 3 - The real estate industry is encouraged to actively revitalize existing stock, optimize new supply, and enhance quality to meet the growing demand for high-quality housing [4] - The focus on urban renewal is anticipated to stimulate substantial improvement demand, with an emphasis on providing safe, comfortable, and sustainable housing options [3][4]

Economic Recovery and Growth - The State Council meeting emphasized consolidating and expanding the positive momentum of economic recovery, aiming to achieve annual economic and social development goals [1] - The meeting highlighted the importance of domestic circulation to counter international uncertainties, focusing on stimulating consumption and stabilizing the real estate market [1][7] Consumer Market Dynamics - The consumer market in China has shown a significant recovery, contributing 52% to the 5.3% GDP growth in the first half of the year, making consumption the leading driver of economic growth [2] - Policies such as trade-in incentives and potential nationwide birth subsidies are expected to further stimulate consumption, reflecting the government's commitment to boosting domestic demand [2][3] New Consumption Trends - The meeting called for the cultivation of service consumption and new consumption growth points, with innovative and competitive products driving growth in both goods and services [4] - New consumption trends, including pet and self-care markets, are emerging as significant contributors to economic activity, necessitating regulatory support for innovative consumption [4] Policy Measures for Consumption - The government plans to systematically eliminate restrictive measures in the consumption sector to enhance consumer freedom and stimulate demand [5][6] - Recommendations include reforming consumption taxes and optimizing personal income tax to increase disposable income and promote consumption [6] Real Estate Market Stabilization - The meeting underscored the need for strong measures to stabilize the real estate market, which plays a crucial role in driving consumption and economic stability [7][8] - Adjustments to housing policies, such as increasing loan limits and reducing down payment ratios, are expected to lower barriers for homebuyers and stimulate demand [8]

Core Viewpoint - The State Council's ninth plenary session emphasizes the need for strong measures to stabilize the real estate market and stimulate demand through urban renewal and the renovation of urban villages and dilapidated housing [1][3][4] Group 1: Market Performance - From January to July this year, real estate development investment, new residential sales area, sales revenue, and funds received by real estate developers all saw a year-on-year decline [1] - In July, the year-on-year decline in residential sales prices across 70 large and medium-sized cities narrowed, with 10 cities showing stable or rising prices compared to the previous month [1] - Hubei province reported a 5.8% year-on-year increase in new residential sales area from January to July, marking eight consecutive months of positive growth [1] Group 2: Policy Adjustments - Recent policy optimizations in various cities aim to reduce the burden on homebuyers and stimulate housing consumption, including adjustments to housing purchase restrictions and increased support for public housing loans [2] - The improvement in market expectations and buyer confidence is bolstered by breakthroughs in debt restructuring among several real estate companies, which may accelerate the risk mitigation process [2] Group 3: Urban Renewal Initiatives - The State Council's meeting calls for accelerated urban village and dilapidated housing renovations, which can enhance living conditions and serve as a significant economic growth driver [3] - The focus on urban renewal is expected to stimulate substantial improvement demand, with a push for high-quality housing that meets safety, comfort, and sustainability standards [3] Group 4: Future Outlook - The real estate industry is encouraged to optimize existing stock, enhance new supply, and improve quality to better meet the high-quality housing demands of the population [4]

Core Insights - The State Council's ninth plenary session emphasizes strong measures to stabilize the real estate market and stimulate demand through urban renewal and the renovation of dilapidated housing [1][3][4] - Data from the National Bureau of Statistics indicates a decline in real estate development investment, new housing sales area, sales volume, and funding for real estate companies from January to July this year, but some cities show signs of stability [1][2] - Various cities are optimizing housing policies to reduce the burden on homebuyers and boost housing consumption, which is expected to enhance market confidence [2][4] Group 1: Market Trends - From January to July, the sales area of new residential properties in Hubei province increased by 5.8%, marking eight consecutive months of positive growth, while second-hand housing transactions rose by 13.1% [1] - In July, the year-on-year decline in housing prices across 70 major cities narrowed, with 10 cities reporting stable or rising new housing prices compared to the previous month [1][2] Group 2: Policy Adjustments - Recent policy changes in cities like Beijing, Hainan, and Chengdu aim to ease purchasing restrictions and enhance financial support for homebuyers, thereby stimulating housing demand [2][3] - The ongoing debt restructuring efforts among real estate companies are expected to accelerate risk mitigation and restore market confidence [2] Group 3: Urban Renewal Initiatives - The government plans to accelerate the renovation of urban villages and dilapidated housing, which is seen as a key driver for local economic growth and improvement of living conditions [3][4] - The focus on high-quality urban renewal is anticipated to unleash significant improvement demand, with an emphasis on creating safe, comfortable, and sustainable housing [3][4]

Core Viewpoint - The Chinese government is reaffirming its commitment to stabilize the real estate market, with recent meetings indicating a focus on policies to halt the decline in property prices and stimulate demand [1][3]. Group 1: Government Meetings and Policies - The State Council, led by Premier Li Qiang, has emphasized the need for strong measures to stabilize the real estate market, following a previous meeting on June 13 that called for greater efforts to stop the market's decline [1][3]. - The recent State Council meeting on August 18 is notable as it is the first time real estate policies have been explicitly mentioned in this year's meetings, responding to concerns that real estate was being sidelined in decision-making [3][4]. - Experts suggest that the government's focus on stabilizing the real estate market is crucial for boosting domestic consumption and overall economic stability, as real estate is a significant component of consumer spending [3][7]. Group 2: Market Conditions and Trends - Data indicates that the real estate market is still undergoing significant adjustments, with first-tier cities experiencing an increase in the decline of second-hand housing prices. In July, prices in these cities fell by an average of 1.0%, with Beijing seeing a drop of 1.1% [4][5]. - Nationally, from January to July, the sales area of new residential properties decreased by 4.0% year-on-year, with sales revenue down by 6.5%, indicating a worsening trend in the market [5][6]. - The number of second-hand homes listed for sale has surged, with a 11.58% year-on-year increase in listings across 100 cities, highlighting a growing supply amid declining demand [5][6]. Group 3: Future Outlook and Recommendations - Analysts believe that without significant policy interventions, the upcoming "Golden September and Silver October" period may not see substantial improvements in the market [7]. - Recommendations include addressing the fundamental issues affecting the market, such as employment stability and income expectations, alongside implementing supportive fiscal policies for new citizens and young families [7]. - The focus on urban renewal and the effective implementation of existing policies are expected to accelerate in the second half of the year, with potential for interest rate cuts to further support the market [7].