Group 1 - The core viewpoint is that the 20th Central Committee's Fourth Plenary Session emphasizes promoting high-quality development in the real estate sector, with a focus on creating "good houses" and urban renewal during the 14th Five-Year Plan period [1] - The real estate market in China is currently in an adjustment cycle, and the development will revolve around achieving a higher level of housing quality [1] - The industry should enhance risk prevention by strengthening regulation throughout the entire process of real estate development, financing, and sales [1] Group 2 - The future of the real estate industry should focus on lifecycle services rather than just development, emphasizing the importance of both hardware and software in housing [2] - The property service sector has significant growth potential that has been largely underestimated, and there is a need to improve service levels in areas such as elderly care, childcare, and domestic services [2] - Implementing actions to enhance residential services will not only improve living conditions for citizens but also expand new growth opportunities for the industry [2]

Report Summary 1. Investment Rating for the Industry No investment rating for the industry is provided in the report. 2. Core Views - The weak trend of housing prices continued in September 2025, with a 0.4% month - on - month decline in the prices of newly built commercial residential buildings in 70 cities and a 0.6% decline in second - hand housing prices. [1] - In September, real - estate sales showed resilience through "trading price for volume", with a 48.5% month - on - month increase in the sales area of new homes and a 47.2% increase in sales volume. [1] - After the National Day, second - hand housing transactions in 15 cities increased for two consecutive weeks, indicating strong market resilience, while the recovery momentum of the new - home market weakened. [2] - The industry is accelerating towards "high - quality development", with policy signals indicating a shift from "scale expansion" to "quality improvement" and from "incremental development" to "stock operation". [4] 3. Content Summaries by Related Catalogs 3.1 Market Transaction Data - **Second - hand housing**: In the week of October 17 - 23, the transaction area of second - hand housing in 15 cities was 2.33 million square meters, a 7% week - on - week increase, reaching 79% of the annual high. Although it decreased by 14% year - on - year due to the high base last year, it still had a 11% positive growth compared to the same period in 2023. [2] - **New homes**: In the week of October 17 - 23, the transaction area of new homes in 38 cities was 2.82 million square meters, a 3% week - on - week increase, but a 19% year - on - year decline. From October 1 - 23, the year - on - year decline widened to 24%. [2] 3.2 City - Level Analysis - **Second - hand housing**: First - tier cities' weekly transactions declined for two consecutive weeks, with a 2% decline this week. Second - and third - tier cities performed well, with a 14% and 12% week - on - week increase in transaction areas respectively. [3] - **New homes**: The new - home market showed "first - tier cities rebounding, second - and third - tier cities weakening". First - tier cities' transactions rebounded by 15% week - on - week, and third - tier cities increased by 12%, while second - tier cities decreased by 7%. [3] 3.3 Key City Observations - **First - tier cities**: From October 17 - 23, the second - hand housing transaction area in first - tier cities decreased by 2% week - on - week and 21% year - on - year. The new - home transaction area increased by 15% week - on - week and decreased by 19% year - on - year. [29] - **Other key cities**: In Hangzhou, the second - hand and new - home transaction areas decreased by 4% and 38% respectively compared to the previous week. In Chengdu, they increased by 12% and 2% respectively. [30] 3.4 Housing Price Observations - **Second - hand housing**: In September 2025, the second - hand housing price index in first - tier cities continued to decline, with a 1.0% month - on - month decline and a 3.2% year - on - year decline. [55] - **New homes**: In September 2025, the price of newly built commercial residential buildings in first - tier cities decreased by 0.4% month - on - month and 0.7% year - on - year. [55]

Core Viewpoint - The article discusses the key goals set by the 20th Central Committee of the Communist Party of China for the "14th Five-Year Plan" period, emphasizing the improvement of people's living standards and the importance of enhancing public services, particularly in the areas of social security, education, healthcare, and support for the elderly and children [1][3]. Group 1: Public Services and Social Welfare - The focus on improving public services is crucial for addressing the urgent needs of the population, particularly in social security and essential services like education and healthcare [4][5]. - The "14th Five-Year Plan" aims to expand basic public services, particularly in areas related to the elderly and children, such as childcare and elderly care services [4][5]. - The government is expected to increase financial investment and innovate service delivery models to enhance public service provision [4][5]. Group 2: Economic Development and Common Prosperity - High-quality economic development is essential for achieving common prosperity, with a focus on industrial growth, technological advancement, and job creation to ensure income growth for the population [4][5]. - Rural development and revitalization are critical for reducing the urban-rural income gap, emphasizing the need to address shortcomings in rural areas to support overall prosperity [4][5]. Group 3: Housing and Real Estate - The article highlights the importance of housing as a public service issue, advocating for the real estate sector to focus on meeting the housing needs of the population rather than merely economic growth [7][8]. - The emphasis on high-quality development in real estate is seen as vital for addressing housing shortages and improving living conditions [7][8]. Group 4: Social Mobility and Employment - The need to eliminate barriers to labor mobility and employment discrimination is emphasized, with a call for policies that promote equal opportunities for all individuals [8][9]. - Providing flexible and targeted vocational training is essential for enabling individuals to transition between careers and avoid "involution" in competition [8][9]. Group 5: Equalization of Basic Public Services - The article discusses the progress made in equalizing basic public services and the challenges ahead, particularly in maintaining service quality amid fiscal constraints [10][11]. - The shift from a household registration system to a permanent resident-based system for public service access is highlighted as a necessary reform to ensure equal rights for all residents [10][11].

Core Insights - The central theme of the articles is the transition of China's real estate industry towards "high-quality development," as emphasized in the recent Fourth Plenary Session of the 20th Central Committee of the Communist Party of China, marking a shift from quantity expansion to quality enhancement [1][5][7]. Group 1: Policy Framework and Industry Transition - The Fourth Plenary Session's focus on "high-quality development" indicates a strategic upgrade in the real estate sector, moving from short-term market rescue to long-term foundational building [7]. - The policy framework includes a combination of measures aimed at addressing current market contradictions and outlining a clear path for the new model of real estate development, which emphasizes quality over quantity [1][3][7]. - The government aims to enhance housing quality through standards that prioritize safety, comfort, sustainability, and intelligence, as outlined in the new residential project regulations [3][6]. Group 2: Achievements and Developments - During the "14th Five-Year Plan" period, approximately 50 billion square meters of new residential properties were sold, and over 24,000 old urban communities were renovated, benefiting over 40 million households [2][3]. - The "guarantee housing" initiative has successfully delivered over 7.5 million units of sold but undelivered homes, stabilizing market expectations and preventing systemic risks [3]. - The housing security system has been significantly improved, with over 11 million units of various types of affordable housing constructed, benefiting more than 30 million people [2]. Group 3: Future Directions and Expectations - The "15th Five-Year Plan" is expected to focus on urban renewal, improving housing security, and constructing high-quality homes, laying the groundwork for a new pattern of high-quality development in real estate [9]. - The emphasis on urban renewal is anticipated to stimulate investment and consumption, while also addressing the housing needs of young people and new residents in cities [6][9]. - The real estate sector is expected to continue adhering to the "housing is for living, not for speculation" principle, with a focus on a balanced supply system that integrates both market and security aspects [9].

Core Viewpoint - The recent Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasizes "promoting high-quality development" in the real estate sector, marking a shift from quantity expansion to quality enhancement in the industry [3][6]. Group 1: Policy Framework and Industry Transition - The policy framework focuses on "strict control of increment and optimization of stock," aiming for a quality-oriented approach in housing construction and financing support for real estate companies [3][4]. - The transition to high-quality development is seen as essential for the healthy growth of the industry and meeting the public's aspirations for better living conditions [3][4]. Group 2: Achievements During the 14th Five-Year Plan - During the 14th Five-Year Plan, approximately 50 billion square meters of new residential properties were sold, and the stock housing market has expanded significantly, with 15 provinces seeing higher transaction volumes in second-hand homes than new ones [4]. - Over 1.1 million units of various types of affordable housing were constructed, benefiting over 30 million people, showcasing the government's commitment to addressing housing issues [4][5]. Group 3: High-Quality Development Goals - The high-quality development goal includes enhancing the construction quality of homes and improving industry management and product supply systems [7][8]. - The focus is on aligning high-quality development with housing goals, ensuring economic rationality and quality improvement in the sector [8]. Group 4: New Development Model - The new development model aims to deepen reforms in the real estate sector, improve the housing supply system, and establish a new mechanism linking people, housing, land, and finance [5][9]. - The emphasis on urban renewal and the construction of "good houses" is expected to stimulate investment and consumption, providing ongoing momentum for the real estate sector [9].

Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes "promoting high-quality development of real estate" as a key component of improving people's livelihoods, marking a shift in the sector's role from merely a tool for economic stimulus to a critical element in national strategies such as consumption promotion and new urbanization [1][2] Group 1: Policy Direction - The focus on high-quality development indicates a transition from scale expansion to enhancing quality and content in the real estate sector [3] - The Ministry of Housing and Urban-Rural Development aims to construct safe, comfortable, green, and smart "good houses," with a comprehensive upgrade in housing standards, design, materials, and construction processes [3][4] - The new national standard for "good houses" includes 14 enhancements, such as increasing ceiling heights and requiring elevators in buildings over four stories [3] Group 2: Future Development Models - The new development model aims to address the significant changes in supply-demand relationships in the real estate market, focusing on optimizing existing housing resources and increasing the supply of affordable housing [6] - Urban renewal is highlighted as a crucial strategy for high-quality urban development, with expectations for it to play a significant role in the upcoming 15th Five-Year Plan [5] Group 3: Market Adjustments - Future policy adjustments will focus on three core changes: comprehensive promotion of high-quality development, accelerated formation of urban-rural and regional collaborative development, and improved balance between social welfare and market functions [6][7][8] - The real estate market will shift from a focus on "just having" to "how good" housing is, emphasizing safety, comfort, and sustainability [4][6] - The balance between social welfare and market functions will be enhanced, ensuring that housing guarantees are more inclusive while maintaining market vitality through supportive policies [8]

本报（chinatimes.net.cn）记者 李贝贝 上海报道 "十四五"收官在即。10月23日，中国共产党第二十届中央委员会第四次全体会议公报明确提出"推动房 地产高质量发展"，为"十五五"房地产行业发展定调。 58安居客研究院院长张波向《华夏时报》记者分析指出，四中全会公报中提出的"推动房地产高质量发 展"，标志着行业发展已明确进入下一个阶段，即从规模扩张转向聚焦于提升品质与内涵。推动行业 从"量"的扩张转向"质"的提升："这不仅是行业健康发展的必然要求，也是满足人民群众对美好生活向 往的关键路径。" 中原地产首席分析师张大伟认为，在房地产市场处于深度调整与转型关键期的背景下，本次会议以"推 动高质量发展"为核心的政策框架清晰落地，"从'严控增量、优化存量'的供需调节到'好房子'建设的品 质导向，从房企融资支持到城市更新提速，一系列政策组合拳既回应了当前市场的突出矛盾，更勾勒出 房地产发展新模式的清晰路径，为行业企稳回升注入强劲动力。" "十四五"房地产行业"很不平凡" 2025年，是"十四五"收官之年。10月11日，住房和城乡建设部部长倪虹在国务院新闻办公室举行的"高 质量完成'十四五'规划"系列主题 ...

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes improving the quality of life for the people, focusing on social welfare and public services, particularly in the areas of employment, income distribution, education, social security, real estate, health, and population [1][2]. Group 1: Public Services and Social Welfare - The session highlights the need for increased investment in social security and public services, especially in education and healthcare, to address the key life stages of the elderly and children [2][3]. - The expansion of basic public services will focus on "one old and one young," including childcare and elderly care, to meet the needs of an aging population and declining birth rates [3][4]. - The government is encouraged to innovate funding models and enhance the quality of public services to ensure equitable access for all citizens [2][3]. Group 2: Economic Development and Common Prosperity - Achieving common prosperity is linked to high-quality economic development, which requires advancements in industry, technology, and employment to increase income for the populace [2][3]. - The reform of the household registration system and urban integration of migrant populations are essential for fostering a sense of belonging and promoting common prosperity [2][3]. Group 3: Housing and Real Estate - The emphasis on promoting high-quality development in the real estate sector reflects the need to address housing as a fundamental public service, ensuring that citizens have access to quality housing [5][6]. - The real estate sector is seen as crucial for economic and social development, necessitating a shift in development philosophy among real estate companies [6]. Group 4: Equalization of Public Services - The goal of equalizing basic public services involves ensuring that services are provided based on residency rather than household registration, allowing migrant populations to access the same rights as local residents [9][10]. - The transition to a system based on permanent residents will require comprehensive reforms in public service funding and resource allocation [9][10].

Economic Outlook - The "15th Five-Year Plan" is positioned as a critical phase for achieving basic socialist modernization, with an implicit growth target of approximately 4.7%[2] - The meeting emphasized the importance of maintaining strategic determination and confidence in overcoming external risks while leveraging internal advantages[2] - The projected average GDP growth rate from 2026 to 2035 should not be lower than 4.4%, considering the goal of doubling GDP by 2035 compared to 2020 levels[2] Key Focus Areas - The significance of technology and national security has been elevated, with "self-reliance in technology" and "national security" being newly highlighted as major goals[2] - The construction of a modern industrial system is prioritized, with a focus on manufacturing, quality, aerospace, and transportation industries[2] - Emphasis on original innovation and tackling key core technologies to avoid being "choked" in strategic areas[3] Domestic Demand and Supply - The plan advocates for a dual interaction between supply and demand, promoting consumption and investment to stimulate economic growth[3] - The importance of expanding domestic demand is underscored, with a strategic focus on enhancing the domestic market's reliability and dynamism[3] Short-term Economic Goals - The meeting aims to achieve the annual economic and social development goals, with a GDP growth of 5% for the year being feasible given the 5.2% growth in the first three quarters[3] - There is potential for further policy support in the fourth quarter, with expectations of fiscal tools amounting to 1 trillion yuan being implemented[3] Risks and Challenges - Risks include misinterpretation of the meeting's spirit, potential delays in domestic policy implementation, and unexpected pressures in the real estate sector[3]

Group 1: Economic Goals and Development Strategy - The "15th Five-Year Plan" aims for significant achievements in high-quality development and technological self-reliance, with seven major goals outlined for the next five years[4] - By 2025, China's GDP is expected to reach approximately 140 trillion yuan, emphasizing a shift from speed to quality in economic growth[7] - The plan includes a target for per capita GDP to reach the level of middle-income countries, indicating a need for sustained annual GDP growth in a reasonable range over the next decade[8] Group 2: Technological Innovation and Self-Reliance - The emphasis on "high-level technological self-reliance" is crucial for leading new productive forces, with a focus on original innovation and key core technology breakthroughs[9] - In 2024, China's R&D investment is projected to exceed 3.6 trillion yuan, with a patent application count of 70,000, surpassing the US and Japan by 30% and 45% respectively[9] - The "three new" economy's value added is expected to account for 18% of GDP by 2024, with high-tech manufacturing growing by 42% compared to the end of the 13th Five-Year Plan[10] Group 3: Domestic Demand and Consumption - Domestic demand has contributed an average of 95.3% to economic growth from 1978 to 2024, highlighting its importance as a fundamental driver[12] - In the first three quarters of this year, final consumption expenditure contributed 53.5% to economic growth, driving GDP up by 2.8 percentage points[13] - The proportion of household consumption in GDP was 39.9% in 2024, indicating significant potential for growth compared to the global average of 56%[13] Group 4: Urbanization and Real Estate Development - Urbanization rates have increased from 29% in 1995 to 67% in 2024, with a focus on quality improvement rather than mere expansion[18] - The government plans to enhance housing supply and improve land supply structures to meet public housing needs, emphasizing the social aspect of housing[19]