Core Viewpoint - The real estate market in China has shown signs of stabilization in 2025, with various policies introduced to support the market, particularly in major cities like Beijing, Shanghai, and Shenzhen [2][3][9]. Policy Measures - Over 470 policies have been introduced across approximately 200 provinces and cities to stabilize the real estate market, with a focus on demand stimulation and supply optimization [3][6]. - Key demand-side policies include adjustments to housing provident fund regulations, home purchase subsidies, and the relaxation of purchase restrictions in core cities [6][9]. - Notable examples of financial support include subsidies for families with multiple children purchasing larger homes, and the introduction of innovative financial products to lower monthly payments [6][10]. Market Performance - The first three quarters of 2025 saw a recovery in transaction volumes in first-tier cities, with both new and second-hand home sales showing positive trends [9][10]. - In Beijing, new home sales increased by 19% month-on-month and 20% year-on-year in September, while second-hand home transactions rose by 22% month-on-month [9]. - Shanghai experienced a 31% month-on-month increase in new home sales following policy changes, with second-hand home sales also improving [10]. Supply-Side Adjustments - Local governments are actively managing supply by controlling new land releases and reducing inventory, with over 4,600 parcels of idle land identified for potential repurposing [8][12]. - The focus on revitalizing existing housing stock is evident, with significant amounts of special bonds issued for the acquisition of unsold properties [8]. Future Directions - The real estate sector is shifting towards high-quality urban development and the construction of "good houses" to meet evolving housing demands [13][15]. - Central government initiatives emphasize urban renewal and the improvement of existing housing, with policies aimed at enhancing living conditions and promoting sustainable development [14][15]. - The market is expected to continue its stabilization efforts, with future policies likely to focus on stimulating demand for improved housing and optimizing supply [15].

Core Viewpoint - The real estate market in 2025 has shown signs of stabilization, with over 470 policies introduced across approximately 200 provinces and cities to support the market recovery [3][5][11]. Policy Developments - The frequency of new real estate policies has slowed down, with over 120 policies introduced in Q3 2025, down from 175 in Q2 [5]. - Policies focus on both demand and supply sides, including adjustments to housing fund policies, purchase subsidies, and the relaxation of purchase restrictions in major cities [8][9]. Demand-Side Initiatives - Approximately 220 adjustments to housing fund policies have been made, including increasing loan limits and allowing fund withdrawals for various housing-related expenses [8]. - Subsidies for home purchases have been implemented, such as 200,000 yuan for families with three children buying homes over 120 square meters in Chuzhou [8]. - Major cities like Beijing, Shanghai, and Shenzhen have optimized purchase restrictions, allowing eligible families to buy without limits in certain areas [8][12]. Supply-Side Measures - Over 4,600 plots of idle land have been earmarked for acquisition using special bonds, covering more than 2.4 million square meters and totaling over 620 billion yuan [9]. - Local governments are actively acquiring existing housing stock, with Guangxi having acquired 29,000 units by early September [9][10]. Market Recovery Indicators - First-tier cities have led the recovery in transactions, with significant increases in both new and second-hand home sales following policy changes [11][12]. - In Beijing, new home sales increased by 19% month-on-month and 20% year-on-year in September [11]. - Shanghai saw a 31% month-on-month increase in new home sales, with a 55% year-on-year rise [12]. Future Directions - The focus is shifting towards high-quality urban development and the construction of "good houses" as a new model for the real estate sector [15][17]. - Policies are expected to continue emphasizing the activation of demand and the optimization of supply, with a particular focus on improving living conditions and promoting urban renewal [15][17].

Core Viewpoint - The central government maintains a "stop falling and stabilize" tone for the real estate market in Q3 2025, signaling positive developments as local policies are actively implemented to support this direction [1][27]. Policy Implementation - Since the beginning of 2025, approximately 470 policies have been introduced across about 200 provinces and cities, with over 120 policies released in Q3, a decrease from 175 in Q2 [1][5]. - The focus of these policies includes urban renewal, stimulating demand, optimizing supply, and establishing a new model for real estate development [1][27]. Urban Renewal Initiatives - The central government emphasizes high-quality urban renewal and gradual promotion of the renovation of urban villages and dilapidated housing [7][26]. - Important meetings in Q3 highlighted the transition of urbanization from rapid growth to stable development, with urban renewal as a key focus [7][8]. Demand Activation Measures - The government aims to release improvement demand through various measures, including optimizing housing fund loans and increasing purchase subsidies, particularly for families with multiple children [11][12][13]. - Local governments are adjusting policies to enhance housing demand, such as increasing loan limits and relaxing purchase restrictions in major cities like Beijing, Shanghai, and Shenzhen [12][13][27]. Supply Optimization Strategies - The central government is focused on identifying and revitalizing existing resources, including land and housing, to improve market supply-demand relationships [15][16]. - Local governments are actively acquiring idle land and housing, with over 4,600 parcels of idle land identified for acquisition, totaling over 2.4 million square meters and exceeding 620 billion yuan in value [17][20]. "Good Housing" Development - The central government continues to promote the construction of "good housing" as part of a new real estate development model, emphasizing safety, comfort, and sustainability [26][27]. - Various cities are implementing technical standards for "good housing" to enhance project quality and provide better living conditions [26]. Future Expectations - The government is expected to continue releasing supportive policies in Q4 2025, focusing on stabilizing expectations, activating demand, and optimizing supply [27][28]. - Urban renewal policies are anticipated to accelerate, contributing to the stabilization of the real estate market [28].

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Views - The central bank emphasizes the need to consolidate the stability of the real estate market and improve the foundational financial systems related to real estate [4] - Recent policies in major cities have positively impacted demand, with significant increases in new and second-hand housing transactions in Beijing and Shanghai, while Shenzhen experienced a slight decline [7] - The report suggests that the end of September is a critical period for real estate policies, with expectations for new supportive measures to be introduced [7] Summary by Sections Market Performance - Over the past 12 months, the real estate sector has shown a relative return of -7% and an absolute return of 26% [3] - In the last week, new housing transaction area in 30 major cities decreased by 3.8% year-on-year, but the cumulative transaction area from January to September showed a decline of only 5.1%, indicating a narrowing drop [6] Transaction Trends - In Beijing, the average daily transaction volume for second-hand homes increased by 11% year-on-year, while new homes saw a 52% increase [4] - In Shanghai, second-hand home transactions rose by 22% year-on-year, and new homes increased by 29% [5] - In Shenzhen, second-hand home transactions increased by 11%, but new home transactions fell by 23% [5] Investment Recommendations - The report recommends focusing on leading real estate companies with strong land acquisition capabilities and land reserves in core cities, such as Poly Developments [7] - It also suggests that leading intermediary firms, like Wo Ai Wo Jia, may benefit from the expected increase in second-hand home transactions and potential valuation recovery [7]

Core Insights - Multiple regions in China are implementing measures to optimize real estate policies, including home purchase subsidies and adjustments to housing loan standards [1][2][4] Demand-Side Measures - Dongguan has introduced a temporary home purchase subsidy of 2% of the total contract price, capped at 30,000 yuan, to stimulate demand [2] - The criteria for recognizing first-time homebuyers have been adjusted to focus on the specific location of the property rather than the entire city, expanding the coverage of loan benefits [2] - Increased support for housing provident funds includes raising the maximum loan amounts for first and second homes and allowing withdrawals for down payments [2][3] Supply-Side Measures - Dongguan is refining the land supply adjustment mechanism to better match land supply with inventory levels, promoting a dynamic balance between supply and demand [3] - The city is facilitating the conversion of existing commercial properties to meet new functional needs, simplifying the process for such transitions [3] - Administrative approval processes for real estate projects are being optimized to enhance market activity and reduce financing costs for businesses [3] Regional Strategies - Sichuan is focusing on tailored housing support policies to stimulate real estate consumption, emphasizing the need for high-quality housing to meet consumer demand [4] - The province aims to leverage urban renewal and the renovation of old neighborhoods to boost housing supply and consumption [4] Land Resource Optimization - Guangzhou has introduced policies to enhance the efficiency of land use, allowing self-held housing to be converted into saleable properties and supporting the transformation of commercial properties into affordable rental housing [6] - The city is promoting a balance between work and residence by enabling the conversion of commercial properties within specific distances from industrial zones and transit stations into rental housing [6]

Core Points - The government meeting emphasized the importance of implementing Xi Jinping's recent speeches and directives, focusing on the development of agriculture and rural areas, and promoting the modernization of agriculture [1][2] Group 1: Holiday Management and Safety - The meeting highlighted the need to ensure public safety during the National Day and Mid-Autumn Festival holidays, with a focus on tourism, transportation, and hazardous materials [2] - It was stressed to enhance traffic management in key areas such as transportation hubs and popular tourist spots to ensure safe and convenient travel for citizens and visitors [2] - The government plans to stimulate consumer spending through organized promotional activities and improve the festive market supply [2] Group 2: Real Estate Development - The meeting called for the establishment of a new model for real estate development, aiming to stabilize expectations, activate demand, and optimize supply [2] - There is a focus on supporting both rigid and improved housing demands, as well as revitalizing existing commercial properties to ensure a stable and healthy real estate market [2] Group 3: Investment Fund Management - The meeting required the acceleration of establishing a government investment fund management system, including performance management and operational mechanisms [3] - It emphasized the need for differentiated regulation of venture capital funds and the encouragement of long-term investments in hard technology [3] - The goal is to integrate funding with innovation and talent development to support the growth of new productive forces [3]

Policy - The central government is focusing on high-quality urban development and has initiated a series of policies to stabilize the real estate market, including the construction of a new real estate development model and urban renewal projects [5][7][28] - The central government has emphasized the importance of local governments in implementing these policies, with significant policy announcements from major cities like Beijing, Shanghai, and Shenzhen aimed at easing market pressures [13][15][19] Industry - The real estate market is experiencing a gradual recovery, with a narrowing decline in housing prices and a decrease in unsold inventory, although new home sales continue to face challenges [34][38][50] - The land market is seeing a rational cooling, with a 9% year-on-year decline in land transaction volume across 300 cities, while the average land price is increasing, indicating a shift towards quality over quantity in land supply [54][54] - The overall sentiment in the real estate sector is cautious, with developers adopting a more prudent approach to investments, focusing on high-quality land and projects [54][54]

近日，多地提出优化房地产政策。 9月25日，广东东莞出台多项措施进一步优化房地产政策，包括实施阶段性购房补贴、优化首套房认定 标准、加大住房公积金支持力度等。 同日，四川省召开省委专题会议，研究部署进一步提振消费工作。其中提出，房地产消费要持续用力止 跌回稳，既要"一城一策"制定住房支持政策，通过多种方式加快消化存量，又要加大"好房子"建设，更 好满足高品质住房消费需求，进一步释放购房消费潜力。 接下来，东莞市相关部门将继续加强房地产市场监测研判，密切关注政策实施效果，及时总结经验，不 断完善政策工具箱，加快构建房地产发展新模式。据悉，相关配套细则将尽快出台，确保新政平稳运 行。 四川：房地产消费要持续用力止跌回稳 9月25日，四川省委书记、省人大常委会主任王晓晖主持召开省委专题会议，研究部署进一步提振消费 工作。 其中提出，房地产消费要持续用力止跌回稳，既要"一城一策"制定住房支持政策，通过多种方式加快消 化存量，又要加大"好房子"建设，更好满足高品质住房消费需求，进一步释放购房消费潜力。 此外，广州优化盘活存量土地资源政策，允许在房地产热时期采取"竞自持"方式调控地价而产生的自持 商品住房，在去化周期18 ...

近日，多地提出优化房地产政策。 9月25日，广东东莞出台多项措施进一步优化房地产政策，包括实施阶段性购房补贴、优化首套房认定 标准、加大住房公积金支持力度等。 同日，四川省召开省委专题会议，研究部署进一步提振消费工作。其中提出，房地产消费要持续用力止 跌回稳，既要"一城一策"制定住房支持政策，通过多种方式加快消化存量，又要加大"好房子"建设，更 好满足高品质住房消费需求，进一步释放购房消费潜力。 此外，广州优化盘活存量土地资源政策，允许在房地产热时期采取"竞自持"方式调控地价而产生的自持 商品住房，在去化周期18个月以下区域，企业可在依法补缴出让金后，转为可售住房。同时，支持存量 商办改建为保障性租赁住房，促进职住平衡。 东莞出台多项楼市新政 9月25日，据"东莞发布"微信公众号消息，东莞市住建局等六部门联合印发了《关于进一步优化房地产 政策措施的通知》（以下简称《通知》），自9月25日起实施。《通知》从六个方面提出了提振需求和 优化供给的举措。 需求侧方面，一是实施阶段性购房补贴，对购买新房、符合条件的购房人给予购房合同总价2%、最高 不超过3万元的购房补贴，促进购房需求释放；二是优化首套房认定标准，购买新 ...

近日，多地提出优化房地产政策。 9月25日，广东东莞出台多项措施进一步优化房地产政策，包括实施阶段性购房补贴、优化首套房认定标 准、加大住房公积金支持力度等。 同日，四川省召开省委专题会议，研究部署进一步提振消费工作。其中提出，房地产消费要持续用力止跌 回稳，既要"一城一策"制定住房支持政策，通过多种方式加快消化存量，又要加大"好房子"建设，更好满 足高品质住房消费需求，进一步释放购房消费潜力。 此外，广州优化盘活存量土地资源政策，允许在房地产热时期采取"竞自持"方式调控地价而产生的自持商 品住房，在去化周期18个月以下区域，企业可在依法补缴出让金后，转为可售住房。同时，支持存量商办 改建为保障性租赁住房，促进职住平衡。 9月25日，四川省委书记、省人大常委会主任王晓晖主持召开省委专题会议，研究部署进一步提振消费工 作。 东莞出台多项楼市新政 9月25日，据"东莞发布"微信公众号消息，东莞市住建局等六部门联合印发了《关于进一步优化房地产政 策措施的通知》（以下简称《通知》），自9月25日起实施。《通知》从六个方面提出了提振需求和优化 供给的举措。 需求侧方面，一是实施阶段性购房补贴，对购买新房、符合条件的购房 ...