Investment Rating - The report suggests a low valuation for the real estate sector, recommending to accumulate real estate stocks on dips [5]. Core Views - The real estate market is experiencing downward pressure on prices, with new home prices in 70 cities showing negative month-on-month changes for 27 consecutive months, and second-hand home prices for 28 consecutive months [4][12]. - Recent policies in major cities aim to stimulate demand for improved housing, indicating potential for recovery in the market [4][12]. - The report highlights that the basic market conditions are expected to gradually improve due to the effects of previous policies and the upcoming demand season [5]. Summary by Sections Market Overview - The A-share real estate sector saw a weekly change of -0.2%, ranking 11th among all sectors, while the Hong Kong real estate sector dropped by -3.3%, also ranking 11th [2]. - The average premium rate for land transactions remains low at 2%, with a significant year-on-year decrease in land transaction volume [2][27]. New Home Sales - In the week of September 20-26, 47 cities recorded new home sales of 380 million square meters, a week-on-week increase of 25% but a year-on-year decrease of 4% [3][32]. - Sales in first-tier cities increased by 1% week-on-week and 15% year-on-year, while second-tier cities saw a 41% week-on-week increase [3][32]. Second-Hand Home Sales - The report indicates that 22 cities sold 243 million square meters of second-hand homes, with a week-on-week increase of 2% and a year-on-year increase of 12% [40]. - First-tier cities experienced a 3% decrease week-on-week but a 24% increase year-on-year in second-hand home sales [40]. Policy Developments - New policies in cities like Shanghai aim to enhance housing quality and stimulate demand for improved housing [5][14]. - The focus of future policies will likely be on stimulating demand for improved housing, optimizing public fund policies, and revitalizing existing properties and land [4][12]. Key Companies - The top five companies in terms of land acquisition amounts are China Overseas Land & Investment, Greentown China, Poly Developments, Jianfa Group, and Binjiang Group, with acquisition amounts of 55.1 billion, 54.1 billion, 44 billion, 40 billion, and 34.7 billion respectively [27][28].

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].

国家标准《住宅项目规范》已正式施行。近日，多地密集推出关于"好房子"建设的指引，结合区域发展 特点，构建高品质住宅标准体系，未来"好房子"建设将更有规范可依。 具体来看，9月26日，上海市规划和自然资源局发布关于印发《关于进一步促进本市住宅品质提升的规 划资源若干意见》（简称《意见》）的通知。《意见》提出，在阳台计容方面的规定为阳台（含封闭式 阳台）同时符合以下条件的，面积按其水平投影面积的1/2计入容积率：每户阳台水平投影总面积不大 于该户型建筑面积的10%，且不大于16平方米（含16平方米），户型建筑面积小于80平方米可设置总面 积不大于8平方米的阳台；每个阳台的设计进深（取阳台围护结构外围至外墙面的最大垂直距离）不超 过1.8米（含1.8米）。超出上述情况的阳台建筑面积，超出部分应按其水平投影面积的全面积计入容积 率。 今年以来，"好房子"成为房地产市场的一个高频词。记者在采访时发现，购房者对"好房子"的几个关键 要素特别期待：高度、亮度、厚度、梯户比以及得房率。购房者普遍希望住的房子层高能高一些，通风 和采光条件更好，密闭性和隔音性能更强。此外，在提高得房率的同时尽量保持合理的梯户比和小区容 积率。 ...

具体来看，9月26日，上海市规划和自然资源局发布关于印发《关于进一步促进本市住宅品质提升的规划 资源若干意见》（简称《意见》）的通知。《意见》提出，在阳台计容方面的规定为阳台（含封闭式阳 台）同时符合以下条件的，面积按其水平投影面积的1/2计入容积率：每户阳台水平投影总面积不大于该 户型建筑面积的10%，且不大于16平方米（含16平方米），户型建筑面积小于80平方米可设置总面积不 大于8平方米的阳台；每个阳台的设计进深（取阳台围护结构外围至外墙面的最大垂直距离）不超过1.8米 （含1.8米）。超出上述情况的阳台建筑面积，超出部分应按其水平投影面积的全面积计入容积率。 与此同时，多个城市的"好房子"项目开始推出市场，成为购房者关注的焦点。在北上广深等一线城市，记 者发现越来越多打着高得房率的"好房子"入市，的确吸引了不少购房者。 国家标准《住宅项目规范》已正式施行。近日，多地密集推出关于"好房子"建设的指引，结合区域发 展特点，构建高品质住宅标准体系，未来"好房子"建设将更有规范可依。 广州市住房和城乡建设局也发布关于公开征求《关于推进好房子建设的工作指引（征求意见稿）》意见的 公告，其中提到，房地产开发企业对 ...

Group 1 - The provincial housing and urban-rural development department announced the third batch of high-quality residential pilot projects, with six projects including Chengtou·Wolong Mountain Road and Wenchang Fudi successfully selected, implementing innovative mechanisms such as unit acceptance, QR code supervision, and housing inspections, marking a shift from "building buildings" to "building homes" [1] - In response to the Ministry of Housing and Urban-Rural Development's concept of "good houses, good communities, good neighborhoods, and good urban areas," the city has actively explored and introduced the "Weihai City Good House Full Lifecycle Standard Guidelines (Trial)" in May, proposing 28 specific indicators across six dimensions to establish a quality control system covering design, construction, and operation [1] - To promote the construction of "good houses," the city has integrated resources from multiple departments, launching 44 regulatory policies to form a support system for both supply and demand, including increasing the maximum public housing loan amount for high-quality residential purchases to 1.6 million yuan [1] Group 2 - Market feedback confirms a sustained increase in demand for "good houses," with 2024 online signing data showing that 27% of transactions are for improved housing types between 140-200 square meters, characterized by high quality, complete amenities, and optimized layouts, meeting buyers' upgraded living quality needs [2] - The second-hand housing market remains active, with "selling old to buy new" becoming mainstream, reflecting citizens' strong desire for "good houses" [2] - The city’s housing and urban-rural development bureau plans to use high-quality residential pilot projects as a starting point to fully implement provincial requirements, enhance comprehensive guidance services, and ensure that pilot projects become verifiable livelihood projects, aiming to improve the standard system and work mechanisms for new commercial housing to meet high-quality requirements [2]

据了解，本次公布的"好房子"案例分为保障性住房、既有住宅改造、已竣工新建住宅、在建新建住 宅四类。代表不同地域、不同人群、不同类型的"好房子"建设先进水平，提供的技术和经验可实施、可 复制，有利于推广，在"安全""舒适""绿色""智慧"方面有一项或几项突出特征，具有良好的示范引领作 用。 9月23日，记者从河南省住房和城乡建设厅获悉，为加快推进"好房子"建设，我省公布首批纳入"好 房子"建设项目案例共38个。其中，郑州市10个项目案例入选。 其中，郑州入选的10个项目案例，属于保障性住房类型的有：荥泽苑、玉轩人才公寓、兴达美寓人 才公寓、郑州市青年人才公寓沁河苑1号院等4个项目。属于既有住宅改造类型的有：新密市双洎河安置 区项目、代书胡同片区老旧小区改造、陇海北三街老旧小区改造等3个项目。属于在建新建住宅类型的 有：中豫·湖城印象、花栖樾院、九樾云筑等3个项目。 本次首批"好房子"建设项目案例公示期为2025年9月22日至2025年9月26日。 ...

Group 1 - The core viewpoint of the article is that Hebei Province is implementing measures to accelerate the construction of "good houses" to meet the high-quality living needs of the public [1][2] - The measures include six aspects: "good standards," "good design," "good construction," and others, focusing on safety, comfort, sustainability, and intelligence in housing [1] - Hebei will categorize and promote the development of local engineering standards based on the differentiated needs of new and existing residential buildings, including a comprehensive review and revision of current standards [1] Group 2 - The design units are encouraged to innovate residential design concepts, optimize indoor space functionality, and enhance health and comfort for residents, catering to both the elderly and children [1] - The promotion of green low-carbon technologies and high-quality building materials is emphasized, aiming to create visible "good house" projects from both new housing and renovation perspectives [2] - Hebei aims to establish a number of demonstrative "good houses" that are tangible and visible, accelerating the implementation of the "good house" concept [2]

Group 1 - The city housing construction bureau focuses on ensuring housing for the people, promoting the transition from "having a house" to "living in a good house" to meet the public's expectations for a better life [3] - The bureau has introduced technical standards such as the "Guidelines for the Delivery and Use of Newly Built Commercial Residential Projects in Rizhao" and the "Guidelines for the Construction of Good Houses in Rizhao (Trial)" [3] - A total of 13 projects have been recognized as high-quality residential pilot projects in Shandong Province in 2023, establishing a cultivation mechanism of "mature projects, application projects, and reserve projects" [3] Group 2 - The bureau aims to enhance residential quality and living experience by increasing the supply of low-density, multifunctional, and high-quality housing products [3] - Future efforts will focus on core goals of "safety, comfort, green, and smart" while collaborating across various factors to promote the construction of "good houses" and create more quality projects [3]

Core Insights - The report indicates that in the first half of 2025, the performance of real estate companies shows signs of stabilization, with brand companies focusing on core cities and actively launching improved housing products [1] - Consumer research reveals that brand influence is significant in home buying behavior, with 55.72% of consumers considering brand very important and 40.56% considering it important [1] - The real estate industry is concentrating on the construction of "good houses," with brand companies launching high-quality residential products to meet the increasing demand for improvements and to restore consumer confidence [1] Industry Trends - Brand companies are strategically focusing on core land parcels to provide higher standards and quality residential products, adapting to the evolving market demands [1] - The implementation of a "good house" construction system by brand companies has led to the successful launch of multiple quality projects, emphasizing safety, comfort, green technology, and community environment [1] - AI technology is becoming a key factor for real estate companies to enhance operational efficiency, gradually penetrating various stages of the industry, including investment, design, construction, marketing, and operations [2]

9月17日，"观黄河入海住宜居东营"2025东营市房产(济南)推介会在济南市历城区海通芳华悦府营销中心成功举办。 东营市人民政府副市长梁润生，山东省住房和城乡建设厅副厅长麻鹏飞，山东省住房和城乡建设厅房地产市场监管处处长娄保来，山东省房地产业协会 秘书长井坤，东营市住房和城乡建设管理局党组书记张玉明、二级调研员贾相学等相关领导及嘉宾出席，东营市各县区、市属开发区住建部门，济南市 房地产中介与租赁行业协会、济南市东营商会，东营市房地产业协会、参展企业有关负责同志参加。 2025东营市房产(济南)推介会现场 近年来，东营始终把"住有优居"作为头等民生大事，做足"三好六提九完善"文章，用心打磨每一处生活空间，着力建设"安全舒适绿色智慧"的好房子。 以好房子、好环境、好服务为目标，全面提升居住品质。对停车位、"四件套"、层高、电梯、隔音、庭院围墙6个方面进行了提升，优化居住功能。从智 慧化、适老化、园林景观、外立面设置、垃圾分类、文娱设施配置、施工质量、物业服务、城市森林花园住宅9个方面对住房指标体系进行了完善，改善 居住环境。 山东省住房和城乡建设厅副厅长麻鹏飞讲话 东营市人民政府副市长梁润生宣布推介会开幕 东营市 ...