Core Insights - The recent surge in the acquisition of existing commercial housing for affordable housing projects indicates a new "market + guarantee" model in real estate development is taking shape [1][2] Group 1: Project Developments - In Zhongshan, Guangdong, six projects have submitted applications for acquiring nearly 1,500 units of existing housing for affordable housing since the pilot program began in late September [1] - Hangzhou has expanded its efforts, with a new round of housing collection initiated by Hangzhou Anju Group, targeting eight urban districts and focusing on areas near transportation hubs and public facilities [1] - In Chongqing, two new projects have been launched, providing over 520 units of existing housing for affordable rental housing, reflecting the city's commitment to a dual rental and purchase housing system [1] Group 2: Funding Mechanisms - Recent re-loan policies for affordable housing have been crucial for project implementation, with Chongqing's branch of the People's Bank of China facilitating a loan of 152 million yuan for the acquisition of 226 units [2] - Changde in Hunan has successfully completed its first county-level loan for acquiring existing housing for affordable housing, marking a significant step for non-provincial capital cities in the region [2] - Special funds are also being utilized to accelerate acquisitions, with Jingmen in Hubei applying for 10 projects and proposing a special bond issuance of 470 million yuan [2] Group 3: Policy and Market Implications - Policy emphasis is on optimizing the supply of affordable housing and regulating the rental market, with low-cost funding sources like special bonds aiding in the acquisition of existing housing [3] - Various regions are supporting initiatives to provide housing guarantees for young entrepreneurs and talent, alleviating the rental burden on these groups [3] - The approach of acquiring and renting out existing housing can help balance the supply structure of affordable housing and create a healthier cycle in the real estate market [3]

Core Viewpoint - The article discusses the current state and future direction of the real estate market in China, emphasizing the transition to a new development model supported by monetary policy and local government initiatives [2][4][5]. Group 1: Monetary Policy and Market Dynamics - The People's Bank of China (PBOC) aims to leverage monetary and credit policies to support the construction of a new real estate development model, focusing on the importance of interest rates and their relationships in macroeconomic balance [2][5]. - Recent data from 70 cities indicates that in October, nine cities, including Shanghai and Harbin, saw a year-on-year halt in the decline of new home prices, marking the highest number since Q2 2024 [2][5]. - The current low interest rate environment has led to a situation where rental yields in key cities are surpassing deposit rates, providing new support for property prices [2][5]. Group 2: Local Government Initiatives - Shanghai has initiated a special action to regulate online real estate information dissemination, targeting misinformation and market manipulation [7]. - Huizhou has fully relaxed household registration restrictions, allowing individuals with legal property rights or those who have lived and worked in the city for over six months to apply for residency, which is expected to enhance labor mobility and population structure [8]. - Various cities, including Luoyang and Zhengzhou, have optimized housing provident fund policies, increasing loan limits and facilitating online applications to improve transparency and accessibility for homebuyers [9][10][11]. Group 3: Market Transition and Challenges - The real estate industry is transitioning from large-scale expansion to high-quality development, facing challenges such as inventory pressure and price system restructuring [5]. - The market is entering a phase where second-hand home transactions are increasingly replacing new home sales, reflecting a natural market adjustment [5]. - The article highlights the need for a balanced view of market indicators during this transitional period, as fluctuations are expected while the market seeks a new equilibrium [4][5]. Group 4: Policy Trends and Future Outlook - The frequency of policy announcements aimed at stabilizing the market remains high, particularly regarding the optimization of housing provident fund policies, which are seen as crucial for market stability [16][18]. - The article anticipates an increase in policies related to "good housing," industry order, and affordable housing as the market continues to evolve [16][18].

【环球网财经综合报道】住房城乡建设部最新公布数据显示，1-10月份，全国二手房交易网签面积同比增长4.7%，二 手房在交易总量中的占比达45%。上海、深圳、重庆、南京、常州、东莞等十几个城市的二手房交易网签面积同比增 长超过10%。 对此有分析人士认为，随着住房发展进入存量时代，二手房对新房的替代作用正在不断增强。 《联合早报》近日发文称，今年以来，中国各地区各部门加快出台实施各项支持性政策，积极释放刚性和改善性住房 需求，推动房地产市场止跌回稳。从统计数据来看，房地产市场虽有所波动，但政策成效仍在继续显现，商品房销售 降幅收窄，商品房去库存持续推进，房企资金也有所改善。 中国国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖表示，当前房地产市场还处在新旧模式转换 时期，转型调整需要一定时间，在这个过程中，部分指标会出现波动，对此要客观看待；下阶段要落实好中央城市工 作会议精神，积极构建房地产发展新模式，坚持长短结合、标本兼治，持续用力推动房地产市场高质量发展。 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [1] Core Views - The central bank is enhancing financial support for the real estate sector, contributing to a new development model, while second-hand housing sales have shown a month-on-month increase [6][15] - The report highlights that the real estate sector has outperformed the broader market, with the Shenwan Real Estate Index rising by 2.7% compared to a 1.08% decline in the CSI 300 Index, resulting in a relative return of 3.78% [3][11] Summary by Sections 1. Weekly Market Review - The Shenwan Real Estate Index increased by 2.7%, while the CSI 300 Index decreased by 1.08%, indicating stronger performance in the sector [3][11] 2. Industry Fundamentals - For the week of November 7-13, the total number of new homes sold in 38 key cities was 20,673 units, a year-on-year decrease of 31.4% and a month-on-month decrease of 2.5%. The total area sold was 2.171 million square meters, down 35.5% year-on-year and 0.1% month-on-month [4][20] - In the same week, the total number of second-hand homes sold in 16 key cities was 18,576 units, a year-on-year decrease of 23.8% but a month-on-month increase of 3.4%. The total area sold was 1.855 million square meters, down 18.7% year-on-year but up 6.2% month-on-month [4][32] - The inventory of commercial housing in 17 key cities was 188.439 million square meters, with a month-on-month increase of 0.1% and a depletion cycle of 173.4 weeks [4][50] 3. Land Market Supply and Transaction Analysis - During the week, 6,292.4 million square meters of land were supplied, a year-on-year increase of 2.9%, while land transactions totaled 1,189.5 million square meters, down 73.9% year-on-year [5] 4. Financing Analysis - Real estate companies issued a total of 4.62 billion yuan in credit bonds during the week, reflecting a year-on-year decrease of 6.29% and a month-on-month decrease of 50.05% [5]

商品房去库存持续推进。随着控增量、优存量等房地产政策措施持续发挥作用，今年以来房地产去库存 稳步推进，10月末全国商品房待售面积75606万平方米，比9月末减少322万平方米，今年以来连续八个 月减少。 房企资金有所改善。在"白名单"项目扩围增效等积极因素带动下，房地产开发企业到位资金降幅收窄， 1-10月房企到位资金同比降幅比去年同期和去年全年分别收窄9.5和7.3个百分点。 付凌晖指出，当前房地产市场还处在新旧模式转换时期，转型调整需要一定时间，在这个过程中，部分 指标会出现波动，对此要客观看待。下阶段，要按照党中央、国务院决策部署，落实好中央城市工作会 议精神，积极构建房地产发展新模式，坚持长短结合、标本兼治，持续用力推动房地产市场高质量发 展。 来源：北京日报客户端 今年以来，各地区各部门出台了一系列支持房地产市场止跌回稳的举措，效果如何？下阶段房地产市场 走势如何？ 11月14日上午，国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖在国新办新闻发布 会上表示，从统计数据来看，房地产市场虽有所波动，但政策成效仍在继续显现。 商品房销售降幅收窄。1-10月份全国新建商品房销售面积和销售额同比 ...

需要指出的是，当前房地产市场还处在新旧模式转换时期，转型调整需要一定时间，在这个过程中，部 分指标会出现波动，对此要客观看待。下阶段，要按照党中央、国务院决策部署，落实好中央城市工作 会议精神，积极构建房地产发展新模式，坚持长短结合、标本兼治，持续用力推动房地产市场高质量发 展。 编辑丨瑜见 第二，商品房去库存持续推进。随着控增量、优存量等房地产政策措施持续发挥作用，今年以来房地产 去库存稳步推进，10月末全国商品房待售面积75606万平方米，比9月末减少322万平方米，今年以来 连续八个月减少。 第三，房企资金有所改善。在"白名单"项目扩围增效等积极因素带动下，房地产开发企业到位资金降 幅收窄，1-10月房企到位资金同比降幅比去年同期和去年全年分别收窄9.5和7.3个百分点。 11月14日，国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖在国新办新闻发布会 上表示，房地产一直是大家比较关注的领域。今年以来，各地区各部门加快出台实施各项支持性政策， 积极释放刚性和改善性住房需求，推动房地产市场止跌回稳。从统计数据来看，房地产市场虽有所波 动，但政策成效仍在继续显现。 第一，商品房销售降幅收窄。1- ...

中经记者 张家振 衢州报道 余永定指出，从日本、美国和英国等国房地产业发展情况和趋势来看，都曾经历过多轮波动，经过多年 的修复才逐步回复到此前的峰值水平。具体来看，日本房地产泡沫在1991年破灭，2013年开始回升，在 经过多轮波动后，日本房价大致恢复到当年的70%（不同地段情况不同）。美国房价自2006年下跌， 2012年开始回升，2018年前后全国房价大致回归到2006年峰值水平。英国自2007—2008年金融危机后， 用了7—8年时间，房价就回到危机前的峰值水平。英国在20世纪90年代房价也曾暴跌，从1989年开始下 跌直至2007年前后房价才恢复到暴跌前的水平。 美国的次贷危机主要是由次贷借款人"逾期违约"引发的。从我国全国平均水平看，中国按揭贷款借款人 的弃贷、拖欠还款逾期违约情况并不严重，但也要更好防止房地产开发商违约、破产导致的银行不良债 权上升等问题，避免引发金融风险。 在余永定看来，为更好解决房地产业和房企面临的问题，宏观调控政策可以从三方面入手：稳定资产价 格；在短期货币市场注入流动性；国有机构入股或临时国有化注入资本金。目前，政府已经采取的具体 措施包括："保交楼"与项目盘活，存量房"收 ...

｜2025年11月12日星期三｜ NO.1 央行：完善房地产金融基础性制度，助力构建房地产发展新模式 11月11日，央行发布2025年第三季度中国货币政策执行报告。下一阶段，强化金融支持提振和扩大消费 作用，扩大消费领域金融供给，研究实施支持个人修复信用的政策措施，挖掘释放消费潜力。着力推动 保障性住房再贷款等金融政策措施落地见效，完善房地产金融基础性制度，助力构建房地产发展新模 式。 点评：这一战略部署既着眼于当前"保交楼、稳预期"的紧迫任务，更致力于构建"低杠杆、可持续"的房 地产发展新模式。 NO.2 北京城建副总经理张锁全出任住总集团董事长 NO.5 金融街向武汉公司提供34.86亿元财务资助 11月10日，金融街控股发布公告，宣布向武汉两湖半岛公司提供34.86亿元的财务资助，资助期限至 2030年11月11日。年利率为一年期贷款市场报价利率（LPR）+200基点，当前为5%。为保障财务资助 的安全，西藏华富天已将其持有两湖半岛公司的50%股权质押给武汉置业作为担保。金融街董事会认 为，本次财务资助是两湖半岛公司生产经营的需要，公司将积极推进后续工作以尽快实现项目正常开 发，并已采取必要的风险控制措 ...

(本文来自第一财经) 央行发布2025年第三季度中国货币政策执行报告，下一阶段，构建多层次、多元化养老金融体系，支持 银发经济高质量发展，助力积极应对人口老龄化国家战略实施。强化金融支持提振和扩大消费作用，扩 大消费领域金融供给，研究实施支持个人修复信用的政策措施，挖掘释放消费潜力。着力推动保障性住 房再贷款等金融政策措施落地见效，完善房地产金融基础性制度，助力构建房地产发展新模式。 ...

现房销售又有新消息。 近日出版的《〈中共中央关于制定国民经济和社会发展第十五个五年规划的建议〉辅导读本》中，刊登 了住房城乡建设部部长倪虹的署名文章《推动房地产高质量发展》，其提出，在商品房销售上，推进现 房销售制，实现所见即所得，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。 在受访专家看来，现房销售是房地产发展新模式中的关键领域，"十五五"时期现房销售制度将因城施 策、循序渐进推进。 实际上，步伐较快城市已着手推进相关工作。前不久，湖南省岳阳市平江县出台《全面推行现房销售 和"好房子"规划建设的若干措施（试行）》，明确在新出让土地上新建的商品房项目，竣工验收之后才 能启动商品房销售，这意味着平江县房地产销售市场全面进入"现房时代"。 此外，今年以来，河南信阳、湖北荆门、湖南邵阳等地发文，推动现房销售落地。 国家统计局数据显示，今年前三季度商品房现房销售面积累计值为23305.93万平方米，同比增长9.9%， 约占商品房销售面积的35.4%。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》明确，加快构建房地产发展新模 式，完善商品房开发、融资、销售等基础制度 ...