Core Insights - The real estate industry is undergoing significant changes in 2025, moving away from high leverage and high turnover models towards a more stable future, with notable progress in debt risk resolution, housing delivery, and urban renewal initiatives [1] Debt Risk Resolution - In 2025, the debt risk that has plagued the real estate sector is being effectively alleviated, with 21 distressed real estate companies restructuring debts totaling approximately 1.2 trillion yuan, significantly reducing the industry's repayment pressure [2][3] - Notable companies like Sunac China and Country Garden have successfully completed substantial debt restructuring, with reductions of over 50% in some cases, improving their balance sheets and creating favorable conditions for long-term recovery [2] Housing Delivery Progress - The completion of housing delivery tasks is crucial for restoring market confidence, with over 7.5 million previously unsold homes being delivered by October 2025, leading to a significant recovery in buyer sentiment [6][7] - Companies like Far East Horizon have successfully completed their housing delivery commitments, enhancing market trust and demonstrating improved project quality and sustainability [6][7] Urban Renewal Acceleration - The focus of the real estate industry is shifting from expansion to quality improvement, with urban renewal becoming a key driver for investment and domestic demand [8] - Policies supporting urban renewal, including the issuance of special bonds for village renovations, have seen significant growth, with 816 billion yuan issued for urban village renovations in the first three quarters of 2025, a year-on-year increase of approximately 140% [8][9] Financial Tools and Support - The introduction of diverse financial instruments, such as REITs, is enhancing support for urban renewal projects, with the scope of infrastructure REITs expanding to include urban renewal facilities and commercial properties [9][10] - The collaboration between various stakeholders, including financial institutions and asset management companies, is facilitating the revitalization of stalled projects and improving the overall operational mechanisms within the industry [7][10]

2026年作为"十五五"规划开局之年，房地产行业的发展走向直接关乎民生福祉与国民经济稳定运行。近 期住建部联合相关部门出台的系列部署，以"稳市场、防风险、优供给、促转型"为四大核心目标，不仅 勾勒出2026年房地产行业的发展蓝图，更标志着行业正式告别全域普涨的旧模式，迈入"总量趋稳、结 构分化"的高质量发展新阶段。这一系列政策调整并非短期应急调控，而是推动行业从"增量扩张"向"存 量优化"转型的关键举措，其对房价的影响呈现鲜明的结构性特征，将深刻重塑市场格局。 住建部最新部署的核心逻辑在于"精准施策、双向发力"，通过供需两端的协同调控破解当前"供强需 弱"的结构性矛盾，为市场平稳运行筑牢基础。在需求端，部署明确延续宽松导向，一方面深化住房公 积金制度改革，推动贷款额度提升、异地互认互贷等政策落地，降低刚需与改善型群体的购房门槛， 2025年全国已出台超260条公积金优化政策，这一趋势在2026年将持续强化，尤其利好新市民、青年群 体置业； 另一方面支持各地因城施策放宽限购限制、降低首付比例与房贷利率，结合个税补贴、交易税费减免等 措施，切实减轻居民购房成本。在供给端，部署聚焦"控增量、去库存、优供给"三大任务 ...

随着城市化加速推进与人口持续增长，巴基斯坦房地产行业正面临着供需失衡加剧的巨大压力。据2025 年12月发布的行业分析，该国住房短缺量已达1000万至1200万套，且随着人口增长与城乡迁移规模扩 大，这一缺口每年还在持续扩大。 融资渠道不畅是巴房地产业最突出的问题之一，该国按揭贷款占GDP比例仅为0.2%，缺乏广泛的按揭 贷款体系。即便政府在2025年7月推出了720亿巴基斯坦卢比(简称"卢比"，约合2.6亿美元)的首套房补贴 贷款计划，但在主要城市，土地和建筑成本已飙升至极高水平，该计划仅适用于有限群体，而非更广泛 的中低收入群体。 监管改革层面，2025年10月，巴基斯坦证券交易委员会(SECP)恢复了房地产项目预付款监管框架，要 求房地产公司在广告宣传或收取公众预付款前必须获得开发证书，并将所有存款存入专用托管账户，确 保资金用于项目建设。这一措施被专家视为恢复市场纪律和投资者信心的关键一步，有望遏制投机行 为，减少欺诈和停滞项目。同时，政府计划激活房地产监管局，对提供虚假房产估值的个人和中介处以 包括监禁和罚款在内的严厉处罚。 总体而言，巴基斯坦房地产行业正处于转型关键期，住房短缺与市场潜力并存。巴政 ...

投资销售比、土地成交/新房成交、新开工销售比、待售面积等指标持续改善 ◎ 文 / 马千里 12月15日上午，国家统计局如期发布2025年11月宏观经济和房地产数据。国民经济稳步增长，社零同比增速出现回落。地产 行业方面，因行业正处于转型发展的关键时期，再加之上年基数上升的影响，销售规模、房价、投资、国房景气指数均延续 调整。不过从具体城市和项目的角度来看，新房价格、项目去化率等方面仍存有结构性亮点，行业供求压力也在持续好转。 居民中长期贷款规模迎来止跌回升， 初步统计显示11月环比增长622亿元。当前房地产行业销售正处于调整关键期，中长期贷 款能够实现止跌，充分体现出行业运行的积极变化。近期央行行长发表署名文章明确，未来将强化房地产金融宏观审慎管 理，推动房地产市场平稳健康发展。而12月11日公布的经济工作会议报告也着重强调，要积极有序化解地方政府债务风险， 督促各地主动化债，坚决遏制新增隐性债务；同时优化债务重组与置换机制，通过多措并举化解地方政府融资平台经营性债 务风险。 展望未来，金融政策将更加聚焦行业风险管理，政策重心也将从侧重化解企业风险，进一步转向兼顾企业风险与地方债务风 险化解。这一调整将释放多 ...

基于深圳多年的实践积累，吕晋川进一步介绍，《深圳倡议》将"好房子"概念具体化为可落地的"五大 价值维度"，为全国行业提供清晰行动框架：其一为"历久弥新的区位价值"，强调选址既要满足当下生 活便利，也要兼顾未来城市发展潜力，避免短期规划局限；其二是"坚如磐石的产品价值"，聚焦建筑质 量安全、空间人性化设计与绿色低碳属性，筑牢"好房子"的硬件基础；其三是"温暖如春的服务价值"， 推动物业服务从基础管理升级为覆盖居住全周期的生活服务，精准匹配居民多元化需求；其四是"守望 相助的社群价值"，倡导通过常态化社群活动，构建有温度的社区共同体，增强居民归属感与幸福感； 其五是"生生不息的成长价值"，确保住区能随时代发展持续迭代，适配智慧化、适老化等未来需求， 让"好房子"始终跟上生活变迁。 分析认为，《深圳倡议》的发布，不仅是深圳房地产实践经验的系统总结，更标志着中国房地产业在转 型中从"分散探索"走向"统一目标"，从"企业单打独斗"走向"行业协同发力"。正如中国房地产业协会副 会长沈月祥所言，这一行动是行业立足国家战略、响应"美丽中国"建设的责任之举。在"十五五"政策指 引下，以《深圳倡议》为样板的"好房子与美好住区"建 ...

Group 1 - The core point of the article is that COFCO Group's subsidiary, Joy City Property, has received shareholder approval for its privatization plan, marking the end of its 12-year listing on the Hong Kong Stock Exchange, reflecting significant changes in the capital market and the real estate industry during a period of cyclical adjustment [2][4] - Joy City Property's development trajectory is closely linked to the golden period of China's commercial real estate, having been established in 1992 and listed in 2013, during which it became a benchmark enterprise in the sector with strong rental income growth [2][3] - The "A-share red-chip" structure, initiated in 2019, aimed to leverage both A-share and Hong Kong markets for efficient resource allocation, but failed to deliver expected financing synergies, leading to increased operational complexity and costs [3][4] Group 2 - The decision to privatize was driven by significant operational pressures, with cumulative losses exceeding 7 billion yuan from 2022 to 2024, and negative cash flow for two consecutive years, making the Hong Kong listing a financial burden [4][8] - The privatization is seen as a strategic move to streamline decision-making and enhance operational efficiency, allowing the company to focus on its core business areas [4][5] - The capital market responded positively to the privatization news, with a 45.95% increase in stock price following the announcement, indicating investor optimism regarding asset integration and strategic development [8][9] Group 3 - The trend of privatization among real estate companies is increasing, with 23 listed firms exiting the capital market in the past three years, reflecting a shift from high-leverage growth models to a focus on quality development [8][9] - Analysts suggest that while the industry is undergoing a transformation, it does not signify a decline but rather a rationalization and structural optimization, with strong companies likely to gain competitive advantages [9][10] - For companies like Joy City, with a strong state-owned background and quality asset reserves, privatization may open new growth opportunities during the industry's high-quality development phase [10]

然而，理想与现实之间存在显著差距，中粮集团希望借此打通境内外融资通道的初衷未能如愿奏效。一方面，港股市场对内地商业地产企业的估值偏低，大 悦城地产股价长期徘徊在净资产下方，估值优势难以体现，再融资能力受到严重制约。另一方面，A股市场的大悦城控股同样面临经营压力，受房地产行业 整体下行、销售端承压以及资产减值等因素影响，公司连年陷入亏损境地，未能形成有效的盈利支撑。双重市场压力下，"A控红筹"架构不仅未能发挥预期 的融资协同效应，反而增加了企业治理的复杂性与运营成本。 登录新浪财经APP 搜索【信披】查看更多考评等级 转自：新华财经 新华财经上海11月18日电（谈瑞）11月17日，中粮集团旗下大悦城地产（00207.HK）宣布私有化决议案获计划股东通过，其在香港联交所的上市地位预计 将于11月27日正式撤销，标志着这家央企商业地产巨头12年的上市历程即将画上句号。在房地产行业周期性调整的背景下，这一举措不仅是企业应对经营压 力的现实选择，更是行业转型期房企战略重构的典型样本，折射出资本市场与房地产行业生态的深刻变化。 回溯其资本市场进程，作为中粮集团旗下核心的商业地产平台，大悦城地产的发展轨迹与中国商业地产的黄 ...

Group 1: Real Estate Investment Trends - In the first ten months of the year, national real estate development investment reached 73,563 billion yuan, a year-on-year decrease of 14.7% [1] - The sales area of newly built commercial housing was 71.9 million square meters, down 6.8% year-on-year, while the sales revenue was 69,000 billion yuan, a decline of 9.6% [1] - The funds available to real estate development enterprises amounted to 78,900 billion yuan, reflecting a year-on-year decrease of 9.7% [1] - The inventory of unsold commercial housing at the end of October was 75,606 million square meters, a reduction of 3.22 million square meters compared to the end of September [1] Group 2: Regulatory Actions in Real Estate - Shanghai has initiated a special rectification action to regulate online real estate information dissemination, targeting websites, self-media accounts, and real estate intermediaries [2] - The focus of this action includes cracking down on negative narratives about the Shanghai real estate market, distorting policies, false low-price listings, and malicious speculation [2] - This initiative aims to create a clear, truthful, and orderly real estate information environment, thereby stabilizing market expectations [2] Group 3: Corporate Restructuring - Huaxia Happiness has been applied for pre-restructuring by creditor Longcheng Construction due to its failure to repay debts and lack of repayment capability, despite having restructuring value [3] - The company has not yet received court documents regarding the acceptance of the restructuring application, indicating significant uncertainty about entering the restructuring process [3] - This application represents a critical turning point in addressing Huaxia Happiness's debt crisis, providing a judicial guarantee and efficient platform for debt resolution [3] Group 4: Leadership Changes - The chairman of China Merchants Shekou Industrial Zone Holdings, Jiang Tiefeng, has resigned due to work reallocation, with Zhu Wenkai appointed as the new chairman [4] - Zhu Wenkai's appointment signals a strategic adjustment within the real estate sector of China Merchants Group, indicating deeper integration between China Merchants Shekou and China Merchants Land [4] - This leadership change is expected to enhance management synergy, resource complementarity, and overall performance improvement [4] Group 5: Debt Recovery Initiatives - CITIC Trust has listed 1.408 billion yuan of non-performing debt related to 160 properties in Baoneng City for sale, with the collateral located in Nanshan District, Shenzhen [5] - The debt includes a principal of 1 billion yuan, interest of 226.5 million yuan, and other fees totaling 1.816 billion yuan [5] - The properties are subject to multiple liens and judicial seizures, with a court hearing expected in the fourth quarter of this year [5][6]

(文/孙梅欣 编辑/张广凯） 11月14日上午，今年10月份的全国70个大中城市房价，及今年以来全国房地产开发投资数据出炉。 国家统计局公布的数据显示，10月份全国各线城市二手房住宅价格环比和同比全线下滑。环比降幅中， 徐州降幅最大达到1.2%。北京、三亚、南昌等城市的环比降幅均超过1%。 统计显示，一线城市二手住宅销售价格环比下降0.9%，降幅比上月收窄0.1个百分点。其中，北京、上 海、广州和深圳分别下降1.1%、0.9%、0.9%和0.9%。二线城市二手住宅销售价格环比下降0.6%，降幅 收窄0.1个百分点。三线城市二手住宅销售价格环比下降0.7%，降幅扩大0.1个百分点。 二手住宅的同比降幅则更为明显，一线城市二手住宅同比平均降幅达到4.4%，较上月降幅继续扩大1.2 个百分点。 一线城市中，广州二手房价同比降幅最大，达到6.4%个百分点，上海、广州、深圳则分别为4.7%、 3.4%和3.3%。 10月行情的亮点，依然靠少数城市的新房价格拉动。 其中，上海连续数月新房环比价格保持全国领跑的姿态，10月环比涨幅达到0.3%，居于全国首位。沈 阳、乌鲁木齐和韶关则以0.2%的环比涨幅紧随其后。另外，杭州、 ...

Core Viewpoint - After announcing plans for privatization and delisting, a major change in leadership has occurred at the state-owned developer, Wulian Real Estate [2][3]. Group 1: Leadership Changes - He Jianbo has resigned from his positions as executive director, chairman of the board, and various committee roles due to personnel rotation and succession planning by China Minmetals Corporation [2]. - Dai Pengyu, the executive director and managing director, has been appointed as the acting chairman of the board until a new chairman is officially appointed [2]. - He Jianbo has confirmed that there are no disagreements with the board and is aware of matters that need to be communicated to shareholders [2]. Group 2: Company Performance - During He Jianbo's tenure, Wulian Real Estate experienced rapid expansion, achieving sales of 19.36 billion yuan in 2020, a year-on-year increase of 124%, and further increasing to 26 billion yuan in 2021 [3]. - However, due to industry adjustments, sales have contracted significantly, with projected sales of 7.02 billion yuan in 2024 [3]. - The company reported a revenue of 9.883 billion HKD in 2024, a year-on-year decline of 21.8%, with a net loss of 3.748 billion HKD [3]. - In the first half of the current year, Wulian Real Estate generated a revenue of 1.976 billion HKD, with a net loss of 580 million HKD [3]. Group 3: Privatization Plans - On October 23, Wulian Real Estate announced plans for privatization and intends to apply for the cancellation of its listing on the stock exchange, with a proposed share cancellation price of 1 HKD per share [3]. - If the privatization is successful, there may be potential integration and restructuring with another real estate brand under China Minmetals, "China Metallurgical Group" [3]. Group 4: Industry Insights - He Jianbo has publicly stated that the main task for the real estate sector is to "reduce inventory," with the primary contradiction being "supply-demand imbalance" [4]. - Despite government measures to stimulate consumption, the industry is expected to gradually transition into an era focused on existing housing stock, necessitating transformation and change among real estate companies [4]. - Future strategies for real estate firms should extend beyond merely building and selling properties, focusing instead on developing a comprehensive industrial system based on their core competencies [4].