每经记者｜陈利 每经编辑｜程鹏 陈梦妤 向江林 一场关乎购房模式的转变正在全国多地推进。 今年以来，包括湖南平江县、甘肃张掖、河南信阳等多个城市先后出台政策，要求新出让土地的商品房项目实行现房销售。另据克而瑞监测，2019年以 来，商品住宅现房销售面积占比已从10%提升至今年年初的33%，全国已有超过30个省（市）开展了现房销售试点或出台配套政策。 国家统计局数据显示，2024年，商品房现房销售面积约占商品房销售面积的30.84%；今年前9月，这一占比提升至35.4%。 而在"十五五"规划建议明确提出推动房地产高质量发展的背景下，日前住房和城乡建设部提出了六大重点任务，其中就包括建立住房保障轮候库制度、推 进商品房现房销售制度。 这也意味着，以"推进现房销售"为代表的一系列措施，将成为下一阶段房地产行业发展的核心任务。"随着政策的不断细化和市场的逐步适应，现房销售 模式有望成为中国商品住宅销售新常态，这是实践和丰富房地产行业发展新模式的应有之义。"克而瑞分析指出。 图片来源：每日经济新闻资料图 "十五五"时期现房销售有望逐渐推进 12月10日，深圳福田区梅林街道B405-0308地块完成竞拍，成交楼面价426 ...

撰文｜陈利 编辑｜陈梦妤 魏文艺 而在此之前，已有多城从政策端及土地出让端发力，推动现房销售制度落地。 封面｜每日经济新闻资料图 如今年5月，河南信阳在《信阳市中心城区加强商品房预售管理工作的若干措施（试行）》中提出，中心城区新出让土地的商品房项目一律实行现房销 售，成为2025年全国首个全面落实现房销售的城市；7月，湖北荆门发布的《关于持续巩固中心城区房地产市场稳定态势的政策措施》也明确，有序推进 现房销售；对新出让的优质房地产开发用地，优先采用现房销售模式开发；2026年1月1日起，新出让土地开发的商品房，原则上实行现房销售。 一场关乎购房模式的转变正在全国多地推进。 今年以来，包括湖南平江县、甘肃张掖、河南信阳等多个城市先后出台政策，要求新出让土地的商品房项目实行现房销售。另据克而瑞监测，2019年以 来，商品住宅现房销售面积占比已从10%提升至今年年初的33%，全国已有超过30个省（市）开展了现房销售试点或出台配套政策。 国家统计局数据显示，2024年，商品房现房销售面积约占商品房销售面积的30.84%；今年前9月，这一占比提升至35.4%。 而在"十五五"规划建议明确提出推动房地产高质量发展的背景下 ...

每经记者｜陈利 每经编辑｜陈梦妤 一场关乎购房模式的转变正在全国多地推进。 今年以来，包括湖南平江县、甘肃张掖、河南信阳等多个城市先后出台政策，要求新出让土地的商品房 项目实行现房销售。另据克而瑞监测，2019年以来，商品住宅现房销售面积占比已从10%提升至今年年 初的33%，全国已有超过30个省（市）开展了现房销售试点或出台配套政策。 国家统计局数据显示，2024年，商品房现房销售面积约占商品房销售面积的30.84%；今年前9月，这一 占比提升至35.4%。 而在"十五五"规划建议明确提出推动房地产高质量发展的背景下，日前住房和城乡建设部提出了六大重 点任务，其中就包括建立住房保障轮候库制度、推进商品房现房销售制度。 "'十五五'时期，现房销售或将逐渐推进，预计更多库存量大的城市或区域将率先推进。"中指研究院有 关负责人认为，对于部分库存量较小的地区来说，现房销售后新增供应将减少，或影响市场供需平衡， 这也意味着，以"推进现房销售"为代表的一系列措施，将成为下一阶段房地产行业发展的核心任 务。"随着政策的不断细化和市场的逐步适应，现房销售模式有望成为中国商品住宅销售新常态，这是 实践和丰富房地产行业发展新模 ...

岁末年初，聚焦中国经济发展方向的中央经济工作会议于12月10日至11日成功举行，为来年经济发展锚定方向，意义深远。官媒发布的会议通稿中，第八条 任务部署与房地产行业息息相关，引发市场高度关注。 通篇研读，会议精神直指房地产市场稳定，强调因城施策，从控增量、去库存、优供给等多维度发力。鼓励收购存量商品房，并将其转化为保障性住房，同 时深化住房公积金制度改革，有序推进"好房子"建设，加快构建房地产发展新模式。 这一系列举措，无疑为深陷调整期的房地产行业指明了方向。自2021年下半年以来，房地产行业面临前所未有的挑战，曾经的增长预期转变为对风险的防范 与化解。房地产作为国民经济的支柱产业，其稳定关乎全局。一旦房地产领域出现风险，将波及上下游产业链，甚至可能引发金融系统性风险，其重要性不 言而喻。 那么，如何化解房地产风险？今年的中央经济工作会议给出了明确路径：去库存是重中之重。房地产企业一旦面临库存积压，资金链如同被阻塞的血管，无 法正常循环，其连锁反应不容忽视。无法回款，企业将面临资金链断裂的危机；无法偿还贷款，银行不良资产增加；无法支付工资，员工利益受损，人才流 失加剧；无法支付供应商款项，影响产业链稳定；无法 ...

Core Viewpoint - The shift towards 100% completed property sales in China represents a significant transformation in the real estate sales system, moving from a pre-sale model to a completed sales model, which is expected to impact housing prices and investment strategies in the long term [1][3][6]. Group 1: Market Changes - A residential land plot in Shenzhen recently sold for 42,000 yuan per square meter, with a premium rate of 65%, indicating strong market demand [1]. - Since late 2022, over 30 regions in China have begun to support or implement completed property sales, marking a shift from trial to broader adoption [1][3]. - The proportion of completed property sales in the national residential market has increased from approximately 12.7% in 2020 to over 30% in 2024, reflecting a significant trend change [3]. Group 2: Price Implications - The transition to completed property sales is likely to lead to structural price increases, as developers face longer sales cycles and increased financial pressures [4]. - Developers with strong financial capabilities, such as state-owned enterprises and top-tier private companies, are expected to thrive in this new environment, focusing on high-quality products that can command premium prices [4]. Group 3: Investment Strategies - Investors are advised to adopt a cautious approach, avoiding high-leverage and low-quality developers, as the new sales model will accelerate industry consolidation [5]. - The focus should shift towards core assets and high-quality properties, particularly in major cities and desirable locations, as these will demonstrate greater resilience and value retention [5][6]. - The investment mindset should transition from speculation to long-term asset allocation, prioritizing completed or near-completed properties that can withstand market fluctuations [6].

Core Viewpoint - The successful auction of a residential land plot in Shenzhen marks a significant moment in the city's real estate market, indicating a structural recovery phase with high premium prices reflecting land scarcity in core areas [1][2]. Group 1: Land Auction Details - The residential land in the Futian District of Shenzhen was sold for 792 million yuan, with a premium of 65%, after 148 bidding rounds [1]. - This plot is the first publicly auctioned pure residential land in Futian in 16 years, with a planned construction area of only 18,000 square meters, attracting eight participating real estate companies [1]. - The final transaction price translates to a floor price of 42,695 yuan per square meter [1]. Group 2: Market Trends and Implications - The high premium indicates that Shenzhen's real estate market is entering a structural recovery phase, with expectations for continued high premium transactions in core areas through 2026 [1][2]. - The land plot requires all units to be sold as completed properties, which may influence future land sale policies and accelerate a shift in the industry towards higher quality developments [2]. - In 2023, Shenzhen completed 12 residential land transactions totaling 29.09 billion yuan, with an average premium rate of 32.81% [2]. Group 3: Consumer Behavior and Market Dynamics - The demand for high-quality housing is increasing, with consumers willing to pay more for premium products, reflecting a shift from rapid development to quality enhancement among real estate companies [3]. - The market is seeing a disparity between core and peripheral areas, with core areas maintaining resilience, as evidenced by a 42.49% premium rate for a recent land auction in Nanshan [2]. - Recent data shows a 12% year-on-year increase in new and second-hand home transactions in Shenzhen, indicating sustained market activity [2].

Core Viewpoint - The recent land auction in Shenzhen indicates a structural recovery in the real estate market, with a significant premium on land prices reflecting the scarcity of core area land and the dominance of state-owned enterprises in the market [1][4]. Group 1: Land Auction Details - The B405-0308 plot was sold for 792 million yuan, with a premium rate of approximately 65%, resulting in a floor price of 42,695.42 yuan per square meter [1]. - This plot, located in the core area of Futian District, is the first publicly auctioned residential land in 16 years and the last residential land to be auctioned in Shenzhen for 2025 [1][3]. - The auction attracted eight bidders, including major real estate companies, and concluded after 148 rounds of bidding [1]. Group 2: Market Implications - The B405-0308 plot is designated for "现房销售" (selling completed homes), which may influence future land sale policies and accelerate industry restructuring, favoring high-quality developments over high turnover [3]. - The total land area sold in Shenzhen for residential purposes in 2025 reached approximately 234,400 square meters, with a total transaction value of about 29.09 billion yuan and an average premium rate of 32.81% [4]. - The real estate market in Shenzhen has shown signs of recovery, with new and second-hand home transactions reaching approximately 111,500 units from January to November, marking a 12% increase compared to the previous year [4]. Group 3: Policy Changes - New housing provident fund policies in Shenzhen aim to support diverse housing consumption needs, allowing for easier access to funds for down payments and facilitating loan processes [5].

Core Insights - The land market in Guangzhou and Shenzhen is experiencing a year-end surge, with significant transactions indicating a recovery in the real estate sector [1][3] Group 1: Shenzhen Land Transactions - A mini residential land plot in Shenzhen's Futian district was auctioned, marking the first publicly sold residential land in 16 years, with a total price of 792 million yuan and a premium rate of 65%, translating to a floor price of 42,700 yuan per square meter [1][2] - Another notable transaction occurred on December 8, where China Overseas Land & Investment acquired a plot in the Shenzhen Bay Super Headquarters Base for 3.186 billion yuan, achieving a floor price of 77,400 yuan per square meter and a premium rate of 42.49%, setting a new high for such plots [1][4] - The competitive bidding for these plots involved major players, including state-owned enterprises and local private firms, reflecting strong market confidence despite stringent development conditions [2][3] Group 2: Guangzhou Land Transactions - In Guangzhou, a plot in Haizhu District was sold for 3.5 billion yuan, with a premium rate of approximately 27% and a floor price of about 24,400 yuan per square meter, indicating robust demand in prime locations [1][5] - The overall land market in Guangzhou is also showing signs of activity, with recent sales reflecting a mix of residential and commercial land, although the overall market remains fragmented [6][7] Group 3: Market Trends and Future Outlook - Analysts suggest that the high premium rates in Shenzhen indicate a structural recovery in the real estate market, with core area land scarcity continuing to support prices [3] - The shift towards "current housing sales" models is expected to accelerate industry consolidation, favoring larger firms with stronger financial capabilities [2][3] - The total land transaction value in Shenzhen for 2025 is projected to reach 29.09 billion yuan, with an average premium rate of 32.81% across 12 residential land deals [6]

Group 1 - The successful auction of the "mini residential land" in Shenzhen's Futian District attracted eight real estate companies, with China Railway Real Estate winning the bid at a total price of 792 million yuan, reflecting a high premium rate of 65% and a floor price of 42,695 yuan per square meter [1] - This land parcel, with an area of 4,994.02 square meters, is the first publicly auctioned pure residential land in Futian District since 2016 and the last residential land auction in Shenzhen for 2025, requiring all units to be sold as completed properties [1] - The high premium indicates a structural recovery in Shenzhen's real estate market, with core area land scarcity continuing to support prices, and it is expected that Shenzhen will maintain market heat through a limited supply of quality land in 2026 [1] Group 2 - On December 8, two land parcels in Shenzhen were successfully auctioned, with China Overseas Land & Investment winning one for 3.186 billion yuan and Longfor Group winning another for 766 million yuan, totaling 3.952 billion yuan in revenue [2] - Year-to-date, Shenzhen has completed 12 residential land transactions, with a total transaction amount of 29.09 billion yuan and an average premium rate of 32.81% [2] - The real estate market in Shenzhen shows significant differentiation, with high-end properties in core locations still performing well despite a relatively sluggish market, indicating strong purchasing power in these areas [2]

Core Insights - Shenzhen's recent land auction marks the second project requiring all completed housing sales since the Bao'an Airport East vehicle depot site [1] Group 1: Auction Details - The land parcel located at 10 Yuehua Road, Meilin Street, Futian District attracted eight bidders including China Overseas, Poly, and China Railway Real Estate [1] - China Railway Real Estate won the bid after 148 rounds of bidding with a final price of 792 million, representing a 65% premium and a floor price of 42,600 per square meter [1] - The land area is 4,994.02 square meters with a planned construction area of 18,550 square meters, including residential space of 15,380 square meters and commercial space of 1,500 square meters [1] Group 2: Location and Infrastructure - The site is conveniently located next to the Maling Metro Station on Line 10 and is close to Cai Tian Road, indicating good transportation access and mature living facilities [1] - The project includes community public facilities and a service room, enhancing the overall utility of the development [1] Group 3: Sales Requirement - All residential units on the site must be sold as completed properties, reinforcing a trend in Shenzhen's real estate market towards immediate occupancy sales [1]