2025年12月11日，由北京中指信息技术研究院主办，中国房地产指数系统、中国物业服务指数系统承办 的"2025中国房地产大数据年会暨2026中国房地产市场趋势报告会"在北京隆重召开。 2025年12月11日，由北京中指信息技术研究院主办，中国房地产指数系统、中国物业服务指数系统承办 的"2025中国房地产大数据年会暨2026中国房地产市场趋势报告会"在北京隆重召开。 会上，中指研究院发布《中国房地产市场2025总结&2026展望》、《2024年中国住房租赁市场总结与展 望》、《2025中国物业管理行业市场总结&2026趋势展望》等多份报告。 根据《中国房地产市场2025总结&2026展望》报告显示：2025年，全国房地产市场整体延续调整态势。 二季度以来新房销售边际转弱，二手房市场持续"以价换量"，市场整体仍处于"止跌回稳"过程中。 市场方面，2025年1-11月，重点城市改善性需求仍是市场重要支撑，在优质项目入市下，百城新房价格 累计上涨2.29%，涨幅较2024年同期持平。二手房市场延续"以价换量"，1-11月，百城二手房价格累计 下跌7.46%，价格仍面临调整压力。成交端来看，今年以来，核心城市在优质 ...

经历4年多的调整和再平衡，中国房地产市场已在多个领域显现重大变化。行业专家指出，楼市正自发 调整以适应高质量发展新阶段，其供求结构、交易格局与企业运行模式等均在积极转型。 其一，交易总量逐步趋稳。 房地产交易中，二手房正占据越来越大的份额。重庆大学副校长刘贵文指出，传统以新房销售为主的增 量交易正走向新房和二手房并举，并进一步迈向以二手房交易为主的成熟市场格局。 数据显示，今年1至11月，全国二手房交易网签面积在房屋交易总量中的占比升至45%。从国际经验 看，进入城镇化后期，以存量交易为主是房地产市场发展的普遍规律。 一二线热点城市已率先进入存量时代。据中指研究院统计，今年1至11月，四个一线城市二手房成交套 数占总成交量的比重均已超六成，其中北京二手房成交量占比超八成。除一线城市外，刘贵文表示，重 庆、成都、杭州、南京等重点二线城市的二手住房成交比例也已超过新房。二手房市场对新房市场 的"替代效应"日益明显。 在此背景下，分析房地产市场走势，需将新房与二手房的总供给与总需求纳入同一分析框架。数据显 示，2025年前三季度，重点30城新房和二手房的总成交量同比已停止下降势头，显示出"筑底止跌"态 势。 其二， ...

其二，"租购并举"格局逐步形成。 中新社北京12月11日电 (记者 庞无忌)经历4年多的调整和再平衡，中国房地产市场已在多个领域显现重 大变化。行业专家指出，楼市正自发调整以适应高质量发展新阶段，其供求结构、交易格局与企业运行 模式等均在积极转型。 其一，交易总量逐步趋稳。 房地产交易中，二手房正占据越来越大的份额。重庆大学副校长刘贵文指出，传统以新房销售为主的增 量交易正走向新房和二手房并举，并进一步迈向以二手房交易为主的成熟市场格局。 数据显示，今年1至11月，全国二手房交易网签面积在房屋交易总量中的占比升至45%。从国际经验 看，进入城镇化后期，以存量交易为主是房地产市场发展的普遍规律。 一二线热点城市已率先进入存量时代。据中指研究院统计，今年1至11月，四个一线城市二手房成交套 数占总成交量的比重均已超六成，其中北京二手房成交量占比超八成。除一线城市外，刘贵文表示，重 庆、成都、杭州、南京等重点二线城市的二手住房成交比例也已超过新房。二手房市场对新房市场 的"替代效应"日益明显。 在此背景下，分析房地产市场走势，需将新房与二手房的总供给与总需求纳入同一分析框架。数据显 示，2025年前三季度，重点30 ...

智通财经APP获悉，12月11日，中指研究院发布2025年中国住房租赁市场总结与展望。2025年，居民就业收入预期仍偏弱，叠加保 租房供应增加影响，1-11月重点50城住宅平均租金累计下跌3.04%。政策方面，中央定调优化保障性住房供给，保租房供给有望从 大规模筹建转向以需定建阶段，供应趋稳将有助于行业平稳运行，《住房租赁条例》实施引导住房租赁市场规范化发展。 培育市场化、专业化住房租赁企业政策导向下，住房租赁企业存在发展空间，租赁住房REITs扩围扩容有助于企业回笼资金、优化 资产结构，形成规模效应。同时，租户需求从"有房住"变为"住好房"，租赁住房供给要侧重品质优化。在此背景下，企业应把握政 策窗口期，参与保租房筹集，打造优质产品、规范运营，建立租户对品牌的信任度，同时把握公募REITs政策机遇，实现高质量发 展。 住宅租赁价格指数走势 （一）50城住宅租金：1-11月租金累计下跌3.04%，跌幅较上年同期扩大0.32个百分点 1. 整体租金：1-11月50城住宅租金累计跌幅扩大至3.04%，3月起租金连续下跌 2025年重点城市住宅平均租金延续下跌态势。受居民就业收入预期偏弱及保租房供应增加影响，今年以 ...

积极响应租购并举，万科泊寓持续领先领跑。 近期，中国房地产业协会长租房分会发布"2025长租公寓企业TOP10"、"2025长租公寓指数参编企业 TOP20"榜单，万科泊寓以其行业领先的综合实力与创新实践斩获双奖。同时，厦门泊寓海湾社区入选 住房租赁"好房子"案例。中房协指出，这不仅是对泊寓品牌影响力与运营实力的高度认可，更是对其持 续参与行业标准建设、推动行业健康发展所作贡献的充分肯定。 值得关注的是，此次获评住房租赁"好房子"典型案例的厦门泊寓海湾社区，前身为厦门国际健康驿站， 创新改造为8000间长租公寓，已成为全国规模最大的保障性租赁住房项目。 获奖资料显示，该项目不仅创新采用全干法装配式装修工艺实现绿色建造，更依托数字化运营平台将管 家人房比提升至165间/人，实现高效、可持续发展。社区内规划8500㎡商业街区，并免费提供自习室、 健身房、图书馆等公共活动空间，打造"青年之家"，开办"青年夜校"，组建近百个兴趣社群，构建了独 特的青年社区生态，成为厦门新市民的租房首选。 此外，万科泊寓已在全国成功运营29个超1000间的大型租赁社区，长期保持95%以上的高出租率。 厦门泊寓海湾社区入选中房协"好房子 ...

2025 年 11 月，住建部的全国房屋普查数据让不少人惊讶 —— 全国居然有 6.6 亿栋房屋，光空置房就超 1.2 亿套，这些空房子能妥妥住下 3.6 亿人！以前总 听人说 "房子多"，现在才知道多到这种程度 一、先看数据：房子到底过剩到了什么程度？ 住建部的普查数据显示，截至 2025 年，全国城乡住房总量已经达到了 6 亿栋，其中城镇有 3.3 亿栋，农村有 2.7 亿栋。咱简单算笔账，要是按每栋楼平均住 5 个人来算，这些房子理论上能装下 30 亿人，要知道咱们国家实际人口才 14 亿，这房子的总量妥妥是够够的了，甚至可以说是严重过剩。 但有意思的是，总量过剩的同时，还存在着特别明显的 "冰火两重天"。一二线城市里，尤其是优质地段的改善型房源，那是抢都抢不到，刚需想上车也得 掏空 "六个钱包"；可到了三四线城市和县城，情况就反过来了，新建楼盘一栋栋立着，就是没人买，国家统计局数据显示，部分三四线城市的商品住宅去 化周期超过 30 个月，要知道行业里公认的合理周期才 18 个月，这就意味着这些地方的房子，光靠正常销售，得两年多才能清完库存。 还有个更直观的现象，就是空置率高得吓人。全国城镇住房空置率已 ...

一方面，泊寓通过品质居住空间与智慧科技社区的营造，提升青年人才的居住舒适度与便捷性。室内设 计结合当下青年人的风格喜好，并通过模拟当下青年人居住习惯，在户内规划设计了多种功能空间，涵 盖办公、睡眠、收纳、卫浴、晾晒、轻食等生活场景。另一方面，社区内规划设有免费的公共空间，租 户在社区内即可自由开启健身运动、阅读自习、亲子休闲等活动，允许租客携带宠物入住，为独在异乡 的年轻人提供一份温暖的"情绪价值"，满足新市民、新青年租住、社交、学习、成长的综合需求。值得 一提的是，该项目配租申请条件也极为友好，面向在杭工作的大专及以上学历人才，为广大青年人才敞 开了大门。 公开资料显示，万科作为国内最早落地实践租购并举的房地产企业，旗下泊寓一直是国内住房租赁领域 的龙头企业，在运营能力和竞争能力上均始终保持领先领跑的优势。根据万科集团三季度报告数据，万 科泊寓在全国共运营管理租赁住房28万间，累计开业突破20万间，出租率接近95%，已成为全国最大的 集中式公寓提供商，业务规模、效率、纳保量保持行业第一，并于2023年10月宣布实现了成本法的整体 盈利。 沁贤里泊寓·大学城北店位于杭州市钱塘区银海街18号，由钱塘区属国企杭州 ...

Core Viewpoint - The real estate market is experiencing significant changes, with varying price trends across different cities, indicating a complex market environment [1][3]. Group 1: Market Trends - As of October 2025, the number of cities with declining new home prices is increasing, reflecting a gradual evolution rather than a sudden shift [3]. - The adjustment in supply and demand dynamics is a primary factor, with many cities experiencing increased inventory and stable or declining buyer demand [3][5]. - A shift in buyer mentality is evident, with younger generations prioritizing actual needs over the traditional view of homeownership as a necessity [4][5]. Group 2: Policy and Economic Impact - The policy environment is shifting from strict regulations to more flexible management, allowing for greater market self-regulation and price elasticity [5][6]. - The adjustment in the real estate market is expected to impact related industries such as construction materials and home furnishings, indicating a slow and gradual process of economic adaptation [6][8]. Group 3: City-Specific Performance - First-tier cities like Shenzhen, Shanghai, and Beijing maintain relatively stable prices despite a decrease in transaction volumes due to ongoing population influx [5][6]. - Second-tier cities show varied performance, with economically strong cities like Chengdu and Wuhan remaining stable, while others face significant pressure due to population decline [5][6]. - Third and fourth-tier cities exhibit diverse trends, with some satellite cities near major urban areas remaining active, while remote areas experience price declines [5][6]. Group 4: Consumer Behavior and Investment - The current market environment offers more choices for buyers, allowing for a more rational approach to purchasing decisions [6][8]. - Investors are reassessing the role of real estate as an investment tool, with a shift towards valuing housing primarily for its residential function rather than as a financial asset [8][10]. - The rental market is becoming more vibrant as young people opt for renting over buying, leading to potential increases in rental yields [8][10]. Group 5: Long-term Outlook - The adjustment in the real estate market is viewed as a necessary process for achieving a more rational and healthy market, reducing speculative demand and benefiting genuine housing needs [9][10]. - Future price movements will depend on fundamental factors such as population trends, industrial development, and urban planning, rather than simplistic predictions of price increases or decreases [9][10]. - The expectation is for a more balanced housing market, with prices fluctuating within a reasonable range based on local economic conditions [9][10].

Core Viewpoint - The Chinese real estate market is at a historical turning point, with a new cycle about to begin, driven by profound changes in supply-demand relationships, policy restructuring, and gradual market confidence recovery [1] Group 1: Policy Framework - The core feature of 2025 real estate regulation is "systematic efforts and precise measures," with a policy framework consisting of "four cancellations, four reductions, and two increases" [2] - The "four cancellations" break long-standing barriers to market circulation, allowing cities to have greater control over their real estate policies, which has led to increased viewing and transaction volumes since late September [2] - The "four reductions" target cost issues for homebuyers, including a 0.25 percentage point decrease in housing provident fund rates and a unified minimum down payment of 15%, expected to save residents 150 billion yuan in interest [2] - The "two increases" involve the addition of 1 million urban village and dilapidated housing renovation projects and expanding the credit scale for "white list" projects to 4 trillion yuan, addressing both inventory and financing challenges [2] Group 2: Market Data - Data from the National Bureau of Statistics indicates a positive trend in the market, with a structural narrowing of price declines in major cities and signs of price stabilization in core cities like Shanghai and Shenzhen [4] - From January to October 2025, the sales area of new commercial housing reached 71.982 million square meters, with a decrease in unsold housing inventory, indicating ongoing destocking [4] - Residential investment from January to October was 565.95 billion yuan, showing a 13.8% year-on-year decline, but the completion area of housing projects increased by 22%, indicating a shift towards quality improvement [4] Group 3: Supply Innovation - The introduction of "good housing" standards marks a fundamental shift in real estate development logic, focusing on quality rather than quantity, encompassing green health, low carbon, smart convenience, and safety [5] - The government is actively promoting the revitalization of existing assets, allowing local governments greater autonomy in managing and repurposing properties, which has led to significant progress in activating idle assets [5] - Financing structures for leading real estate companies are improving, with financing costs decreasing and the proportion of equity financing rising from 12% in 2022 to 28% [5] Group 4: Housing Security - The construction of affordable housing is entering a phase of large-scale promotion, becoming a crucial support for stabilizing the market and benefiting the public [6] - Local governments are actively implementing plans for affordable housing, with cities like Beijing and Guangzhou advancing projects to meet housing needs [6] - The ongoing expansion of affordable housing is expected to complement the commercial housing market, contributing to a new housing supply structure that includes both rental and purchase options [6] Group 5: Overall Market Transformation - The Chinese real estate market is undergoing profound structural changes, with the Ministry of Housing and Urban-Rural Development's precise measures successfully curbing market decline and promoting a transition to high-quality development [7] - The comprehensive promotion of "good housing," revitalization of existing assets, and continuous improvement of the housing security system are expected to create a new pattern of "steady progress and differentiated development" in the real estate market [7]

Core Insights - The report from Guandian Index indicates a significant decline in residential rental prices in major cities, with the average rental price dropping to 29.78 yuan per square meter per month in October 2025, reflecting a month-on-month decline of 4.39% and a year-on-year decline of 8.91% [1][4] - The rental market is expected to remain under pressure in the short term due to seasonal effects, while medium to long-term prospects may improve as the supply of affordable rental housing stabilizes and demand in core cities continues to grow [1][4] Rental Market Performance - In October 2025, the rental price in 50 key cities fell to 29.78 yuan per square meter per month, with 86% of cities experiencing month-on-month declines and 90% seeing year-on-year drops [4][8] - The rental market is characterized by a dual impact of traditional seasonal downturns and supply-demand structural adjustments, leading to ongoing downward pressure on rental prices [4][8] Policy and Regulation - New regulations introduced in Shanghai aim to standardize the management of affordable rental housing projects, establishing a comprehensive management system to ensure compliance from project selection to operation [2][3] - The focus of recent policies has been on guiding market supply, enhancing management standards, and ensuring the protection of tenant rights [1][2] Company Dynamics - Leading rental companies are experiencing growth in scale, with a shift towards diversified expansion strategies. For instance, companies like Bole and Vanke are increasing their operational capacities while adapting to market changes [8][9] - The rental market is seeing a trend towards refined operations rather than mere scale expansion, with companies focusing on efficiency and profitability [9] REITs and Capital Market - The performance of publicly listed rental housing REITs shows resilience, with total revenue of 195 million yuan and net profit of approximately 56.6 million yuan in Q3 2025, indicating a growth of 8.33% and 5.64% respectively [16][18] - The average occupancy rate of these REITs stands at 95.97%, supported by stable demand in core urban areas [18][20] - The capital market for housing rentals is evolving, with various financial instruments being utilized to enhance funding efficiency, reflecting a shift towards a dual-driven model of policy and capital [22][23]