Group 1: Stock Market Performance - The Shanghai Composite Index broke through 3800 points on August 22, reaching a ten-year high, with significant increases in both volume and price in the A-share market [1][2] - Analysts attribute the current bull market to multiple factors, including the introduction of monetary tools to support the capital market last September and the influx of medium to long-term funds [1][2] - The entry of various long-term funds, including state-owned financial institutions and public funds, has stabilized the market amid external shocks [2][3] Group 2: Real Estate Market Challenges - Despite the stock market's recovery, the real estate market remains under pressure, with a 12% decline in real estate development investment from January to July [4][5] - New residential property sales area decreased by 4% year-on-year, with sales revenue down by 6.5% [4][5] - Housing prices in first-tier cities showed mixed results, with a slight decrease in new residential prices and a more significant drop in second-hand housing prices [4][5] Group 3: Policy Recommendations for Real Estate - Experts suggest that the central government should provide financial support to stabilize the real estate market, distinguishing between affordable housing and commercial housing for targeted policies [7][8] - Recommendations include establishing a "Central Storage Housing" institution to acquire unsold commercial properties and convert them into affordable housing [7][8] - The need for a new model for real estate development is emphasized, focusing on tax measures rather than direct price controls to regulate the market [8]

Core Viewpoint - The State Council's recent meeting emphasizes the need for strong measures to stabilize the real estate market, indicating a shift from merely stopping the decline to consolidating stability, reflecting a clear understanding of the current market situation [1][3]. Policy Direction - The focus of real estate policies this year has been on "stopping the decline and stabilizing" the market, with previous meetings highlighting the need for stronger measures to support the market [1]. - The latest meeting marks a transition from "promoting" to "consolidating" market stability, suggesting that while initial signs of stabilization are present, more targeted actions are necessary to ensure lasting recovery [1][4]. Urban Renewal and Demand Release - The meeting proposes integrating urban renewal with the renovation of urban villages and dilapidated housing, indicating a significant policy shift towards a dual approach of stimulating both supply and demand [2]. - Urban village renovation is expected to drive real estate investment and help reduce inventory, creating a closed loop of "renovation—housing vouchers—release of improvement demand—inventory reduction" [2]. Economic Context - The stability of the real estate market is crucial for the broader economy, influencing consumer confidence and investment levels, as real estate accounts for over 20% of fixed asset investment [3]. - The government recognizes the limitations of traditional stimulus measures and is seeking integrated approaches that combine real estate with urban renewal and improvements in living standards [3][4]. Structural Challenges - The real estate market faces structural contradictions, such as limited supply in first- and second-tier cities alongside high inventory in third- and fourth-tier cities, necessitating a reform-oriented approach to policy [4]. - Key reforms include land system reform to address complex land ownership issues, financial innovation to attract social capital, and targeted demand policies to support specific demographics [4]. Long-term Vision - The shift in perspective from viewing real estate as a short-term regulatory tool to recognizing it as a vital component of long-term economic governance reflects a deeper understanding of its role in urban management and consumer upgrading [4].

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [5] Core Viewpoints - The report emphasizes that since September 2024, the central government's clear requirement has been to stabilize both the real estate and stock markets. The report suggests that high-quality residential properties may experience a development wave due to policy guidance and changes in supply-demand structure [5][49] - The report highlights the importance of stabilizing the real estate market to boost social expectations and facilitate domestic demand circulation amid uncertainties in external environments, such as ongoing Sino-US trade frictions [5] Market Performance - The Shanghai Composite Index rose by 1.7%, the Shenzhen Component Index increased by 4.5%, the ChiNext Index grew by 8.6%, and the CSI 300 Index went up by 2.4%. The real estate sector (Shenwan) saw an increase of 3.9% [6][9] - In terms of individual stocks, the top five gainers were Wantong Development (+39.4%), Quzhou Development (+33.0%), Electronic City (+32.0%), *ST Nanzhi (+25.0%), and Shahe Shares (+21.2%) [6][9] Data Tracking New Housing Transactions - For the week of August 9-15, 2025, new housing transactions in 42 key cities totaled 141 million square meters, a decrease of 1.4% week-on-week and a year-on-year decline of 20.4% [16] - As of August 15, 2025, new housing transactions in 42 key cities for the month totaled 306 million square meters, down 9.5% month-on-month and down 20.9% year-on-year [20] Second-Hand Housing Transactions - For the week of August 9-15, 2025, second-hand housing transactions in 21 key cities totaled 178 million square meters, an increase of 3.0% week-on-week but a year-on-year decrease of 2.4% [31] - As of August 15, 2025, second-hand housing transactions in 21 key cities for the month totaled 381 million square meters, down 5.5% month-on-month and down 2.1% year-on-year [36] Industry News - From January to July 2025, national real estate development investment reached 535.8 billion yuan, a year-on-year decrease of 12%. The sales area of commercial housing was 51.56 million square meters, down 4% year-on-year [49] - Local policies include Hainan Province encouraging "purchase instead of construction" for resettling relocated residents and Guangzhou releasing new regulations for rural residential construction management [49] Company Announcements - In July 2025, China Jinmao achieved a sales amount of 8.46 billion yuan (up 49% year-on-year), while New Town Holdings reported 1.66 billion yuan (down 52% year-on-year) [52] - China Resources Land reported a sales amount of 13.3 billion yuan (down 14% year-on-year) for July 2025 [52]

Core Viewpoint - The recent State Council meeting emphasized the need for strong measures to stabilize the real estate market and release improvement demand, indicating a continued focus on achieving a "stop decline and stabilize" policy goal [1][2]. Group 1: Policy Direction - The government has prioritized stabilizing the real estate market as a key task this year, with multiple meetings reiterating the importance of maintaining stability [2]. - The latest meeting highlighted the urgency of implementing effective policies, suggesting that a new round of large-scale support measures for the real estate market may be forthcoming, potentially exceeding previous efforts [2]. Group 2: Improvement Demand - The meeting called for a multi-faceted approach to release improvement demand, which is increasingly significant in the overall real estate market [3]. - Data from the China Index Academy indicates that in the first five months of this year, the transaction share of 120-144 square meter units in 30 key cities reached 30%, marking a shift towards improvement-type properties [3]. Group 3: Supply and Demand Dynamics - The current market conditions necessitate a greater focus on improvement demand, which includes upgrading housing through various means [4]. - On the supply side, enhancing the availability of high-quality housing has become a key focus for local real estate policies, with around 40 cities introducing guidelines for quality housing since 2024 [4]. - On the demand side, local governments are reducing purchasing restrictions and increasing support for families with multiple children to stimulate improvement demand [4].

Core Viewpoint - The recent implementation of housing fund management policies across various cities aims to support the housing needs of flexible employment individuals and stabilize the real estate market [1][5]. Group 1: Policy Implementation - Zhaoqing City has introduced a management method for housing funds to enhance support for flexible employment individuals' housing needs [1]. - Multiple cities, including Beijing, Tianjin, Xi'an, and Suzhou, have rolled out policies to stabilize the housing market, focusing on optimizing housing fund policies and promoting housing exchanges [1][2]. - The Hainan Provincial Housing and Urban-Rural Development Department has announced measures to revitalize existing real estate land and properties, utilizing housing fund returns for public rental housing [3]. Group 2: Market Conditions - In July, the real estate market showed signs of weakness, with a 4.0% year-on-year decline in new residential sales area [2]. - The number of cities experiencing falling housing prices has increased, indicating that the market is still undergoing significant adjustments [2][5]. - The trend of stabilizing the real estate market is expected to continue, supported by ongoing policy efforts [5][6]. Group 3: Demand and Supply Adjustments - Cities are actively using housing funds to lower the threshold for home purchases, thereby stimulating housing consumption [3]. - Hefei City has relaxed the processing time for converting commercial loans to public housing loans, aiming to support reasonable loan demands [3]. - Suzhou City has adjusted the down payment ratio for housing fund loans to 15% for first or second homes, catering to both rigid and improved housing demands [3]. Group 4: Future Outlook - Experts believe that the foundation for market stabilization remains solid, with a focus on reducing home purchase costs and encouraging demand [6]. - There is a need for continued policy efforts to manage the supply of second-hand housing and improve the overall market environment for new homes [6].

Core Viewpoint - The new real estate policies in Beijing, effective from August 9, aim to stabilize the housing market and boost consumer confidence, leading to increased activity in the new housing sector while the second-hand market remains relatively subdued [1][2][6]. Market Response - The new policies have resulted in a noticeable increase in the activity of the new housing market, with a reported 31% week-on-week increase in online inquiries and a 24.4% rise in new housing consultations compared to the first ten days of the month [3][4]. - In the first week following the policy implementation, the number of visits to new housing projects increased by nearly 20%, particularly benefiting high-end improvement-type projects [3][4]. Second-hand Market Performance - The second-hand housing market has shown a more muted response, with 3,123 transactions recorded from August 9 to August 15, which is flat compared to the same period last year but represents a 10.8% increase from the previous week [4][6]. - Current demand in the second-hand market is primarily driven by first-time buyers and those looking to sell and buy simultaneously, with limited interest from buyers seeking multiple properties [4]. National Context - Nationwide, the real estate market is still in a phase of stabilization, with new residential sales area down 4.0% year-on-year for the first seven months of the year [6]. - The central and local governments have been implementing various "stabilize the housing market" policies, including easing purchase restrictions and optimizing housing fund policies to stimulate housing consumption [6][7]. Future Outlook - Experts suggest that future policy adjustments may focus on further relaxing restrictions while improving the housing supply system, particularly in areas outside the city center [7]. - The emphasis on urban renewal and the effective implementation of existing policies are expected to drive demand and stabilize market expectations in the coming months [7].

本报记者 张芗逸 北京楼市新政已落地满一周。 8月8日，北京市住房和城乡建设委员会（以下简称"北京市住建委"）、北京住房公积金管理中心联合印发《关于进一步优 化调整本市房地产相关政策的通知》，明确一系列楼市新政，自8月9日起施行。 过去一周，《证券日报》记者持续关注北京楼市动向，通过密集走访了解到，新政出台首周市场整体运行平稳，购房者看 房的活跃度有所提升，但成交相对谨慎，市场观望情绪仍然浓厚。 整体来看，政策对新房市场带动作用较为明显，二手房市场相对较为温和。 全方位提振住房消费 新政出台后，北京房地产市场整体活跃度有所提升。从安居客线上数据来看，新增用户15天至30天返回率相比新政前有 5%以上的增加。安居客线上用户通过电话咨询数量近一周环比增长31%，新房咨询量日均水平与本月前10天相比提高24.4%， 与7月份相比提高33.1%，与去年8月份相比提高7.2%。 58安居客研究院院长张波在接受《证券日报》记者采访时表示，线上数据的活跃说明新政本身在一定程度上激发了潜在购 房者对房源的持续关注，用户从"一次性浏览"转向"多次主动获取信息"。购房者活跃度提升，积极对比区域、户型、价格等信 息，并关注公积金组 ...

Group 1 - Recent adjustments to housing provident fund policies have been made across multiple regions in China to enhance housing security and support for residents [1][3] - Hainan Province has initiated a program to acquire existing commercial housing for use as affordable housing and to improve living conditions in urban villages and dilapidated areas [1] - Suzhou has expanded the use of housing provident funds, allowing contributors to withdraw funds annually for property management fees, thereby alleviating housing-related financial burdens [3] Group 2 - Beijing has implemented measures to increase support for housing provident funds, including optimizing first home recognition standards and increasing loan limits for second homes [3] - In the first half of the year, nearly 150 adjustments to housing provident fund policies were recorded nationwide, focusing on increasing loan limits, optimizing housing unit recognition, and supporting down payment withdrawals [3] - The policy adjustments primarily target the core needs of first-time homebuyers and those upgrading their housing [3]

Core Viewpoint - The recent policy issued by Hainan Province aims to optimize and adjust real estate control measures, focusing on revitalizing existing housing stock, enhancing financial support, meeting housing needs for talent, and streamlining approval processes [1][2][3] Group 1: Revitalizing Existing Housing Stock - The policy emphasizes the acquisition of existing residential properties for use as affordable housing, urban village redevelopment, and relocation housing for residents affected by expropriation [1] - It specifies that the main funding sources for acquiring existing properties will include the appreciation of housing provident fund and re-loan for affordable housing, with flexible standards for property area when used for rental housing [1][2] Group 2: Revitalizing Commercial Properties - The policy supports the transformation of commercial land into residential and rental housing, facilitating the conversion of eligible commercial properties into rental housing and affordable housing [2] - This initiative is expected to better activate existing commercial projects and lead to more detailed supporting policies in the future [2] Group 3: Financial and Tax Support - The policy includes measures to cancel the classification of ordinary and non-ordinary residential properties, and supports home purchases for families with multiple children [2] - It also aims to lower housing costs and stimulate diverse new demands through financial and tax incentives [3] Group 4: Meeting Housing Needs for Talent - The policy allows talent introduced to the region to continue applying for special housing purchase subsidies provided by various cities and counties [2] Group 5: Streamlining Approval Processes - The policy proposes to optimize the sales timeline for existing properties, aiming to enhance the efficiency of the approval process [2]

房地产市场形势不甚明朗，广州国企开始出招"稳楼市"。 近日，珠实地产宣布启动"保价"措施，覆盖广州区域7个在售楼盘，承诺"保价到年底，买贵补差价"。 具体保价措施是，承诺保价期限持续至2025年12月31日，买贵可申请差额补偿（最高20万元物管费）。 这是继越秀地产之后，广州又一家宣布"保价卖房"的国企。珠实地产在回应媒体时表示，此举是助力稳 市场、稳预期，也是响应广州市国资国企"拼经济"工作会议的指引，破解民生痛点，助力放心安家。 今年"小阳春"之后，广州楼市活跃度有所下降，市场存在观望情绪。 在全国房地产政策保持稳定的当下，如何提振购房者的信心是稳定楼市的关键因素之一。通过"保价卖 房"为购房者服下定心丸，是房企促进销售的招数。房地产市场仍在调整期，由当地国企带头承诺"保 价"，也彰显了国企的担当以及助力稳定楼市的决心。 今年6月，越秀地产广州区域再度发布相关的"保价卖房"措施。具体操作细则是，越秀地产位于天河和 海珠的越秀观樾、琶洲南TOD、琶洲樾华樾、越秀天河和樾府等4个楼盘，在6月25日至6月30日期间成 交的房源可"保价"到今年年底。在保价期间，如有材料证实"买贵"，客户将有机会获得差额补偿。 深 ...