不少地方在规划建议中将"盘活存量"放在突出位置。例如，天津提出，有效盘活存量资源资产。推进土 地混合开发利用、用途合理转换，完善并购、破产、置换等政策，盘活用好低效用地、闲置房产、存量 基础设施。 在已发布的"十五五"规划建议中，城市更新是房地产相关内容的高频关键词，并被赋予了完善城市功能 等的重要角色。 北京"十五五"规划建议提及，有序推进老城平房区整院成片区改造，持续实施老旧小区、危旧楼房改 造，鼓励产权主体自主更新。稳步推进城中村改造。积极推动老旧厂房、老旧低效楼宇、低效产业园区 更新。加强制度创新和政策集成，完善以需求为导向、项目为牵引的分类实施机制，优化用地政策，健 全多元化投融资方式，探索建立可持续的更新模式。 山东"十五五"规划建议则提出坚持城市内涵式发展，高质量开展城市更新行动，稳步推进老旧小区、街 区、厂区和城中村改造，推进城市"平急两用"公共基础设施建设，推动城市全域数字化转型，强化城市 精细化管理，建设创新、宜居、美丽、韧性、文明、智慧的现代化人民城市。 截至目前，全国多地已发布"十五五"规划建议。据梳理，这些规划建议中均涉及房地产工作，其中，加 快构建房地产发展新模式、优化保障性住房供 ...

记者丨李莎 编辑丨张星 房地产关联性强、涉及面广，社会上关注度很高。日前，中央财办有关负责同志接受媒体采访，深入解读当前房地产市场形势、中央经济工作 会议对房地产的部署。 该负责人表示，今年以来，我国新房和二手房交易总量基本稳定，今年二手房交易占比提高至45%，房价降幅持续收窄。从刚性需求、改善性 需求等多方面看，我国房地产高质量发展仍有较大空间。 该负责人明确，下一步，要重点抓好三方面工作：从供需两端发力稳市场，积极推动房地产企业转型发展，加快构建房地产发展新模式。 资料图 房地产高质量发展仍有较大空间 日前国家统计局发布数据显示，1—11月全国新建商品房销售面积78702万平方米，同比下降7.8%；新建商品房销售额75130亿元，下降 11.1%，降幅较1—10月均有所收窄。 另据克而瑞数据，11月重点城市新房消费成交持续走稳，其中广州、西安、合肥、惠州、徐州、珠海等地新房成交环比有不同程度增长。 11月70个大中城市商品住宅销售价格环比总体下降，其中新房上涨城市数量较10月有所增加，上海、沈阳、南京、合肥、重庆、贵阳、扬州、 襄阳这8个城市新房价格环比上涨。 纵观今年房地产销售市场，前述负责人表示，今年 ...

房地产关联性强、涉及面广，社会上关注度很高。日前，中央财办有关负责同志接受媒体采 访，深入解读当前房地产市场形势、中央经济工作会议对房地产的部署。 该负责人表示，今年以来，我国新房和二手房交易总量基本稳定，今年二手房交易占比提高至 45%，房价降幅持续收窄。从刚性需求、改善性需求等多方面看，我国房地产高质量发展仍有 较大空间。 记者丨 李莎 编辑丨张星 该负责人明确，下一步，要重点抓好三方面工作：从供需两端发力稳市场，积极推动房地产企 业转型发展，加快构建房地产发展新模式。 该负责人指出，房地产开发投资延续下降态势，这是各地消化库存、严控增量的结果，是房企 应对当前市场形势的理性选择，对此要客观分析、正确看待。 日前，住建部部长倪虹在《人民日报》上发文指出，党的十八大以来，我国房地产市场快速发 展，居民住房条件显著改善，城镇人均住房建筑面积超过40平方米，户均住房超过1.1套。 倪虹提出，当前，居民住房需求总体上已经从"有没有"转为"好不好"，而且，随着老龄化、少 子化、区域人口增减分化，人们的生产生活方式变化，住房需求更加个性化、多样化。 着眼未来，前述负责人判断，我国房地产高质量发展仍有较大空间，并进一步 ...

（原标题：中央财办详解明年稳楼市重点，需求端更多针对性政策或在路上） 21世纪经济报道记者李莎 报道 房地产关联性强、涉及面广，社会上关注度很高。日前，中央财办有关 负责同志接受媒体采访，深入解读当前房地产市场形势、中央经济工作会议对房地产的部署。 该负责人表示，今年以来，我国新房和二手房交易总量基本稳定，今年二手房交易占比提高至45%，房 价降幅持续收窄。从刚性需求、改善性需求等多方面看，我国房地产高质量发展仍有较大空间。 该负责人明确，下一步，要重点抓好三方面工作：从供需两端发力稳市场，积极推动房地产企业转型发 展，加快构建房地产发展新模式。 日前国家统计局发布数据显示，1—11月全国新建商品房销售面积78702万平方米，同比下降7.8%；新 建商品房销售额75130亿元，下降11.1%，降幅较1—10月均有所收窄。 另据克而瑞数据，11月重点城市新房消费成交持续走稳，其中广州、西安、合肥、惠州、徐州、珠海等 地新房成交环比有不同程度增长。 11月70个大中城市商品住宅销售价格环比总体下降，其中新房上涨城市数量较10月有所增加，上海、沈 阳、南京、合肥、重庆、贵阳、扬州、襄阳这8个城市新房价格环比上涨。 ...

Core Insights - The residential rental market in 50 key cities continues to show a downward adjustment trend, with average rents dropping to 29.06 yuan per square meter per month, a month-on-month decrease of 2.42% and a year-on-year decline of 10.64% [11][12] - Major rental companies are facing challenges, as evidenced by significant lease terminations from leading brands like Vanke and Magic Cube, reflecting common industry difficulties under market pressure [14][16] - The government is promoting the activation of existing properties and optimizing supply through various policies, including the encouragement of purchasing and converting existing residential properties for affordable housing [7][9] Rental Market Trends - The average rent in key cities has decreased, with first-tier cities experiencing a month-on-month drop of 5.3% and a year-on-year decline exceeding 10% [11] - The rental market is characterized by a supply-demand imbalance, with 76% of cities showing month-on-month rent declines and 84% experiencing year-on-year drops [11][12] - Seasonal factors indicate that the rental market will remain in a low-demand phase, continuing the trend of rent adjustments into early 2026 [12] Policy Developments - The Central Economic Work Conference emphasized stabilizing the real estate market and implementing city-specific policies to control new supply and optimize existing inventory [7] - Local governments are actively promoting policies to acquire existing residential properties for use as affordable housing, aligning with national strategies [19][20] - New policies focus on financial support, management standards, and the revitalization of existing assets to enhance the housing rental market [8][9] Company Dynamics - Leading rental companies are undergoing asset optimization, with some firms like Vanke and Magic Cube closing multiple locations due to financial pressures and market conditions [14][16] - Despite challenges, companies like Lingyu International and Ningchao are expanding their management scale through strategic partnerships, indicating a dual approach of expansion and optimization [16][18] - New projects launched by various rental companies cover a wide range of housing types, including white-collar apartments, talent-specific rental housing, and service apartments, catering to diverse demographic needs [21][23] Investment Activity - The rental investment market is seeing a concentration of key players, with local state-owned enterprises and professional institutions becoming core participants [26][27] - Recent transactions in cities like Suzhou and Guangzhou focus on meeting the housing needs of talent in industrial core areas [28][30] - The REITs market is experiencing short-term fluctuations, with most listed REITs showing declines, but long-term performance remains positive, reflecting the stability and growth potential of rental housing as a core asset [36][37]

Core Viewpoint - The Central Economic Work Conference emphasizes the resilience and vitality of China's economy, projecting a stable growth rate of around 5% for 2025, with a total economic output expected to reach approximately 140 trillion yuan [2][3]. Economic Performance - The overall economic operation is stable, with major indicators meeting expectations, and employment remains generally stable [2]. - Foreign trade is growing rapidly, with significant diversification in exports [2]. - The construction of a modern industrial system is progressing, with advancements in sectors like artificial intelligence and biomedicine [2]. - Reforms and opening-up measures are making headway, with a focus on building a unified national market [2][3]. Risk Management - Positive progress has been made in addressing risks in key areas, including the orderly replacement of local government hidden debts and the completion of housing security tasks [2][3]. Macroeconomic Policies - The government will continue to implement proactive fiscal and monetary policies, maintaining necessary fiscal deficits and debt levels while enhancing the precision and effectiveness of fiscal spending [4][5][6][7]. - Monetary policy will focus on stabilizing economic growth and ensuring reasonable price recovery, utilizing various tools to maintain liquidity and support key sectors [7]. Domestic Demand - Expanding domestic demand is a top priority, with domestic consumption contributing 71% to economic growth in the first three quarters [8]. - Policies will be implemented to boost consumption and investment, focusing on new consumption patterns and enhancing residents' income [8][9]. Regional Development - The construction of international technology innovation centers in Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area is a significant strategic deployment to enhance global competitiveness [11][12]. - The government will promote coordinated regional development, focusing on the integration of urban and rural areas and supporting economic provinces in their development roles [18][19]. Green Transition - The government aims to advance a comprehensive green transition, with specific measures to achieve carbon peak and neutrality goals, including the development of a new energy system and green low-carbon industries [21][22]. Employment Stability - Employment remains a priority, with over 12 million new urban jobs created this year, and policies will be strengthened to support key groups such as college graduates and migrant workers [23][24]. Real Estate Market - The real estate market is stabilizing, with a focus on balancing supply and demand, encouraging the transformation of real estate companies, and developing a new model for high-quality real estate development [26][27][28].

在"十四五"即将收官、"十五五"新程待启的关键时点，2025年12月10日至11日召开的中央经济工作会议 备受瞩目。 当前经济形势怎么看？"十五五"新开局重点任务如何推进？聚焦舆论关注的热点问题，中央财办有关负 责同志会后第一时间接受中央主要媒体采访，深入解读中央经济工作会议精神。 加力支持扩大内需、科技创新等重点领域 问：明年继续实施更加积极有为的宏观政策，财政政策和货币政策如何发力？ 今年经济总量有望达到140万亿元左右 问：2025年我国交出怎样的经济"成绩单"？明年经济形势如何？ 答：中央经济工作会议对今年经济工作进行全面总结，指出2025年是很不平凡的一年，我国经济顶压前 行、向新向优发展，展现强大韧性和活力。 一是运行总体平稳、稳中有进。主要经济指标符合预期，预计全年经济增长5%左右、继续位居世界主 要经济体前列，经济总量有望达到140万亿元左右。就业总体稳定，外贸较快增长、出口多元化成效明 显。 二是现代化产业体系建设持续推进。新质生产力稳步发展，科技创新成果丰硕，人工智能、生物医药、 机器人等研发应用走在全球前列。 三是改革开放迈出新步伐。全国统一大市场建设向纵深推进，综合整治"内卷式"竞争成 ...

Core Viewpoint - The recent Central Economic Work Conference emphasizes stabilizing the real estate market, implementing city-specific policies to control new supply, reduce inventory, and improve supply, while encouraging the acquisition of existing residential properties for affordable housing [1] Group 1: Market Trends - Real estate development investment in China decreased by 15.9% year-on-year from January to November, reflecting the government's control measures [1] - The supply-demand relationship in the real estate market has shifted from a state of shortage to a basic balance, with some areas experiencing oversupply [2] - The proportion of second-hand housing transactions has been increasing, with second-hand housing accounting for 45% of total transactions from January to November [2] Group 2: Sales and Inventory - The sales area of commercial housing has exceeded the new construction area, indicating effective inventory reduction [3] - In major cities, second-hand housing transactions have surged, with notable increases in Beijing (19.5%), Shanghai (24%), Shenzhen (6.6%), and Guangzhou (22.89%) in November compared to the previous month [3] - The average transaction price of second-hand housing in Guangzhou rose by 2.1% in November [3] Group 3: Development Strategy - The focus will be on creating a new model for high-quality real estate development, revitalizing existing stock, and promoting the construction of quality housing [3] - Real estate companies are encouraged to shift from large-scale land acquisition and development to creating high-quality housing that meets diverse residential needs [4] - There is a need to reform and improve the foundational systems for real estate development, financing, and sales to mitigate delivery risks and enhance operational efficiency [4]

Core Viewpoint - The Central Economic Work Conference emphasizes the need to stabilize investment and enhance the scale of central budget investments, while optimizing the management of local government special bonds and stimulating private investment vitality [1] Group 1: Investment Strategy - The focus is on combining goal-oriented and problem-oriented approaches, balancing long-term institutional construction with short-term policy adjustments to promote effective investment recovery and economic growth [1] - The importance of planning and feasibility studies for major projects is highlighted, with a call for local governments to make project planning a regular investment management practice [2] Group 2: Urbanization and Rural Revitalization - There is significant potential for investment in urbanization and rural revitalization, with a need to address the mismatch in housing supply and demand, particularly for new residents and young people [3] - Investment in infrastructure such as underground pipelines, consumer infrastructure, and urban renewal projects is encouraged to enhance living conditions and meet housing demands [3] Group 3: Agricultural Investment - Encouragement for industrial capital to invest in rural areas, supporting local financing platforms and real estate developers in agricultural and rural economic projects [4] - The integration of existing policies and new investments is expected to yield a multiplier effect on investment efficiency, with projections for investment growth to exceed 2% next year [4]

"房地产开发投资延续下降态势，这是各地消化库存、严控增量的结果，是房企应对当前市场形势的 理性选择，对此要客观分析、正确看待。" 16日晚间，新华社发布中央财办有关负责同志对2025年中央经济工作会议精神的详细解读。在谈及 房地产市场发展现况时，中央财办有关负责同志作出上述回应。 2025.12. 16 本文字数：1797，阅读时长大约3分钟 作者 | 第一财经 吴斯旻 一是从供需两端发力稳市场。供给端要严控增量、盘活存量，鼓励收购存量商品房用于保障性住房等 合理用途，加快消化库存，同时有序推动"好房子"建设。需求端要采取更多针对性措施，充分释放 居民刚性和改善性需求。 二是积极推动房地产企业转型发展。支持房企加快从以新房销售为主向更多持有物业、提供高品质多 样化居住服务转型。同时，要进一步发挥"保交房"白名单制度作用，支持房企合理融资需求。 国家统计局数据显示，1～11月份，全国房地产开发投资78591亿元，同比下滑15.9%。同期，房 地产新开工面积同比降幅达到20.5％。在销售端，1～11月，全国新建商品房销售面积和销售金额 分别为78702万平方米和75130亿元，分别同比下降了7.8%和11.1%。 ...