Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for the industry [2]. Core Insights - The initiation of commercial real estate REITs (Real Estate Investment Trusts) by the China Securities Regulatory Commission (CSRC) is expected to significantly enhance the development potential of commercial real estate in China, with a market space exceeding 10 trillion yuan [2]. - The planned commercial real estate REITs will complement existing infrastructure REITs, creating a comprehensive public REITs market in China, where the market capitalization of holding-type real estate and infrastructure assets accounts for approximately 60% and 40% globally [2]. - The pilot program for commercial real estate REITs aims to broaden the underlying asset base to include office buildings and hotels, thereby expanding the scope of asset revitalization [2]. - The establishment of a multi-tiered market for commercial real estate asset securitization will facilitate direct financing for enterprises, optimize capital structures, and provide new options for strategic transformation from developers to asset managers [2]. - The commercial real estate REITs are seen as a crucial vehicle for constructing a new development model in the real estate sector, emphasizing the operational and sustainable development of existing assets [2]. Summary by Sections Investment Opportunities - The report highlights two major opportunities: the elevation of housing policies and the favorable performance of quality commercial enterprises during a monetary easing cycle, which may lead to a revaluation of consumer-oriented commercial real estate assets [2]. - Recommended companies include: 1. Commercial Real Estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Swire Properties and New Town Development 2. Quality Housing Enterprises: Jianfa International, Binjiang Group, China Jinmao, Greentown China 3. Undervalued Recovery Enterprises: Jianfa Shares, China Merchants Shekou, Yuexiu Property, China Overseas Development, Poly Developments 4. Property Management: China Resources Vientiane, Greentown Services, China Merchants Jinling, Poly Property, China Overseas Property 5. Second-hand Housing Agencies: Beike-W, with a focus on I Love My Home [2]. Market Context - The report notes that while the real estate sector in China is expected to continue facing challenges, core cities are likely to stabilize sooner, indicating a potential turning point for the market [2].

Investment Rating - The report maintains an "Overweight" rating for the commercial real estate REITs sector, indicating a positive outlook for investment opportunities in this area [3]. Core Insights - The China Securities Regulatory Commission (CSRC) has initiated a pilot program for commercial real estate investment trusts (REITs), which is expected to significantly enhance the valuation of quality commercial assets [3]. - The potential market for public REITs in China is estimated to exceed 10 trillion yuan, with the current market size at 219.9 billion yuan, of which commercial real estate accounts for 130.9 billion yuan, indicating substantial growth potential [3]. - The pilot program aims to create a multi-tiered market for commercial real estate asset securitization, which will help in revitalizing existing assets, mitigating risks, and facilitating corporate transformation [3]. - The new model of real estate development emphasizes the operational management of existing assets rather than new construction, aligning with the broader economic goals of sustainable development [3]. Summary by Sections Pilot Program Overview - The CSRC has launched a pilot for commercial real estate REITs, which will include a wider range of underlying assets such as office buildings and hotels, thereby expanding the asset revitalization scope [3]. Market Potential - The global REIT market is characterized by a significant proportion of holding-type real estate and infrastructure assets, with market values approximately 60% and 40% respectively [3]. - The report highlights that the commercial real estate REITs pilot will complement existing infrastructure REITs, forming a complete public REITs market in China [3]. Strategic Implications - The introduction of commercial real estate REITs is seen as a critical step in transitioning the real estate sector from a developer-focused model to an asset management-oriented approach, which is essential for high-quality development [3]. - The report identifies two key opportunities: the favorable policy environment for quality housing and the strong performance of quality commercial enterprises during a period of monetary easing [3]. Investment Recommendations - The report recommends several companies for investment, including: - Commercial real estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Swire Properties and New Town Development [3]. - Quality housing companies: Jianfa International, Binjiang Group, China Jinmao, and Greentown China [3]. - Undervalued companies: Jianfa Shares, China Merchants Shekou, Yuexiu Property, China Overseas Development, and Poly Developments [3]. - Property management: China Resources Vientiane, Greentown Services, China Merchants Jinling, Poly Property, and China Overseas Property [3]. - Second-hand housing intermediaries: Beike-W, with attention to I Love My Home [3].

Core Viewpoint - The introduction of the commercial real estate REITs pilot program marks a significant breakthrough in China's capital market, aiming to connect commercial real estate with the capital market and provide standardized solutions for revitalizing trillions of yuan in existing assets [1] Group 1: Institutional Design - The pilot program establishes a market-oriented and standardized operational system, defining commercial real estate REITs as public funds that invest in commercial real estate asset-backed securities to obtain ownership or operational rights [2][3] - The announcement emphasizes the importance of clear asset ownership and stable cash flow for the assets held by the REITs, ensuring quality through a "safety filter" for investors [2] - A multi-layered responsibility system is constructed, involving the CSRC for regulation, exchanges and industry associations for self-regulation, and fund managers for operational management, ensuring market vitality while maintaining risk control [3] Group 2: Revitalizing Existing Assets - The pilot program coincides with a critical turning point in China's commercial real estate development, providing a new financing channel for companies holding substantial commercial properties [4] - REITs allow developers to achieve asset securitization without losing operational rights, effectively converting large amounts of capital tied in real estate into liquid capital, thus improving cash flow [4] - The introduction of REITs is expected to transform the operational logic of commercial real estate, pushing managers to enhance operational capabilities and property value through refined management practices [5] Group 3: Future Development and Market Opportunities - The development of commercial real estate REITs is based on five years of experience from infrastructure REITs, following a path from infrastructure to commercial real estate [6] - Market participants are prepared for implementation, with exchanges revising supporting rules and fund companies forming specialized teams [7] - The complementary relationship between commercial real estate REITs and infrastructure REITs will enhance the overall REITs market ecosystem in China [7] - The potential for new asset classes, such as logistics and data centers, to be listed through REITs presents additional investment opportunities [7] - Successful pilot implementation will require coordinated support from related policies, including tax and state-owned asset transfer regulations, to create a favorable environment for REITs market development [8]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced a pilot program for commercial real estate investment trusts (REITs), aiming to enrich capital market investment tools and support a new model for real estate development, enhancing the effectiveness of multi-level capital markets in serving the real economy [1][2][3]. Group 1: Regulatory Framework - The announcement outlines the registration and operational management requirements for commercial real estate REITs, including responsibilities of fund managers and professional institutions [1]. - Fund managers must conduct comprehensive due diligence on the commercial real estate to be held, ensuring compliance with national strategies and policies, and that the properties generate stable cash flows [2]. - Regulatory bodies are tasked with monitoring and managing risks associated with commercial real estate REITs, with self-regulatory responsibilities assigned to various associations [2]. Group 2: Market Development - The REITs market has developed steadily over the past five years, with 77 listed REITs raising a total of 207 billion yuan and a total market capitalization of 220.1 billion yuan as of November 27 [3]. - The China Securities Index REITs total return index has increased by 22.46% since the beginning of 2024, indicating that REITs are becoming an important asset class for investment [3]. - The CSRC emphasizes the potential of commercial real estate assets, such as shopping centers and office buildings, to be utilized in REITs, reflecting a significant demand for revitalizing existing assets and expanding equity financing channels [3].

本报记者 李贝贝 上海报道 随着"十五五"规划建议中房地产高质量发展要求的提出，以及住房和城乡建设部相关部署的推进，四 川、福建、浙江等全国多地于近期加紧研究谋划现房销售支持政策，有力有序推进现房销售试点，力争 进一步提高现房销售占比。 据国家统计局数据，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，商品房 现房销售面积在商品房销售面积中的占比提升至35.4%，现房销售占比持续攀升。 中原地产首席分析师张大伟向《华夏时报》记者强调，现阶段现房销售改革并非对预售制的简单否定， 而是构建"现房为主、预售为辅"的二元体系，从根源上切断烂尾风险传导链。不过，如果实施现房销 售，房企面临的资金压力显著增加，需加大金融支持力度，通过提高开发贷额度、延长期限等措施缓解 转型阵痛。 超30个省市出台政策，多路径推进现房销售 所谓"现房销售"，是指房地产开发企业将已竣工验收合格、具备法定交付条件并可直接办理产权登记的 商品房向市场出售的行为。购房者在交易完成后，即可获得房屋的实际占有和使用权，通常能迅速完成 产权转移。与之相对应的"预售制"，则是指开发企业在项目建设完成前，预先销售尚处于建设阶段的 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted a consultation document for the pilot launch of commercial real estate investment trusts (REITs), aiming to enhance the role of REITs in supporting a new model for real estate development and improving the quality and efficiency of multi-level capital market services for the real economy [1][3][10] Summary by Sections Introduction of Commercial Real Estate REITs - The pilot program for commercial real estate REITs is officially initiated, with the CSRC seeking public opinions on the draft announcement [1] - Commercial real estate REITs are defined as closed-end publicly raised securities investment funds that invest in commercial real estate assets to obtain ownership or operational rights, generating stable cash flows through rent and fees [4] Regulatory Framework and Requirements - The draft outlines eight key points, including the definition of commercial real estate REITs and the requirements for fund registration and operational management [5] - Fund managers and custodians must meet specific qualifications and adhere to regulations set forth in the Securities Investment Fund Law and related management measures [5][6] Responsibilities and Compliance - Fund managers are required to conduct thorough due diligence on the commercial real estate they intend to hold and must engage qualified professional institutions for evaluation, legal, and audit services [6] - The operational management responsibilities of fund managers must comply with legal and regulatory requirements, ensuring the health of the commercial real estate REITs market [6][7] Regulatory Oversight - The CSRC and its local agencies will be responsible for the regulation and risk monitoring of commercial real estate REITs, while self-regulatory organizations will manage compliance [7] - The China Securities Investment Fund Association will revise relevant supporting rules and launch necessary technical systems [8] Market Context and Future Outlook - The REITs market in China has seen steady development over the past five years, with 77 listed REITs raising a total of 207 billion yuan and a total market value of 220.1 billion yuan as of November 27, 2025 [10] - The CSI REITs total return index has increased by 22.46% since 2024, indicating that REITs are becoming an important asset class for investment [10]

11月27日，省委书记赵一德在西安市雁塔区主持召开信访工作专题会。他强调，要牢固树立和践行 为民造福的正确政绩观，持之以恒攻坚化解信访积案，依法依规解决群众合理诉求，切实维护社会大局 和谐稳定。 会上，雁塔区委书记汇报信访工作情况，相关负责同志作了发言。 赵一德强调，要始终坚持发展是硬道理、安全也是硬道理，扎实推进信访工作法治化常态化长效 化，更好促进高质量发展和高水平安全良性互动。要一以贯之落实好信访工作首办责任、属地责任、属 事责任、监督责任，把解决信访问题同中央巡视、中央审计、中央生态环境保护督察等发现和反馈问题 整改结合起来，狠抓信访积案化解，引导党员干部在直面问题、破解难题中锤炼过硬本领。要做实做细 基础性、日常性、预防性工作，深入推动矛盾纠纷源头化解、多元化解、有序化解，确保社会生机勃勃 又井然有序。 省委常委、省委秘书长王海鹏，省直有关部门负责同志和西安市有关负责同志，相关省属企业负责 同志参加。 在研究协调"保回迁"重点项目相关事项后，赵一德指出，用心用情用力解决好房地产领域信访问题 是发展所需、民心所向、群众所盼。要深入践行以人民为中心的发展思想，千方百计解决群众反映强烈 的不动产"登记难" ...

Core Viewpoint - The "15th Five-Year Plan" for Beijing emphasizes the integration of real estate policies into the goal of improving people's livelihoods, focusing on the transformation of real estate development models and quality upgrades [1][2]. Group 1: Real Estate Development Model - The plan highlights the need to "accelerate the construction of a new real estate development model," indicating a shift towards a more macro-level transformation of the real estate industry, moving beyond just improving the housing security system [3]. - It emphasizes the establishment of a "market + guarantee" housing supply system, indicating a stronger focus on the organic combination of market forces and government responsibilities in housing security for vulnerable groups [3]. Group 2: Land Supply and Urban Development - The plan proposes "promoting station-city integration" and prioritizing land supply around transit stations to enhance work-residence balance and reduce commuting pressure [4]. - It aims to improve the overall quality of life by ensuring that new residential areas are developed with accompanying community services and facilities [4]. Group 3: Housing Security and Supply - The plan calls for "optimizing the supply of affordable housing" and increasing efforts to revitalize existing resources to meet the basic housing needs of urban workers and various disadvantaged families [5]. - It shifts the focus from merely increasing supply to optimizing the structure and distribution of housing resources, indicating a more refined approach to housing policy [5]. Group 4: Rental Housing Market - The plan stresses the need to "expand the effective supply of rental housing" and cultivate market-oriented professional operating institutions, suggesting a continued push for the development of the rental market, particularly for long-term leases [6]. Group 5: Housing for Service Personnel - The plan introduces the concept of "one bed, one room" to improve living conditions for urban service personnel, addressing the housing challenges faced by grassroots workers in large cities [7][8]. Group 6: Quality of Housing - The plan emphasizes the construction of "safe, comfortable, green, and smart houses," indicating a shift towards enhancing housing quality and implementing quality improvement actions for property services [10]. - It also proposes the establishment of a comprehensive safety management system for the entire lifecycle of buildings, aiming to enhance safety standards in construction and usage [11]. Group 7: Urban Renewal - The plan indicates a "strong implementation" of urban renewal, focusing on comprehensive and systematic approaches to enhance urban vitality and address funding challenges [12]. - It encourages the integration of urban renewal with industrial revitalization and functional optimization, promoting community development and the improvement of living environments [12]. Group 8: Population Distribution and Housing Structure - The plan aims to adjust population distribution to improve housing supply and alleviate pressure on central urban areas, promoting a balance between work, residence, and commercial services [13]. - It emphasizes differentiated population control measures and policies to attract young people, which could positively impact the real estate market [13].

图片来源：北京市人民政府网站 11月26日，《中共北京市委关于制定北京市国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》）发布，将房地产政策纳入"着力保障和改 善民生"重点任务，明确以"持续推进住有所居"为目标，推动房地产发展模式转型与品质升级。 中指研究院方面向《每日经济新闻》记者（以下简称"每经记者"）分析指出，《建议》提出了实现"持续推进住有所居"目标的八项举措，侧重新模式构建、 品质提升等，对比"十四五"规划建议，内容更加细化。另外，大力实施城市更新、促进人口与城市发展相适应等内容也与房地产密切相关。 推动站城融合，优先向轨道交通站点周边供应建设用地 每经记者注意到，《建议》明确提出"加快构建房地产发展新模式"，并将这一表述放在首位。 中指研究院指出，与"十四五"规划建议相比，北京"十五五"规划建议不再局限于"完善多主体供给、多渠道保障、租购并举的住房保障体系"，而是从更宏观 层面推动房地产行业转型；强调完善"市场+保障"的住房供应体系和租购并举的住房制度，表明未来北京将更加注重市场与保障的有机结合，既尊重市场规 律，又强化政府在对困难群体住房保障中的责任。 《建议》提出，推动站城融合发展 ...

人民日报海外版记者 李婕 廖睿灵 全国城市更新工作推进会召开；566亿元中央财政城镇保障性安居工程补助资金预算提前下达；多 地收购存量商品房用作保障性住房……近期，房地产市场接连迎来利好消息。 国家统计局近日发布的情况显示，今年以来，各地区各部门加快出台实施各项支持性政策，积极释 放刚性和改善性住房需求，推动房地产市场止跌回稳。从统计数据来看，房地产市场虽有所波动，但政 策成效仍在继续显现。 二手房交易网签面积增长 近期，随着传统销售节点"金九银十"收官，重点城市楼市成交表现备受关注。 中指研究院发布1至10月重点城市二手住宅成交排名，南昌、沈阳、哈尔滨、成都、济南、东莞、 上海、深圳等17城同比增长。另有市场机构发布的最新数据显示，重点30城一二手房成交总量在今年前 10个月保持在2.74亿平方米的水平，与去年同期基本持平。 全国房地产市场交易总量保持基本稳定。住房城乡建设部数据显示，今年1至10月，全国新建商品 房和二手房交易总量同比下降1.9%。交易总量同比微降，说明目前市场的总需求基本稳定。其中，深 圳、武汉、厦门、沈阳、南昌、南宁、贵阳、昆明等城市新房和二手房网签交易总量同比均保持增长。 看二手房， ...