Core Viewpoint - The article emphasizes the need to accelerate the construction of a new model for real estate development in Beijing, focusing on a "market + guarantee" housing supply system and a dual housing system of rental and purchase [1] Group 1: Housing Supply System - The proposal aims to enhance the housing supply system by integrating market mechanisms with guaranteed housing provisions [1] - It advocates for the development of a rental and purchase housing system to meet diverse housing needs [1] Group 2: Urban Development and Infrastructure - The initiative promotes the integration of urban and transportation development, prioritizing land supply around rail transit stations [1] - It emphasizes the importance of improving residential, commercial, and community service facilities to support urban living [1] Group 3: Affordable Housing and Rental Market - The plan includes optimizing the supply of affordable housing and increasing the utilization of existing resources to meet the basic housing needs of urban workers and disadvantaged families [1] - It aims to expand the effective supply of rental housing and foster market-oriented professional operating institutions to regulate the rental market [1] Group 4: Housing Quality and Safety - The proposal calls for the construction of safe, comfortable, green, and smart housing, along with initiatives to enhance housing quality and property service standards [1] - It suggests establishing a comprehensive safety management system for the entire lifecycle of housing [1]

Core Viewpoint - The "guarantee delivery of housing" campaign has significantly improved the delivery rate of real estate projects, enhancing buyer confidence and stabilizing the real estate market [1][2][3] Group 1: Campaign Progress and Impact - The campaign has successfully delivered 391.8 million out of 396 million housing units, achieving a delivery rate of 99% [1] - The initiative has effectively addressed the concerns of homebuyers regarding project delays, alleviating fears of unfinished properties [1] - The approval amount for "white list" projects has exceeded 7 trillion yuan, providing substantial financial support for project construction and delivery [2] Group 2: Market Confidence and Future Development - The successful execution of the campaign has bolstered market expectations, playing a crucial role in stabilizing the real estate market [2] - The campaign has generated valuable experiences for reforming real estate development, financing, and sales systems, promoting a new model for real estate development [2] - The industry is currently transitioning between old and new models, requiring time for adjustment, with a focus on high-quality development [3]

Core Viewpoint - The Beijing Municipal Committee has proposed a new five-year plan focusing on housing development, emphasizing a "market + guarantee" housing supply system and a dual rental and purchase housing system [1] Group 1: Housing Supply System - The plan aims to accelerate the construction of a new model for real estate development, enhancing the housing supply system to ensure that residents have access to housing [1] - It promotes the integration of transportation and urban development, prioritizing land supply for construction around rail transit stations [1] Group 2: Affordable Housing - The initiative includes optimizing the supply of affordable housing and increasing the utilization of existing resources to meet the basic housing needs of urban workers and families in difficulty [1] - There is a focus on expanding the effective supply of rental housing and fostering market-oriented professional operating institutions to regulate the rental market [1] Group 3: Housing Quality and Safety - The plan proposes to improve the quality of housing by implementing quality enhancement projects and improving property service standards [1] - It also aims to establish a safety management system for the entire lifecycle of housing to ensure safety and comfort [1]

两年多以前，受一些房地产企业资金链趋紧等因素影响，房地产市场一度出现已售逾期难交付项目，引 发购房者的恐慌和观望情绪。 针对这些已售逾期难交付房地产项目，住房和城乡建设部联合金融监管总局等部门打响保交房攻坚 战。"国家—省—市"三级专班联动推进工作，努力解决在推进保交房攻坚战中出现的主要问题，建立了 城市房地产融资协调机制，推动资不抵债项目的司法处置。目前，全国396万套保交房攻坚战任务已交 付391.8万套，交付率达99%。 保交房切实维护了购房人合法权益。此前，购房者还担心房子"烂尾"，现在能按时交房，悬着的心终于 落了地。 保交房增强了购房人对新房项目交付的信心，有力支撑了房地产市场止跌回稳。如果市场上持续出现不 能按时交付的房地产项目，各方对房地产市场的信心将持续下滑，"不敢买房""怕买到烂尾房"的担忧情 绪会不断传导，房地产市场止跌回稳将无从谈起。保交房攻坚战的决定性胜利，明显改善了市场预期， 为市场止跌回稳起到了重要支撑作用。 保交房为加快构建房地产发展新模式积累了宝贵经验。我国将改革完善房地产开发、融资、销售制度， 一些经验正是从保交房过程中得来的。比如，在房地产项目融资方面，我国将推广保交房攻 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3][4] Core Viewpoints - The report emphasizes the importance of stabilizing housing prices for facilitating economic circulation, with expectations for further policy support. High-quality residential properties are anticipated to experience a development wave due to policy guidance and changes in supply-demand structure. Additionally, the sentiment in the Hong Kong private residential market is gradually recovering, suggesting a new round of value reassessment for Hong Kong developers [4][45]. Market Performance - The Shanghai Composite Index fell by 3.9%, the Shenzhen Component Index by 5.1%, the ChiNext Index by 6.2%, and the CSI 300 Index by 3.8%. The real estate sector (Shenwan) declined by 5.8%. Notable stock performances included ST Zhongdi (+18.8%) and Shijie Lianhang (+12.5%), while Rongsheng Development (-16.9%) and Xinhua Lian (-15.2%) saw significant declines [4][7]. Data Tracking New Housing Transactions - In the week of November 15-21, 185,000 square meters of new homes were sold across 42 key cities, a 6.5% increase from the previous week but a 40.1% decrease year-on-year. For November (up to the 21st), total new home sales reached 514,000 square meters, a 4.6% increase month-on-month but a 41.7% decrease year-on-year [12][16]. Second-Hand Housing Transactions - In the same week, 200,000 square meters of second-hand homes were sold across 21 key cities, a 1.2% decrease from the previous week and a 14.3% decrease year-on-year. For November (up to the 21st), total second-hand home sales reached 594,000 square meters, a 41.6% increase month-on-month but a 20.2% decrease year-on-year [28][33]. Industry News - The Ministry of Housing and Urban-Rural Development held a national meeting to promote urban renewal, emphasizing its role in high-quality urban development. The Ministry also highlighted the need for systematic advancement of the "Four Goods" construction: good houses, good communities, good neighborhoods, and good cities. Additionally, the Ministry of Finance allocated 56.6 billion yuan for urban housing security projects for 2026 to improve livelihoods and stabilize the economy [45][46]. Company Announcements - China Merchants Shekou issued 5.04 billion yuan in corporate bonds, while China Resources Land successfully issued two notes totaling 3 billion USD and 4.3 billion yuan. China Jinmao's subsidiary plans to sell its 100% stake in Jinmao (Sanya) Tourism for asset securitization purposes [48][49].

Group 1 - The core viewpoint of the article emphasizes the ongoing fluctuations in the real estate market, particularly in the second-hand housing sector in major cities like Beijing, Shanghai, and Shenzhen, where new listings have decreased both month-on-month and year-on-year [5][6]. - The article highlights that the proportion of transactions for properties priced below 2 million yuan is increasing, indicating a trend of "price for volume" in the short term as the market continues to experience a downward cycle [6]. - In the land auction segment, two residential plots in Beijing were successfully sold for a total price of 3.27 billion yuan, with one plot designated for the construction of traditional courtyard houses [7]. Group 2 - The land supply remains at a high level, with the total supply area reaching 1.433 million square meters, while the transaction area increased by 70% week-on-week, although the bidding enthusiasm appears to be declining [10]. - Recent policy updates from the central bank and the National Bureau of Statistics indicate a cautious approach to interpreting market fluctuations, with an acknowledgment that the real estate market is in a transitional phase that requires time for adjustment [11][12].

Core Insights - The establishment of the Kaifeng City Stabilization Fund marks the nationwide adoption of the "Nanning model" for ensuring housing delivery, indicating a replicable and promotable experience in addressing unfinished housing projects [1][3] Group 1: Background and Context - The "Nanning model" has been recognized as a successful case for addressing complex unfinished housing projects, which are often seen as "hard nuts to crack" due to issues like debt complexity and asset multiple pledges [2][4] - The stabilization fund in Nanning is the first of its kind in China, primarily funded by state-owned enterprises, and has inspired other regions to establish similar funds [2][3] Group 2: Challenges in Housing Delivery - Unfinished projects face three main challenges: "handover difficulties," "funding issues," and "management problems" [5][6] - Handover difficulties arise from bankrupt developers and the reluctance of original management teams to cooperate, complicating the transition to new management [5] - Funding issues stem from misappropriated pre-sale funds, leading to significant financial gaps that hinder market-based funding support [6] - Management problems include poor construction quality and incomplete infrastructure due to prolonged project halts [6] Group 3: Solutions and Innovations - The stabilization fund employs a dual isolation strategy to mitigate risks from original developers and management teams, ensuring that new funding is used exclusively for project completion [6][7] - To address funding gaps, the fund utilizes asset segmentation, special loans, and profits from commercial developments [6][7] - The fund emphasizes quality service and homeowner rights in project delivery, ensuring compliance with original construction plans [7] Group 4: Evolution of the Stabilization Fund - The stabilization fund is evolving into a 2.0 version, focusing on innovative funding sources and integrating economic development strategies [8][9] - The new model involves local governments contributing physical assets (land) to secure financing, reducing fiscal burdens while ensuring project initiation [9] - The fund's role has expanded from merely addressing housing delivery to becoming a platform for local asset management and industrial incubation [9][10] Group 5: Broader Implications - The successful practices of the stabilization fund are being replicated across regions, indicating a shift from localized solutions to a more standardized approach to real estate risk management [10] - The model creates a multi-win framework that balances government guidance, market leadership, and legal safeguards, promoting social stability and economic efficiency [10]

"好房子' "建设安全舒适绿色智慧的'好房子' 实施房屋品质提升工程和物业服务质量提 升行动。" "十五五"规划建议 釋以 新时代的"好房子",应当具备安全、舒适、绿色、智慧等特征。 安全就是让人民群众住得安心放心。房屋主体结构、围护结构、 部品部件、附属设施等坚固结实、牢靠。水、电、气、热和电梯等设 备运行稳定,能对火灾、燃气泄漏等监测预警,最大限度避免安全事 故发生。 二十届四中全会 名词卡片 如何建设"好房子"： "好房子"建设是一项系统工程，需要政府、企业、社会多方协同，从好标准、好设计、好材料、好建 造、好服务等多个方面统筹推进。 一是完善标准体系。落实好2025年版《住宅项目规范》，因地制宜制定出台行业标准、地方标准和企 业标准，构建"好房子"建设的标准体系。 二是提升设计水平。针对不同地域特点、不同群体多样化居住需求，精心设计不同户型、不同面积 的"好房子"，提高设计的科学性、合理性，让房子的每一平方米都物尽其用、物有所值。 舒适就是让人民群众住得健康舒心。室内立体空间尺度适中, 功能分区合理,天然采光和自然通风充分利用,建材绿色环保,室内 空气质量和隔声性能良好,温湿度适宜,满足人民群众健康、 ...

Core Viewpoint - The real estate market in China is stabilizing due to supportive policies, despite some fluctuations in the market this year [1][2][3] Group 1: Market Performance - The total transaction volume of new and second-hand homes from January to October has decreased by 1.9% year-on-year, but cities like Shenzhen, Wuhan, and Xiamen have shown growth in transactions [1] - The decline in new housing sales has narrowed, with sales area and sales revenue down by 6.8% and 9.6% respectively, showing improvements compared to the previous year [1] - The inventory of unsold commercial housing has continued to decrease, with a reduction of 3.22 million square meters in October, marking eight consecutive months of decline [1] Group 2: Financial Conditions of Real Estate Companies - The funding situation for real estate companies has improved, with the year-on-year decline in funds received narrowing by 9.5 percentage points compared to last year [2] - The second-hand housing market has become more active, with a 4.7% year-on-year increase in transaction area, and second-hand homes now account for 44.8% of total transactions [2] Group 3: Policy Measures and Local Initiatives - Various regions have implemented targeted policies to stimulate the market, such as reducing purchase restrictions in major cities and providing subsidies for home purchases [3] - The "guaranteed delivery of homes" initiative has achieved a 99% delivery rate for 3.96 million units, enhancing buyer confidence [2] - The real estate market is undergoing a transition, with a need for time to adjust, and the focus is on developing a new model for high-quality growth in the sector [3]

Core Viewpoint - The real estate market is stabilizing due to supportive policies aimed at releasing housing demand and promoting high-quality development, despite some fluctuations in the market [1][2][3] Group 1: Market Performance - The total transaction volume in the national real estate market has remained stable, with a year-on-year decline of 1.9% in new and second-hand housing transactions from January to October [1] - The decline in new housing sales has narrowed, with a year-on-year decrease of 6.8% in sales area and 9.6% in sales value, showing improvement compared to the previous year [1] - The inventory of unsold commercial housing has continued to decrease, with a reduction of 3.22 million square meters by the end of October, marking eight consecutive months of decline [2] Group 2: Financial Health of Real Estate Companies - The financial situation of real estate companies has improved, with a reduction in the year-on-year decline of funds received, narrowing by 9.5 percentage points compared to the previous year [2] - The delivery rate of the "guaranteed delivery" initiative has reached 99%, ensuring the rights of homebuyers and boosting confidence in new housing project deliveries [2] Group 3: Regional Policy Measures - Various regions have implemented targeted policies to stimulate the housing market, such as reducing purchase restrictions in major cities and providing subsidies for home purchases [3] - The market is transitioning from new housing sales to a focus on second-hand housing, with second-hand transactions accounting for 44.8% of total transactions and a year-on-year increase of 4.7% in transaction area [2][3] - The ongoing transformation of the real estate market requires time, with fluctuations in certain indicators expected as a result of strict control measures and market adjustments [3]