现房销售又有新消息。 近日出版的《〈中共中央关于制定国民经济和社会发展第十五个五年规划的建议〉辅导读本》中，刊登 了住房城乡建设部部长倪虹的署名文章《推动房地产高质量发展》，其提出，在商品房销售上，推进现 房销售制，实现所见即所得，从根本上防范交付风险；继续实行预售的，规范预售资金监管，切实维护 购房人合法权益。 在受访专家看来，现房销售是房地产发展新模式中的关键领域，"十五五"时期现房销售制度将因城施 策、循序渐进推进。 实际上，步伐较快城市已着手推进相关工作。前不久，湖南省岳阳市平江县出台《全面推行现房销售 和"好房子"规划建设的若干措施（试行）》，明确在新出让土地上新建的商品房项目，竣工验收之后才 能启动商品房销售，这意味着平江县房地产销售市场全面进入"现房时代"。 此外，今年以来，河南信阳、湖北荆门、湖南邵阳等地发文，推动现房销售落地。 国家统计局数据显示，今年前三季度商品房现房销售面积累计值为23305.93万平方米，同比增长9.9%， 约占商品房销售面积的35.4%。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》明确，加快构建房地产发展新模 式，完善商品房开发、融资、销售等基础制度 ...

Core Insights - The Chinese real estate industry is experiencing accelerated risk clearance as multiple companies achieve progress in debt restructuring and reorganization [1][2] Group 1: Company Developments - Sunac China Holdings Limited announced the approval of its approximately $9.6 billion offshore debt restructuring by the Hong Kong High Court, marking a significant milestone as it becomes one of the first large real estate firms to clear its offshore debt [1] - Following the restructuring, Sunac's overall debt pressure is expected to decrease by nearly 100 billion RMB, resulting in substantial annual interest savings [1] - Country Garden's offshore debt restructuring plan has been approved, involving a debt scale of approximately $17.7 billion (around 127 billion RMB), significantly reducing its total debt [2] - The new debt instruments for Country Garden have a financing cost reduced to 1.0%-2.5%, with the longest debt term extended to 11.5 years, providing a crucial buffer period for operational recovery [2] Group 2: Industry Trends - As of now, 21 distressed real estate companies in mainland China have received approval or completed their debt restructuring, with a total debt reduction scale of approximately 1.2 trillion RMB [2] - The core of many recent debt restructuring plans has shifted from merely extending repayment terms to directly "cutting debt" through mechanisms such as debt-to-equity swaps and lowering repayment interest rates, with many companies achieving debt reductions exceeding 50% and some reaching 70% [2] - The emergence of new business models in the real estate sector has allowed some companies to achieve performance growth, thereby "unburdening" their balance sheets and enhancing their operational capabilities [3]

Core Viewpoint - The Chinese real estate industry is undergoing a systematic transformation, shifting from a "high growth" model to a focus on "high-quality development" that prioritizes the needs of residents and their living conditions [1][2][4] Group 1: High-Quality Development - The recent guidelines emphasize the importance of "high-quality development" in real estate, highlighting its role in improving residents' living standards and ensuring housing security [2][3] - The new model aims to balance market and guarantee measures, focusing on both new and existing housing supply to meet diverse needs [2][3] Group 2: Housing Security - The guidelines have shifted the focus from "effectively increasing" to "optimizing" the supply of affordable housing, indicating a potential adjustment in the scale, structure, and quality of housing supply [3][4] - Future housing supply will be tailored to local needs, with a focus on precision in meeting the demand for improved housing [3][4] Group 3: New Development Model - A new development model is essential for addressing challenges in the real estate sector, which includes improving the housing supply system and establishing a mechanism that links various factors such as people, housing, land, and finance [4][5] - The emphasis is on creating "good houses" that are safe, comfortable, green, and smart, with a commitment to enhancing the quality of both new and existing housing [6][5] Group 4: Integration with National Strategies - The real estate sector's high-quality development must align with five key national strategies, including urbanization, consumption expansion, risk prevention, ecological sustainability, and the industry's own transformation [7][8] - The focus on urbanization aims to provide affordable housing for migrant workers and young people, while the consumption strategy recognizes real estate as a key area for driving economic growth [7][8] Group 5: Risk Management - The guidelines stress the importance of addressing risks accumulated in the real estate sector, such as high household leverage and corporate debt, as a prerequisite for sustainable development [8] - The transition from rapid growth to high-quality development requires real estate companies to shift their focus from scale expansion to enhancing product quality and service [8]

文/ 清华大学五道口金融学院不动产金融研究中心高级研究专员 郭翔宇 ，共青 团深圳市龙华区委员会书记 刘永元 中国城市发展正从大规模增量扩张阶段转向以存量提质增效为主的阶段， 形成以城市更新为核心、 "市场+保障"双轨并行的发展新模式，已成为当 前关键战略。本文探讨城市更新的战略意义，指出城市更新面临的挑战， 并在此基础上分析构建城市更新的系统性金融支持。 随着中国城镇化进程进入 "S"形曲线的后半段，房地产市场正经历从增量高速扩张转向存量优化提质的关键转型期。这一进程伴随着深 刻的结构性变化：一方面，房价结束长期上涨进入下行周期，部分城市商品房库存高企，供给过剩；另一方面，大量城中村与老旧小区 存在基础设施落后、安全隐患突出、居住环境较差等问题，居民对改善居住环境的需求日益迫切。增量开发动力持续减弱与存量改善需 求不断扩张，构成了当前市场的核心矛盾。2025年7月，中央城市工作会议明确提出"加快构建房地产发展新模式，稳步推进城中村和危 旧房改造"，这一战略部署标志着国家顶层设计已为房地产行业发展指明方向。 这一转型也深刻反映出传统开发模式难以持续的深层次问题。自 20世纪末的房改以来，中国房地产市场经历了二 ...

Core Insights - On November 5, Country Garden's offshore debt restructuring plan was approved at a creditors' meeting, marking a significant milestone in the real estate "debt reduction" history, involving approximately $17.7 billion (around 127 billion RMB) and resulting in a debt reduction of about $11.7 billion (approximately 84 billion RMB) [1][10] - Another major real estate company, Sunac China, also received court approval for its second offshore debt restructuring on the same day, indicating a broader trend among leading private real estate firms [2][3] - The successful debt restructurings of Country Garden and Sunac China signal a potential recovery phase for the real estate sector, as these companies demonstrate resilience and the ability to negotiate survival strategies [3][10] Company-Specific Developments - Country Garden's debt restructuring process took 300 days and involved a complex negotiation with various creditors, including Chinese and foreign banks, hedge funds, and private equity [4][7][9] - The restructuring plan received overwhelming support, with 96.03% approval from the dollar debt group and 83.71% from the syndicate loan group, reflecting creditor confidence in the company's future [8][10] - The restructuring is expected to generate up to 70 billion RMB in gains, significantly enhancing Country Garden's net assets and providing a financial buffer for future operations [10][11] Industry Trends - The successful debt restructurings of major players like Country Garden and Sunac China provide a template for other struggling firms, indicating that even the largest and most complex debts can be managed through negotiation [10][12] - The real estate sector is transitioning from a phase of panic to one of stabilization, as evidenced by the successful restructuring efforts, which alleviate systemic concerns about private real estate companies [10][12] - The industry is moving towards a focus on quality and sustainable development, as indicated by the shift in Country Garden's strategy from merely ensuring delivery of existing projects to planning new developments [11][12]

谋篇布局"十五五 "十五五"建议的 民生温度 促进多劳者多得、技高者多得、 创新者多得 支持勤劳创新合法致富,鼓励先 富带后富促共富 实施城乡居民增收计划,推动形 成橄榄型分配格局 8 建设特色鲜明高职院校 逐步提高城乡居民基础养老金 加大保障和改善民生力度 扎实推进全体人民共同富裕 加强普惠性、基础性、兜底性民生建 设,解决好人民群众急难愁盼问题,畅 通社会流动渠道,提高人民生活品质。 加大创业支持力度,增强创业带 动就业效应 ◀ 积极培育新职业新岗位,支持企 业稳岗扩岗 推动灵活就业、新就业形态健康 发展 a 加快构建房地产发展新模式 f 优化保障性住房供给,因城施策 增加改善性住房供给 建设安全舒适绿色智慧的"好房 子" ca 扩大学龄人口净流入城镇的教育 资源供给 8 稳步扩大免费教育范围,探索延 长义务教育年限 ca 扩大普通高中办学资源, 扩大优 质本科教育招生规模 扩大失业、工伤保险覆盖面 提高灵活就业人员、农民工、新 就业形态人员参保率 完善空巢老人、困境儿童、残疾 人等群体服务保障体系 支持创新药和医疗器械发展 优化生育支持政策和激励措施, 有效降低家庭生育养育教育成本 完善生育保险制度,落 ...

多家房企债务重组现新进展 涉及化债金额约1.2万亿元 编辑：郭晋嘉 广告等商务合作，请点击这里 碧桂园的债务重组也有新进展。据该公司6日公告，碧桂园境外债务重组方案获投票通过，其中重组债 务规模约177亿美元(约1270亿元人民币)，对应约840亿元人民币有息债务，债务总额大幅降低。新债务 工具融资成本降至1.0%-2.5%，最长债务期限延长至11.5年，每年可节省巨额利息支出，且未来5年内无 集中兑付压力，为经营恢复提供了宝贵的缓冲期。此外，公告显示，碧桂园提供"现金回购+股权工具 +新债置换+实物付息"等多元组合选项，债权人可根据自身需求选择不同方案，多元工具组合提升了方 案通过的可能性。 据中指研究院监测数据，截至目前，内地21家出险房企债务重组、重整获批或完成，化债总规模约合 1.2万亿元人民币。 广东省住房政策研究中心首席研究员李宇嘉表示，此番不少企业债务重组方案的核心已不是展期，而是 直接"削债"，即通过债权转股权、降低债务偿还利率，直接减少债务。从已披露的"削债"比例来看，多 数企业境外债重组削减幅度超过50%，部分达到70%。 他指出，近年来，房地产发展新模式渐次落地，部分轻装上阵的房企取得业 ...

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参加。 会上，雁塔区委主要负责同志汇报信访工作情况，相关负责同志作了发言。 听取大家发言后，赵一德指出，化解房地产领域信访问题，事关群众切身利益，事关经济社会发展 大局。要自觉践行以人民为中心的发展思想，紧盯不动产"登记难"、房屋延期交付、物业服务不到位、 配套设施不完善等突出问题，坚持"一项目一专班""一项目一策"，加快实质化解，做到事心双解。要聚 焦开发、建设、交易、使用等各个环节，健全防范房地产领域风险隐患长效机制，努力防止新增信访问 题。要加快构建房地产发展新模式，着力建设"好房子"、开发好产品、提供好服务，以高品质供给、高 效率保障、高水平运行推进房地产高质量发展，更好满足群众对美好居住生活的新期待。 赵一德强调，要认真落实党的二十届四中全会关于信访工作法治化的决策部署，强化系统治理、依 法治理、综合治理、源头治理，及时就地解决群众合理合法诉求，标本兼治提升信访工作水平，真正把 送上门来的群众工作做实做好做到位。要严格落实信访工作首办责任、属地责任、属事责任、监督责 任，坚持好信访工作各项制度机制，形成高效协同的"一盘棋"工作格局。 ...

Core Insights - The "14th Five-Year Plan" indicates a significant shift in the real estate sector, moving from an economic driver to a focus on housing and livelihood [1][3][12] Group 1: Real Estate Positioning - Real estate is now categorized under "increasing security and improving people's livelihoods," signaling a return to its fundamental role as a place for living rather than an economic stimulus [3][4] - The focus is on creating "safe, comfortable, green, and smart" housing, reflecting a shift in public demand from mere availability to quality and community environment [4][5] Group 2: Quality and Safety Standards - The plan emphasizes the establishment of a "lifecycle safety management system" for housing, addressing past issues of rapid construction leading to quality and safety concerns [5][6] - Initiatives like "housing health checks" and "housing insurance" are being introduced to ensure long-term safety and maintenance of properties [5][6] Group 3: Regulatory Changes - The plan calls for a new real estate development model, focusing on improving regulations around property development, financing, and sales to mitigate risks [5][6] - There will be a push for current housing sales and stricter regulations on pre-sale funds to protect buyers [5][6] Group 4: Housing Supply Dynamics - The plan aims to optimize the supply of affordable housing and increase the supply of improved housing based on local needs [6][7] - This dual approach targets both low-income workers and families seeking better living conditions, indicating a significant market segmentation [7][8] Group 5: Market Segmentation and Future Outlook - The real estate market is expected to experience significant differentiation, with price disparities between affordable housing, regular market housing, and high-end properties [10][11] - The notion that "buying a house guarantees profit" is over, and future purchases will require careful selection based on quality [11][12]

Core Viewpoint - The focus of China's real estate development is shifting towards improving people's livelihoods, with "promoting high-quality real estate development" now framed within the context of enhancing and securing living standards [1][11]. Group 1: Policy Changes - The new five-year plan emphasizes a strategic upgrade from addressing housing shortages to enhancing living quality and promoting social equity [1]. - The evaluation criteria for the real estate industry will transition from investment and sales scale to meeting people's aspirations for quality housing and better living conditions [2]. Group 2: Market Dynamics - The new model for real estate development is prioritized, indicating a necessary shift in the industry [3]. - The cumulative sales of new residential properties during the "14th Five-Year Plan" period are projected to reach approximately 5 billion square meters, with the market moving from a focus on new construction to urban renewal [3]. Group 3: Structural Reforms - Comprehensive improvements are needed in the foundational systems of real estate development, financing, and sales [4]. - Key reforms include changes to the pre-sale system, enhancing housing quality, diversifying financing channels such as REITs, and adjusting purchase and loan policies [5]. Group 4: Housing Security - The focus on "housing security" aims to optimize the supply of affordable housing to meet the basic needs of urban workers and disadvantaged families, with over 11 million units of various types of affordable housing planned during the "14th Five-Year Plan" [8]. - The "15th Five-Year Plan" is expected to place greater policy emphasis on the scale, regions, and product structure of affordable housing [9]. Group 5: Market Adaptation - The market is responding to the need for "suitable living conditions," with an increase in the supply of improved housing based on local conditions [10]. - By the third quarter of 2025, the proportion of housing transactions in key cities for larger units (120-144 square meters) is expected to rise to 30%, indicating a shift towards larger homes in the new housing market [10]. Group 6: Industry Implications - Real estate companies must adhere to the principles of "housing security and quality living" by constructing safe, comfortable, green, and smart homes, as well as participating in the renovation of old neighborhoods and communities [12]. - The ongoing changes in the market landscape necessitate that the high-quality development of the real estate sector is crucial not only for the companies involved but also for the future living conditions of individuals [12].