Core Viewpoint - The real estate market is at a critical juncture of deep adjustment and policy easing, indicating a gradual soft landing rather than a rapid reversal [1][2][3] Policy Signals and Market Response - Recent policy adjustments, including the relaxation of purchase restrictions in multiple cities, signal a strong commitment to stabilize the real estate market [1][4] - The current phase is characterized by a transition from "policy bottom" to "market bottom," with a solid foundation being built for market recovery through ongoing policy support [3][4] - Core cities are showing early signs of stabilization in transaction volumes, while lower-tier cities are still in the process of bottoming out, reflecting a gradient recovery [3][4] Demand and Supply Dynamics - The policy focus is on demand-side recovery, aiming to stimulate reasonable housing demand and improve market expectations [2][5] - The current policy measures are designed to activate demand, optimize inventory, and guide expectations, thereby providing strong support for price stabilization [5][6] - Challenges remain on both supply and demand fronts, with lingering liquidity pressures on some real estate companies and cautious income expectations among residents [6][8] Strategic Transformation for Real Estate Companies - Real estate companies must adopt a strategic transformation to navigate the current cycle, emphasizing a shift from high-leverage development to high-efficiency operations [9][10] - Companies are encouraged to refine their business models, focusing on becoming stable suppliers in the affordable housing sector or premium developers in the market [9][10] - Emphasizing product and service value is crucial, with a focus on green, healthy, and smart housing solutions to enhance brand loyalty and customer engagement [9][14] REITs and Financing Models - The acceleration of REITs issuance is providing diversified financing channels, reducing reliance on traditional bank credit and promoting asset securitization [10][12] - REITs have enhanced investor participation and market stability, contributing to the overall confidence in the real estate sector [13][14] - The shift towards REITs is facilitating the recycling of existing assets and improving asset turnover efficiency, creating a positive feedback loop for investment [12][13]

21世纪经济报道记者李莎 北京报道 当前我国城镇化率已突破67%，城镇开发边界内70%以上是存量空间。城镇化从快速增长转向稳定发展，城市发展从大 规模增量扩张转向存量提质增效，城市以及与之息息相关的房地产，下一步应该走向哪里？ 今年7月，中央城市工作会议召开，其后《中共中央 国务院关于推动城市高质量发展的意见》（以下简称《意见》）出台，为新阶段的城市工作划定重点。 其中，推动城市群一体化和都市圈同城化发展，增强超大特大城市综合竞争力，激活城市存量资源潜力，系统推进"好房子"和完整社区建设，加快构建房地 产发展新模式等被摆在更加重要的位置。 从实践来看，尽管"一城独大"时代已经过去，但部分城市在发展过程中仍存在集聚压力，面临协同难题，大中小城市协调发展还有很长的路要走。 "事实上，在一定技术等条件下，任何城市规模都有合理区间，超过区间必然导致规模不经济。"近日，中国社会科学院城市与竞争力研究中心主任倪鹏飞在 接受21世纪经济报道记者专访时表示。 倪鹏飞兼任多个城市的政府顾问及智库专家，同时是国务院特殊津贴专家，长期深耕城市与房地产发展经济学，统一发展经济学、竞争力经济学等领域，在 相关学科研究及政策实践层面积累 ...

来源：环球网 9月26日，中国金茂与越秀地产联袂打造的顶豪力作"璞樾"在北京迎来全球首映礼。这不仅是一次新品 亮相，也是在行业深度调整期，掀起的关于"何为顶豪""如何造好房"的深度对话。 当市场从追逐规模转向锤炼品质，当"好房子"成为顶层设计与市场共识，璞樾的应时而生，以其"世界 东方"的美学内核与全维度的产品革新，为北京高端住宅市场提供了新的解题思路，标志着顶豪竞争正 式进入"产品力+服务力"双核驱动的新阶段。 两大豪宅专家强强联合互补共生 2025年的中国房地产市场，核心逻辑已深刻转变。行业共识在于，告别高周转模式后，比拼"硬产 品"与"软服务"的时代已然到来。上半年，政策层面持续倡导"好房子"理念，而下半年，市场期待的是 真正能诠释这一理念的"好产品"落地。在此背景下，金茂与越秀的此次合作，超越了简单的项目开发， 更具行业示范意义。 中国金茂，作为深耕北京市场的"城市运营专家"，其价值在于对帝都文脉的深刻理解以及成熟产品体系 的可靠交付。从"府系"到"璞系"，金茂在北京已布局"九府一璞"，其标志性的"十二大科技系统"历经京 畿之地十五载的实践验证，构成了产品硬核实力的压舱石。这意味着璞樾的科技底色并非概 ...

Market Overview - The Chinese real estate market has shown signs of recovery since the policy meeting on September 26, 2022, aimed at stabilizing the market, with core cities experiencing better sales performance and an increase in second-hand housing transactions [1][2][4] - However, the momentum of recovery has weakened since the second quarter, and the market remains in a phase of stabilization [1][5] - The State Council reiterated the need for strong measures to consolidate the stabilization of the real estate market in August, leading to policy optimizations in major cities like Beijing, Shanghai, and Shenzhen, which slightly improved the market in September [1][10] Sales Performance - In the first eight months of 2025, the national new housing sales area was 570 million square meters, a year-on-year decrease of 4.7%, with sales revenue at 5.5 trillion yuan, down 7.3% [4][39] - The sales of existing homes continued to outperform new homes, with existing home sales accounting for 35.4% of total sales in the first eight months, showing a year-on-year increase of 11.7% [4][7] - In key cities, the transaction volume of second-hand homes increased by approximately 9% year-on-year in the first three quarters, with notable growth in cities like Shenzhen and Shanghai [7][10] Policy Adjustments - Major cities have implemented policy adjustments to stimulate demand, including easing purchase restrictions and optimizing loan conditions [10][55] - The policies in Beijing and Shanghai have allowed for unlimited purchases outside core areas for eligible families, while Shenzhen has significantly reduced purchase restrictions in non-core areas [10][55] - The government has also focused on activating demand through various measures, including increasing housing subsidies for families with multiple children [54][57] Land Supply and Demand - In the first three quarters of 2025, the land transfer revenue in 300 cities increased by about 13% year-on-year, although the area of land sold decreased by 9% [22][36] - The average premium rate for land transactions has decreased, indicating a cautious approach from developers amid ongoing market adjustments [29][36] - The focus of land acquisition remains on core cities, with developers showing strong interest in high-quality land parcels [22][32] Investment Trends - Real estate development investment in the first eight months of 2025 was 6 trillion yuan, down 12.9% year-on-year, indicating continued pressure on short-term investments [39][43] - The funding for real estate development companies has also decreased, with total funds down 8% year-on-year, reflecting ongoing financial challenges in the sector [42][43] - Major developers are increasingly focusing on cities with higher sales certainty, leading to intensified competition for land in these areas [35][36]

9月28日，市住建局组织召开2025潍坊好房节方案发布暨"好房推介官、品鉴官"聘任仪式。市住建局党组书记、局长王学江出席活动并讲话，市住建局党 组成员、市房地产业发展服务中心主任夏凡主持活动。 会议强调，一要认清形势，坚定信心。今年以来，国家和省、市对房地产工作高度重视，对房地产工作作出重要安排部署，在一系列精准施策和各方共同 努力下，我市房地产市场已经呈现出企稳向好的积极态势，房地产行业迎来转型升级新机遇。二要聚焦重点，明晰方向。广大项目建设单位要牢牢把握房 地产转型发展这一历史机遇，深刻把握"好房子"建设的时代内涵与潍坊实践，将思想和行动统一到"好房子"建设上来，为市场提供真正的好产品、好服 务，建设让人民群众满意的好房子。三要珍惜荣誉，履职尽责。受聘好房推介官、品鉴官是行业的信任，广大房地产从业人员和自媒体从业者，要当 好"品质住宅的发现者""市场信息的传播者""行业形象的代言者"，将设计合理、施工精良、配套完善、环境优美、真正经得起市场和时间检验的好房子推 介给市民，共同擦亮"好房子"潍坊样板的金字招牌。 部分市区、开发区住建部门主要负责同志，市房协负责同志，市区高品质住宅试点项目、中介机构负责人和媒 ...

Core Viewpoint - The concept of "good housing" has become a central theme for promoting high-quality development in the real estate industry, with China Resources Land leveraging its 31 years of experience in Beijing to implement this vision through innovative practices and projects [1][9]. Group 1: Good Housing Standards - China Resources Land has introduced a new standard called "Three Goods and Twelve Advantages," focusing on good communities, good products, and good services, which includes twelve key scenarios such as vibrant neighborhoods and healing landscapes [4]. - The "good housing" standard is deeply rooted in customer needs and local culture, with the "Zhenlu" project in Haidian exemplifying this approach through extensive family consultations [4][5]. Group 2: Project Features and Design - The "Zhenlu" project is strategically located along the Qinghe River, integrating natural resources and local culture into its design, creating a luxury residence that offers premier views of Beijing's landscape [5]. - The project features a community center with year-round greenery and various amenities, serving as a social hub while embodying the essence of "good housing" [5][8]. Group 3: Market Response and Community Services - China Resources Land has opened seven real-life demonstration areas this year, showcasing the upgrade in living quality in Beijing and transforming initial designs into tangible experiences for customers [6][8]. - The company's community service brand "Run Biling" enhances the living experience by providing a warmer community life through professional operations and member benefits [8]. Group 4: Brand Strength and Future Outlook - With over 60 projects developed in Beijing and serving more than 100,000 families, China Resources Land has established itself as a key player in urban development and renewal [9]. - The company aims to continue focusing on high-quality product development and the "good housing" initiative, with plans for a new low-density villa project in the Shunyi Wenlu River area, setting a new benchmark for high-end residential living in Beijing [9].

l 15年 VIEW POINT HD 09. VIEW POINT HSNOT SNIA NANZ ONIO 过去一两年很多"日光盘"都是在上海、成都这类热点恒热的城市出现，市场热度也靠这些核心 城市支撑。 各地高得房率四代宅、新规项目入市，对市场热度起到了很好的"托举"作用。 特别是在中央推动建设安全、舒适、绿色、智慧的"好房子"的号召下， 产品力较强的优质改 善盘成为各地楼市"宠儿" ，同片区内去化率往往优于传统项目。 以武汉为例 ，8月全市共计8次推盘，共计推出1528套，综合首日去化率为35%。其中新规项 目推盘7次，推盘套数占比90%，首日去化率38%；老规范项目推盘1次，推盘套数占比10%， 首日去化率仅为3%。 不过最近，其他二线城市也陆续出现了"日光盘"，比如 海口、重庆和南京。 海口最为典型，就在前两天推出的 中海·南海叁号院 ，168套洋房开盘即售罄，单日收金10亿 元。 还有一些市场低迷的城市，比如 广州、郑州 等城市，销售端也出现越来越多的亮点，部分项 目逆势飘红。 积极的信号不断传来。 2025年三季度以来，虽然新房供求季节性回落，延续低位徘徊，不过 从短期市场热端来看，却延续高位 ...

2025年第38周， "好房子"成为了本周政策的关键词。住建部在中央巡视整改通报中提出，要系统推进好房子、好小区、好社 区、好城区建设，持续巩固房地产市场稳定态势，工信部、自然资源部、住建部等六部门发布建材行业新规，开展"好材料支 撑好房子"行动。地方层面，河北、北京、上海等五省市发布"好房子"新规，推动房地产市场健康平稳发展。而随着国庆中秋 双节的到来，为抓住营销窗口期，各地公积金优化、税费减免和补贴类政策发布频次也有所提升。 01 周度中央： 六部门开展"好材料支撑好房子"行动，央行表态将加大存量商品房和土地盘活力度 9月24日，工业和信息化部、自然资源部、生态环境部、住房城乡建设部、水利部、农业农村部联合发布《建材行业稳增 长工作方案（2025—2026年）》，其中提出开展"好材料支撑好房子"行动，加强生产和应用标准衔接，支持打造一批好房 子样板和好材料应用试点。此项规定虽没有通过规划调整增加住房的赠送面积，但在行业顶层设计上进一步提升房屋质 量，有助于切实提升高品质住房客群的获得感，在技术层面为房地产"好房子"发展提供更多保障。 9月22日，住建部发布关于中央第三轮巡视整改进展情况的通报，在下一步工作 ...

Core Viewpoint - The real estate market is experiencing a decline in both supply and demand, with first-tier cities showing resilience in transaction growth despite overall market weakness [1][2][10]. Policy Section - New housing supply and demand have decreased by approximately 20% compared to the previous month, with a cumulative year-on-year decline of 18% [1][3]. - First-tier cities have shown a cumulative year-on-year increase in transactions, indicating strong market resilience [1][2]. Supply Section - In Q3 2025, the overall housing supply decreased significantly, with a 21% year-on-year decline in new supply across 110 key cities [3][4]. - First-tier cities experienced a 25% month-on-month decline in supply, but the year-on-year decline was less severe at 14% [7]. - Some second and third-tier cities, such as Kunming and Changchun, showed positive growth in supply, indicating localized recovery [8]. Transaction Section - New housing transactions fell to the lowest level in nearly five years, with a year-on-year decline of 18% in Q3 2025 [10][11]. - First-tier cities maintained a cumulative year-on-year transaction growth of 4%, outperforming second and third-tier cities [18][19]. - The overall transaction volume in second and third-tier cities decreased significantly, with some cities like Chengdu showing strong demand despite a decline [19]. Second-hand Market Section - The second-hand housing market remains relatively stable, with a cumulative year-on-year increase of 4% in transaction volume across 30 monitored cities [21][22]. - Cities like Shanghai and Shenzhen saw significant year-on-year growth in second-hand transactions, while others like Nanjing and Zhengzhou are still in a correction phase [23]. Price Section - The price decline in new homes across 70 cities is slowing, with first-tier cities like Beijing and Shanghai maintaining price increases [25][26]. - High-end properties in core cities are experiencing stable demand, while lower-tier cities face price corrections due to oversupply [26]. Inventory Section - The inventory of new homes is gradually decreasing, with a total of 45.56 million square meters reported by the end of August 2025, reflecting a 9% year-on-year decline [27][34]. - First-tier cities have manageable inventory levels, while second and third-tier cities face significant inventory challenges [34]. Future Outlook - The fourth quarter is expected to see a slight increase in new housing supply, driven by policy support and increased marketing efforts from developers [36][38]. - The market is likely to experience a weak recovery, with an anticipated annual transaction decline of around 10% [38][39]. - The "Good House" initiative is gaining momentum, with a focus on high-quality housing driven by policy support and market demand [75].

Group 1: Government Initiatives and Industry Standards - The concept of "good housing" has been incorporated into the 2025 Government Work Report, outlining a blueprint for housing construction that emphasizes safety, comfort, sustainability, and intelligence [1] - The Ministry of Housing and Urban-Rural Development has released national standards for residential projects, marking a transition from "housing for all" to "quality housing" [1] Group 2: Company Innovations and Product Offerings - Oriental Yuhong focuses on dual-driven material technology to enhance living quality, addressing common residential issues such as noise through innovative soundproofing solutions [4] - The company has developed a multi-layered noise reduction system, including modified rubber damping soundproof pads and a lightweight tile adhesive with a five-level soundproof structure, achieving noise reduction exceeding 30 decibels [4] - The introduction of GES-300 solvent-free polyurethane waterproof coating allows consumers to choose colors that match their interior design, integrating aesthetics with functionality [5] Group 3: Commitment to Sustainability - Oriental Yuhong emphasizes green and low-carbon product development, launching several eco-friendly product lines that have received national certifications for green building materials and carbon footprint [5] - The company has established a standardized construction service system to ensure quality delivery and transparency in home renovation projects [5][6] Group 4: Addressing Urban Infrastructure Challenges - Urban rail transit faces leakage issues due to complex geological conditions, prompting the implementation of new waterproofing standards in 2023 [7] - Oriental Yuhong has responded by developing new waterproofing materials and systems, including a new HDPE self-adhesive membrane system that enhances construction efficiency and reliability [8][9] Group 5: Sponge City Initiatives - The construction of sponge cities is crucial for efficient water resource management and urban sustainability, with Oriental Yuhong providing customized solutions based on local conditions [10] - The "Yuhong Peach Blossom Source System" has been successfully applied in over 200 projects across various regions, demonstrating adaptability in different environmental contexts [11] Group 6: Future Directions - Oriental Yuhong aims to continue leveraging technological innovation to enhance product quality and service, contributing to the development of safe, resilient, and eco-friendly urban environments [11]