Core Viewpoint - Hunan's Pingjiang County has implemented measures to promote the sale of completed residential properties, marking a shift to a "completed house sales" model in the real estate market, aimed at boosting market confidence [1] Group 1: Policy Implementation - Pingjiang County is the first in Hunan to fully adopt the "completed house sales" policy, allowing sales only after construction completion and acceptance [1] - The local government engaged with real estate companies and citizen representatives to gather opinions before implementing the policy [1] Group 2: Market Impact - The new policy is expected to enhance market confidence and improve sales dynamics in the real estate sector [1] - From January to October this year, Pingjiang County recorded 1,845 new residential property sales, totaling 24.64 million square meters, with a year-on-year sales area increase of 6.83% [1] Group 3: Administrative Efficiency - The county has introduced reforms such as "land acquisition immediately followed by construction" and "joint acceptance services," which have reduced approval times by 40% [1]

Core Viewpoint - The article discusses the imminent shift towards "existing house sales" in China's real estate market, driven by government policies aimed at promoting high-quality development in the sector. This transition is expected to reshape consumer behavior from speculative buying to purchasing based on tangible properties [4][6]. Group 1: Current Market Trends - Since 2019, the proportion of existing house sales in the residential market has increased from approximately 10% to 33% by early 2023, with over 30 provinces and cities initiating pilot programs or policies to support this shift [4][7]. - The current market foundation for implementing existing house sales is considered mature, as evidenced by the increase in existing house sales from 12.7% in 2020 to 36% recently [7][8]. Group 2: Policy Implications - The "14th Five-Year Plan" emphasizes the need for high-quality development in real estate, including the establishment of a housing guarantee waiting list and the promotion of existing house sales [6][10]. - The shift from a pre-sale system, which has been in place for over 30 years, to a focus on existing house sales is seen as a way to reduce systemic risks in the real estate sector [6][10]. Group 3: Consumer Impact - The move towards existing house sales allows buyers to see and evaluate properties before purchase, addressing issues such as project delays and quality concerns [9][10]. - In regions like Hainan, the implementation of existing house sales has led to a 67% decrease in new home complaints, indicating increased buyer satisfaction [9]. Group 4: Developer Challenges and Opportunities - Developers will face increased financial pressure due to the need to deliver properties before sales, which may disadvantage those with high financing costs [12][14]. - The article suggests that while existing house sales may initially strain developers, they could ultimately stimulate demand by shifting buyer focus to product quality rather than delivery timelines [12][14]. Group 5: Financial Innovations Needed - To support the transition to existing house sales, there is a need for innovative financial tools, such as "existing house development loans" and tailored financing products from banks and trusts [14]. - Adjustments in land transfer methods and payment conditions may also be necessary to alleviate financial pressures on developers [14].

Core Viewpoint - The shift towards "existing house sales" is expected to significantly reduce the risks associated with purchasing new homes, as the scale of available existing homes may soon surpass that of pre-sold homes [1][3]. Group 1: Policy and Market Changes - The Ministry of Housing and Urban-Rural Development has proposed six key tasks to promote high-quality development in the real estate sector, including the establishment of a housing guarantee waiting list and the promotion of existing house sales [2][4]. - Since 2019, the proportion of existing residential sales has increased from 10% to 33% by early 2023, with over 30 provinces and cities initiating pilot programs or policies for existing house sales [3][6]. - The transition from a pre-sale system, which has been in place for over 30 years, to a focus on existing house sales is seen as a move towards high-quality development, aiming to reduce systemic risks in the real estate market [4][5]. Group 2: Market Reception and Consumer Behavior - Existing house sales have gained popularity, allowing buyers to see the actual property before purchase, thus addressing issues like project delays and quality concerns [8][9]. - In regions like Hainan, the implementation of existing house sales has led to a 67% decrease in new home complaints, indicating increased buyer satisfaction [8]. - The market is shifting from a speculative approach to one based on tangible assets, as developers must now deliver quality to gain market acceptance [9]. Group 3: Financial Implications for Developers - The transition to existing house sales may increase financial pressure on developers, particularly those with high financing costs, but it also presents new opportunities by stimulating demand [10][11]. - The need for innovative financial tools, such as "existing house development loans," is emphasized to alleviate the long-term financial pressures faced by developers [11]. - The industry is expected to consolidate further, with only financially robust and quality-driven companies likely to survive in the evolving market landscape [10][11].

Core Perspective - The "15th Five-Year Plan" marks a significant shift in China's real estate policy, moving from a focus on rapid expansion to prioritizing high-quality development and improving people's livelihoods [1][3]. Group 1: New Positioning - The real estate sector's role has been redefined from a driver of economic growth to a stabilizer for people's livelihoods, emphasizing the need for housing stability before quality [3]. - The new mechanism for high-quality development involves aligning housing supply with actual population demand, moving away from the previous rapid turnover model [3][4]. - The plan aims to dismantle unreasonable restrictions on housing consumption, indicating a more proactive approach to addressing housing needs [3][4]. Group 2: Supply Adjustments - The focus has shifted from merely increasing the quantity of affordable housing to enhancing its quality, with an emphasis on amenities and sustainability [4]. - The introduction of improvement housing in the plan reflects a response to real demand, with larger units becoming more prevalent in key cities [4][5]. - The strategy will involve tailored approaches to housing supply based on local demand, moving away from a one-size-fits-all model [4]. Group 3: New Operational Models - The plan emphasizes the need for a new development model, moving away from high-leverage land acquisition to a focus on operational efficiency [5]. - A new financing mechanism has been established to support reliable projects, with over 7 trillion yuan allocated for approved projects [5][6]. - The revitalization of existing properties and land through mergers and acquisitions is highlighted as a new growth area [5][6]. Group 4: Risk Management - The plan prioritizes risk management in real estate, establishing a comprehensive safety management system for properties throughout their lifecycle [6]. - Measures to ensure market stability include adjusting supply based on population trends and regulating the second-hand housing market to prevent price manipulation [6]. - The overarching goal is to return the industry to its fundamental purpose of addressing housing needs rather than speculative investment [6].

Core Insights - The latest research from the China Index Academy indicates that 21 distressed real estate companies have undergone debt restructuring, with a total debt resolution scale of approximately 1.2 trillion RMB, while their total interest-bearing liabilities are close to 2 trillion RMB, suggesting a reduced repayment pressure in the short term and entering a safe period [1][4] Group 1: Market Changes - Over the next five years, the Chinese real estate market is expected to undergo four major changes, including a policy shift towards high-quality development, emphasizing the improvement of foundational real estate systems and promoting the sale of existing homes [1] - The supply-demand structure will be restructured to better meet the structural incremental demand, particularly focusing on improved housing [1] - Quality enhancement will become a priority, covering the renovation of old houses and the construction of "good houses" [1] - Existing resources will be revitalized, with inefficient land and idle properties undergoing updates and renovations, supported by comprehensive supply policies for both existing and new properties [1] Group 2: Development Models - The real estate industry will accelerate the establishment of new development models, improving foundational systems for development, financing, and sales [4] - The Ministry of Housing and Urban-Rural Development has previously indicated that there will be a strong and orderly promotion of existing home sales, ensuring that buyers receive what they see [4] - The focus on improved housing is highlighted as a key aspect of the current structural incremental demand, with a more precise matching of supply based on the varying needs of residents in different regions during the 14th Five-Year Plan period [4] - Large-sized housing products have recently become mainstream in the new housing market [4]

Core Viewpoint - The recently published "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" emphasizes the importance of promoting high-quality development in the real estate sector, indicating a clear direction for the industry over the next five years [1] Group 1: Policy Shift - The "Suggestions" explicitly call for the promotion of high-quality development in real estate, reflecting a shift in the industry's development stage. The average urban housing area per person has exceeded 40 square meters, and the average household owns nearly 1.1 homes, signaling the end of the housing shortage era [2] - The new model for real estate development will focus on improving foundational systems in development, financing, and sales, moving away from short-term demand restrictions or stimuli [2] Group 2: Supply and Demand Restructuring - The "Suggestions" propose optimizing the supply of affordable housing to meet the basic housing needs of urban wage earners and various disadvantaged families, expanding the coverage of housing security [3] - The emphasis on increasing the supply of improved housing based on local demand variations will be a key characteristic of housing supply during the 15th Five-Year Plan period [3] Group 3: Quality Improvement - The "Suggestions" highlight the need to build safe, comfortable, green, and smart homes, along with implementing quality improvement projects for housing and property services [4] - Ongoing initiatives such as the renovation of old neighborhoods and urban renewal aim to enhance housing quality and living standards [4] Group 4: Revitalizing Stock - The revitalization of existing stock is becoming a significant source of housing supply, with policies aimed at utilizing low-efficiency land, idle properties, and existing infrastructure [5] - As of October 24, the total amount of proposed special bonds for acquiring idle land has exceeded 620 billion yuan, indicating strong support for revitalizing existing land and properties [5]

21世纪经济报道记者张敏10月28日，《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》（以下简称"'十五五'规划建议"）发布。"十五五"规划建议指出，"清理汽车、住房等消费不合理限 制性措施"，"大力实施城市更新"。 此外，"推动房地产高质量发展"被单列为一项任务，并放在加大保障和改善民生的战略任务中。具体提 出，"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。优化保障性住房供给， 满足城镇工薪群体和各类困难家庭基本住房需求。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'，实施房屋品质提升工程和物业服务质量提升行动。建立房屋全生命周期安全管理制 度。" 其中，"十五五"规划建议对"基础制度"的界定较为明确，即开发、融资和销售。说明在政策层面，这三 项制度有望取得突破。 广东省住房政策研究中心首席研究员李宇嘉指出，开发制度方面，即明确项目公司和企业总部之间的法 律关系，前者是独立法人、后者履行投资人责任。项目交付前，后者不得抽逃出资或提前分红。 销售制度则是探索实施现房销售，从根本上防范交付风险。 融资制度方面，则体现为主办银行制，即确定一家银行或银团为主办行，项 ...

Core Insights - The Chinese real estate market is undergoing a transformation, shifting from a phase of large-scale expansion to one focused on improving existing stock and quality [1][2] Group 1: Market Trends - The "stock" market is becoming dominant, with 15 provinces reporting that second-hand housing transactions have surpassed new housing sales, indicating a significant shift in market dynamics [1] - The renovation and upgrading of existing housing stock is becoming a crucial source of housing supply, with over 2,387 urban village renovation projects and 2.3 million housing units constructed for resettlement during the 14th Five-Year Plan [1] Group 2: Sales Dynamics - The proportion of existing home sales is increasing, reflecting deeper reforms in real estate development, financing, and sales systems. In the first eight months of this year, existing home sales grew by 11.7% year-on-year, while pre-sale housing sales fell by 11.8% [2] - Existing home sales accounted for 35.4% of total sales area in the first eight months, an increase of 4.6 percentage points compared to the entire year of 2024 [2] Group 3: Resource Allocation - The interconnection of "people, housing, land, and finance" is key to the transformation of the real estate market. The Ministry of Housing and Urban-Rural Development will guide local governments to determine housing demand based on population changes and to allocate land and financial resources accordingly [2][3] Group 4: Quality Housing Initiatives - The concept of "good housing" has been emphasized in government reports, with standards for "good housing" defined in terms of design, materials, construction, and maintenance. This initiative aims to improve both new and existing housing [3]

Core Viewpoint - The prediction made by Jack Ma in 2017 about housing prices becoming as cheap as onions is increasingly becoming a reality, as housing prices in China have significantly declined since 2022, with some areas experiencing drops of over 60% [3][5]. Group 1: Current Market Trends - Since 2022, the domestic housing market has entered a long-term adjustment phase, with an average price drop of over 30% compared to historical highs [3]. - In certain third and fourth-tier cities, housing prices have fallen to extremely low levels, with some properties available for just tens of thousands of yuan [3]. - The real estate market is expected to undergo significant changes by 2026, with increased regulatory measures anticipated [5]. Group 2: Regulatory Changes - The regulatory environment for real estate is expected to tighten further, with potential reductions in mortgage rates and increases in public housing loan limits to encourage home purchases [5]. - Tax relief measures, including reductions in deed tax and value-added tax, are also likely to be implemented to support the market [5]. Group 3: Price Differentiation - A clear differentiation in housing prices across regions is anticipated, with cities that have already seen significant price drops having limited further decline potential [7]. - Major cities like Shanghai and Shenzhen, which still have high price-to-income ratios, are expected to experience a correction, starting with suburban areas before affecting city centers [7]. Group 4: Shift from Off-Plan to Completed Properties - Due to recent financial issues faced by major real estate companies, there is a growing demand to eliminate off-plan sales, leading to a shift towards selling completed properties [9]. - This change allows buyers to inspect properties before purchase, enhancing consumer confidence in the market [9]. Group 5: Elimination of Shared Area Costs - An increasing number of cities are abolishing the shared area cost in property pricing, allowing buyers to pay based on usable area only, which is positively received by the public [10][11]. - The trend of eliminating shared area costs is expected to continue, reducing the financial burden on homebuyers [10].

潮新闻客户端 记者 蒋敏华 从开盘到现在房子卖了近三年，楼盘交付也已半年，可开发商手上的新房还没卖完。更糟糕的是，有的业主似乎 已经摒不牢，挂出远低于新房的价格甩卖。 今年3月，该楼盘如期交付，不过直到此时开发商还没有卖完房子。透明售房网显示，该楼盘目前仍有数十套可售 房源。 与此同时，也有一些业主决定不再等行情回暖，开始把房子挂牌出售。"一套98m²的房子挂了110万元，这个价格 低得不可思议。虽然开发商的新房价格折扣打得很低，但这个挂价还不到原价的7折，真的是震惊到了我们业 主。"有业主告诉记者说。 "截至目前，该小区一共成交了两套98m²二手房源，一套七楼一套八楼，成交价分别是105万元和107万元，税费 由房东和买家各自承担。"贝壳二手房经纪人小谭告诉记者说。 以这样的价格出手，对房东而言显然是巨亏。据悉，该楼盘首开没有任何优惠，随后价格越买越低，折扣曾一度 低至8折。目前，该楼盘新房价格折扣是8.5折，一套98m²户型折后价大概要150万元。不过记者了解到，该楼盘目 前已启动分销，若算上中介返佣，实际折扣接近8折。尽管开发商价格优惠力度不小，但在业主的甩卖价面前，显 然没有任何优势可言。 慢慢熬成现 ...