董建国说，同时要建立城市房地产融资协调机制，以城市为单元，实施项目"白名单"制度。目前全国"白名单"项目贷 款审批金额已经超过7万亿元，有力保障了商品住房项目建设交付。 另据住建部相关负责人在 "高质量完成'十四五'规划"系列主题新闻发布会上公布上介绍，存量住房市场规模持续扩 大，全国已有15个省区市二手住宅的交易量超过新房。 【环球网财经综合报道】近日，中国住房和城乡建设部副部长董建国在新闻发布会上介绍，在构建房地产发展新模式 方面，涉及房地产项目融资时，政府将推广"保交房"工作中探索形成的办法，即一个项目确定一家银行或银团为主办 银行，项目开发、建设、销售等资金都存入主办银行，主办银行保证项目公司的合理融资需求。 对此《联合早报》发文认为，中国2024年起推出房企"白名单"机制，由地方政府筛选符合条件的房企，并推送商业银 行，以期获得包括信贷、债权和股权融资等多方面支持。 ...

"十四五"以来，全国住建部门适应房地产市场供求关系发生重大变化的新形势，适时调整优化房地产政策，不断 满足人民群众基本住房需求和多样化改善性住房需求。 在城市人居环境质量提升方面，"十四五"期间，全国累计改造城镇老旧小区24万多个，惠及4000多万户、1.1亿 人；加装电梯12.9万部，增设停车位340多万个、养老托育等社区服务设施6.4万个；更新改造供水、燃气、供热等 地下管网84万公里；打造"口袋公园"1.8万多个、城市绿道2.5万公里，以"小切口"改善"大民生"。 长江商报消息 ●长江商报记者 李璟 当前，我国城镇化正从快速增长期转向稳定发展期，城市发展正从大规模增量扩张阶段转向存量提质增效为主的 阶段。 10月11日，住房城乡建设部在国新办新闻发布会上披露，"十四五"时期，全国累计销售新建商品住宅面积约50亿 平方米；建设筹集各类保障性住房和城中村、城市危旧房改造等安置住房1100多万套（间），惠及3000多万群 众。 值得关注的是，"十四五"期间，党中央、国务院作出了加快构建房地产发展新模式的决策部署。这是适应我国房 地产市场供求关系发生重大变化的新形势，促进房地产市场平稳健康发展的治本之策。 据介 ...

Core Insights - The Ministry of Housing and Urban-Rural Development emphasizes the importance of high-quality urban renewal as a key focus area in the implementation of the "14th Five-Year Plan" [1][2][3] - The recent Central Urban Work Conference marks a significant milestone, indicating a shift from rapid urbanization to stable development, with a focus on improving existing urban areas rather than expanding [2][3] - The Ministry plans to develop a series of supporting documents to facilitate the implementation of urban renewal and high-quality housing initiatives [3] Urban Renewal and Housing Development - During the "14th Five-Year Plan" period, approximately 5 billion square meters of new residential properties are expected to be sold, with over 11 million units of various types of affordable housing constructed [1] - The Ministry aims to enhance the quality of existing buildings and infrastructure, focusing on the renovation of old urban neighborhoods and improving living conditions for citizens [2][3] - The Ministry's approach includes a comprehensive strategy to ensure that both new and existing homes meet high standards of quality, safety, and sustainability [3][4] Financial and Policy Support - The Ministry has approved over 7 trillion yuan in loans for "white list" projects, ensuring the construction and delivery of residential properties [1] - The establishment of new mechanisms for urban renewal is anticipated, along with supportive financial, tax, and land policies to facilitate these initiatives [4] - The focus on high-quality housing development is aimed at ensuring that citizens have access to "good houses," which is central to the Ministry's objectives [4]

Core Viewpoint - The Ministry of Housing and Urban-Rural Development is accelerating the construction of a new model for real estate development, focusing on reforming and improving the financing and sales systems in the real estate sector [1][2]. Group 1: Achievements During the 14th Five-Year Plan - During the 14th Five-Year Plan, approximately 5 billion square meters of new residential properties were sold nationwide [1]. - Over 11 million units of various types of affordable housing and urban renewal projects were constructed, benefiting more than 30 million people [1]. - More than 240,000 old urban communities were renovated, impacting over 40 million households and 110 million individuals [1]. Group 2: Reform Initiatives - The establishment of a "people, housing, land, and finance" linkage mechanism is a key initiative to ensure the stable and healthy development of the real estate market [2]. - Local governments are guided to develop housing plans based on population changes, ensuring a scientific arrangement of land supply and financial resource allocation [2]. - The traditional "three highs" model in real estate development is deemed unsuitable for current conditions and requires transformation [2]. Group 3: Financing and Sales Reforms - Project companies are required to exercise independent legal rights, and investors are prohibited from misappropriating funds before project delivery [3]. - A "white list" system for project financing has been established, with over 7 trillion yuan approved for loans to "white list" projects, ensuring the construction and delivery of residential properties [3]. - The promotion of "real estate sales as seen" aims to fundamentally prevent delivery risks, while pre-sale funds are subject to strict regulatory oversight to protect buyers' rights [3]. Group 4: Future Plans - During the 15th Five-Year Plan, the Ministry will continue to collaborate with relevant departments to implement tasks aimed at creating a new model for real estate development [4]. - The goal is to establish a sound supply system, reasonable resource allocation, standardized regulatory frameworks, and stable industry operations to promote high-quality development in the real estate sector [4].

Core Viewpoint - The Ministry of Housing and Urban-Rural Development is accelerating the establishment of a new model for real estate development, focusing on reforming and improving the financing and sales systems in the real estate sector [1][2]. Group 1: Achievements During the 14th Five-Year Plan - During the 14th Five-Year Plan, approximately 5 billion square meters of new commercial residential space were sold nationwide [1]. - Over 11 million units of various types of affordable housing and urban renewal projects were constructed, benefiting more than 30 million people [1]. - More than 240,000 old urban communities were renovated, impacting over 40 million households and 110 million individuals [1]. Group 2: Reform Initiatives - The establishment of a "people, housing, land, and finance" linkage mechanism is a key initiative to ensure the stable and healthy development of the real estate market [2]. - Local governments are guided to develop housing plans based on population changes, ensuring a scientific arrangement of land supply and financial resource allocation [2]. - The traditional "three highs" model in real estate development is deemed unsuitable for current conditions and requires transformation [2]. Group 3: Financing and Sales Regulations - Project companies are required to exercise independent legal rights, and investors are prohibited from misappropriating funds before project delivery [3]. - A "white list" system for project financing has been established, with over 7 trillion yuan approved for loans to "white list" projects, ensuring the construction and delivery of commercial housing [3]. - The promotion of "现房销售" (selling existing houses) is being actively pursued to mitigate delivery risks and protect buyers' rights [3]. Group 4: Future Plans - During the 15th Five-Year Plan, the Ministry will continue to collaborate with relevant departments to implement tasks aimed at creating a new model for real estate development [4]. - The goal is to establish a sound supply system, reasonable resource allocation, standardized regulatory frameworks, and stable industry operations to promote high-quality development in the real estate sector [4].

（来源：地产冲冲冲） 核心观点：新房成交面积同环比下降，建立可持续城市更新模式 本周我们跟踪的68城新房成交同环比下降，20城二手房成交面积同比下降。土地成交面积同比下降，溢价率环比增长。国内信用债发 行规模环比减少。本周住建部提出坚持机制创新，建立可持续城市更新模式，目前多地已落地城市更新文件，预计新机制将加快建 立，住建部正研究改造存量老房，下一步将联合地方试点，未来将加快构建房地产发展新模式。我们认为，在各项促进房地产市场止 跌回稳政策作用下，今年以来我国房地产市场整体朝着止跌回稳的方向迈进，在止跌回稳的过程中，房价仍可能存在小幅度震荡，期 待后续在政策作用下，房地产市场进一步稳定。在更加积极的财政政策、适度宽松的货币政策下，存量收储及城中村改造工作有望加 速推进，改善现有住房供求关系，加快止跌回稳进程，维持行业"看好"评级。 建立可持续城市更新模式，加快构建房地产发展新模式 中央层面：住建部：坚持机制创新，建立可持续城市更新模式，目前多地已落地城市更新文件，预计新机制将加快建立，住建部正研 究改造存量老房，下一步将联合地方试点，未来将加快构建房地产发展新模式。 地方层面：南京：南京住房公积金管理中心1 ...

Group 1 - The core viewpoint of the news is that the "14th Five-Year Plan" period is crucial for the real estate industry to embrace a new model, focusing on high-quality development in housing and urban construction [1][4] - During the "14th Five-Year Plan," the housing and urban construction system aims to improve living conditions and urban environments, with significant achievements reported [1][2] - The government has established a multi-tiered housing security system to address the basic housing needs of vulnerable groups, including public rental housing and affordable housing [2][3] Group 2 - The total construction of various types of affordable housing and urban renovation projects during the "14th Five-Year Plan" is expected to exceed 11 million units, benefiting over 30 million people [2] - The cumulative sales of new residential properties during this period are projected to reach approximately 5 billion square meters, indicating a robust housing market [2] - The real estate market is transitioning to a stock era, with signs of stabilization in both new and second-hand housing transactions [3] Group 3 - The new real estate development model aims to adapt to significant changes in supply and demand dynamics, promoting stable and healthy market development [4] - Key initiatives include improving the housing supply system, establishing a linkage mechanism for resources, and reforming the development, financing, and sales systems [4] - The emphasis on "good housing" focuses on quality standards, design, materials, construction, and maintenance, with a commitment to enhancing living conditions [5] Group 4 - The government is actively promoting the delivery of over 7.5 million units of housing that have been sold but not yet delivered, ensuring the protection of buyers' rights [3] - The focus on "good housing" will also extend to the renovation of old neighborhoods and the construction of affordable housing [5] - Future efforts will continue to align with urban development and renewal, aiming for a well-structured supply system and a stable real estate market [5]

Core Viewpoint - The Chinese real estate market is undergoing a historic transformation in supply and demand dynamics, necessitating a new development model that balances stability, growth, and transition [2][6]. Group 1: Market Dynamics - The Ministry of Housing and Urban-Rural Development emphasizes that the stable and healthy development of the real estate market fundamentally depends on the effective allocation of four resource factors: people, housing, land, and finance [2]. - The traditional policy approach to stimulate the market needs to be adjusted, moving away from short-term solutions to a more nuanced understanding of supply-demand relationships and resident needs [3][7]. Group 2: "Guarantee Delivery" Initiatives - The "Guarantee Delivery" initiative remains a key focus in constructing the new real estate development model, with significant progress reported during the "14th Five-Year Plan" period [4]. - Over 7 trillion yuan in loan approvals have been granted for projects on the "white list," aimed at ensuring normal construction funding and timely project delivery [5]. Group 3: Market Trends and Sales Data - From January to September 2025, the total sales of the top 100 real estate companies amounted to 26,065.9 billion yuan, reflecting a year-on-year decline of 12.2% [5]. - The market is transitioning to a "stock era," where the volume of second-hand housing transactions is surpassing that of new homes in 15 provinces, indicating a shift in market dynamics [6]. Group 4: Future Development Strategies - The new model emphasizes a shift from incremental to stock thinking, focusing on matching supply with actual demand rather than forcing supply based on government land purchases [7]. - The establishment of a mechanism for the interconnection of the four resource factors is underway, with local governments actively planning and assessing housing development strategies for the "15th Five-Year Plan" [7].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The new housing transaction area has decreased both year-on-year and month-on-month, prompting the establishment of a sustainable urban renewal model. The Ministry of Housing and Urban-Rural Development emphasizes innovation in mechanisms to accelerate the establishment of this new model, with pilot projects expected to be launched in collaboration with local governments [5][6][61] - The overall real estate market in China is moving towards stabilization, with policies aimed at preventing further declines. However, slight fluctuations in housing prices may still occur during this stabilization process [5][61] Summary by Sections 1. Sustainable Urban Renewal Model - The Ministry of Housing and Urban-Rural Development aims to establish a sustainable urban renewal model, with multiple cities already implementing urban renewal documents. The focus is on renovating existing old housing and launching pilot projects with local governments [6][14][61] 2. Sales Sector - In the 41st week of 2025, the transaction area of new residential properties in 68 major cities was 1.32 million square meters, a year-on-year decrease of 52% and a month-on-month decrease of 32%. Cumulatively, the transaction area from the beginning of the year to date is 91.74 million square meters, reflecting an 11% year-on-year decline [19][36] - The transaction area of second-hand houses in 20 cities was 1.01 million square meters, with a year-on-year growth rate of -45% [36] 3. Investment Sector - In the 41st week of 2025, the planned building area of land released in 100 major cities was 47.78 million square meters, with a transaction area of 11.89 million square meters, representing a year-on-year decrease of 9%. The transaction premium rate was 4.8% [41][42] 4. Financing Sector - In the 41st week of 2025, the issuance of credit bonds was 0.94 billion yuan, a year-on-year decrease of 64% and a month-on-month decrease of 55%. The cumulative issuance of credit bonds was 314.86 billion yuan, remaining stable year-on-year [48][50] 5. Weekly Market Review - The real estate index fell by 0.82%, underperforming the Shanghai and Shenzhen 300 index, which decreased by 0.51%. The real estate sector ranked 20th among 28 sectors in terms of performance [53][55]

Group 1: Real Estate Market Repositioning - The core viewpoint emphasizes the need for a "repositioning" of the real estate market in China, transitioning from being an economic pillar to a dual role as a "foundation for livelihood" and an "innovation carrier" [1] - The report highlights that the traditional model of "high leverage, high debt, high turnover" is no longer sustainable, necessitating a new development model for real estate [1] - The central government aims to alleviate housing difficulties for new citizens and youth by promoting high-quality housing construction and urban village renovations [1] Group 2: Economic Dependency on Real Estate - Experts argue that China must gradually reduce its reliance on real estate for economic growth, as the current development stage cannot support significant economic boosts from the real estate sector [2] - There is a persistent imbalance between new housing supply and urban population growth, indicating a shift towards a secondary market dominated by second-hand housing transactions [2] - The changing housing consumption concept is reflected in the growing rental market and increasing proportion of existing home sales [2] Group 3: Structural Differentiation in Real Estate - The real estate market in China shows structural differentiation, with strong demand in urban areas experiencing population inflow, while areas with population outflow face contraction [3] - The need for "precise policies" is emphasized, advocating for supply driven by demand and the creation of demand through supply [3] - The call for a standardized rental market and extending housing security to a broader range of workers is highlighted [3] Group 4: Office Market Dynamics - The office market is currently characterized by oversupply, particularly in major cities like Shanghai, Beijing, and Shenzhen, leading to a downward trend in rental prices [4] - The demand for office space is showing signs of gradual recovery, but the disparity among different sectors remains significant [4] - Proposed strategies include controlling new supply, enhancing old building renovation mechanisms, and improving rental monitoring to boost market confidence [4]