Core Viewpoint - The Shenzhen Municipal Housing and Construction Bureau has issued new regulations regarding the allocation of affordable housing in urban renewal projects, allowing for adjustments in the proportion of affordable housing to commercial housing in certain conditions [1] Group 1: Regulations on Affordable Housing - The new regulations specify that for urban renewal units with approved plans that have not yet commenced construction, if the planned affordable housing is designated for sale, the applicant can convert 40% of the affordable housing area into commercial housing [1] - The remaining 60% of the affordable housing area must be calculated based on the average plot ratio of residential land in the urban renewal unit and transferred to the government without charge, with a minimum land area of 3,000 square meters [1] - Adjustments to the affordable housing allocation can be made through a non-mandatory modification process of the urban renewal unit planning [1] Group 2: Alternative Adjustments - Applicants can also convert 50% of the planned sale-type affordable housing area into commercial housing, with the remaining 50% designated as rental-type affordable housing [1] - This adjustment does not require a planning modification application and can be determined during the land approval or planning permission stage [1] - Rental-type affordable housing, once completed, will be transferred to the government without charge, exempting the land price [1] Group 3: Impact on Land Use Rights - For urban renewal units with signed state-owned land use rights transfer contracts, any changes in land price due to the adjustments must be compensated according to regulations [1]

Core Insights - In May 2025, the opening of nearly 50 centralized commercial projects was driven by the "May Day" Golden Week, marking the highest number of openings in the same period over the past three years [1][2] - The total commercial building area of these projects exceeded 3.68 million square meters, with a month-on-month increase of 4.5 times in quantity and 3.8 times in area compared to April 2025 [2] - The opening wave included innovative projects in urban renewal, "cultural tourism+" commercial spaces, "sports+" commercial spaces, and themed shopping malls, showcasing various creative elements [1][14] Group 1: Opening Statistics - A total of 49 centralized commercial projects opened in May 2025, with 25 projects opening on May 1 alone, accounting for over half of the month's total [2] - The number of new openings in May 2025 increased by 13.95% in quantity and 16.76% in area compared to May 2024 [2] - The distribution of new openings was concentrated in high-tier cities, with first-tier, quasi-first-tier, and second-tier cities accounting for 64% of the total openings [5][10] Group 2: Leading Cities and Projects - Beijing ranked first in the number of new openings with four projects, followed by Guangzhou with three [5] - Notable projects included the Nanjing Xuanwu China Merchants Garden City and the first Joy City in Jiangxi, among others [10][12] Group 3: Dominance of Chain Management Enterprises - Chain management enterprises played a significant role in the new openings, with nearly 30 projects managed by major players like China Resources, Wanda, Longfor, and JD MALL [10][11] - JD MALL accelerated its expansion with multiple openings in cities including Nanjing, Chengdu, and Beijing [10] Group 4: Urban Renewal and Cultural Integration - Seven urban renewal projects opened in May, primarily in first-tier cities, focusing on integrating local cultural DNA into commercial spaces [15][16] - Projects like Beijing Zhonghai Dajixiang and Guangzhou Huatingfang exemplified the trend of preserving historical elements while modernizing commercial offerings [15][19] Group 5: "Cultural Tourism+" and "Sports+" Trends - "Cultural tourism+" commercial spaces are evolving, with projects like Ningbo Qianwan Shengshi Li and Guangzhou Huatingfang emphasizing local culture and immersive experiences [24][25] - The "sports+" commercial trend is gaining traction, with projects like Nanjing Zijin Zhongai Li and Shenyang Global Port Dynamic City focusing on sports-themed environments [29][30] Group 6: 24-Hour Social Spaces - The concept of "24-hour social spaces" is emerging, with projects like Xiamen Hemei Tiandi and Lhasa Wangfujing Shopping Center catering to round-the-clock consumer needs [38][40] - These spaces aim to enhance night economy activities, providing diverse entertainment and dining options [40][41] Group 7: Thematic Shopping Malls - The rise of "two-dimensional" themed shopping malls is evident, with projects like Nanchang Yintai and Dalian Olympic Electronic City transforming existing spaces into vibrant cultural hubs [42] - These projects focus on attracting younger demographics through innovative themes and experiences [42]

实施城市更新行动，是推动城市高质量发展、不断满足人民美好生活需要的重要举措。《中共中央办公 厅国务院办公厅关于持续推进城市更新行动的意见》近期发布，提出了八项主要任务，完善城市功能是 其中之一。 "城市功能完善需要通过系统谋划、品质设计、匠心营建、精细治理，加快形成供需匹配、优质高效的 现代化城市供给体系，推动城市运行更智能、服务更精准、管理更高效，努力让人民群众的获得感成色 更足、幸福感更可持续、安全感更有保障。"住房和城乡建设部科技与产业化发展中心城市建设与更新 处处长田永英说。 深度挖掘存量资源 提升城市宜居水平 建设安全、韧性、宜居城市是实现城市功能完善的重要目标。恽爽认为，完善城市功能应以基础设施建 设为抓手保障城市可持续发展潜力，强化旅游、康养、休闲、仓储物流与临时安置、应急医疗服务、物 资保障等公共基础设施的复合化利用。应以全龄友好为导向推进城市宜居水平提升，加强城市功能完善 项目对"一老一小"需求的适应与配合。从规划、策划、设计、实施到运营全链条周期，因地制宜地匹配 不同服务品质、不同使用成本的托育、养老、活动、便民等服务场景与服务空间。 舜泰广场是山东省济南市高新区科技产业和现代服务业发展较 ...

6月19日，郑州市城乡建设局发布新增城市更新项目入库的最新进展称，经过评审，郑东新区北研新材 料产业园等7个城市更新项目符合入库条件，总投资39.72亿元。 《中国经营报》记者了解到，今年以来，郑州市持续推进城市更新项目评审，对入库项目进行动态管 理，明确项目责任清单，切实加快项目落地。另外，叠加日前中央财政补助的利好，郑州城市更新相关 样板工程将加速实施，同时，城市更新相关机制的探索和建立也将进一步提速。 郑州市城乡建设局相关负责人表示，中央财政的支持有助于郑州市探索建立可持续的城市更新机制，推 动补齐城市基础设施的短板弱项，加强消费型基础设施建设，促进城市基础设施建设由"有没有"向"好 不好"转变，解决人民群众的急难愁盼问题，实现城市高质量发展。 探索机制建设 今年是中央财政支持城市更新行动的第二年，按照财政部、住房和城乡建设部的要求，中央财政资金支 持方向，相较于上一年政策，新增了对城市更新机制建设方面的支持。而在郑州市实施城市更新的过程 中，项目库机制的建立堪称亮点举措。 记者梳理发现，在《郑州市城市更新实施办法（试行）》（郑政办〔2023〕18号）中，明确规定"本市 建立城市更新项目库，实施动态管理 ...

展望下半年，将依然行业无金融风险、土地市场延续产品代际差导致的结构好、十五五规划下房企谋求新 商业模式的局面。 我们论述过行业支出减少带来的金融风险下降，预计下半年仍然会呈现出和上半年类似 的局面。同时，土地市场仍将持续超预期，尽管土地出让金仍然负增长，但预计幅度会好于预期，核心就 在于产品代际差带来的新房市场持续处于结构性活跃状态，带动房企拿地和政府推地的积极性维持较高水 平。需要重点关注的是十五五规划带来的房企新思考，尤其是头部房企，在新商业模式驱动下，找到超越 行业发展的新思路。 结构性市场，包袱小的企业仍然将取得更明显的优势。 风险提示： 不扩信用背景下，价格企稳的压力仍在。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称：四平八稳，轻装上阵——地产5月观察及数据点评 报告日期：2025.06.19 报告作者： 涂力磊 （分析师)，登记编号： S0880525040101 谢皓宇 （分析师)，登记编号： S0880518010002 陈昭颖 （研究助理)，登记编号： S0880125042226 报告导读： 5月楼市运营延续4月，整体呈现四平八稳状态，结合十五五规划，接下来的 亮 ...

Investment Rating - The report assigns an "Overweight" rating to the real estate sector [1] Core Insights - The real estate market in May continued to show stability, aligning with the government's efforts to stabilize the market and prevent further declines [3][60] - Key indicators such as sales area and sales amount showed narrow fluctuations compared to April, with sales area declining by 4.6% year-on-year and sales amount decreasing by 7.1% [5][60] - The report anticipates that urban renewal will be a significant focus, with an emphasis on "building good houses" as a consensus in the industry [61][62] Summary by Sections 1. Industry Performance - In May, the real estate market maintained a steady state, with most data showing narrow fluctuations compared to April [5][60] - Year-on-year sales area decreased by 4.6%, while sales amount fell by 7.1% [5][60] - The report notes that the overall trend is expected to continue, with a focus on stabilizing the market [3][60] 2. Investment Trends - The cumulative real estate development investment from January to May 2025 was 36,234 billion yuan, a year-on-year decrease of 10.7% [12] - New construction area saw a year-on-year decline of 22.8%, while completed area decreased by 17.3% [18][26] - The report suggests that the focus should shift from year-on-year growth rates to absolute levels, with a projected total real estate development investment of 10 trillion yuan for 2024 [61][62] 3. Sales Performance - From January to May 2025, the total sales area of commercial housing was 35.3 million square meters, with a year-on-year decline of 2.9% [26][28] - The sales amount for commercial housing was 34,091 billion yuan, reflecting a year-on-year decrease of 3.8% [10][26] - The report highlights a mismatch in supply and demand in first-tier cities, with sales showing significant strength [33] 4. Funding Sources - Total funding sources for real estate reached 40,232 billion yuan from January to May 2025, down 5.3% year-on-year [45][47] - Domestic loans accounted for 16.6% of funding sources, with a year-on-year decrease of 1.7% [47][49] - The report indicates that self-raised funds decreased by 7.2%, while foreign investment saw a significant increase of 49% [47][56] 5. Investment Recommendations - The report recommends several companies for investment, including Vanke A, Poly Development, and China Overseas Development in the development category [62] - For commercial and residential sectors, companies like China Resources Land and Longfor Group are highlighted [62] - The report emphasizes that companies with lower burdens will have a more significant advantage in the current structural market [62]

6月19日，2025年珠三角与粤东西北经贸合作招商会在广州举行。南都湾财社记者现场获悉，本次招商会共达成电子信息、新能源、新材料、食品加工、低 空经济等产业领域的投资项目661个、投资总额3022亿元。 现场，从全国多地而来的企业家们也分享了他们投资广东的心声。 永道控股集团董事长钟立钊: "计划投资20亿在广东建设环保制造基地" 2019 r 1944 the 我们计划继续大幅增加对广东地区的投资，涵盖环保制造基地和高效现代农业项目，特别是在汕尾、韶关、乐园等地深化合作，计划投资20亿在广东建设环 保制造基地，我们将与国内外高校合作引进先进技术，并结合广东丰富的农业资源、优质的生态环境和政策优势，强化环保装备领域发展与农业资源的开发 利用，推动环保事业发展。 浙江亚厦控股有限公司董事长丁泽成: "广东最打动我的是它永远在'刷新自己'" 十几年前我们"不招自来"，是因为我们主动过来并评估了营商环境，发现非常适合我们业务发展。作为浙江温州人，我非常认同广东市场的投资价值。 我们在广州设立九元航空，旨在利用广东作为东南亚地区的桥头堡，进一步拓展至全球市场。广东的地理位置、市场潜力被认为是企业发展的理想选择，目 前 ...

Group 1: Urban Renewal and Cultural Integration - Jinan city is leveraging urban renewal to connect cultural continuity, improve livelihoods, and promote industrial development, creating new spaces for high-quality urban growth [1] - The city emphasizes the integration of culture into urban renewal, utilizing historical resources to invigorate old buildings and promote deep integration of culture, tourism, and commerce [2] - The Mingfu City protection plan has been recognized as an innovative case in urban renewal, creating a unique commercial district that blends tradition with modernity [2] Group 2: Community Services and Facilities - The introduction of high-quality long-term rental apartments, such as the Yayu Apartment, aims to provide personalized services and facilities for diverse residents [3] - The project includes a community restaurant, gym, and shared meeting rooms, catering to various backgrounds and enhancing the living experience [3] - The Liu Zhiyuan project focuses on providing affordable housing for residents, with significant pre-booking activity indicating strong demand [3] Group 3: Elderly Care and Health Services - The establishment of the Jibang Comprehensive Elderly Care Service Center aims to provide 500 beds and leverage local medical resources for elderly care [4] - The project is designed to serve all age groups, integrating healthcare and community services [4] Group 4: Economic Development and Industry Attraction - The Wangyue Road Creative Design Industrial Park has successfully attracted 20 companies, generating significant revenue and enhancing local commercial value [5] - The High-speed Railway Riverside International Industrial Park is focused on attracting related industries and high-end services, contributing to economic growth [5] - Urban renewal efforts are aimed at creating livable and economically viable spaces, with projects like the TOD development enhancing transportation and multi-functional urban experiences [6]

作为珠江新城CBD最后一个城中村改造项目，冼村旧改再迎重大突破。 继融资区拆迁清零之后，6月18日下午，伴随轰隆轰声响，冼村复建区的两栋房屋应声倒地，剩下极少 未签约户也将依法加速完成拆除。 "历经15年，冼村对美好生活的向往，是一步一个脚印走出来的！""我们最热切的心声是什么？就是赶 紧回迁！" 冼村村民们现场不禁感叹。 这意味着，冼村旧改依法动迁再次取得关键突破、重大实质成果政企同心共同推进城市更新，冼村改造 动迁工作即将迎来全面收官。 真抓实干，三方合力推进改造 "以前，美好生活只是概念，要像猎德村一样实现质的飞跃，需要一步一个脚印走。我们深感等待15年 的不容易"，有村民感叹。 等这一天，很多村民等了15年。"从耕田到耕'屋'，很多老一辈村民是没有太高的务工能力的，只能靠 出租来增加家庭收入。大家都迫切希望，能早点拆迁，快点建好"，有村民说。 "其实对冼村来说，今天是个新起点，继融资区成功清零之后，复建区也进入清零倒计时！"相关负责人 表示。冼村的改造早在2010年启动，2011年12月保利发展成为冼村改造合作企业。历经15年推进，超过 99%的村民自愿签订补偿安置协议，冼村旧改体现了绝大多数村民的意 ...

Core Insights - Shanghai aims to become a world-class socialist modern metropolis by focusing on five strategic goals: international economic center, financial center, trade center, shipping center, and technology innovation center, with urban renewal playing a crucial role in enhancing the city's capabilities and competitiveness [1] - The Danning area has undergone a significant transformation over the past 20 years, serving as a model for urban development in Shanghai and globally [3][5] Urban Renewal and Development - The Danning area is strategically important within Shanghai's urban renewal process, featuring key regions like the Nanjing West Road commercial district and the Suhe Bay waterfront economic belt [1] - The establishment of Danning Lingstone Park marked a pivotal moment in Danning's development, becoming the core ecological engine for the area [3] - The integration of Danning into the Jing'an District in 2015 led to a qualitative leap in regional development, supported by an improved transportation network [5] Economic and Social Infrastructure - Danning has evolved into a significant consumption center in Shanghai, with high-quality medical services, educational resources, and cultural facilities enhancing its urban functionality [7] - The "ecology + commerce + public services" development model has transformed Danning from a single-function area into a vibrant urban district, exemplifying urban renewal [7] Industry and Innovation - Danning is focusing on a dual-chain drive of "technology innovation + cultural innovation," establishing two major industrial clusters: Danning Chuangxin Valley and Danning Digital Source [8] - As of 2024, Danning has 474 technology enterprises, with 141 high-tech companies, showcasing strong innovation vitality [10] - The North High-tech Park in Danning is a key driver for technology innovation, focusing on cloud computing, big data, artificial intelligence, and blockchain [10] Future Development Goals - Danning aims to create a "Central Park-style CBD" as part of its future development strategy, with a focus on optimizing space and enhancing economic density [12] - The "Strategic One Square Kilometer" project is set to revitalize underutilized industrial land, linking various resources and promoting new industries like cultural and esports [14] - The upcoming conference on June 19 will gather experts to summarize Danning's achievements and discuss future developments, positioning Danning as a model for urban renewal globally [15]