Core Viewpoint - The renovation of old residential communities is crucial for both social welfare and urban development, with a focus on improving living conditions and enhancing urban quality [1] Summary by Relevant Sections Urban Development - The Ministry of Housing and Urban-Rural Development plans to start the renovation of 25,000 old urban residential communities this year [1] - As of the first eight months of this year, 21,700 old urban residential communities have already begun renovation [1] - The ongoing push for renovation is part of a broader strategy to enhance urban quality and create high-quality living spaces [1] Community Improvement - The government aims to continuously improve the living environment, facilities, service functions, and cultural value of old residential communities [1] - Efforts will focus on building safe, healthy, well-equipped, and orderly communities [1] - The initiative supports the expansion and upgrading of the "15-minute convenient living circle" in urban areas [1]

Group 1 - The core event is the "One-Minute Convenience Life Service Month," aimed at promoting the construction of a "One-Minute Convenience Life Circle" and showcasing the achievements in providing convenient services to the public [2] - The third "National One-Minute Convenience Life Service Month" will take place from October 1 to 31, with over 300 convenience service activities organized across 16 cities in the province [2] - A key event includes a site meeting on the construction of the One-Minute Convenience Life Circle and the launch ceremony of the service month, which is part of the Ministry of Commerce's key supporting activities [2] Group 2 - The provincial commerce system will adopt a collaborative approach involving government, enterprises, and residents, organizing various activities such as product exchanges, services for the elderly and children, and community promotions during holidays and seasonal events [4] - The aim is to create a vibrant and engaging atmosphere for residents, characterized by a sense of community and happiness through diverse convenience service activities [4] - The launch ceremony was attended by over 200 representatives from various commerce departments, community commercial committees, and local government agencies [4]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3]. Core Views - The report suggests that the broad housing demand in China has reached a bottom, although the volume and price have not yet entered a positive cycle. It anticipates that the overall real estate market will continue to stabilize, with policies aimed at stopping the decline being further introduced. Core cities are expected to lead the recovery as they approach the bottom of the market [3][29]. - The "Good House" policy is expected to create a new development track with "new products, new pricing, and new models," which will improve the real estate market in core cities with lower penetration rates [3][29]. Industry Data Summary New Housing Transaction Volume - In the week of September 20-26, 2025, 34 key cities saw a total new housing transaction volume of 2.458 million square meters, a week-on-week increase of 17.2%. First and second-tier cities increased by 15.4%, while third and fourth-tier cities saw a significant rise of 43.8% [4][29]. - For September 2025, the total new housing transaction volume in 34 cities was 8.078 million square meters, a year-on-year increase of 6.3% [7][8]. Second-Hand Housing Transaction Volume - In the week of September 20-26, 2025, 13 key cities recorded a total second-hand housing transaction volume of 1.148 million square meters, a week-on-week increase of 3.8%. Cumulatively, September's transaction volume was 4.235 million square meters, a year-on-year increase of 21.2% [12][29]. New Housing Inventory - In the week of September 20-26, 2025, 15 key cities had a total of 1.48 million square meters of new housing launched, with a total inventory of 90.309 million square meters, reflecting a week-on-week increase of 0.6%. The average monthly deprecation period was 24.8 months, an increase of 1.8 months [20][29]. Policy and News Tracking - The report highlights significant government efforts to stabilize the real estate market, including over 1.6 trillion yuan in funding for key projects and a 52% annual increase in rental housing loans. Local governments are also implementing various supportive measures, such as home purchase subsidies and policies to improve land use efficiency [29][30]. - Shanghai has introduced new regulations to standardize balcony capacity and facade materials, while Dongguan has launched a new home purchase subsidy policy [29][30]. Company Dynamics - New City Holdings issued USD 1.6 billion in overseas bonds, while Poly Developments announced a plan to issue up to 15 billion yuan in corporate bonds. Other companies like China Merchants Shekou and CIFI Group are also actively engaging in financing activities [33][35]. Sector Performance Review - The SW Real Estate Index fell by 0.16%, underperforming the Shanghai and Shenzhen 300 Index, which rose by 1.07%. The report notes that the real estate sector ranked 11th among 31 sectors in terms of performance [41][44].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3][4]. Core Insights - The report indicates that the broad housing demand in China has reached a bottom, although the volume and price have not yet entered a positive cycle. It predicts that the overall real estate market will continue to stabilize, with policies aimed at stopping the decline and promoting recovery [3][4]. - The report highlights significant policy support, including over 1.6 trillion yuan allocated for three major projects to stabilize the real estate market and support the delivery of nearly 20 million housing units [31][32]. - The report emphasizes the emergence of a new development track driven by favorable housing policies, which will enhance the penetration of quality housing in core cities [3][4]. Industry Data Summary New Housing Transactions - For the week of September 20-26, 2025, new housing transactions in 34 key cities totaled 2.458 million square meters, a week-on-week increase of 17.2%. The transaction volume in first and second-tier cities rose by 15.4%, while third and fourth-tier cities saw a significant increase of 43.8% [4][12]. - In September, the total transaction volume for new homes in 34 cities was 8.078 million square meters, a year-on-year increase of 6.3% [7][8]. Second-Hand Housing Transactions - For the week of September 20-26, 2025, second-hand housing transactions in 13 key cities totaled 1.148 million square meters, a week-on-week increase of 3.8%. Cumulatively, September transactions were up 21.2% year-on-year [12][13]. Inventory and Supply - In the week of September 20-26, 2025, 15 key cities launched 1.48 million square meters of new housing, with a transaction volume of 950,000 square meters, resulting in a transaction-to-launch ratio of 0.64. The total available residential area in these cities was 90.309 million square meters, a week-on-week increase of 0.6% [21][22]. Policy and News Tracking - The report notes that various local governments are implementing policies to stabilize the real estate market, including subsidies for home purchases and regulations to improve housing quality [31][32]. - Shanghai has introduced new regulations to standardize balcony measurements and support the renovation of old residential areas [31][32]. Company Dynamics - New City Holdings issued USD 1.6 billion in overseas bonds, while Poly Developments announced a plan to issue corporate bonds not exceeding 150 billion yuan [38][39]. - The report tracks significant financing activities, including guarantees provided by major companies for their subsidiaries [38][39].

除此之外，大屯里还引入了花店、洗衣缝补、便民维修等居民刚需的 "小修小补" 服务业态，助力打造一刻钟便民生活圈。 据悉，大屯里地上一层和二层以餐饮业态为主，吸引了星巴克、北平楼、德川家、南门涮肉等餐饮首店或连锁品牌入驻；三层、四层是酒店服务，亚朵酒 店、桔子水晶、海友酒店入驻。 上述负责人表示，亚奥商圈的商业项目不少，但基本以方盒子购物中心为主，而大屯里商业街可借助开放式商业街区的优势，打造深夜食堂、酒吧街，为亚 奥商圈的来往客群提供了 "日咖夜酒" 场所。 川米、 MASS / J (IIII We rate 开业当天，大屯里商业街招商率 95%、商家开业率 85%，国庆之后项目将实现满租开业。北京商报记者在现场看到，大屯里引入了南阳鱼市、海匠大连小 海鲜等首店 4 家，烤肉刘、南门涮肉、榆林镇等老字号 10 余家。 为满足周边社区的日常生活需求，大屯里地下一层约3000平方米打造 "屯市集"，其中引入壹公里果蔬超市，以及御食园、稻香村、天福号、六必居、年糕 杨、月盛斋等 10 余家老字号品牌，同时还有新疆抓饭等各种网红餐饮小吃近 20 家。 北京商报讯（记者 刘卓澜）9 月 27 日，位于亚奥商圈的大屯里 ...

Core Insights - The "15-minute convenience service circle" is expected to create a larger market space over the next five years, tapping into a trillion-level consumption market [1][6] - The upcoming "National 15-Minute Convenience Life Service Month" aims to enhance community services and stimulate consumption [3][5] Group 1: Policy and Initiatives - The Ministry of Commerce will organize the third "National 15-Minute Convenience Life Service Month" starting October 1, transitioning from a festival to a month-long service initiative [3][5] - The initiative reflects a significant shift in urban governance, aiming to normalize the construction of convenience service circles as a continuous public welfare project [3][4] - The "Three-Year Action Plan for the Comprehensive Promotion of Urban 15-Minute Convenience Life Circles (2023-2025)" aims to enhance the diversity of life service industries and improve economic circulation [3][4] Group 2: Market Potential and Economic Impact - By July 2025, 6,255 convenience service circles are expected to be established across 210 pilot areas, serving 129 million residents and involving 1.503 million commercial outlets [4][6] - The "100 Cities, 10,000 Circles" goal aims to establish 10,000 well-structured convenience service circles by 2030, potentially creating over 10 million job opportunities [6][7] - The development of these service circles is anticipated to invigorate community commerce and enhance the overall quality of life, thereby generating significant investment and consumption demand [6][7]

Core Viewpoint - The Ministry of Commerce and nine other departments have issued a notice to promote the construction and upgrade of the "15-minute convenient living circle," focusing on the needs of the elderly and children, aiming to create a quality living environment for all ages [1] Group 1: Geographic Expansion - The notice aims to achieve the "100 cities, 10,000 circles" goal by 2030, including the establishment of 100 pilot cities for the 15-minute living circle and the construction of 10,000 well-structured living circles [2] - The initiative targets a resident satisfaction rate of over 90% and a chain store rate of over 30%, indicating an improvement in living services for urban and rural residents [2] Group 2: Focus on Elderly and Children - The notice emphasizes the necessity of elderly care services within the living circles, aiming to enhance the supply of inclusive elderly care services and create "Silver Street" areas [3] - It also highlights the development of childcare services, increasing public childcare availability, and encouraging community commercial centers to create "Children's Fun Parks" [3] - New business models and shared economy concepts are encouraged, such as shared living spaces and new service industries, to enhance convenience and quality of life [3] Group 3: Urban Management and Community Impact - The initiative reflects a meticulous approach to urban management, aiming to create a more livable environment with green spaces and community amenities [4] - The goal is to ensure that convenient living circles thrive in urban areas, enhancing the overall happiness and well-being of residents [4]

Group 1 - The Ministry of Commerce is focusing on creating "Silver Economy Streets" and promoting the development of age-friendly quality living circles to enhance community convenience for residents [1][3] - The Ministry will organize industry associations to establish standards for "Silver Economy Streets" and guide local areas in developing senior-friendly commercial districts [3] - Specific measures include encouraging brand chain enterprises to enter communities, supporting new business models like self-service storage and consignment shops, and promoting shared economy models such as shared living rooms and study rooms [3] Group 2 - The Ministry of Housing and Urban-Rural Development is prioritizing the renovation of aging gas pipelines in residential areas to eliminate safety hazards and improve supporting facilities like parking and charging stations [3] - Data indicates that 300,000 old residential communities have been renovated, benefiting 51 million residents, with the addition of 79,600 elderly care facilities and 4 million parking spaces [3] - The Ministry of Health is accelerating the construction of a universal childcare service system, encouraging the integration of childcare facilities with new residential developments [3][4] Group 3 - The Ministry of Civil Affairs has released basic standards for family elderly care bed services and initiated a subsidy project for service consumption aimed at moderately disabled elderly individuals [4] - The focus will be on building a "15-minute elderly care service circle" to provide quality services to seniors in close proximity [4]

Core Points - The Ministry of Commerce and nine other departments are jointly promoting the expansion and upgrade of convenient living circles [1] - The goal is to achieve the "Hundred Cities, Ten Thousand Circles" target by 2030, which includes establishing 100 pilot cities for convenient living circles and building 10,000 well-structured, comprehensive, and high-quality living circles [2] Summary by Categories Goals and Targets - By 2030, the aim is to establish 100 pilot cities for convenient living circles and create 10,000 well-structured living circles with high-quality services [2] - The initiative includes the creation of 500 "Silver Hair Golden Streets" and 500 "Children's Fun Parks," with a target resident satisfaction rate of over 90% and a chain store rate of over 30% [2] Key Tasks - Expand coverage to include urban areas and county communities, ensuring more people have access to convenient living circles [2] - Optimize facility layout by integrating living circles into urban planning and ensuring new communities have commercial and elderly care centers [2] - Upgrade service offerings by focusing on essential services such as elderly care, childcare, and community markets, while fostering new shared economy models [2] - Promote brand and chain development to enhance community service quality [2] - Establish a governance system that includes party leadership, multi-party cooperation, and digital management to improve community commercial efficiency [2]

Core Viewpoint - The construction of a convenient living circle within a 15-minute radius in old communities faces challenges such as insufficient space and aging facilities, necessitating urban renewal to optimize city structure and functionality [1] Group 1: Urban Renewal Implementation - The key to addressing the challenges of building a convenient living circle in old communities lies in the implementation mechanism of urban renewal, which should be demand-oriented and project-driven [1] - The Ministry of Housing and Urban-Rural Development (MHURD) has initiated a comprehensive urban health check to identify existing community issues, particularly in old communities, to support the planning and layout of the convenient living circle [2][3] Group 2: Planning and Project Execution - MHURD has issued guidelines for urban renewal planning, incorporating the convenient living circle into the planning framework, and emphasizing the need for a systematic approach to project implementation [2] - The integration of scattered small communities into larger areas for coordinated renovation is essential, focusing on urgent service facilities for the elderly and children [3] Group 3: Community Childcare Services - Childcare services are a crucial component of the convenient living circle, with efforts underway to enhance accessibility and quality of community childcare [4] - The government is working on a comprehensive childcare service system, including various types of care options to meet the needs of families [5][6] Group 4: Policy and Investment Support - The government is implementing tax incentives and expanding investment channels to support community childcare construction, encouraging local initiatives to provide subsidies and vouchers [5] - There is a focus on ensuring that new residential areas include childcare facilities in their planning and construction phases, while also enhancing existing facilities through urban renewal [6]