本报讯（记者张芗逸）12月22日至23日，全国住房城乡建设工作会议在北京召开。会议以习近平新时代 中国特色社会主义思想为指导，全面贯彻党的二十大和二十届历次全会精神，认真落实中央经济工作会 议、中央城市工作会议精神，全面盘点2025年工作，系统总结"十四五"时期住房城乡建设事业发展成 就，研究部署"十五五"时期和2026年重点任务。 会议认为，2025年，全国住房城乡建设系统深入学习贯彻习近平总书记重要指示批示精神，坚决贯彻落 实党中央、国务院决策部署，真抓实干、攻坚克难，推动住房城乡建设事业高质量发展取得新成效。 具体来看，2025年，城市更新取得重要进展，保交房任务全面完成，"中国建造"多点发力，"好房子"建 设起步成势，基础支撑不断夯实。 会议强调，2026年是"十五五"开局之年，做好住房城乡建设工作意义重大。明年工作的总体思路是：坚 持以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二十大和二十届历次全会精神，全面贯 彻习近平总书记关于城市工作重要论述和住房城乡建设工作重要指示批示精神，贯彻落实中央经济工作 会议、中央城市工作会议精神，认真践行人民城市理念，坚持稳中求进工作总基调，坚持想明白干实 ...

12月22日至23日，全国住房城乡建设工作会议在北京召开。 （文章来源：北京商报） 会议明确，加快构建房地产发展新模式，有序搭建基础性制度，在房地产开发上，做实房地产开发项目 公司制。在商品房销售上，推进现房销售制，实现"所见即所得"，从根本上防范交付风险。继续实行预 售的，规范预售资金监管，切实维护购房人合法权益。 ...

Core Viewpoint - The national housing and urban-rural construction work conference emphasized the need to implement a "see and buy" system for commercial housing sales to fundamentally prevent delivery risks [1] Group 1: Housing Sales Regulations - The conference advocates for the promotion of the current housing sales system to ensure transparency and reduce risks associated with property delivery [1] - For those continuing with pre-sales, there will be a focus on regulating pre-sale fund supervision to protect the legitimate rights and interests of homebuyers [1] Group 2: Housing Fund and Property Services - There will be a deepening of the reform of the housing provident fund system to enhance its effectiveness [1] - An initiative to improve property service quality will be implemented, exploring new operational models under the leadership of community party organizations, residents' committees, and property service companies [1] - The conference encourages the integration of property services with lifestyle services, promoting the concept of "property services into households" [1]

会议明确，加快构建房地产发展新模式，有序搭建基础性制度，在房地产开发上，做实房地产开发项目 公司制。在商品房销售上，推进现房销售制，实现"所见即所得"，从根本上防范交付风险。继续实行预 售的，规范预售资金监管，切实维护购房人合法权益。 北京商报讯（记者 王寅浩 李晗）12月22日至23日，全国住房城乡建设工作会议在北京召开。 ...

Policy Initiatives - Yueyang Pingjiang County is promoting the sale of existing homes by providing seven types of rewards for projects that sell newly constructed homes after passing inspection, including a floor price discount of 150 yuan per square meter[4] - Sichuan province will subsidize up to 30% of the actual cash value for additional home purchase rewards given to resettlement recipients using housing vouchers during land acquisition and urban village renovations[5] - Chongqing is allowing the reasonable conversion of existing commercial office land use, which will help accelerate the utilization of idle land and restore market supply-demand balance[7] Financial Policy Adjustments - Multiple regions, including Hubei and Zhaotong, are optimizing housing provident fund policies, with Hubei eliminating the difference in loan limits for first and second homes and expanding the withdrawal scope for renovations[9] - The maximum loan limit for housing provident funds in Zhaotong has been increased from 60 million to 80 million yuan for single contributors, and from 90 million to 100 million yuan for dual contributors[15] Market Recovery Strategies - The recent policy adjustments aim to accelerate market recovery and stabilize housing demand by enhancing financial support and optimizing existing asset utilization[10] - The focus on existing asset revitalization and housing loan policy optimization is expected to facilitate a quicker return to supply-demand equilibrium in the real estate market[10]

Investment Rating - The report does not explicitly state an investment rating for the real estate industry in Shijiazhuang for the period of January to October 2025 Core Insights - The "14th Five-Year Plan" emphasizes the importance of real estate in improving people's living standards and promoting high-quality development, indicating a long-term positive direction for the industry [3][12] - In the short term, increased supply in core cities is expected to support new home sales, while second-hand home transactions are anticipated to maintain a certain scale, although prices may continue to face pressure [3][4] Sales Performance Summary - The top 10 real estate companies in Shijiazhuang achieved a total sales amount of 35.598 billion yuan, with the threshold for entry being 657 million yuan. Shijiazhuang Chengfa Investment Group led with sales of 15.112 billion yuan, followed by Poly Development at 6.360 billion yuan and Greentown China at 6.300 billion yuan [4][5] - The total sales area for the top 10 companies reached 2.2902 million square meters, with Shijiazhuang Chengfa Investment Group also leading in this category at 1.1397 million square meters [4][5] - The top 20 projects in Shijiazhuang recorded a total sales amount of 19.180 billion yuan, with the highest-performing project being Chengfa Investment's Yunhefu, achieving sales of 2.556 billion yuan [7][8] Market Trends - The average transaction price for commercial residential properties in Shijiazhuang was 14,707 yuan per square meter in October 2025 [21] - The most significant proportion of transactions in the residential market was for properties sized between 120-160 square meters, accounting for 41.47% of total transactions [22] - The report highlights a focus on urban renewal and the promotion of high-quality housing, aligning with national policies aimed at improving living conditions and urban infrastructure [10][15][16]

Core Viewpoint - The article discusses the significant changes in the real estate market, emphasizing the shift from concerns about affordability to issues related to selling properties, highlighting the need for a reassessment of property values in the current economic climate [2][4]. Market Trends - From January to September, the sales area of new commercial housing decreased by 5.5% year-on-year, with a slight price increase in new homes during the "Golden September and Silver October" period, while the second-hand housing market continues to adjust [3]. - The construction of new commercial housing is projected to see a 12.9% year-on-year decline in sales area for 2024, with an increasing number of second-hand homes listed for sale since the second half of 2023 [10]. Policy Direction - The "15th Five-Year Plan" emphasizes high-quality development in real estate, shifting focus from merely increasing supply to improving the quality of housing [8][11]. - The plan aims to increase the supply of improvement housing, which refers to new homes purchased to enhance living quality, rather than just meeting basic housing needs [11]. Housing Quality - Key aspects of what constitutes a "good house" include safety, comfort, green technology, and smart features, with a focus on improving property management and quality of service [12][14]. - The article suggests implementing a full lifecycle safety management system for homes, including regular safety inspections and quality insurance [14][15]. Sales Model Transformation - The promotion of a "current housing sales system" aims to mitigate delivery risks associated with pre-sale models, ensuring buyers receive what they see [15][17]. - The proportion of current housing sales has increased from 10% in 2019 to 33% at the beginning of this year, indicating a trend towards this model [17]. Demographic Shifts - The article notes that the aging population and urbanization trends are influencing housing demand, with a significant focus on improving housing for the elderly and accommodating young families in major cities [22][24]. - The core urban areas continue to attract population inflows, with cities like Hangzhou expected to see a population increase of 102,000 in 2024 [18]. Expert Opinions - Experts suggest that the real estate market will continue to adjust and stabilize, with significant differentiation between core and non-core areas in major cities [21]. - Recommendations include monitoring housing prices in core urban areas and considering rental options in less populated cities [21][24]. Future Policy Recommendations - Potential policy measures include lowering mortgage rates, optimizing purchase restrictions in major cities, and encouraging investment in quality housing projects [23][26]. - The article also discusses innovative approaches to managing unsold properties, such as converting them into rental units or public housing [24].

Core Viewpoint - Hunan's Pingjiang County has implemented a comprehensive policy for selling completed residential properties, marking a significant shift in the real estate market towards a "completed house sales era" [1][3]. Group 1: Policy Implementation - The new policy requires that newly built commercial housing projects on newly transferred land can only start sales after passing completion inspection [3]. - Pingjiang County is the first county in Hunan to fully implement the completed house sales policy, aiming to boost market confidence [3][4]. - The local government has introduced various incentives for real estate companies, including reduced administrative fees and land price discounts, to ease the financial burden associated with completed house sales [3][4]. Group 2: Market Impact - From January to October, Pingjiang County recorded 1,845 new commercial housing sales, totaling 246,400 square meters, with a year-on-year sales area increase of 6.83% [3]. - The proportion of completed house sales in Pingjiang has risen to 62%, with several projects like Jiangyu City and Yucheng New World delivering homes ahead of schedule [3][4]. Group 3: Broader Implications - The policy aligns with the central government's push for high-quality development in the real estate sector, emphasizing the need for improved housing quality and consumer protection [6][7]. - The shift to completed house sales is expected to enhance product quality among real estate companies, as they will need to focus on delivering higher standards to remain competitive [8]. - The implementation of this policy in areas with high inventory levels is anticipated to help balance supply and demand in the real estate market, facilitating a transition towards a new development model [8].

Core Viewpoint - Pingjiang County in Hunan has become the first county in the province to fully implement the sale of completed residential properties, marking a significant shift towards a "completed house sales era" in the real estate market [1][2]. Group 1: Implementation of Current Housing Sales - The new policy mandates that new residential projects on newly transferred land can only start sales after passing completion inspections [2]. - The local government aims to boost market confidence through this policy, which was developed after extensive consultations with real estate companies and citizen representatives [2]. - From January to October this year, Pingjiang County recorded 1,845 new residential units sold, totaling 246,400 square meters, with a year-on-year sales area increase of 6.83% [2]. Group 2: Support Measures for Real Estate Companies - To alleviate the financial pressure on real estate companies due to the long capital occupation cycle of completed housing sales, Pingjiang County offers several incentives, including phased planning approvals, reduced administrative fees, and land price discounts [2][3]. - The proportion of completed housing sales in Pingjiang has risen to 62% [2]. Group 3: Broader Policy Context - The article references a signed article by the Minister of Housing and Urban-Rural Development, Ni Hong, emphasizing the need for high-quality development in the real estate sector, including the promotion of completed housing sales to mitigate delivery risks [4]. - The implementation of completed housing sales is not a one-size-fits-all approach, as it will be gradually rolled out in areas with significant inventory [5]. Group 4: Implications for Stakeholders - For homebuyers, completed housing sales reduce purchasing risks, while for real estate companies, this model encourages a focus on quality, enhancing product competitiveness [5]. - The shift towards completed housing sales is expected to improve market supply-demand dynamics, particularly in areas with high inventory, and will necessitate higher quality standards for construction projects [5].

Industry Investment Rating - The investment rating for the real estate industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The report indicates that the current policy is promoting the sale of existing homes, which is expected to lead to a further decline in land acquisition by real estate companies due to risk cost control [4] - In October 2025, the top 100 real estate companies achieved a sales amount of 253 billion yuan, a month-on-month increase of 0.1% but a year-on-year decrease of 41.9% [4] - The average premium rate for land transactions in October was 2.7%, the lowest of the year [4] Summary by Relevant Sections 1. Industry Fundamentals Tracking - New home transaction area in 30 major cities last week was 198.27 million square meters, with a cumulative area of 7,469.89 million square meters this year, showing a year-on-year decrease of 6.8% [5][13] - The average transaction area for new homes in first-tier cities over the past four weeks was 48.72 million square meters, down 42.5% year-on-year [5][13] - The inventory of available residential properties in 14 cities was 79.93 million square meters, down 7.93% year-on-year [16] 2. Secondary Housing Transactions and Listings - The transaction area for second-hand homes in 20 cities last week was 216.37 million square meters, with a cumulative area of 9,303.71 million square meters this year, reflecting a year-on-year increase of 11.2% [19][21] - The listing index for second-hand homes nationwide was 5.46, down 12.6% month-on-month [23] 3. Land Market Transactions - In the last week, 194 residential land plots were newly supplied in 100 major cities, with 84 plots successfully sold [28] - The average floor price for residential land transactions was 5,464.25 yuan per square meter, with a premium rate of 3.1% [28] 4. Market Review - The A-share real estate index fell by 0.7% last week, underperforming the CSI 300 index, which decreased by 0.43% [31] - The real estate sector ranked 26th among 31 first-level industries in A-shares last week [32]