上海易居房地产研究院常务副院长崔霁表示，城市更新正从"拆迁暴富"转向多元模式，居民变为主 动参与者，政府转为"赋能者"。成功的自主更新项目是多元主体协同发力的结果，现阶段很难做到完 全"自费更新"，政府承担着隐性成本。原拆原建成功的关键在于精细化和个性化的协商机制，走向规范 化最迫切的是出台上位法和建立金融支持体系。 每经记者｜包晶晶 每经编辑｜陈梦妤 从上海彭浦新村到杭州浙工新村，一种"自主更新、原拆原建"的城市更新模式正在多个城市试点推 进。随着城镇化进程进入存量时代，依靠大规模拆迁改造的传统路径面临挑战。 崔霁：这是一个多元价值共识。居民对"划算"的定义是不同的。例如从经济上衡量，房屋资产价值 的提升幅度是否显著高于投入的资金；从功能上衡量，住房面积增加、户型优化、电梯加装等带来居住 品质改善；从时间上衡量，与漫长的等待拆迁相比，用2～3年时间实现居住环境的彻底改善是否值得。 这个平衡点是通过反复、透明的测算和艰难的社区协商博弈出来的。 "我们正从过去'拆迁暴富'的单一主流模式，转向一个多元模式并存，且共建共担模式重要性凸显 的新阶段，但大规模征收动迁在特定区域和项目中仍是必要手段。"近日，上海易居房地 ...

Core Insights - Urban renewal is becoming a crucial driver for high-quality urban development, yet it faces challenges such as low participation from stakeholders, rigid land control, and limited financing channels [1] Group 1: Organizational Mobilization - Improving organizational mobilization is essential to stimulate stakeholder engagement in urban renewal [2] - Trust and participation from property rights holders are critical for the success of urban renewal projects [2] - A multi-governance mechanism aimed at reducing transaction costs for property rights is necessary [2] Group 2: Institutional Flexibility - Urban renewal requires flexible land use conditions and property rights transactions [3] - The approach to land control should be adaptable, supporting mixed-use and functional diversity in urban renewal [3] - A diversified land transaction method is needed, transitioning from a single "bidding" model to a dual-track system [3] Group 3: Financial Mechanisms - Funding is a key element for advancing urban renewal initiatives [4] - The shift in real estate market dynamics has restricted traditional financing methods based on real estate [4] - Exploring a multi-funding mechanism involving government, state-owned, and private capital is essential [4]

随着"好房子"理念的深入推进，消费者对居住品质的要求不再局限于装修初期的美观与舒适，更延伸至长期居住中的维护、更新与安全保障。10月20日， 北京商报记者在走访时了解到，传统装修依赖手工湿作业，不仅在施工阶段易埋下漏水、墙面空鼓、隔声差等隐患，更在后期运维中面临检修难、改造 繁、成本高的困境。这些长期存在的运维痛点，不仅降低了消费者的居住体验，也成为制约家居行业高质量发展的瓶颈。 在此背景下，一种全新的装修模式正加速崛起，为破解行业困局带来新的可能。以工厂预制、现场装配为核心的工业化内装，正以其系统性解决方案，从 根源上破解房屋运维痛点，为居住生命周期重塑提供新路径。 业内人士表示，长期以来，消费者对工业化内装的认知存在"初期成本高"的误区，但从房屋全生命周期来看，工业化内装通过减少维修频率、缩短更新周 期、降低资源消耗，反而能实现"总成本最优"。 降低运维成本 传统装修的运维难题，往往源于施工阶段的"手工依赖"与"不可控性"。其中，漏水、墙面空鼓开裂、隔声差等装修问题稳居居民痛点前十，而卫生间漏水 被称为"建筑癌症"。北京商报记者了解到，传统湿作业中，防水涂层涂刷厚度、地面找坡精准度全凭工人经验，一旦出现偏 ...

Group 1: Government Bond Issuance - Henan Province successfully issued government bonds totaling 478.3414 billion yuan, including 294.1451 billion yuan in refinancing general bonds and 46.9677 billion yuan in refinancing special bonds, primarily for repaying maturing bonds [1] - The newly issued special bonds amount to 137.2286 billion yuan, allocated to various projects including urban development, social services, and infrastructure [1] Group 2: Market Dynamics - On October 20, government bond futures closed lower across the board, with the 30-year main contract down 0.37% and the 10-year main contract down 0.14% [2] - The yields on major interbank rate bonds increased, with the 10-year national development bond yield rising by 1.3 basis points to 1.918% [2] Group 3: Central Bank Operations - The central bank conducted a 1,890 billion yuan 7-day reverse repurchase operation at a rate of 1.40%, resulting in a net withdrawal of 648 billion yuan for the day [3] - Shibor rates showed mixed performance, with the overnight rate down by 0.1 basis points while the 7-day and 14-day rates increased [3] Group 4: Regional Investment Projects - Zhengzhou plans to add 15 urban renewal projects with a total investment of 47.65 billion yuan, as announced by the city's Urban Construction Bureau [4] Group 5: Corporate Bond Issuance - Henan Guohong Financing Leasing plans to issue 1.5 billion yuan in asset-backed securities (ABS) with a management fee rate of 0.08% [6] - Hebi Investment Group intends to issue 650 million yuan in medium-term notes with a subscription range of 2.20% to 3.50% [8] - Henan Transportation Investment Group completed the issuance of 1.5 billion yuan in renewable corporate bonds at a rate of 2.30% [9] - Xinzheng Investment Group completed the issuance of 1.2 billion yuan in corporate bonds at a rate of 2.49% [10] - Anyang Steel received approval for the registration of 2 billion yuan in medium-term notes and short-term financing bonds [11] Group 6: Market Sentiment and Outlook - CITIC Securities stated that the current risk of rising bond yields is limited, and the bond market's recovery trend is expected to continue [17] - Huatai Fixed Income noted that the overall environment for the bond market in the fourth quarter is slightly better than in the third quarter, with expectations of fluctuating market conditions [18]

Group 1 - The fourth Beijing Urban Renewal Forum and the third Beijing Urban Renewal Experience Week concluded, attracting over 17 million visitors to urban renewal districts and generating a total consumption of over 1.8 billion yuan [1] - The theme of the event was "People's City, Organic Renewal," featuring various activities including policy interpretation, academic exchanges, and best practice sharing, along with two municipal forums and 11 district-level forums [1] - The urban renewal experience week included both online and offline activities, such as international basketball 3x3 competitions, rock climbing championships, and an international ice hockey invitational, integrating culture, commerce, tourism, and sports [1] Group 2 - Online activities involved Meituan and Dianping apps collaborating on 121 urban renewal projects to create engaging city update experiences, encouraging public participation and consumption [2] - Major urban renewal commercial entities like Dajixiang and Wangfujing Joy were highlighted as flagship shopping venues, with multiple discovery routes designed to enhance consumer engagement [2] - The event distributed nearly 700,000 consumption vouchers, resulting in a transaction volume exceeding 50 million yuan [2]

城市更新成效显著 本报记者 张芗逸 10月17日，北京市政协与北京市委统战部联合召开议政会，就"构建多元参与机制和政策支持体系，建立可持续城市更新 和房地产发展新模式"主题协商议政。会议提出，要建立健全可持续的城市更新机制，推动城市开发建设方式转型，不断完善 城市形态。 当前，各地正因地制宜探索城市更新实施路径，通过强化城市更新组织实施、完善用地政策、健全多元化投融资方式等举 措，推动城市更新行动落地见效。 受访专家普遍认为，城市更新是城市工作的重要抓手，"十四五"时期，城市更新行动已经取得了明显成效。展望未来，高 质量开展城市更新仍将是政策发力的方向。 "十四五"时期，全国住房城乡建设系统大力实施城市更新，坚持体检先行、统筹推进、机制创新，找准城市更新的着力 点，加快重点任务落地见效，建立可持续城市更新模式。 在国新办于10月11日举行的"高质量完成'十四五'规划"系列主题新闻发布会上，住房和城乡建设部副部长秦海翔介绍，各 地实施城中村改造项目2387个，建设筹集安置住房230多万套；启动城市危旧房改造17.5万套（间）；累计改造城镇老旧小区24 万多个，惠及4000多万户、1.1亿居民。 "城市更新是推动 ...

拆掉围墙后，西影电影园区不仅吸引了60多家影视上下游企业入驻，还引入多种消费业态，打造集 时尚、潮流、复古于一体的公共文化空间，年接待游客超500万人次。 位于南京市玄武区珠江路核心地段的蓁巷，连接东南大学四牌楼校区与珠江路。改造前，这里垃圾 箱零星摆放，店招破损褪色，空间局促。如今，一批独立咖啡馆、文创小店和书吧陆续进驻。 央广网北京10月19日消息 据中央广播电视总台中国之声《新闻和报纸摘要》报道，因地制宜推进 城市更新，多地以精耕细作的"微改造"激活街角巷尾，从"小切口"入手改出"大民生"。 "十四五"期间，陕西共实施老旧街区、厂区改造项目173个。西安电影制片厂的老厂房、旧片场 在"微改造"中焕发新生。改造后的西影电影园区既保留了西影的"老底子"，也注入了产业的"新动能"。 坐落于此的西影博物馆陈列众多展品，重现西影厂的辉煌。 博物馆工作人员赵俊俊：在改造过程中我们秉承的是"修旧如旧、无伤痕开发、逆景区"建设理念。 整个园区全面对外开放，与城市共享。 历经一年精心打造，浙江省长兴县"护城河健身步道"最近正式亮相。这条沿老城区护城河修建的步 道，过去是一道古军事防线，如今成为市民休闲健身的好去处。沿途设 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the "Good House" policy and the revaluation of commercial real estate [4][31]. Core Insights - The report indicates a narrowing decline in transaction volumes for both new and second-hand homes, with significant month-on-month increases in new home sales across major cities [4][5]. - The report emphasizes the impact of low mortgage rates and various local government initiatives aimed at revitalizing urban areas and improving housing affordability [31][32]. - The analysis suggests that the current monetary easing cycle favors commercial real estate, with a notable revaluation of quality commercial properties beginning to manifest [4][31]. Summary by Sections Industry Data - New home sales in 34 key cities reached 2.604 million square meters, a week-on-week increase of 166%, with first and second-tier cities seeing a 170% increase [5][8]. - Year-on-year, new home sales in October are down 24%, with first and second-tier cities down 22% and third and fourth-tier cities down 43% [8][9]. - The inventory of unsold residential properties in 15 cities is approximately 90.1 million square meters, with a slight week-on-week decrease of 0.2% [23][24]. Policy and News Tracking - The People's Bank of China reports that the average mortgage rate remains low at around 3.1%, down 25 basis points year-on-year [31][32]. - Various local policies have been implemented, such as tax reductions for housing rental companies in Beijing and optimized loan policies in Chengdu [31][32]. - The report notes significant land sales, including a residential land transaction in Nanjing for 1.32 billion yuan and multiple land sales in Chengdu totaling over 2.5 billion yuan [31][32]. Company Dynamics - Sales data for major real estate companies show a mixed performance, with China Jinmao reporting a 6% increase in sales volume, while other companies like Gemdale and Poly Developments show significant declines [4][36]. - Financing activities include Huafa's issuance of convertible bonds worth 4.8 billion yuan and various companies providing loan guarantees for subsidiaries [36][39]. - The report highlights the performance of the real estate sector, with the SW Real Estate Index declining by 2.35%, underperforming compared to the broader market [43][44].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Insights - The report highlights a narrowing decline in transaction volumes for both new and second-hand homes, with significant month-on-month increases in new home sales across major cities [3][4]. - The report emphasizes the impact of favorable policies, including low mortgage rates and city-specific initiatives aimed at urban renewal, which are expected to stimulate market activity [3][32]. - The report identifies potential investment opportunities in companies that are well-positioned to benefit from the evolving market dynamics, particularly in commercial real estate and property management [3][32]. Summary by Sections 1. Industry Data - New home sales in 34 key cities reached 2.604 million square meters, a week-on-week increase of 166%, with first and second-tier cities seeing a 170% increase [3][4]. - Year-on-year, new home sales in October are down 24%, with first and second-tier cities down 22% and third and fourth-tier cities down 43% [3][7][8]. - The inventory of unsold residential properties in 15 cities decreased by 0.2%, with a current available area of 90.1 million square meters [3][23]. 2. Policy and News Tracking - The People's Bank of China reported that the average mortgage rate for new loans was approximately 3.1% in September, down 25 basis points year-on-year [3][32]. - The Ministry of Natural Resources released 13 industry standards to guide urban renewal and the revitalization of underutilized spaces [3][32]. - Various cities have implemented tax incentives for rental housing enterprises and optimized public housing fund policies to support homebuyers [3][32]. 3. Company Performance - China Jinmao reported a 6% increase in sales volume to 3.675 million square meters and a 27.3% increase in sales revenue to 80.69 billion yuan for the first nine months [3][36]. - Other major developers like Poly Developments and China Vanke reported declines in sales volume and revenue, with Poly Developments seeing a 25.1% drop in sales volume [3][36]. - The report notes that several companies are actively engaging in financing activities, including issuing convertible bonds and providing loan guarantees [3][36].

Core Insights - The Ninth Urban Renewal Conference was held in Wuhan, showcasing significant urban renewal projects, including the Yangtze River Ecological Corridor and the Qingshan Ancient Town renewal [1][2] Group 1: Urban Renewal Conference - The conference is one of the largest and most prestigious academic events in China's urban renewal sector, organized by the Urban Renewal Professional Committee of the China Urban Science Research Association [1] - The conference announced the top ten urban renewal cases in the country, highlighting successful projects that serve as models for future initiatives [1] Group 2: Yangtze River Ecological Corridor - The Yangtze River Ecological Corridor project spans 284 kilometers along the Yangtze River and 112 kilometers along the Han River, focusing on flood prevention, ecological prioritization, and cultural expression [1] - The project, designed by Wuhan Planning Institute and implemented by Wuhan Bihui Group, aims to create a world-class waterfront space and has been under development for five years, with full connectivity achieved in September 2023 [1] - The project emphasizes safety, ecology, culture, transportation, and development, positioning itself as a model for ecological protection along the Yangtze Economic Belt [1] Group 3: Qingshan Ancient Town Renewal - The Qingshan Ancient Town renewal plan preserves the historical architecture of Qingshan Zhengjie while implementing facade restoration and structural updates [2] - The project aims to maintain the traditional street layout and cultural memory, ensuring both the preservation of buildings and the community [2] - The first phase of the project, Qingshan Zhengjie, is set to open during the May Day holiday in 2025, marking it as Wuhan's first industrial heritage artistic regeneration demonstration project [2]