2025.05. 24 本文字数：912，阅读时长大约1.5分钟 作者 | 第一财经 郑娜 万科旗下 又一项目被地方国企整体接盘收储。 5月22日，杭州城投对外披露的一则收储消息显示，杭州市安居集团完成对万科河语光年府2幢房屋 不动产权转移登记。这也是杭州市本级首个收购存量商品房用作保障性住房项目落地。 此次杭州安居集团收购的楼栋，则是上述万科需自持的部分。公开信息显示，该幢楼在交付后未对外 出租。 杭州贝壳研究院院长上官剑向第一财经表示，自持商品房是杭州于2017年提出增加租赁房源的重要 途径之一，即土地拍卖溢价率达到一定比例时，转入竞拍自持比例的规则，明确自持商品房屋用于租 赁。企业自持商品房持有年限应与土地出让年限保持一致，即70年。如今，杭州安居集团将该项目 的自持楼栋收储，相当于万科直接将手中的资产快速变现，加快其资金周转速度。 杭州安居集团方面未披露此次收购的具体价格，但根据其2024年10月发布的收储征集通告，收购价 格以同地段重置价格为参考上限，即划拨土地成本和建安成本、加不超过5%的利润。在参考上限确 定后，由实施主体结合房源品质、同地段租金收入或配售价格，并结合各项经营成本费用，综合考虑 ...

5月9日，"保租房毕业季进校园"专场活动在上海第二工业大学金海路校区举行。近40家保租房项目企业 为2000多名毕业生带来了优质适配房源。 "来上海前，最大的担心是住房。没想到每月只需支付1700元左右，就能拥有一个独立又漂亮的家。"两 年前，怀宝玉硕士毕业后，到上海松江工作。在办理就业手续时，她收到了当地人社部门推送的保障性 租赁住房信息。 2021年国家出台保障性租赁房政策以来，上海构建"一张床、一间房、一套房"多层次租赁住房供应体 系，不论户籍，不设收入线门槛，只要申请人在上海合法就业且家庭在一定区域人均住房建筑面积低于 15平方米即可申请，满足青年人、新市民和一线务工人员在人生不同阶段的住房需求。集中建设的保租 房社区优先在配套成熟、交通便利、产业集中、人口聚集以及有长期建设任务的区域布点。截至2024年 底，全市已累计建设筹措保障性租赁住房53.8万套（间）、供应34万套（间）。 "我们努力打造有温度的社区，让新市民不仅能在上海落脚，还能感受到家的温暖。"张宇驰介绍，公寓 鼓励青年租户以"主人翁"身份参与到基层服务，联合街道党组织成立了中建幸孚人才公寓联合党支部， 帮助租户化解各类生活难题。 《 人 ...

Core Viewpoint - Vanke's property, He Yu Guang Nian Fu, has been acquired by Hangzhou Anju Group for the purpose of transforming it into affordable rental housing, marking a significant step in the city's initiative to increase rental housing supply [2][3]. Group 1: Acquisition Details - Hangzhou Anju Group completed the acquisition of Vanke's He Yu Guang Nian Fu, specifically building 2, which consists of 75 units, each ranging from 50 to 60 square meters, totaling a construction area of 4,152.3 square meters [2]. - The building is currently in a bare-shell condition and is expected to be converted into serviced apartments aimed at middle to high-end white-collar workers, with an anticipated completion date of late 2025 [2][3]. Group 2: Market Context - The He Yu Guang Nian Fu project was highly competitive during its land acquisition in January 2021, with Vanke winning the bid at a price of 4.06 billion yuan, resulting in a floor price of approximately 28,600 yuan per square meter and a premium rate of 29.71% [2]. - The project initially launched in July 2021 with a capped selling price of 38,000 yuan per square meter, attracting over 6,400 customer registrations for around 199 units, indicating strong market demand [3]. Group 3: Strategic Implications - The acquisition allows Vanke to quickly monetize its assets and enhance its cash flow, as the self-owned portion of the property had not been rented out since its delivery [3]. - The self-owned housing policy in Hangzhou, initiated in 2017, aims to increase rental housing supply by requiring developers to retain a portion of their properties for rental purposes, aligning with the city's long-term housing strategy [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - A-share major indices generally closed lower with the Shanghai Composite Index down 0.22%, the Shenzhen Component Index down 0.72%, and the ChiNext Index down 0.96%. The trading volume of the Shanghai and Shenzhen stock markets declined slightly, and over 4,400 stocks fell. Currently, the domestic economic fundamentals are slightly weak, which has a negative impact on market sentiment. Although domestic macro - support policies have been introduced, it is necessary to wait for the policy effects. In the short term, the market is expected to remain volatile, and it is recommended to wait and see [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Contract Prices**: The latest price of the IF main contract (2506) is 3879.6, down 2.0; the IH main contract (2506) is 2715.4, up 2.6; the IC main contract (2506) is 5614.8, down 39.6; the IM main contract (2506) is 5950.0, down 48.6 [2]. - **Futures Spreads**: The IF - IH current - month contract spread is 1164.2, down 4.4; the IC - IF current - month contract spread is 1735.2, down 39.2; the IM - IC current - month contract spread is 335.2, down 9.8 [2]. - **Futures Term Spreads**: IF current - quarter minus current - month is - 72.0, up 0.2; IH current - quarter minus current - month is - 38.2, down 1.8; IC current - quarter minus current - month is - 188.6, up 6.2; IM current - quarter minus current - month is - 241.8, up 0.8 [2]. - **Futures Net Positions**: The net position of the top 20 in IF is - 30,286.00, up 141.0; the net position of the top 20 in IH is - 10,988.00, down 889.0; the net position of the top 20 in IC is - 14,118.00, up 274.0; the net position of the top 20 in IM is - 35,623.00, down 45.0 [2]. - **Futures Basis**: The basis of the IF main contract is - 34.3, up 0.9; the basis of the IH main contract is - 18.2, down 2.4; the basis of the IC main contract is - 88.5, up 13.8; the basis of the IM main contract is - 116.1, up 15.5 [2]. 3.2 Market Sentiment - The A - share trading volume is 11,397.05 billion yuan, down 746.67 billion yuan; the margin trading balance is 18,111.84 billion yuan, down 16.56 billion yuan; the north - bound trading volume is 1287.83 billion yuan, down 8.46 billion yuan [2]. - The proportion of rising stocks is 16.30%, down 13.55 percentage points; the Shibor is 1.465%, down 0.044 percentage points; the closing price of the IO at - the - money call option (2506) is 51.40, down 0.60; the implied volatility of the IO at - the - money call option is 13.67%, up 0.52 percentage points [2]. 3.3 Industry News - Eight departments including the National Administration of Financial Regulation jointly issued "Several Measures to Support the Financing of Small and Micro Enterprises", proposing to increase the issuance of first - time loans, credit loans, medium - and long - term loans, corporate - type loans, and private - type loans. Shanghai issued a special action plan to boost consumption, including measures such as promoting consumer goods replacement, meeting housing consumption needs, and increasing bond products for individual investors [2]. 3.4 Key Data to Watch - May 22, 21:45, US May SPGI Manufacturing PMI preliminary value; May 23, 7:01, Japan's April core CPI annual rate; May 23, 14:00, UK's April seasonally - adjusted retail sales monthly rate; May 23, 22:00, US April new home sales annualized total (in ten thousand households); May 26, 21:00, ECB President Lagarde's speech [3].

Core Viewpoint - The launch of the Chengtou Kuan Ting Xuhui Community highlights the confidence in policy support for the development of affordable rental housing and demonstrates the potential of innovative financial tools to revitalize the real economy [2][3] Group 1: Project Overview - Chengtou Kuan Ting Xuhui Community is a collaboration among three state-owned enterprises: Shanghai Chengtou, Yidian Group, and Guosheng Group, marking the first acquisition and revitalization project of R4 land in Shanghai [3] - The project aims to respond to the national housing policy of promoting both rental and sales, while expanding the company's rental housing operation scale and enhancing the "Chengtou Kuan Ting" brand influence [3] Group 2: Financial Strategy - The project serves as a model for sustainable development by revitalizing state-owned assets and is seen as a reserve asset for future fundraising [3] - The company plans to combine "heavy asset" and "light asset operation" strategies to expand investment and operational scale, facilitating a virtuous cycle of "development-operation-exit-reinvestment" [3][4] Group 3: Community Features - The community is strategically located near Metro Line 1 and Line 12, providing convenient access to commercial and recreational areas [4] - It includes 1,283 housing units, with the first batch of 546 units featuring one to two-bedroom layouts, fully furnished and ready for immediate occupancy [4] - The community will also offer approximately 600 square meters of commercial space and various social amenities to enhance residents' quality of life [4]

文|张波（58安居客研究院院长） 【1】重点城市多数小区二手房价格上涨，有可能是低价房源出清的结果 当下购房者最近一两年对于二手房的价格都非常敏感，从挂牌价格来看，很多小区处于下行态势，毕竟市场供应量还是蛮大的。3月份，百城二手 房挂牌量已经达到了255万套，比去年同期增长了22%，其中一线城市增加了20%，二线城市像武汉、杭州、南京增加量在24%。三四线城市增加 最多，达36%。当然，三四月份成交量上升，还有一个原因，就是1月、2月大家在过年，成交量肯定会受影响，它积积压了相应的数据需求，肯 定会在3月份出现反应。这也就是为什么成交量还可以，价格又上不去的原因。 市场供应量足够大，房东又没有明显的销售心态。毕竟最近很多政策出台，大家心态变好，大一些的小区就有40套甚至60套的挂牌量，购房者可 选范围非常大。 那么，挂牌价格偏低，溢价空间是不是收窄呢？有个数据非常有意思，去年同期来看，小区如果按照低价、中价和高价来分，低价房源能占到三 成，我们称之为笋盘。高价盘能占到一成。大多是比较中性的价格，六成左右，但今年三四月份，低价房源只占到了一成到两成水平，高价房源 和中等价格房源不断增多，也就是说，市场上进行捡漏 ...

Group 1 - The "City Builders' Home" project in Chaoyang District has launched four locations, providing a total of 6,074 beds for new employment groups [1][2] - The new facility at Chengguang Garden offers 60 beds with rental prices ranging from 900 to 1,200 yuan per bed, which is lower than the market price for similar projects in the area [1][2] - The initiative aims to transition from basic housing solutions to creating a more homely environment for urban builders, enhancing the quality of community services [2] Group 2 - Chaoyang District has introduced a total of 15,292 beds across various projects, including "City Builders' Homes" and talent housing for key enterprises, to better accommodate new citizens and urban operation personnel [3] - Among the four locations, only the Qicai Garden allows applications from both enterprises and individuals, while the other three are limited to enterprise applications [3] - The district anticipates that the total number of beds will reach 20,000 by the end of the year [3]

Core Viewpoint - The introduction of the first batch of guaranteed rental housing (保租房) in Shenzhen provides a new opportunity for residents, especially for those who have been waiting for public rental housing, allowing them to secure affordable housing at market prices set at 60% of the market rate [2][3][46]. Summary by Sections Introduction of Guaranteed Rental Housing - Shenzhen launched its first batch of guaranteed rental housing, with over 43,000 households still waiting for public rental housing [2]. - Guaranteed rental housing is aimed at new citizens, young people, and various talents, with fewer restrictions compared to public rental housing [2][14]. Application and Selection Process - The application process for guaranteed rental housing is less restrictive, requiring only that applicants are Shenzhen residents without housing and have paid social security for at least one year [14]. - The first batch included 2,705 units, with a selection process based on a public lottery [13][46]. Experiences of Residents - Residents who successfully secured guaranteed rental housing reported significant improvements in living conditions, such as moving from older, more expensive apartments to newly renovated units at lower rents [6][18]. - For example, a family moved from a 3,500 yuan apartment to a new unit for 2,800 yuan, highlighting the financial benefits of guaranteed rental housing [6][18]. Living Conditions and Community - The new housing units are generally well-furnished and designed for long-term living, with many residents investing in home improvements and furniture [20][22]. - The community aspect is emphasized, with residents enjoying a harmonious environment and shared facilities [41][46]. Future Prospects and Demand - The demand for guaranteed rental housing is expected to increase, as evidenced by the high number of applications for the second batch of units, which saw a doubling of applicants compared to the first batch [46][47]. - The affordability and stability offered by guaranteed rental housing are seen as attractive alternatives to purchasing property in Shenzhen, especially for younger residents [37][43].

Core Viewpoint - The article discusses the rapid acceleration of affordable rental housing (保障性租赁住房) supply in various Chinese cities, highlighting a competitive rental market with prices as low as 421 yuan per month, which is approximately 60% of the market rate [2][4][5]. Summary by Sections Affordable Rental Housing Supply - Cities like Shenzhen, Chengdu, and Kunming are increasing the supply of affordable rental housing, with Shenzhen offering units at 57 yuan per square meter, leading to a total monthly rent of around 3,916 yuan for a 64 square meter apartment [3][5]. - The government is actively promoting affordable rental housing to attract talent, especially young professionals, by providing incentives such as rent-free periods [4][6]. Recent Developments - In 2025, Kunming announced the allocation of 666 units of affordable rental housing, with rents set at 12.07 yuan per square meter, translating to a minimum monthly rent of 421 yuan for smaller units [8][9]. - Guangzhou plans to construct 107,900 units of affordable rental housing this year, indicating a significant push in urban areas to meet housing demands [9]. Policy Framework - The Ministry of Housing and Urban-Rural Development aims to build 870 million units of affordable rental housing during the "14th Five-Year Plan," which is expected to improve living conditions for over 26 million new citizens and young people [13][14]. - Various cities have established regulations for rental prices, with Guangzhou setting a cap at 90% of the market rate for government-sourced affordable housing [17][18]. Market Impact - The influx of affordable rental housing is anticipated to alleviate the tight rental market, with lower rents helping to stabilize prices and enhance market conditions [15][18]. - The introduction of affordable rental housing is expected to reduce reliance on traditional rental markets, promoting a more regulated and standardized rental environment [18].