Group 1 - The core viewpoint emphasizes the importance of constructing high-quality housing ("good houses") to enhance the living standards and satisfaction of the populace, which is also crucial for stimulating domestic demand and stabilizing economic growth [1][2] - The implementation of the "Residential Project Standards" starting May 1 aims to set clear regulations for the construction, use, and maintenance of residential projects, including requirements for ceiling heights, elevator installations, sound insulation, and daylight standards [1][2] - The renovation of old urban residential areas is a significant focus, with plans to start 54,000 projects in 2024, exceeding the annual target, highlighting the potential for improvements in elderly-friendly modifications, childcare facilities, and smart construction [2][3] Group 2 - The construction of "good houses" is viewed as a systematic project that requires high standards, good design, quality materials, and excellent service to support the entire industry chain's value upgrade [2][3] - Under the "city-specific policies" approach, a nationwide housing upgrade initiative is being implemented, with nearly 10 provinces actively working on establishing a high-quality housing construction system through various measures [3]

每到一个时间节点，总是会传出这样的小作文，北京要放开限购了。今年至少有三波了，第一波元旦，第二波，3月5日，第三波，5月1日。我从来不会拿狼 来了去否认这样的话，因为我坚信，狼来了喊多了，终究会变成真的。 我们能做的就是要有所防备，不可大意。兼听则明偏信则暗。 有些是有人炒作，有些并非空穴来风，虽然最后没有来，但不代表没有在路上。 这两天又都在问最近北京限购会不会放开？给大家分析分析。确实最近有小道消息在传，这次都说了要因城施策调减限制性措施，北京肯定也会有动作。像 广州都全域放开限购了，北京也已经在部分郊区松动。包括深圳也在传，去年这个时候同样在传。 我们再看最近4月25号官方传递的信号，要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货币政策。适时降准降息。4月28 日，央行再次强调，将适时降准降息，保持流动性充裕。 北京调研中提出，当前和今后一个时期，我国房地产市场仍有很大的发展空间，要进一步释放市场潜力，着力推动"好房子"建设，加快构建房地产发展新模 式，促进房地产市场平稳健康发展。 现有的潜力释放也只能通过部分改善以及没有资格的人群去优化调整，在我看来，松绑限制性政策是大势所 ...

Group 1 - Zhengzhou plans to raise the age limit for housing provident fund loan borrowers, allowing men to extend to 68 years and women to 63 years, or up to 5 years after the statutory retirement age, with a maximum loan term of 30 years [1] - This policy aims to address the housing needs of the middle-aged and elderly population, reducing monthly payment pressure and potentially increasing demand for local improvement projects [1] - The recent trend of optimizing provident fund policies across various cities indicates a "city-specific" approach to stimulate the housing market [1] Group 2 - The average premium rate for land auctions in 22 cities has remained around 20% for four consecutive months, with significant increases in land prices in cities like Beijing, Hangzhou, and Chengdu [2] - The total land transfer revenue for residential land in 300 cities has increased by 20.1% year-on-year as of April 22 [2] - The cancellation of land price ceilings and the increase in the supply of high-quality land plots align with real estate companies' strategies for precise investment, although high-priced land may compress profit margins and extend sales cycles [2] Group 3 - Poly Developments has received approval from the China Securities Regulatory Commission for the issuance of 8.5 billion yuan in convertible bonds, down from the initial 9.5 billion yuan [3] - The funds will be allocated to 15 specific "guaranteed housing" projects, enhancing the company's financial stability and supporting key projects [3] - This move reflects an innovation in financing tools for real estate companies, emphasizing the role of state-owned enterprises as stabilizers during industry adjustments [3] Group 4 - Xiamen successfully auctioned four residential land parcels for a total of 8.829 billion yuan, with the largest parcel sold at a premium of 12.34% [4] - The auction results indicate a cautious market sentiment towards non-core areas, with state-owned enterprises dominating the bidding process [4] - The trend of innovative financing tools for real estate companies may accelerate industry consolidation as strong players enhance their land reserves [4] Group 5 - Yuexiu Property and local state-owned enterprise Gaoke Real Estate jointly acquired a residential and commercial land parcel in Xi'an for 1.27 billion yuan, with a land price of 1.35 million yuan per mu [5] - This acquisition aligns with the strategy of focusing on core cities, with Xi'an complementing the company's existing presence in major cities [5] - Collaborating with a local enterprise helps mitigate regional development risks and improves project operational efficiency [5]

记者在深圳多区对新房项目采访时了解到，多位购房者表示，期待更多降低购房压力的新政策，包括房 贷利率能够进一步下调，特别是公积金贷款利率。此外，购房者也期待"因城施策"调减限制性措施，一 线城市的限购等政策仍有进一步优化空间。上海易居房地产研究院副院长严跃进表示，今年以来各地出 台的政策数量较多，这也说明各地对稳楼市的重视。各地楼市支持政策全方位发力，政策核心聚焦于为 购房者提供最大程度的优惠。 有机构观点认为，从近年政策出台时机来看，4月份往往是政策窗口期，更多"稳地产"政策出台也将备 受期待。广东省住房政策研究中心首席研究员李宇嘉表示，目前处于存量政策应出尽出，但增量政策还 在落地的过程中，导致政策对市场情绪带动、销量带动的作用有所减弱。在新的外贸形势下，内需的作 用显得尤为突出，而房地产对内需的贡献度最大。对于内需，过去重视资本和投资拉动，现在更重视的 是消费驱动。对于住房的消费驱动，接下来的政策方向主要还是针对降成本和降门槛，其中就包括公积 金的贷款利率下调仍有空间。除此之外，存量房收储的新动作也值得关注。 也有业内人士认为，在关键时刻推出一揽子创新政策"组合拳"，可以帮助市场恢复信心，持续释放政策 红 ...

4 . 取消限售 ：自2 0 2 5年3月3 1日起，南京全市商品住房取得不动产权登记证后即可交易。 作 者丨唐韶葵 编 辑丨卜羽勤 取消此前2年限售，商品房取得不动产权登记证后即可上市交易；加大青年人刚性购房政策支 持；进一步满足居民置换改善需求. . . . . . 3月3 1日， 南京市举行促进房地产市场平稳健康发展政策发布会，推出七方面举措（简称"房 七条"） ，涉及取消限售、住房"以旧换新"与房票安置、公积金等层面。具体内容如下： 1 . 支持青年刚性购房 ：引导银行推出低首付、低息等特色金融产品，降低4 5岁以下青年购房 门槛，各区还能叠加人才房票等政策，南京银行和江苏银行已率先行动。 2 . 满足居民 置 换 改 善 ： 优 化 " 以 旧 换 新 " ， 政 府 、 企 业 补 助 ， 金 融 机 构 、 经 纪 机 构 助 力 ， 开 展"买新助卖旧"，首批1亿元补助，按购房合同金额1%发放。 3 . 加快被征收群众安置 ：库存商品房纳入房票超市，加大金融支持，推行"全城通兑"和"电 子房票"。 对此，同策研究院研究总监宋红卫指出，南京"房七条"有其新的政策亮点，比如公积金全家 联合提取做首 ...

Investment Rating - Industry investment rating: Buy (Maintain) [1] Core Viewpoints - The government work report emphasizes the goal of stabilizing the real estate market and preventing systemic risks, with specific measures to promote a "stop decline and stabilize" approach [3][4] - The report indicates that the real estate sector plays a crucial role in stabilizing the macro economy, suggesting that the policy will continue to be accommodative this year [4] - Demand-side policies will focus on adjusting restrictive measures based on city-specific conditions, with expectations for further relaxation of purchase restrictions and tax adjustments to stimulate demand [5] - Supply-side measures include controlling new land supply and supporting the acquisition of existing properties, with local governments given more autonomy in the acquisition process [6] Summary by Sections Recent Industry Performance - The real estate sector has shown a relative performance of -4% over the past 12 months compared to the CSI 300 index, with an absolute return of 7% [2][3] Demand Side - Policies will be implemented to reduce restrictive measures, including lowering mortgage rates and down payment ratios, which are at historical lows [5] - The government plans to implement 1 million units of urban village and dilapidated housing renovations, which will directly increase sales of new and second-hand homes [5] Supply Side - The report highlights a more proactive fiscal policy for 2025, with local government special bonds amounting to 4.4 trillion yuan, an increase of 500 billion yuan from the previous year [6] - The land supply will continue to be controlled, but the quality of new land will improve, potentially enhancing project profitability [6] Investment Recommendations - The report suggests focusing on high-quality developers with strong financing and land acquisition capabilities, as well as leading second-hand housing intermediaries benefiting from active transactions [8]

Investment Rating - Industry investment rating: Buy (maintained) [1] Core Viewpoints - The government work report emphasizes the goal of stabilizing the real estate market and preventing declines, highlighting the importance of real estate in maintaining macroeconomic stability [3][4] - Specific measures include adjusting restrictive policies based on city conditions, promoting the renovation of urban villages and dilapidated housing, and controlling new real estate supply [5][6] Summary by Sections Recent Industry Performance - The real estate sector has shown a relative return of 3% over the past month, but a negative return of 12% over the past three months and a slight negative return of 4% over the past year compared to the CSI 300 index [2][3] Demand Side - Policies will continue to relax restrictions, including lowering mortgage rates and down payment ratios, which are at historical lows. The report anticipates further loosening of purchase restrictions in various cities [5] - The Ministry of Housing and Urban-Rural Development plans to implement 1 million urban village renovations and dilapidated housing improvements, which will directly increase sales of new and second-hand homes [5] Supply Side - The report indicates a more proactive fiscal policy for 2025, with local government special bonds amounting to 4.4 trillion yuan, an increase of 500 billion yuan from the previous year, supporting land acquisition and stock housing purchases [6] - The report maintains a stance on controlling new land supply, which is expected to continue to shrink, but with better locations and relaxed price limits, project turnover and profit margins are likely to improve [6] Investment Recommendations - The report suggests focusing on high-quality developers with strong financing and land acquisition capabilities, as well as leading second-hand housing intermediaries benefiting from active stock housing transactions. The industry maintains a "Buy" rating [8]