2025年，是中国房地产行业深化转型、构建发展新模式的关键之年。中央明确提出"持续用力推动房地产市场止跌回稳"，政策核心聚焦"需求提振、供给 优化、金融协同"，通过因城施策调减限制性措施、推广"好房子"建设、加力城中村改造、收购存量商品房等一系列举措，推动行业向民生导向的高质量 发展转型。 紧跟国家战略部署，贵州省及贵阳市积极落实相关要求，出台优化供给、促进消费、稳定市场的政策组合拳，为房地产行业稳健发展注入强劲动力。在此 背景下，龙湖集团紧抓政策机遇，凭借穿越周期的战略定力、卓越的产品营造能力与稳健的长周期运营模式，在贵阳市场交出一份亮眼答卷。 据铭腾机构数据显示，截至2025年12月31日，龙湖集团贵阳公司以约21.1亿元的网签销售金额，稳居贵阳市商品房销售额首位。这份成绩，既是企业综合 实力的硬核彰显，更是其深度践行国家与地方房地产发展政策、与城市共生共进的生动实践。 龙湖入黔八载，始终与城市发展同频共振，持续深耕高端人居领域，先后打造龙湖景粼天著、湖山原著、龙湖天曜、舜山府等标杆项目，连续多年跻身贵 阳市房地产销售排行榜前列。其中，别墅产品线尤为市场青睐，已连续五年斩获全市销售套数、销售金额双料冠军， ...

Core Viewpoint - The real estate market in 2026 has shifted from a speculative environment to a focus on quality housing, with significant changes in buyer behavior and market dynamics [3][12][34]. Market Reversal - The market has transitioned from a "buying frenzy" to a "quality improvement" phase, with 45% of total transactions being second-hand homes, and major cities like Shenzhen and Shanghai seeing transaction volume increases of 20%-30% year-on-year [5][7]. - New home sales are expected to decline by 6.2% in 2026, indicating a cooling new home market [7]. - Developers are becoming more cautious, with residential land transaction area dropping by 13.7% in 2025 and expected new construction area to decrease by 8.6% in 2026 [9][10]. Product Upgrade - The focus for homebuyers in 2026 is shifting towards selecting "good houses," with a national push for quality housing construction [12]. - There are over 120 million vacant homes in urban areas, enough to accommodate 360 million people, highlighting an oversupply issue [13]. - New developments are being upgraded in terms of design and amenities, with stricter standards being implemented [15][17]. Regional Differentiation - The market is experiencing a stark divide, with high demand for quality homes in core cities and a surplus of unsold properties in lower-tier cities [22][23]. - Inventory turnover in first and strong second-tier cities is generally under 12 months, while it exceeds 24 months in many third and fourth-tier cities [25]. - Population migration towards major cities is driving demand, with Beijing's new home sales increasing by 8.48% in 2025 [27][29]. Policy Support - The central government is committed to stabilizing the real estate market, with new policies aimed at stimulating demand and improving supply [34][36]. - Recent policy changes in Beijing have already led to increased buyer activity, with further optimizations expected in cities like Shanghai and Shenzhen [38]. - Efforts are being made to address market irregularities and protect buyers from misinformation [40][42].

住宅供给侧的产品改革真的到来了。 "开发商对项目的设计打造，都是为了那惊险的一跳——卖掉房子，而不是打心眼里从业主需求出 发。"有房地产业内人士谈起"好房子"时免不了私下感慨。 过去的2025年，可谓房地产行业"好房子"政策的新纪元。从《中央政府工作报告》首次写入要建设"好 房子"，到国家标准《住宅项目规范》正式落地，一系列政策都显示出：住宅供给侧的产品改革真的到 来了。 不过，当住宅开发告别一味追求规模的年代，行业范围的"好房子"落地也并非一蹴而就之事。在业内看 来，当前房企对好房子的思考及执行，主要还是在"物"的方面卷，包括得房率、大户型、豪宅配置，但 在"人"的软性需求上仍显得不足。 "好房子"新纪元来临 在顶层设计层面，2024年12月，住房城乡建设工作会议率先明确"好房子"建设总体方向；2025年3 月："好房子"首次写入全国政府工作报告，上升至国家民生工作层面；2025年5月，《住宅项目规范》 正式实施，为住宅品质划定硬性技术红线，覆盖层高、电梯配套、隔音降噪、适老化改造等关键维度。 地方层面也加速政策落地。据亿翰智库，2025年1月～11月，全国超20个省（自治区、直辖市）及重点 城市累计发布7 ...

Core Insights - The real estate industry is undergoing a transformation with a focus on urban renewal and the "Good House" concept, which emphasizes quality living environments and sustainable development [1][2][4] Group 1: Urban Renewal - Urban renewal has become a priority, with the 2025 national housing and urban construction meeting highlighting significant progress in this area [1][9] - The Alila Hotel in Shanghai exemplifies urban renewal by transforming a single hotel into a mixed-use complex that integrates business, leisure, and vacation experiences [1][8] - The government is emphasizing urban renewal as a key strategy for stabilizing investment and expanding demand, with plans for comprehensive implementation of related policies [9][10] Group 2: "Good House" Initiative - The "Good House" initiative has gained momentum, with the concept being included in the 2025 government work report and the Ministry of Housing and Urban-Rural Development developing guidelines for its implementation [2][4] - Various local governments are introducing measures to enhance housing quality, focusing on aspects such as indoor space and customer satisfaction [2][3] - Green Town China has launched a comprehensive "Good House Laboratory," showcasing technologies that improve air quality and water comfort, with updated standards that exceed national requirements [4][6] Group 3: Market Trends - The real estate market is showing signs of stabilization, with new residential sales area declining by 8.1% year-on-year in the first eleven months of 2025 [6][7] - The second-hand housing market is experiencing a recovery, with a 2% increase in transaction volume in key cities compared to the previous year [6][7] - The government is taking measures to support the real estate market, including policies aimed at stabilizing expectations and promoting high-quality development [7][10]

Core Viewpoint - The concept of "good houses" has become a key focus in China's housing policy, with the government emphasizing the need for quality improvement in housing construction and the implementation of a housing quality enhancement project during the 14th Five-Year Plan period [1][4]. Group 1: Housing Quality Enhancement - The implementation of the housing quality enhancement project is a significant task for the 14th Five-Year Plan, aiming to improve housing standards, design, materials, construction, and operational levels over the next five years [1]. - The government plans to prioritize the construction of "good houses" in affordable housing, ensuring that commercial housing meets both rigid and improved demands, and making significant progress in the renovation of old houses [1]. - A comprehensive policy, standard, technical, and industrial system will be established to support the enhancement of housing quality [1]. Group 2: Design and Construction Standards - The new "Residential Project Standards" will take effect on May 1, 2025, serving as the baseline requirement for "good houses," with an emphasis on improving design, materials, construction, and equipment standards [1]. - Architectural design must focus on residential functionality, safety, performance, quality, and experience, with a push for refined and integrated designs that cater to diverse housing needs [2]. - The application of new construction methods, including intelligent, green, and prefabricated construction, will be promoted, marking a shift towards high-quality development in the construction industry [2]. Group 3: Renovation of Old Houses - The government will steadily advance the renovation of urban villages and dilapidated houses, as well as the energy-efficient renovation of existing housing [3]. - Residents will be encouraged to update old housing through various methods, including trade-ins and modular construction, with the use of prefabricated renovations to shorten renovation time [3]. - Technology will play a crucial role in enhancing housing quality, with a focus on research and development of key technologies and the integration of technological applications [3]. Group 4: Industry Transformation - Real estate and construction companies are expected to transition into integrators for "good house" construction, streamlining the entire industry chain from research and development to service [3]. - There is potential for the formation of industrial clusters encompassing building materials, home furnishings, and appliances, with ongoing improvements in standardization and series production in the construction sector [3].

在当前房地产行业向新发展模式转型的背景下，2025年6月召开的国务院常务会议指出,要扎实有力推进"好房子"建设,纳入城市更新机制加强工 作统筹,在规划、土地、财政、金融等方面予以政策支持。12月24日，北京出台房地产新政，从放宽非京籍家庭购房条件、优化信贷政策等方 面，进一步满足居民家庭多样化住房需求。此次新政，将非京籍家庭购买五环内商品住房的社保或个税缴纳年限，由原来的"3年"调减为"2 年"；购买五环外商品住房的，由原来的"2年"调减为"1年"。这项政策将激活改善型住房需求，引导市场预期向好。 效果图 ■占据价值高地 稀缺土地奠定根基 北京润园是华润置地最高阶"园"系作品，即华润置地低密战略作品。北京润园所处地块，经过二十余年的发展，已成为具有国际氛围、配套高 度成熟的高端居住板块。 这种稀缺性，更通过优异的规划指标得以强化。项目整体容积率仅为1.01。尤为突出的是，其院墅区的容积率低至0.66。它从根本上保障了社 区的纯粹性与空间尺度的奢侈感。 基于此，项目一期打造建筑面积约700—990平方米双拼院墅，享有约18—20米的宽阔南北楼间距，这一数字背后是居住体验的显著提升。同 时，这种空间尺度在当前高密 ...

提升建造和服务水平。我国稳步发展装配式建筑，开展智能建造试点，实施政府采购支持绿色建材促进 建筑品质提升政策，通过积极推广新型建造方式，有力保障住房建设质量。此外，开展完整社区建设试 点，补齐停车充电、休闲健身等服务设施短板。实施物业服务质量提升行动，引导各地规范物业服务行 为，提升小区环境卫生、共有设施设备运行维护水平。 "'好房子'建设首先要坚持问需于民，满足百姓需求。各地方和企业在制定相关标准的过程中，要将调 研了解群众需求作为主要工作。"住房城乡建设部标准定额司相关负责人介绍，例如，中国建筑集团有 限公司开展问卷调查，梳理上百项住房领域的群众需求，在此基础上构建"好房子"营造体系，从好设 计、好建造、好材料和好运维等方面，提出支撑"好房子"建设的技术路径与举措。 鼓励因地制宜。"好房子"建设应避免大呼隆、一刀切，不同地方、不同价位、不同面积要有不同的"好 房子"。目前，各地因地制宜分类开展"好房子"建设探索实践。其中，福建省推动福州市、厦门市等地 加快完善配套政策，选取部分保障性住房项目作为"好房子"试点。北京市开展"原拆原建"改造，推动老 房子变"好房子"，例如桦皮厂8号楼危旧房改建等项目，运用混凝 ...

Group 1 - The national housing and urban construction work conference emphasized stabilizing the real estate market, shifting from last year's focus on stopping the decline to ensuring stable operation [1] - The conference highlighted the increasing proportion of second-hand housing transactions as a trend for the near future [1] - The cumulative renovation of over 240,000 old urban communities during the 14th Five-Year Plan period has benefited more than 41 million households and 110 million people [2] Group 2 - The conference reiterated the importance of urban renewal, with a focus on high-quality implementation, positioning it as a top priority for the housing and urban development department by 2026 [2][3] - The construction industry remains a crucial pillar of the national economy, with its value added accounting for over 6.5% of GDP, reinforcing its significance in employment stability and public welfare [4] - The meeting called for policies to stabilize the real estate market, including city-specific measures to control supply, reduce inventory, and optimize housing supply [4] Group 3 - The promotion of the sale of existing homes aims to prevent delivery risks, while regulations on pre-sale funds will protect buyers' rights [5] - The "Good House" initiative has gained momentum, with new residential project standards implemented and a national design competition launched to promote innovative building materials [5] - The focus on "Good House" construction will extend to "Good Service," addressing residents' demands for quality living environments through improved property management and community services [6]

Core Viewpoint - The central economic work conference emphasizes the need to promote the construction of "good houses," reflecting a shift in housing demand from mere availability to quality and comfort [1][2]. Group 1: Housing Supply and Demand - The housing supply in China has transitioned from a total shortage to a basic balance, with structural supply deficiencies [1]. - Housing demand has evolved from "whether there is" to "how good it is," indicating a growing expectation for improved living conditions among the populace [1]. Group 2: Policy and Standards - The construction of "good houses" is set to continue through 2025, with the concept first introduced in the government work report in March and the implementation of the "Residential Project Standards" in May [1]. - The recent call to "orderly promote the construction of 'good houses'" signifies a move away from superficial developments towards a more sustainable approach that aligns with the genuine needs of the people [1]. Group 3: Quality of Housing - "Good houses" are defined not by size or cost but by safety, comfort, environmental sustainability, and convenience, as outlined in the "14th Five-Year Plan" [1]. - The ultimate goal of building "good houses" is to enhance the quality of life, necessitating collaboration among government, enterprises, and society to improve standards, design, materials, construction, and services [2]. Group 4: Urban Renewal and Community Development - The central economic work conference advocates for high-quality urban renewal and encourages the acquisition of existing commercial housing for affordable housing purposes, aiming to improve living quality for both long-term residents and new citizens [2]. - The vision is to ensure that every community becomes a carrier of a better life, with a focus on creating safe and comfortable living environments [2].

Group 1 - The central economic work conference emphasizes the need to stabilize the real estate market, focusing on "controlling increment, reducing inventory, and optimizing supply" based on local conditions [1] - The supply-demand relationship in China's real estate market has shifted from a total shortage to a basic balance, with structural supply shortages remaining [1] - The ongoing new urbanization and the optimization of urban stock provide significant potential for the real estate market, indicating continued growth opportunities [1] Group 2 - The conference encourages the acquisition of existing commercial housing for use as affordable housing, which will help alleviate financial pressure in the market and expand the supply of affordable housing [2] - The ultimate goal of real estate development is to meet the evolving housing needs of residents, with new demands for comfort and smart features emerging [2] - The focus on building "good houses" and transforming old houses into "good houses" aims to create safe, comfortable, green, and smart living environments [2]