万江街道新村现代化产业园区(新村城中村片区)效果图。图源"魅力万江"公众号 8月7日，位于东莞万江街道新村社区的一宗住宅用地正式挂牌。该宗地为万江新村安置房项目用地，地 块住宅、商业物业设定购买价格为13200元/平方米。另据公开信息，万江新村安置房建设项目作为新村 现代化产业园的一部分，将进一步提升万江新村现代化产业园的竞争力、吸引力，提升城市居住品质。 据东莞市公共资源交易网信息，该宗地位于万江街道新村社区，面积13217.79平方米，起拍价27800万 元。根据规划建设要求，该地块开发建设期为30个月，宗地建设项目在2026年4月8日前开工，在2028年 10月8日前竣工。 需要指出的是，该地块为万江街道新村安置房项目用地。其中地块住宅、商业物业设定购买价格为 13200元/平方米，产权车位设定购买价格为132000元/个。《回购物业移交协议》还明确，住宅和商业 物业均为毛坯销售，其他公建配套为精装。 记者了解到，万江新村安置房建设项目也是新村现代化产业园的一部分。去年，《万江街道新村现代化 产业园区（新村城中村片区）统筹规划》获批，标志着该项目进入了至关重要的实施与发展阶段。去年 10月，万江街道新村 ...

Investment Rating - The report maintains a "Recommendation" rating for the real estate sector [2] Core Insights - The real estate sector index fell by 3.4%, ranking 29th among 31 industry sectors [8] - New home sales in 20 monitored cities increased by 16% week-on-week, but year-on-year sales decreased by 21% [19] - Second-hand home sales in 11 monitored cities decreased by 8% week-on-week and 4% year-on-year [23] - The report highlights the importance of effective policies and fiscal measures to stabilize the market [32] Summary by Sections Industry Basic Data - Total number of stocks: 107 - Total market value: 1,159.996 billion - Circulating market value: 1,111.33 billion [2] Sales Performance - New home sales in the 31st week amounted to 184 million square meters, with a daily average of 26.3 million square meters [19] - Year-to-date new home sales in 20 cities totaled 60.97 million square meters, down 8% year-on-year [19] - Second-hand home sales in the 31st week totaled 174 million square meters, with a daily average of 24.9 million square meters [23] Financing Activities - New City Holdings issued 1 billion in medium-term notes with a coupon rate of 2.68% [28] - The majority of bond issuances this week were from local state-owned enterprises [31] Investment Strategy - The report suggests focusing on companies with strong product moats and stable rental income from quality commercial real estate [32] - Key companies to watch include Greentown China, China Resources Land, Swire Properties, China Resources Vientiane Life, and Beike-W [32]

Summary of Conference Call on Urban Renewal in Guangzhou Industry Overview - The conference call focuses on urban renewal, specifically the transformation of urban villages in Guangzhou, China, with significant government involvement and funding from policy banks. Key Points and Arguments 1. **Funding and Financial Support** - Guangzhou has secured 409.6 billion yuan in loans from policy banks, which constitutes approximately 80% of the total funding for urban village renovations [1][5][6]. - The government allows urban renewal projects to apply for special bonds as capital, addressing some funding challenges [1][6]. 2. **Urban Renewal Progress** - The city has initiated a large-scale urban village transformation since 2020, with significant acceleration noted in 2023 and 2025, particularly after the high-quality development conference [2][3]. - By 2025, 52 new model projects have been confirmed, with rapid progress in preliminary work [1][2]. 3. **Compensation Schemes** - Compensation for residents includes physical resettlement (up to 280 square meters), monetary compensation, and housing vouchers, with a high acceptance rate among citizens [1][2][10]. - The standard for physical resettlement has been set at a maximum of 280 square meters, with any excess compensated monetarily [8][12]. 4. **Impact on Real Estate Market** - The transformation of urban villages is expected to positively influence the secondary real estate market, particularly if all 52 projects are fully developed and released [17][18]. - The quality of land available for future auctions is anticipated to improve due to the urban renewal efforts [17]. 5. **Challenges and Future Directions** - Despite progress, challenges remain in the secondary market, with limited land supply affecting auction quality [18]. - The government aims to enhance the speed of urban renewal projects through continued leadership and support [7][19]. 6. **Changes in Resettlement Methods** - The acceptance of housing vouchers is gradually increasing, although monetary compensation remains more prevalent [10]. - The government has implemented a unified standard for physical resettlement, which has improved resident cooperation with urban renewal projects [15]. 7. **Policy Shifts** - The 2025 urban renewal policy emphasizes high quality, public welfare, and operational efficiency, moving from a focus on investment to a focus on sustainable development [13]. - The policy aims to revitalize existing assets and improve living conditions through infrastructure upgrades and community engagement [13]. 8. **Construction and Demolition Relationship** - There is currently no clear relationship between demolition and construction phases, with many projects still in the initial stages of resettlement housing construction [19]. - Future coordination among multiple projects could lead to positive outcomes in housing supply and market dynamics [19]. Additional Important Content - The urban renewal projects are expected to stimulate new private investments and consumer spending, contributing to economic growth [16]. - The government’s approach to urban renewal is characterized by a balance between public needs and market dynamics, aiming to enhance community trust and participation [20][21]. - The overall sentiment among residents has improved, with increased cooperation observed in urban renewal initiatives [15].

Group 1 - The core focus of Tianjin's financial regulatory authority is on urban renewal, technological innovation, and ecological governance, with an emphasis on supporting vulnerable groups such as the elderly and children, as well as new citizens [1] - As of the end of June, financial institutions in Tianjin supported 33 urban renewal projects with a loan balance of 34.178 billion yuan, an increase of 11.477 billion yuan, representing a growth of 50.56% since the beginning of the year [1] - Policy banks in Tianjin provided 15.325 billion yuan in special loans for 16 urban village renovation projects, supporting the renovation of 36,000 housing units [1] Group 2 - Financial institutions have been proactive in addressing the financing needs of affordable housing projects, with a total of 26 projects supported and a loan balance of 5.591 billion yuan, reflecting a 15% increase since the start of the year [1]

Group 1 - Guizhou plans to renovate 6,268 urban villages and 10,022 dilapidated urban houses by 2025 to improve housing conditions and stabilize the real estate market [1] - Bright Realty's application for a 1.5 billion yuan corporate bond has been accepted by the Shanghai Stock Exchange, with the bond being privately placed and underwritten by CITIC Securities and Guotai Junan [2] - Joy City announced that its wholly-owned subsidiary provided a guarantee of up to 271.5 million yuan for a joint venture, with the loan amounting to 960 million yuan and maturing on December 31, 2027 [3] Group 2 - China Merchants Shekou has repurchased approximately 4.48 million shares, totaling around 430 million yuan, with a repurchase price cap of 15.68 yuan per share [4] - The top 100 real estate companies in China acquired land worth 578.3 billion yuan from January to July 2025, reflecting a year-on-year increase of 34.3% [5]

Core Viewpoint - The introduction of 11 residential land plots in Fengtai District aims to meet diverse and personalized housing demands, enhance housing supply quality, and stimulate consumer activity [1][6]. Group 1: Land Plot Details - The 11 plots are categorized into three types: five for shantytown redevelopment, five for urban village redevelopment, and one for primary development [2]. - Specific plots include the Yuegezhuang Village plot (2.18 hectares, 58,000 square meters), the Changxindian plot (4.25 hectares, 46,800 square meters), and the Zhangguozhuang plot (approximately 47,700 square meters) [3][4]. Group 2: Location and Infrastructure - All plots are strategically located within Fengtai District, close to essential amenities such as education and healthcare, and within approximately 1 kilometer of transit stations [1][4]. - The plots are situated in key areas or emerging growth zones, offering advantages of prime location, mature infrastructure, and planned development [4]. Group 3: Market Implications - The high inventory in Fengtai District presents competition among new projects, but well-located and high-quality developments can still succeed [6]. - The increase in land supply is expected to broaden the choices in the new housing market, contributing to the ongoing enhancement of housing quality and stimulating consumer demand [6].

Group 1 - The core viewpoint of the article is the implementation of a special action plan by the Guizhou Provincial Government to boost consumption, particularly in the housing sector [1] - The plan aims to meet housing consumption needs by promoting the renovation of 6,268 urban village homes and 10,022 urban dilapidated houses by 2025 [1] - The government will adjust the land value-added tax pre-collection rate to alleviate pressure on real estate companies [1] Group 2 - The initiative emphasizes the principle of "demand-driven purchasing," which includes acquiring existing residential properties for use as affordable housing to stabilize the real estate market [1] - High-quality residential design guidelines will be introduced to promote the development of "good housing" projects [1] - The plan also focuses on developing tourism-related real estate projects, such as summer resorts and wellness properties, targeting markets in regions like Guangdong-Hong Kong-Macau, Chengdu-Chongqing, and the Yangtze River Delta [1]

Group 1 - The new urban renewal project in Xinshi Tou Village, located in the core area of Guangzhou's new central axis, has made significant progress, with the first batch of 66 reconstructed houses entering the lottery phase for villagers [1][4] - The project, which started in July 2019, achieved a signing rate of over 50% within 10 days and reached 90% within 3 months, completing all house demolitions and land leveling in 8 months [4] - The project has been closely supervised by a dedicated team from the local party branch, ensuring community involvement in key decisions such as housing location, layout, and decoration standards [4][6] Group 2 - The reconstructed housing types include single rooms of approximately 44-49 square meters, one-bedroom apartments of about 60 square meters, two-bedroom apartments ranging from 68-80 square meters, and larger three and four-bedroom units [6] - The successful transformation of Xinshi Tou Village has improved living conditions for residents, moving them away from cramped urban village environments to new residential spaces [6] - The revitalization of Xinshi Tou Village contributes to the overall vibrancy of the Haizhu District along Guangzhou's new central axis [6]

Investment Rating - The report maintains an investment rating of "Outperform the Market-A" [4] Core Viewpoints - The ongoing urban renewal and the commencement of major projects are expected to accelerate infrastructure investment in the second half of the year [1][20] - The central government has emphasized the importance of urban village renovations and has set ambitious targets for the renovation of old urban residential areas, with 58,000 new projects planned for 2024 and 25,000 for the first half of 2025 [1][17] - The report suggests focusing on low-valuation state-owned enterprises in the infrastructure sector, as their fundamentals and operational metrics are expected to improve due to ongoing reforms and market conditions [9][11] Summary by Sections Industry Dynamics - The State-owned Assets Supervision and Administration Commission (SASAC) has called for state-owned enterprises to actively participate in urban development and infrastructure projects, emphasizing the need for safety and reliability in infrastructure [1][16] - The National Development and Reform Commission (NDRC) has allocated 735 billion yuan for central budget investments, focusing on modern infrastructure and urbanization projects [2][18] - Infrastructure investment growth rates for the first half of 2023 were reported at 4.60% for narrow definitions and 8.90% for broader definitions, with expectations for acceleration in the latter half of the year [9][20] Market Performance - The construction industry saw a weekly increase of 5.62%, outperforming major indices such as the Shenzhen Composite Index and the Shanghai Composite Index [21] - The municipal engineering sector experienced the highest growth within the construction industry, with a weekly increase of 14.33% [21] Company Announcements - Major contracts were awarded, including China Power Construction winning contracts worth approximately 57.52 billion yuan for a pumped storage power station [32] - China State Construction reported new contracts totaling 2.5 trillion yuan for the first half of 2025, reflecting a year-on-year increase of 0.9% [32] Valuation - As of July 25, the construction and decoration industry had a price-to-earnings (P/E) ratio of 11.65 and a price-to-book (P/B) ratio of 0.85, indicating a slight increase from the previous week [24] - The report highlights that the construction industry ranks 27th in P/E valuation among major sectors, suggesting potential for valuation improvement [24][25] Key Focus Stocks - The report recommends focusing on low-valuation state-owned enterprises such as China State Construction, China Railway, and China Communications Construction, which are expected to benefit from improved operational metrics and market conditions [11][12][28]

Investment Rating - The industry investment rating is maintained as "Buy" [1] Core Viewpoints - The report highlights that Chengdu has optimized its housing fund loan policies and canceled sales restrictions, aiming to promote a stable and healthy development of the real estate market [3][9] - The supply side focuses on improving quality and revitalizing existing stock, with measures to promote balanced regional development and enhance living conditions in non-core areas [3][9] - The demand side has seen a reduction in the down payment ratio for second homes and a phased cancellation of sales restrictions, which is expected to stimulate market activity [4][10] Weekly Data Tracking - New home transactions in 30 major cities showed a week-on-week increase of 22.6% but a year-on-year decrease of 8.5%, indicating ongoing pressure in the market [5][11] - Second-hand home transactions also faced challenges, with a year-on-year decline of 7.1% in the latest week, marking the first negative growth this year [5][11][12] Investment Suggestions - The report suggests focusing on two main areas for investment: leading real estate companies with strong land acquisition capabilities and well-structured land reserves, such as Poly Developments, and top real estate agencies benefiting from active second-hand home transactions, like I Love My Home [6][22]