10月28日，"十五五"规划建议全文公布，将"推动房地产高质量发展"放在了"加大保障和改善民生力度，扎实推进全体人 民共同富裕"，强化了房地产的民生属性，以及在保障和改善民生中的地位。 出品 | 搜狐财经 作者 | 王泽红 对于推动房地产高质量发展，《建议》明确了五个方向： 一是加快构建房地产发展新模式，完善商品房开发、融资、销售等基础制度； 二是优化保障性住房供给，满足城镇工薪群体和各类困难家庭基本住房需求； 三是因城施策增加改善性住房供给； 四是建设安全舒适绿色智慧的"好房子"，实施房屋品质提升工程和物业服务质量提升行动。 五是建立房屋全生命周期安全管理制度。 房地产新模式显"雏形"，高质量发展不仅是建"好房子" 实现房地产高质量发展的主要抓手，就是房地产发展新模式，自2021年12月经济工作会议提出到2025年10月25日，差不 多过去四年时间，一直不断提出探索、推动、构建发展新模式。10月11日，住建部进一步明确新模式的内涵，并且提出 了新的说法。 "新模式的根基包含三大块：基础性制度、供应体系、人房地钱要素联动。" 广东省住房政策研究中心首席研究员李宇嘉 总结道，其中基础性制度主要是针对过去旧模式下 ...

Core Insights - I Love My Home Group reported a total housing transaction value (GTV) of approximately 196.2 billion yuan for Q3 2025, representing a year-on-year increase of 5.2% [1] - The company achieved a net profit attributable to shareholders of approximately 42.3 million yuan, a significant year-on-year growth of 398.75% [1] - The company’s net profit excluding non-recurring items reached approximately 54.2 million yuan, up 173.96% year-on-year [1] Brokerage Business Growth - The brokerage business continued to show steady growth, with a GTV of 156.6 billion yuan in the first three quarters, reflecting a year-on-year increase of 5.1% [3] - Market share in key cities like Beijing and Shanghai has steadily improved, with the second-hand housing market showing resilience [3] - The company’s 20-year experience in core cities has contributed to its refined operational system, enhancing its market understanding and responsiveness [3] New Housing Business Performance - Despite a challenging new housing market, the company’s new housing business achieved a GTV of 25.9 billion yuan, growing by 9.3% year-on-year [4] - The growth was supported by effective risk management, increased marketing efforts, and digital investments, including the launch of promotional events [4] - The company has optimized its internal operations to enhance the synergy between new and second-hand housing, introducing cross-regional services to strengthen its competitive edge [4] Future Opportunities - The policy environment is expected to continue supporting the real estate market, with cities likely to introduce more supportive measures [5] - The focus on high-quality development in the real estate sector, as outlined in the 20th National Congress, presents significant opportunities for professional housing service providers [6] - The company aims to leverage its community service network and digital capabilities to expand its business boundaries and meet the growing demand for better living conditions [6]

10月23日的四中全会对房地产只提了十个字：推动房地产高质量发展。此次《"十五五"建议》增加了许多，并涉及多个方面： 从以上6点来看，核心仍是推动房地产高质量发展，只是更进一步从不同维度发力。归根到底还是用"保障+市场"的方式让人民群众住上"好房子"。对行业 自身而言，这也是房地产行业摆脱旧有路径依赖、穿越周期、实现健康可持续发展的根本出路。 核心城市购房限制性政策 仍有优化空间 《"十五五"建议》在建设强大国内市场，大力提振消费部分提出"完善促进消费制度机制，清理汽车、住房等消费不合理限制性措施。" 当前房地产市场大部分限制性措施皆已退出，仅剩部分城市还有所保留，在这其中，北京、上海、深圳的限购政策最受关注。 房地产未来五年终于定了！ 10月28日，新华社受权发布《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下称《"十五五"建议》），基本确定未来五年房地产发 展方向。 2025年8-9月，北京、上海、深圳先后调整限购政策，三城均采用"分区域差异化松绑"策略，但宽松力度与范围各有侧重。 北京以五环为界划分调控梯度，五环外对京籍及社保满2年的非京籍全面不限购，五环内则维持京籍限购2套、非京籍社保 ...

记者丨李莎 编辑丨李果 日前，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（后简称《建 议》）公布。 与"十四五"规划纲要在新型城镇化的框架中部署房地产工作不同， 《建议》对房地产的安排 主要集中在民生保障部分内容 ，核心任务是推动房地产高质量发展。 为落地这一方向，《建议》部署了五方面具体任务：加快构建房地产发展新模式，完善商品房 开发、融资、销售等基础制度。优化保障性住房供给，满足城镇工薪群体和各类困难家庭基本 住房需求。因城施策增加改善性住房供给。建设安全舒适绿色智慧的"好房子"，实施房屋品质 提升工程和物业服务质量提升行动。建立房屋全生命周期安全管理制度。 清华大学土木水利学院院长吴璟向21世纪经济报道记者表示， 《建议》单独用一段话来论述 推动房地产高质量发展，而且将其放在保障和改善民生部分，这释放出重要信号 ："十五 五"时期房地产高质量发展，将回归住房相关产业的初心与使命，即服务居民家庭对更高品质 居住生活的需求。这是"十五五"时期房地产业发展的首要目标，也是理解和把握房地产高质量 发展的首要出发点。 吴璟认为，《建议》对房地产的部署，总体延续了近期有关部门已在开展的工作思路，" ...

Core Viewpoint - The "15th Five-Year Plan" emphasizes promoting high-quality development in the real estate market, focusing on optimizing housing supply and improving living conditions for various demographics, particularly urban workers and families in need [2][3][6]. Real Estate Development - The plan aims to accelerate the construction of a new model for real estate development, enhancing the basic systems for property development, financing, and sales [2][3]. - It highlights the need for tailored policies based on city characteristics to increase the supply of improved housing, addressing the diverse needs of residents [3][6]. Urban Renewal - The "15th Five-Year Plan" marks a new phase in urban renewal, with a stronger emphasis on legal frameworks for land use rights and encouraging market participation through innovative financing models [4][5]. - The plan aims to resolve core challenges in urban renewal by leveraging fiscal funds and breaking through institutional barriers [4]. Risk Management - The increased mention of "risk" in the plan indicates a continued focus on preventing and mitigating risks in real estate, local government debt, and small financial institutions [5]. - The plan reiterates the importance of systematic risk management in the real estate sector, reflecting ongoing central government concerns [5]. Housing Quality and Supply - The plan categorically states the goal of high-quality housing development, transitioning from merely addressing housing shortages to enhancing living quality and promoting social equity [8][10]. - It emphasizes a dual-track system of "market + guarantee" to ensure effective housing supply in cities experiencing population influx [8][10]. Regional Development - The plan prioritizes regional development, aiming to optimize economic layouts and promote coordinated growth, particularly in core urban areas like the Yangtze River Delta and the Pearl River Delta [9][10]. - It suggests breaking down restrictions on housing fund usage across regions to facilitate the flow of people and capital [10].

Core Insights - The Chinese real estate market is experiencing a divergence, with some core cities showing signs of recovery while the overall market faces declines in sales area and value [1][3][5] National Trends - From January to September 2025, the national new residential sales area decreased by 5.5% year-on-year, and sales value fell by 7.9% [1] - In September 2025, the sales area of new residential properties reached 85.31 million square meters, a month-on-month increase of 48.5%, while sales value was 802.5 billion yuan, up 47.3% month-on-month [5] - The average price of new residential properties in first-tier cities fell by 0.3% month-on-month, while second and third-tier cities saw declines of 0.4% [3] City-Specific Insights - Wuhan, as a representative second-tier city, saw a year-on-year increase of 29.2% in new housing contract signings in the first three quarters of 2025 [7] - The residential market in Wuhan is characterized by a "quality stratification" phenomenon, with high-quality projects performing well [9][11] Policy Shifts - The 2025 policy framework emphasizes "high-quality development" in real estate, moving away from short-term demand stimulation [12][29] - The new policies focus on optimizing the supply of affordable housing while increasing the supply of improvement housing based on local needs [14] Market Dynamics - The market is undergoing a significant restructuring, with a shift from scale expansion to quality enhancement, particularly in the demand for improvement housing [17][19] - The trend of "daylight plates" (properties that sell out quickly) is emerging, driven by quality and service differentiation [11][21] Long-Term Challenges - Despite signs of stabilization, the market faces long-term structural challenges, including high unsold inventory and changing demographic needs [23][24] - The industry is expected to see a continued decline in sales volume, with a projected annual decrease of single digits [25][26] Competitive Landscape - The differentiation among real estate companies is intensifying, with leading firms focusing on acquiring land and improving sales through quality projects [27] - The market is shifting from a focus on quantity to quality, with an emphasis on residential quality becoming the main theme of the industry [29]

Core Viewpoint - The recently published "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" emphasizes the high-quality development of real estate, focusing on improving people's livelihoods rather than urbanization frameworks as seen in the previous plan [1][3]. Group 1: Key Tasks for Real Estate Development - The "Suggestions" outline five specific tasks for real estate development: constructing a new development model, optimizing the supply of affordable housing, increasing the supply of improved housing, building safe and comfortable "good houses," and establishing a safety management system for the entire lifecycle of housing [1][3][4]. - The emphasis on "good houses" indicates a shift towards quality in housing, aligning with the needs of residents for better living conditions [8][10]. Group 2: Policy Continuity and Stability - The approach taken in the "Suggestions" reflects a continuation of recent policy directions, ensuring coherence and stability in real estate policies during the 15th Five-Year Plan period [2][3]. Group 3: Housing Attributes and Quality - The document highlights the residential and livelihood attributes of real estate, marking a transition from viewing housing primarily as an economic asset to recognizing it as a fundamental aspect of people's lives [3][6]. - The focus on optimizing the supply of affordable housing signifies a strategic shift from merely increasing quantity to enhancing quality and structure in housing supply [6][7]. Group 4: New Development Model - The priority of constructing a new real estate development model includes reforms in pre-sale systems, enhancing housing quality, and optimizing financing structures to reduce systemic risks [4][5]. - The introduction of a risk warning mechanism for real estate companies is aimed at preventing cross-market risk transmission [4]. Group 5: Localized Policy Implementation - The "Suggestions" advocate for localized policies to increase the supply of improved housing, emphasizing the need for tailored approaches based on specific city conditions [5][7]. - This approach aims to balance market dynamics with social guarantees, enhancing the living standards of residents [5][6]. Group 6: Quality Improvement Initiatives - The emphasis on the construction of "good houses" and the implementation of quality improvement projects for existing housing reflects a commitment to elevating living standards [8][10]. - The establishment of a comprehensive safety management system for housing throughout its lifecycle is a significant institutional advancement for ensuring quality [11].

Core Insights - The article discusses the release of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," emphasizing the promotion of high-quality development in the real estate sector, linking it closely with common prosperity and improving people's livelihoods [2][9]. Group 1: Housing Supply Optimization - The focus on optimizing the supply of affordable housing aims to meet the basic housing needs of urban wage earners and various disadvantaged families [3][4]. - The "15th Five-Year Plan" emphasizes increasing the supply of improvement housing, marking a significant shift in policy direction [4][7]. - The article highlights the importance of local conditions in determining the scale, structure, and quality of affordable housing supply [4]. Group 2: Quality Housing Development - The concept of "good housing" is introduced, with an emphasis on safety, comfort, sustainability, and smart features [5]. - Initiatives for enhancing housing quality and property service standards are outlined, including the establishment of a comprehensive safety management system for housing [5]. - Pilot programs in cities like Shanghai are being implemented to improve housing safety management [5]. Group 3: Urban Renewal Initiatives - The article notes a shift from "implementing urban renewal actions" to "vigorously implementing urban renewal," indicating a stronger commitment to urban development [5]. - The need for a sustainable urban renewal model is emphasized, with a focus on integrating urban inspections and renewal processes [5][6]. - Challenges in urban renewal, such as land use rights and funding pressures, are acknowledged, with suggestions for innovative financing models to encourage market participation [6]. Group 4: Policy Adjustments and Market Dynamics - The article discusses the need for policy adjustments to support the new real estate development model, including reforms in property development, financing, and sales [7]. - The removal of unreasonable restrictions in the housing market is highlighted, suggesting a clearer exit for certain restrictive policies to facilitate housing consumption [7]. - The article indicates that core cities may see a gradual easing of purchase restrictions during the "15th Five-Year Plan" period [7]. Group 5: Risk Management - The article mentions the importance of enhancing risk prevention and resolution capabilities in key areas such as real estate, local government debt, and small financial institutions [8][9]. - The need for effective management of second-hand housing listings is identified as a crucial measure to mitigate real estate risks and promote market health [9].

Core Viewpoint - The recently published "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" emphasizes the high-quality development of the real estate sector, focusing on improving people's livelihoods rather than urbanization frameworks as in the previous plan [1][2]. Group 1: Key Tasks for Real Estate Development - The "Suggestions" outline five specific tasks for promoting high-quality real estate development: constructing a new development model, optimizing the supply of affordable housing, increasing the supply of improved housing, building safe and comfortable "good houses," and establishing a safety management system for the entire lifecycle of housing [1][2][3]. - The emphasis on "good houses" indicates a shift towards quality in housing supply, reflecting the need to meet the demands of residents for better living conditions [7][8]. Group 2: Policy Continuity and Focus - The approach in the "Suggestions" continues the recent work of relevant departments, ensuring policy coherence and stability in the real estate sector during the 15th Five-Year Plan period [2]. - The term "housing" appears 13 times in the document, highlighting the focus on housing's role in living conditions and its significance as a social issue [2][4]. Group 3: New Development Model - The first priority in the "Suggestions" is to accelerate the construction of a new real estate development model, which includes reforms in pre-sale systems and enhancing housing quality through comprehensive quality control standards [3][4]. - The financing aspect emphasizes optimizing the financing structure and establishing risk warning mechanisms to mitigate systemic risks in the industry [3][4]. Group 4: Housing Supply Optimization - The shift from "effectively increasing the supply of affordable housing" to "optimizing the supply" reflects a strategic transition towards quality and structural improvements in housing policy [5][6]. - The focus on "increasing the supply of improved housing" tailored to city-specific needs indicates a more precise approach to housing supply during the 15th Five-Year Plan [6][8]. Group 5: Quality and Lifecycle Management - The "Suggestions" stress the importance of enhancing the quality of existing housing and services, marking a significant increase in attention to improving the quality of the housing stock [8][9]. - Establishing a safety management system for the entire lifecycle of housing is seen as a crucial institutional support for ongoing quality improvements in the real estate sector [9].

党的二十届四中全会为"十五五"时期我国经济社会发展擘画了蓝图，指明了方向。未来5年，我国房地产市场将向何处去？党的二十届四中全会提出，推 动房地产高质量发展。这释放出国家将继续推动房地产发展的强烈信号。 房地产业是国民经济的支柱产业，对经济的拉动作用强，能带动上下游产业发展。推动房地产高质量发展，是推动经济社会高质量发展的重要组成部分。 我国房地产市场仍有需求，产业发展仍有空间。我国城市发展正从大规模增量扩张阶段转向以存量提质增效为主的阶段。人民群众期盼过上更高品质的生 活，对好房子、好小区、好社区、好城区仍有持续不断的需求。 推动房地产高质量发展，应进一步健全供应体系。针对人民群众基本住房需求和多样化改善性住房需求，要进一步完善保障和市场两个体系定位清晰、功 能互补的供应格局。同时，应规范发展住房租赁市场，培育市场化、专业化住房租赁企业，提高行业监管和服务能力，依法维护租赁双方合法权益。 推动房地产高质量发展，应进一步合理配置要素。房地产市场能否平稳健康发展，根本上取决于"人、房、地、钱"四类要素资源的配置效果。应建 立"人、房、地、钱"要素联动机制，以编制、实施住房发展规划和年度计划为抓手，根据人口变化确 ...