Core Insights - The total sales of the top 100 real estate companies in China for the first seven months of 2025 reached 20,730.1 billion yuan, representing a year-on-year decline of 13.3%, with the decline rate widening by 1.5 percentage points compared to the first half of the year [1] - In July alone, the sales of the top 100 real estate companies fell by 18.2% year-on-year, although companies like Jianfa, China Jinmao, and Binhai Group showed relatively strong sales performance [1] - The equity sales amount for the top 100 companies was 14,522.5 billion yuan, with an equity sales area of 7,451.8 million square meters [1] Sales Performance by Company Tier - The average sales amount for the top 10 companies was 1,010.3 billion yuan, down 13.6% year-on-year; for companies ranked 11-30, the average was 256.3 billion yuan, down 15.2%; for 31-50, it was 125.2 billion yuan, down 7.8%; and for 51-100, it was 60.0 billion yuan, down 13.5% [7] - A total of 62 listed real estate companies in Shanghai and Shenzhen released performance forecasts for the first half of 2025, with 39 companies expected to report losses or continued losses [11] Reasons for Poor Performance - The main reasons for the poor performance of listed real estate companies include a significant decline in the scale of project settlements, low gross profit margins due to sales strategies, project costs, and market conditions [11] - Increased asset impairment provisions due to heightened business risks, and some large asset transactions and equity transactions being priced below book value also contributed to the losses [11] Policy Environment - The Central Political Bureau meeting on July 30 acknowledged the achievements of the macro economy this year and emphasized the need for continuous and stable macro policies, with expectations for more policy support to stabilize the real estate market [14] - The focus on urban renewal as a key driver for high-quality urban development is expected to lead to the acceleration of supporting policies in the real estate sector [14] Market Trends - The transaction volume in key cities showed signs of weakness in July, with the second-hand housing market continuing to adopt a "price for volume" strategy [14] - The real estate market is still undergoing fluctuations and adjustments, with a continuation of city-specific trends, indicating structural opportunities in "good cities + good houses" [14]

Investment Rating - The report maintains a "Recommendation" rating for the real estate sector [2] Core Insights - The real estate index increased by 4.1% in the 30th week, ranking 7th among 31 primary industry sectors [8][10] - New housing and second-hand housing transactions showed a slight increase, with new housing transactions up by 16% week-on-week and second-hand housing transactions up by 2% [5][21] - The report emphasizes the importance of effective policies and fiscal measures to stabilize the market, particularly focusing on urban renewal and the adjustment of housing loan policies [13][28] Summary by Sections Industry Basic Data - Total number of stocks: 107 - Total market value: 1,205.52 billion - Circulating market value: 1,153.12 billion [2] Sales Performance - New housing transaction area in 20 cities was 1.57 million square meters, with a year-on-year decrease of 13% [18] - Second-hand housing transaction area in 11 cities was 1.87 million square meters, with a year-on-year decrease of 2% [21] Policy News - Chengdu announced measures to promote stable development in the real estate market, including the gradual lifting of housing sales restrictions and adjustments to housing provident fund loan rules [13][15] - Shanghai released new residential design standards to enhance safety, comfort, and sustainability [5][13] Investment Strategy - The report suggests focusing on companies with strong product moats and stable rental income from quality commercial real estate [28] - Key companies to watch include Greentown China, China Resources Land, Swire Properties, and Beike-W [28]

Core Viewpoint - Chengdu has launched a new real estate policy consisting of "17 measures" aimed at optimizing the housing market, which includes phased cancellation of housing sales restrictions and a reduction in the down payment ratio for second homes to 20% [1][5][10] Policy Details - The new policy allows for the phased cancellation of housing sales restrictions, enabling properties purchased before October 14, 2024, to be traded after obtaining the property certificate starting from July 21, 2024 [4][6] - The down payment ratio for second homes has been reduced from 30% to 20%, and the calculation method for housing fund loans has been optimized [5][6] - Additional measures include promoting direct subsidies for home purchases, enhancing the renovation of urban villages and old houses, and supporting the sale of non-residential parking spaces under certain conditions [6][10] Market Trends - Chengdu's new housing policy comes in response to a decline in housing prices, with new residential prices falling by 0.3% and second-hand housing prices decreasing by 0.4% in June [1][7] - The overall market scale in Chengdu has decreased, with residential supply dropping by 22% year-on-year in the first half of 2025 [7][8] - Despite the downturn, there are indications of resilience in the market, with some popular developments still performing well [9][10] Implications for Buyers and Market - The new measures are expected to lower transaction costs for buyers, expand their options, and address existing demand issues [10] - The policy is seen as a strategic adjustment to support the stable and healthy development of the real estate market in Chengdu [10]

加大公积金贷款支持力度 ●居民家庭购买第二套住房，个人公积金贷款最低首付比例由30%降至20% ●优化贷款额度计算公式，实施贷款额度与缴存余额挂钩机制，提高可贷额度 成都出台房产新政，将分批取消住房限售政策 7月21日，成都市住建局等6部门联合发布《关于促进房地产市场平稳健康发展若干措施的通知》， 推出17条具体措施，涉及提升供应质量、满足多样化需求、推进存量盘活、发挥住房公积金制度功效等 方面，自公布之日起施行。 ●自2025年7月21日起，2024年10月14日（含）前购买成都市范围内的商品住房，取得《不动产权 证书》后即可上市交易 新政明确分批取消住房限售政策。自2025年7月21日起，2024年10月14日（含）前购买成都市范围 内的商品住房，取得《不动产权证书》后即可上市交易；自2026年1月1日起，2024年10月14日（含）前 取得《不动产权证书》的、仍处于限售期的二手住房取消转让限制，更好支持居民换房需求。登记报名 人数在当期房源数3倍以上的热点楼盘、定向销售项目（含重大产业项目配套住房）、以人才名义获取 购房资格购得住房等有特殊限售要求的继续按原政策执行。 ●自2026年1月1日起，2024 ...

Core Viewpoint - Chengdu has announced a phased cancellation of housing sales restrictions, allowing properties purchased before October 14, 2024, to be traded after obtaining property certificates, which aims to stimulate the real estate market and enhance liquidity in the secondary housing market [1][2]. Group 1: Policy Changes - The Chengdu government has introduced 17 measures to promote stable and healthy development in the real estate market, focusing on improving supply quality and meeting diverse demands [1]. - The phased cancellation of housing sales restrictions is a significant highlight, allowing properties purchased before October 14, 2024, to be listed for sale after obtaining property certificates [1][2]. - From January 1, 2026, properties still under sales restrictions that were purchased before October 14, 2024, will have their transfer restrictions lifted, supporting residents' housing exchange needs [1]. Group 2: Market Implications - The cancellation of sales restrictions is expected to facilitate the secondary transaction process for certain real estate projects, thereby activating existing inventory and creating more purchasing demand in the market [2]. - The adjustment of sales restrictions is part of a broader trend among various cities to enhance the liquidity of second-hand housing, following the optimization of purchase and loan policies [2]. - The current market conditions, with a significant number of second-hand homes listed for sale, have led many cities to cautiously relax sales restrictions, with Chengdu being one of the cities implementing these changes [4].

通知明确，成都市将分批取消住房限售政策，自2025年7月21日起，2024年10月14日(含)前购买成都市 范围内的商品住房，取得《不动产权证书》后即可上市交易；自2026年1月1日起，2024年10月14日(含) 前取得《不动产权证书》的、仍处于限售期的二手住房取消转让限制，更好支持居民换房需求。同时， 登记报名人数在当期房源数3倍以上的热点楼盘、定向销售项目(含重大产业项目配套住房)、以人才名 义获取购房资格购得住房等有特殊限售要求的继续按原政策执行。 在更好发挥住房公积金制度功效方面，通知明确，成都市将切实提高可贷额度，居民家庭购买第二套住 房的，个人住房公积金贷款最低首付款比例由30%调整为20%。扩大住房公积金使用范围，将住宅小区 老旧电梯更新纳入住房公积金提取范围，个人支付部分可据实提取。同时，加大灵活就业人员参加住房 公积金制度支持力度，灵活就业人员参加住房公积金制度年龄上限调整为不超过法定退休年龄，申请住 房公积金贷款的，缴存最短时长由12个月调整为6个月，申请住房公积金提取且无住房公积金贷款余额 的，不受缴存资金存储时间限制，可自由提取。 成都市住房和城乡建设局等6部门21日发布关于促进房地 ...

Core Viewpoint - Chengdu's housing and urban construction bureau is implementing measures to promote a stable and healthy development of the real estate market, aligning with the central urban work conference's spirit. Group 1: Enhancing Supply Quality - Establish a "people, housing, land, and money" linkage mechanism to ensure a balanced supply and demand in the real estate market [2] - Promote balanced regional development by enhancing high-quality housing around key transportation hubs and improving urban amenities in various districts [2] - Set minimum holding ratios for commercial service building areas in key business districts, with specific percentages varying by district [3] - Support high-quality residential construction and optimize planning management to create comfortable living spaces [3] Group 2: Meeting Diverse Needs - Encourage local districts to adopt direct subsidies for home purchase down payments and optimize existing real estate support policies [4] - Support conditional districts in allowing guardians of school-age children to register for new residential property purchases, facilitating school enrollment [4] - Advance urban renewal initiatives, focusing on the renovation of urban villages and dilapidated housing [4] - Launch "Home in Chengdu" real estate promotional activities during major festivals to stimulate housing consumption [4] Group 3: Revitalizing Existing Stock - Conduct scientific planning assessments based on regional development to manage idle land effectively [7] - Enhance operational efficiency of commercial properties and encourage the use of market-based rental pricing strategies [7] - Support mixed-use configurations in commercial spaces to foster new business models [7] Group 4: Optimizing Housing Provident Fund System - Increase housing provident fund loan support and adjust the loan calculation formula to improve loan amounts [9] - Expand the usage of housing provident funds to include the renovation of old elevators in residential complexes [9] - Facilitate flexible employment individuals' participation in the housing provident fund system by adjusting age limits and loan application requirements [9]

Core Viewpoint - Chengdu's housing and urban-rural development bureau, along with five other departments, issued a notice to promote the stable and healthy development of the real estate market, which includes measures to gradually lift housing sales restrictions and enhance housing loan support [1] Group 1: Policy Changes - The housing sales restriction policy will be lifted in batches, allowing properties purchased between October 14, 2024, and July 21, 2025, to be traded after obtaining the property rights certificate [1] - From January 1, 2026, the transfer restrictions on second-hand housing that still fall under the sales limit will be removed for properties acquired before October 14, 2024, to better support residents' housing exchange needs [1] Group 2: Loan Support Enhancements - The housing provident fund loan support will be strengthened, with an optimized loan amount calculation formula linked to the deposit balance, effectively increasing the available loan amounts [1] - The minimum down payment ratio for personal housing provident fund loans for families purchasing a second home will be reduced from 30% to 20% [1]

Group 1: Real Estate Investment Trends - Guangdong's real estate development investment reached 497.5 billion yuan in the first half of the year, a year-on-year decrease of 16.3% [1] - The investment in commercial residential properties was 377.74 billion yuan, down 11.9% [1] - The construction area in Guangdong decreased by 11.3% to 63.749 million square meters, with new construction area down 21.1% [1] Group 2: Policy Initiatives - Chongqing's government introduced measures to boost housing consumption, including subsidies for new home purchases in the city center [2] - A 1% subsidy on total housing price is offered for new purchases if the original home is sold within a year [2] - The policy aims to stimulate demand and promote a balanced housing market [2] Group 3: Urban Renewal Projects - The complete demolition of 1,950 village houses in Guangzhou's Xian Village marks the start of redevelopment after 15 years of efforts [3] - The project provides valuable experience for urban village renovations across the country and is expected to enhance regional development [3] Group 4: Corporate Debt Restructuring - CIFI Holdings Group's debt restructuring plan for over 6 billion yuan has been approved by creditors, indicating a positive step for the company [4] - The restructuring involves seven bonds totaling over 10 billion yuan, with four bonds already receiving creditor approval [4] - The case illustrates the potential for private real estate companies to recover through market-driven mechanisms [4] Group 5: Asset Divestiture - Sunac Services announced an extension for the sale of an 80% stake in Guangxi Zhangtai Sunac Wisdom, with the completion date pushed to August 31, 2025 [5] - The transaction aims to optimize the financial structure and focus on core strategic areas [6] - The successful completion of the deal faces challenges related to valuation and funding arrangements [6]

Group 1: Macro Economic Data - The market is experiencing profound changes, with a significant increase in social financing and residential deposits, indicating ample liquidity but cautious investment sentiment [2] - In the first half of 2025, the social financing scale increased by 22.83 trillion yuan, a year-on-year growth of 4.74 trillion yuan, while residential deposits surged by 10.77 trillion yuan, reaching a historical high [2] Group 2: Interest Rate Trends - Mortgage rates have been declining, with the second home loan rate dropping from 4.65% to 3.3%, and in some cities as low as 3%, marking a historical low [3] - A decrease of 0.5 percentage points in the second home loan rate can save approximately 5,000-6,000 yuan annually for a 1 million yuan loan over 30 years [3] Group 3: Policy Adjustments - Major cities like Beijing and Guangzhou have relaxed housing policies, such as the introduction of the "both withdraw and loan" policy for provident funds and the removal of restrictions on converting commercial loans to provident funds [4] - Following these policy changes, inquiries for larger and school district properties increased by 20% [4] Group 4: Real Estate Company Restructuring - The debt restructuring process for real estate companies is accelerating, with significant investments and loan approvals aimed at reducing the risk of unfinished projects [5] - As of May, banks had approved 6.7 trillion yuan in loans, covering over 16 million housing constructions, which helps mitigate the risk of unfinished buildings [5] Group 5: Real Estate Tax Developments - The Ministry of Finance has announced a temporary pause on the real estate tax pilot, which is expected to remain in place until at least 2027 [6] - This decision is seen as a short-term benefit for the market, although the long-term introduction of real estate tax remains likely [6] Group 6: Home Buying Strategies - First-time homebuyers are advised to take advantage of the current low-interest rate environment and focus on properties in core urban areas with mature infrastructure [9] - Investors should be cautious and focus on high-quality small apartments in cities with sustained population inflow, ensuring rental income can cover mortgage payments [8]