近日，建设银行（601939）、万科A、金风科技（002202）、电子城（600658）等头部企业，相继宣布 主动撤回或终止公募REITs的发行申请。 中国证券报记者了解到，近期多个公募REITs的"战略性撤退"，或是监管新规落地、市场环境变化及企 业自身战略调整共同作用的结果，也预示着公募REITs市场正从"扩容提速"转向更加注重资产质量、估 值逻辑深度重构的新发展阶段。 多家公司撤回REITs申报 1月23日，建设银行公告称，前期，该行附属公司建信住房作为原始权益人，以建信住房持有的保障性 租赁住房项目申报发行公募REITs。该项目于2024年3月获中国证券监督管理委员会和上海证券交易所 受理。为进一步整合项目资源，优化运营管理，该项目的基金管理人和专项计划管理人主动申请撤回申 报材料。截至2026年1月23日，该项目已终止申报审核流程。 图片来源：建设银行公告 建设银行表示，本次终止申报审核，不会对该行的经营活动和财务状况产生不利影响。 记者就该项目终止的原因、未来发展规划等问题向建设银行发函采访。截至记者发稿，该行未予以明确 回应。记者注意到，此次公募REITs撤回或正处于建信住房经营发展的关键阶段， ...

回望2025年，我国房地产市场和房地产业在深度调整过程中面临一定压力，也在顶压前行中展现韧性。 我国着力促进房地产市场止跌回稳，房地产发展新动能正在转型中逐步形成。 市场呈现筑底调整 本轮房地产市场调整从2021年下半年开始，已经延续4年多时间。2025年，我国房地产市场呈现筑底调 整态势。房地产业是国民经济的重要产业和居民财富的重要来源。促进房地产市场平稳健康发展，关系 我国宏观经济稳定。 2025年，我国着力促进房地产市场止跌回稳，推动构建房地产发展新模式，坚定推动房地产高质量发 展。各地区、各部门形成合力，打赢保交房攻坚战，切实保障购房人合法权益，交付风险大幅度降低， 既保证了社会经济稳定，也为房地产后续发展奠定基础。各地落实好政策"组合拳"，持续释放政策效 应，城市政府充分用好房地产调控自主权，调整优化房地产政策。有关部门统筹防风险和促转型，坚持 市场化、法治化原则，加强销售资金监管，推动地级及以上城市全部建立房地产融资协调机制，"白名 单"项目扩围增效。 2025年，我国房地产业统筹惠民生和稳增长。38个城市开展老旧住房自主更新、原拆原建，266个地级 及以上城市建立住房保障轮候库，以需定建、以需定 ...

Core Insights - The overall real estate market in China is expected to continue its adjustment trend in 2025, with new home sales weakening and the second-hand market relying on price adjustments to stimulate volume [1][2]. Market Overview - From January to November 2025, new home prices in 100 cities increased by 2.29%, remaining stable compared to the same period in 2024. In contrast, second-hand home prices fell by 7.46% during the same period, indicating ongoing pressure on prices [2]. - The land supply strategy has shifted to "reducing quantity while improving quality," with residential land transaction area in 300 cities decreasing by 15.8% year-on-year and land transfer fees dropping by 6% [2]. - The top 20 cities accounted for 57% of the total land transfer fees, with state-owned enterprises being the primary players in land acquisition [2]. Policy and Supply Optimization - The "14th Five-Year Plan" emphasizes promoting high-quality development in real estate, with policies aimed at stabilizing expectations, activating demand, and optimizing supply [4]. - The government is expected to continue optimizing restrictive policies in major cities and reduce housing costs through measures such as lowering mortgage rates and increasing tax deductions for mortgage interest [4]. Rental Market Insights - In 2025, the housing rental market saw a decline in average rents, with a 3.04% drop in rental prices across 50 key cities from January to November [7]. - The implementation of the "Housing Rental Regulations" marks a new phase of industry regulation, with over 150 housing rental policies introduced by local governments in 2025 [6]. Industry Trends and Challenges - The property management sector is experiencing a slowdown, with revenue growth for listed companies dropping from over 40% in 2021 to less than 4% currently, indicating a shift from a focus on scale to prioritizing quality and efficiency [8][10]. - The industry is facing a "revenue growth without profit" situation, necessitating optimization of pricing mechanisms and innovation to achieve sustainable development [12]. Future Outlook - The real estate market is expected to see a 6.2% decline in new residential sales area in 2026, with a continued focus on quality over quantity in supply [5]. - The rental housing market is projected to stabilize as supply shifts from large-scale construction to demand-driven development, enhancing the quality of rental properties [8].

Core Insights - The report analyzes the current state, characteristics, and trends of China's housing rental market, indicating a stable market size and continuous structural optimization [1] - The rental population in China has reached 260 million, with new citizens and young renters making up nearly 200 million, becoming the core demand group [1][10] - State-owned brands dominate the market, accounting for 64% of national projects and 55% of benchmark projects, serving as a stabilizing force in the industry [1][12] - New first-tier cities represent 45% of the market, followed by first-tier cities at 25% and second-tier cities at 24%, with cities like Shanghai, Hefei, and Hangzhou emerging as rental hotspots [1][17] Project Overview - Large-scale projects are favored, with projects containing over 500 units making up 48% of the market; many state-owned projects exceed 2,000 units [2][30] - The average age of renters has risen to 34.1 years, with those aged 30-39 constituting 38% of the rental market; an increase in family-type renters has led to a rise in the supply of larger units [2][31] - Rental prices show the highest premium from one-bedroom to two-bedroom units, reaching 43.7%, with new first-tier cities balancing rental costs and development [2][38] Project Configuration - The concentration of appliance brands is high, with Midea leading in categories like air conditioning and refrigerators, while the market for bathroom and bedding brands remains fragmented [2][32] - Future housing rental projects need to optimize from multiple aspects, including precise segmentation of target groups and dynamic unit configurations [2][50] Market Trends - The report highlights the need for differentiated supply and dynamic pricing strategies to shorten the ramp-up period for projects [2][50] - Customer loyalty can be enhanced through improved service and community systems, alongside cost control measures [2][50] Rental Market Performance - 64% of projects maintain a rental rate between 90%-100%, with talent apartments achieving the highest rental rate of 92% and a renewal rate of 77% [2][48] - The average renewal rate across projects is above the industry average, with 86% of projects having a renewal rate exceeding 50% [2][49] - The ramp-up period for projects remains stable, with nearly 80% of projects maintaining a ramp-up period of less than six months [2][52]

Core Insights - The report highlights the growth and distribution of the top 30 centralized long-term rental apartment companies in China, with a total of 1.398 million operational units as of September 2025, indicating a competitive landscape among various types of enterprises [1][4]. Summary by Category Operational Scale - The top 30 companies include 11 housing rental enterprises, 10 local state-owned enterprises, 4 entrepreneurial firms, 3 hotel-related companies, 1 intermediary, and 1 financial company. Housing rental enterprises dominate with a 46% share of the total operational scale [1][2]. - The operational scale distribution is as follows: - Housing Enterprises: 11 companies, 647,000 units, 37% of companies, 46% of operational scale - Local State-Owned Enterprises: 10 companies, 305,000 units, 33% of companies, 22% of operational scale - Entrepreneurial Firms: 22,200 units, 13% of companies, 16% of operational scale - Hotel-Related Companies: 15,900 units, 10% of companies, 11% of operational scale - Intermediaries: 4,900 units, 3% of companies, 4% of operational scale - Financial Companies: 1,500 units, 3% of companies, 1% of operational scale [2][5]. Management Scale - As of September 2025, the top 30 companies manage approximately 1.98 million units, with a similar distribution of company types as in the operational scale ranking. Housing rental enterprises maintain a stronghold with nearly 50% of the management scale [4][6]. - The management scale distribution is as follows: - Housing Enterprises: 11 companies, 950,000 units, 37% of companies, 48% of management scale - Local State-Owned Enterprises: 10 companies, 449,000 units, 33% of companies, 23% of management scale - Entrepreneurial Firms: 30,900 units, 17% of companies, 16% of management scale - Hotel-Related Companies: 20,900 units, 10% of companies, 11% of management scale - Intermediaries: 6,300 units, 3% of companies, 3% of management scale [5][6]. Market Trends - The average rental price across 50 cities in September 2025 decreased by 0.39% month-on-month and 3.76% year-on-year, reflecting a decline in market activity influenced by seasonal factors [8][11]. - Among the 50 cities, only 4 cities experienced a month-on-month increase in rental prices, while 46 cities saw declines, with Xi'an recording the largest drop at 1.22% [11][8]. Land Transactions - In September 2025, 137 residential land transactions occurred across 22 key cities, with a total planned construction area exceeding 9 million square meters. Chongqing led in transaction volume [14][16]. - Among these, 6 transactions involved rental land, totaling 14,000 square meters, indicating ongoing development in the rental housing sector [14][16].

Core Viewpoint - The implementation of the "Housing Rental Regulations" on September 15, 2025, aims to address disputes between landlords and tenants, with the Tongzhou District People's Court providing judicial support to ensure a healthy and orderly development of the housing rental market [1] Group 1: Challenges in Housing Rental Disputes - The Tongzhou Court identified three main challenges in handling housing rental cases: inappropriate litigation subjects, difficulties in determining breach of contract responsibilities, and complications in handling contract termination consequences [1][2] Group 2: Innovations in Judicial Processes - The Tongzhou Court has innovated its judicial processes by optimizing the trial workflow at three stages: filing, pre-trial, and trial, enhancing the efficiency of dispute resolution [2] - A progressive "three identification" mechanism has been implemented to refine filing standards and improve the specificity, standardization, and timeliness of case handling [2] Group 3: Recommendations for Landlords and Tenants - Landlords are advised to comply with legal regulations regarding rental properties, fulfill their obligation to inform tenants, and take appropriate measures to protect their rights without escalating conflicts [3] - Tenants should exercise due diligence in assessing rental properties, promptly vacate the premises when required, and carefully review contract terms, particularly distinguishing between deposits and advance payments [3]

Core Viewpoint - Recent rumors regarding the imposition of a "landlord tax" have sparked widespread discussion, but experts clarify that current housing rental tax policies remain unchanged and that the rumors stem from a misunderstanding of the new Housing Rental Regulations effective from September 15 [1][2] Group 1: Tax Policies and Regulations - The "landlord tax" rumors are based on a misinterpretation of the Housing Rental Regulations, which require landlords and tenants to sign contracts under real names and register them with relevant authorities [1] - Local tax authorities, such as Chengdu's tax department, have clarified that existing tax policies for rental properties have not changed and that there is no new "landlord tax" introduced by the new regulations [1][2] - Current policies provide significant tax exemptions for individual landlords, with many taxes being waived entirely for rental income below 100,000 RMB per month [2] Group 2: Tax Rates and Exemptions - Landlords primarily pay two types of taxes: property tax at a statutory rate of 4% (often reduced to 2%) and personal income tax at a rate of 10% (with some areas applying lower rates of 0.5% or 1%) [2] - In cities like Chengdu, landlords can benefit from a 0% tax rate if they register their rental contracts on the local housing rental platform, significantly lowering their overall tax burden [2] - The actual tax burden for landlords is much lower than the rumored "20%-30%" due to various exemptions and reductions in tax rates [2] Group 3: Rental Market Dynamics - Rental prices are determined by supply and demand rather than tax rates; in a seller's market, landlords may pass on tax costs to tenants, while in a buyer's market, tenants have more negotiating power [3] - Data from the China Index Academy indicates that the average residential rent in 50 cities was 34.93 RMB per square meter in July, showing a slight month-over-month decline and a year-over-year decrease, suggesting a stable rental market [3] - The current rental market does not exhibit tight supply-demand conditions, making it unlikely for landlords to transfer tax burdens to tenants [3]

Core Viewpoint - The newly announced "Housing Rental Regulations" will take effect on September 15, 2025, marking the first administrative regulation in China's housing rental sector, aimed at enhancing the stability and development of the rental market [1][2]. Group 1: Market Context - The Chinese housing market has historically favored purchasing over renting, leading to a relatively underdeveloped rental market. However, as the market transitions to a stock era, the role of housing rentals in meeting the needs of new citizens and young people is becoming increasingly important [1]. - According to the National Bureau of Statistics, over 25% of urban households in China were renting as of 2020, with provinces experiencing significant population inflows showing higher rental proportions, such as Guangdong at over 55%, and Shanghai and Beijing at over 35% [1]. Group 2: Regulatory Impact - The "Housing Rental Regulations" aim to stabilize rental relationships and incentivize investment by establishing clear guidelines for landlords, tenants, rental companies, and intermediaries [2]. - The regulations encourage homeowners to rent out their properties and support the transformation of old factories and commercial spaces into rental housing, thereby increasing the supply of rental units through multiple channels [2]. - The regulations are expected to foster the emergence of specialized housing rental companies, enhancing the professionalism within the sector [2].

Hot News - The State Council Premier Li Qiang signed the "Housing Rental Regulations," which will be implemented on September 15, 2025, emphasizing market - government cooperation and regulating housing rental enterprises [2] - On July 21, the National Energy Administration released June's electricity consumption data, showing a 5.4% year - on - year increase, with varying growth rates in different industries [2] - At a press conference on July 21, Foreign Ministry Spokesperson Guo Jiakun had no information on the possible meeting between Chinese and US heads of state [2] - The US Congressional Budget Office estimates that the "Big and Beautiful Act" will increase the US deficit by $3.4 trillion in ten years [3] Key Focus - The key commodities to focus on are coking coal, soda ash, asphalt, rapeseed meal, and glass [4] Night - session Performance - The night - session performance of different commodity futures sectors shows varying growth rates, with the precious metals sector having the highest growth rate of 28.87%, followed by the coal - coking - steel - ore sector at 14.71% and the oil - and - fat sector at 12.44% [4] Major Asset Performance - Different types of major assets have different daily, monthly, and annual growth rates. For example, the Shanghai Composite Index has a daily increase of 0.72%, a monthly increase of 3.35%, and an annual increase of 6.21%; the precious metals like London spot gold have excellent performance with an annual increase of 29.44% [6]

Core Viewpoint - The newly published "Housing Rental Regulations" aims to standardize housing rental activities, protect the legal rights of parties involved, stabilize rental relationships, and promote high-quality development of the rental market, with implementation set for September 15, 2025 [1][2]. Summary by Sections Overall Requirements - The regulations emphasize that the development of the housing rental market should align with national policies and encourage a combination of market-driven and government-guided approaches, promoting diverse channels for increasing rental housing supply and fostering market-oriented, professional rental enterprises [1]. Regulation of Rental Activities - Housing intended for rental must comply with legal standards related to construction and fire safety, ensuring no risk to personal safety and health. Non-residential spaces cannot be rented out for residential purposes. Both landlords and tenants are required to sign rental contracts under real names and adhere to specified behavioral norms [1]. Regulation of Rental Enterprises - Rental enterprises must provide truthful, accurate, and complete information about available properties, maintain rental archives, and establish sound internal management systems. Those engaged in subleasing must set up regulated rental fund accounts [1][2]. Regulation of Brokerage Institutions - Brokerage institutions are required to verify and record the identity of clients and property ownership before publishing rental information, conduct on-site inspections, and prepare housing condition reports. They must also clearly price their service fees [2]. Strengthening Supervision and Management - Local governments at the city level and above must establish rental price monitoring mechanisms and regularly publish rental level information. Property management departments must implement graded supervision based on the credit status of rental enterprises and their personnel, while industry organizations should enhance self-regulation [2]. Strict Accountability - The regulations stipulate strict legal responsibilities for landlords, tenants, rental enterprises, brokerage institutions, and relevant government officials in cases of violations [2].