Core Viewpoint - The Chinese real estate market is transitioning from "scale economy" to "quality economy," focusing on the development of "good houses" to drive high-quality growth and create a second growth curve for the industry [1] Group 1: Definition and Standards of "Good Houses" - The concept of "good houses" includes specific requirements such as height, elevators, and noise control, particularly in the housing rental market dominated by existing properties [3] - The ICCRA Housing Rental Industry Research Institute defines "good houses" based on three elements: cost-effectiveness, comfortable and smart experiences, and a sense of community [3] - The "good house" standards are being developed collaboratively by industry players, with over 150 control points covering planning, construction, and operation maintenance [3] Group 2: Service and Experience Enhancement - "Good houses" are not only about hardware standards but also about providing excellent services, enhancing tenant experience through community stability and tailored services [5] - Housing rental companies are exploring service improvements, such as partnerships with local services and providing comprehensive support to tenants [5] - The definition of "good houses" has evolved to focus on comfort, safety, and a sense of belonging rather than just luxury materials [5] Group 3: Asset Logic of "Good Houses" - The report emphasizes that "good houses" equate to "good assets," highlighting four standards: green, low-carbon, smart, and safe [6] - Economic assessments show that prefabricated renovations can reduce unit costs by 15%-20% and operational energy costs by approximately 25%, leading to a 3%-5% increase in NOI [6] Group 4: Operational Efficiency and Returns - The ICCRA report indicates that integrating low-carbon and smart technologies can enhance operational efficiency, with energy costs decreasing by 25% and operational efficiency improving by 35% [8] - The focus on service quality and brand culture can increase tenant retention rates by 10%-15% and extend average lease terms [8] - The housing rental industry is moving towards financialization, with expectations for increased market activity and stable dividend rates for rental housing assets by 2025 [9]