Core Viewpoint - The introduction and implementation of the Housing Rental Regulations mark a new phase of standardization and transformation in the housing rental market, particularly in the long-term rental sector, shifting from incremental expansion to stock optimization [1][3]. Industry Standardization - The Housing Rental Regulations are seen as a foundational element for the housing rental market in China, signaling a new legislative phase for the rental sector [3]. - The lack of unified standards in the past allowed many institutions to survive through innovative models or by operating in gray areas, but now the focus will shift to compliance and long-term value [3]. - The rental housing market is expected to evolve towards institutionalization, rationalization, and long-term sustainability, with a focus on predictable rental assets [3]. Market Quality Upgrade - Although a unified standard for "good rental housing" has not yet been established, the market is driving product iteration, leading to higher quality offerings [4]. - The demand for health, environmental sustainability, comfort, and smart home features is becoming central to competitiveness in the rental market [4]. - The rising expectations of young renters for quality living conditions are influencing their decisions, potentially reducing the urgency to purchase homes [4]. Company Strategy and Innovation - The company plans to continue focusing on the rental housing sector while also developing commercial facilities, as projects with commercial components show stronger customer willingness to pay [6]. - The company is exploring innovative formats such as senior living apartments and pet-friendly apartments, responding to the high pet ownership rates among younger renters [6]. - The company is transitioning from a purely light-asset operation to asset management, aiming to create a closed loop of "assets - construction - operation" [7]. - The company has added over 5,000 new rental units in the first half of the year, with expectations to exceed 10,000 units for the entire year [7]. - The company is also developing a "rental community" model, enhancing the rental experience by integrating commercial spaces and recreational facilities [7]. - The long-term vision emphasizes building a trusted and respected brand over the next decade or two, recognizing that the rental market is a slow-moving industry that cannot be rushed [7].

Group 1: Housing Rental Regulations - The first administrative regulations specifically targeting housing rental in China were implemented on September 15, addressing issues such as housing safety, deposit refunds, rental stability, and leasing registration [2] - The regulations provide systematic provisions on housing supply, contract norms, leasing entities, and rights protection, aiming to resolve industry pain points and offer institutional guarantees [2] - The regulations prohibit the separate rental of non-residential spaces for living, set limits on the number of tenants per room, and establish minimum living space standards to eliminate "shared rental" situations [2] Group 2: Real Estate Transaction Risks - Recent warnings from Xining's Housing Security and Real Estate Management Bureau highlighted risks in second-hand property transactions, including the use of false identities in negotiations [3] - Consumers are advised to verify property ownership documents and use regulated accounts for fund settlements to mitigate transaction risks [3] - The real estate market is increasingly focused on transaction safety and service quality, with a growing emphasis on consumer rights protection as the market transitions to a "stock era" [3][4] Group 3: Company Initiatives - Beike Holdings launched a "True Guarantee" full-process service assurance system on September 22, aimed at enhancing service quality and promoting healthy industry development [1][4] - The "True Guarantee" system includes 35 service commitments, focusing on real housing sources, payment security, commission refunds, privacy protection, and quality compensation [4][5] - Beike has established a 100 million yuan special guarantee fund to ensure quick compensation for consumers facing losses during compliant transactions, with a total of 55.6 billion yuan in compensation claims processed from 2001 to August 2025 [5]