房地产市场传来重大消息，国家层面正通过专项债等工具收购存量商品房，这一被形象称为"国家队进场"的操作，对市场意味着什么？ 近期，一项被广泛解读为"国家开始亲自下场买房"的政策正在全国多地铺开。根据各地房交会信息和官方通知，包括张家界、杭州等多个城市相继推出收 购存量商品房用作保障房的举措。 同时，据中指研究院监测，截至2025年6月末，已有25个省市公示拟使用专项债收购闲置存量土地，总金额超4700亿元。 01 国家进场：收购存量房，一石二鸟 这些举措一方面缓解了房地产企业的库存压力，另一方面也加快了保障性住房的筹集速度，可谓一石二鸟。 02 政策背景：市场持续承压，止跌回稳成目标 国家为何选择此时"亲自下场"？理解这一问题的前提是认清当前房地产市场的现状。 从国家统计局发布的最新数据来看，2025年1—10月： 国家层面收购存量商品房并非空穴来风。2025年3月，住房和城乡建设部部长倪虹在民生主题记者会上明确表示，将 "推进收购存量商品房" 作为坚决"稳 住楼市"的四项重点任务之一。 他特别指出，今年地方政府专项债安排4.4万亿元，其中一个使用方向就是土地收储和收购存量商品房。 具体如何操作？从各地实践看， ...

11月18日，开封市平稳基金正式成立。将借鉴南宁市平稳基金运营模式开展开封市保交楼工作。这也意 味着保交楼"南宁模式"正在走向全国，形成可复制可推广的重要经验。 随着保交楼攻坚战进入尾声，国家专项借款正在逐步退出，房地产"保交楼"工作进入深水区。据了解， 部分城市仍存在债务关系复杂、资产多重抵押、资金缺口巨大等问题的烂尾楼项目，这些项目需要通过 创新方式逐步解决。 在上述背景下，各地亟需建立市场化纾困长效机制。11月初，河南开封、河南荥阳、山东泰安三地考察 团相继南下广西南宁，希望能深入学习平稳基金的"保交楼"运作模式，而该基金年内已经三次迎接外地 考察团。 南宁市平稳基金的探索，不仅为当下的烂尾楼项目提供了解题思路，更为构建房地产发展新模式提供了 重要参考。 "硬骨头"难啃，三地考察团南下取经 "我们面临的是货值无法覆盖建设成本的项目，一方面市场化资金不愿进入，另一方面债权人的博弈又 异常激烈。"一位房地产行业观察人士表示，"平稳基金的成功案例为很多尚未解决的项目提供了破题思 路。" 南宁市平稳基金（以下简称"平稳基金"）是全国范围内最早成立的房地产纾困基金，由三家南宁市国企 出资为主，吸引社会资本共同投入 ...

Core Points - 华夏幸福's stock reached the daily limit of 3.64 yuan, with a rise of 9.37%, bringing its total market value to 14.168 billion yuan and circulating market value to 14.094 billion yuan, with a total transaction amount of 3.056 billion yuan as of the report date [1] Group 1 - The stock surge is attributed to significant debt restructuring, with 1,926.69 billion yuan of financial debt restructured, accounting for 87.9% of total debt, and interest reduction of 202.03 billion yuan, alleviating debt pressure and boosting market confidence in future development [2] - The "guarantee delivery" initiative is nearly complete, with residential projects delivered and only four apartment projects pending, stabilizing market expectations [2] - The company is advancing its transformation as an industrial new city service provider, with 18 new enterprises entering the park and a signed investment amount of 13.66 billion yuan, aligning with industry development trends supported by recent government policies [2] Group 2 - On November 18, the stock saw a trading volume of 3.466 billion yuan, with a net buying of 284 million yuan and net selling of 215 million yuan, indicating increased attention from funds [2] - Previous net buying by retail and foreign funds on November 13 also suggests growing interest in the stock [2] - Although technical patterns were not mentioned, the participation of substantial funds contributed to the stock's limit-up performance [2]

值得注意的是，这一现象并非银行独有，消费金融公司、汽车金融公司等非银机构也在加大个贷不良资 产出清力度，共同印证了行业处置模式的转型。 银行下场卖房这一处置方式的利弊呈现多面性。对银行而言，直接卖房能显著提升资产处置效率，加速 资金回笼。同时通过自主把控交易流程，减少信息不对称带来的法律纠纷，最大限度保全资产价值。对 购房者来说，"直供房"成交价普遍低于市场价16%—31%，且交易流程规范透明，还能享受按揭贷款等 配套金融服务，有效解决了法拍房需全款支付的痛点，降低了"踩坑"风险。对市场而言，不良资产的有 序消化避免了恐慌性抛售对房价的冲击，为房地产市场健康发展筑牢缓冲垫。 "银行也在卖房了，比市场价低不少。"近期，兰州、广东等地银行通过线上平台直接挂牌"直供房"的消 息引发市场热议。这些房源凭借显著的价格优势和清晰的产权属性，成为刚需购房者的"捡漏"新选择。 而这背后，是金融机构不良资产处置从"被动清收"向"主动管理"转型的深刻变革。 银行"下场卖房"是特定经济环境下的选择。近年来，受经济下行压力与房地产市场深度调整影响，个人 按揭贷款断供、房地产开发贷款违约现象增多，银行持有的"法拍房""抵债资产"规模持 ...

Core Viewpoint - Banks are actively selling properties at prices significantly lower than market rates, driven by the need to manage non-performing assets and respond to economic pressures in the real estate market [1][2]. Group 1: Market Context - Recent economic downturns and deep adjustments in the real estate market have led to increased defaults on personal mortgage loans and real estate development loans, resulting in a growing scale of "foreclosure properties" and "debt settlement assets" held by banks [1]. - Traditional disposal channels for these assets have faced bottlenecks, with high rates of unsold foreclosure properties due to issues like unclear tax obligations and difficulties in clearing properties [1][3]. Group 2: Benefits of Direct Property Sales - Direct property sales by banks can significantly enhance asset disposal efficiency and accelerate capital recovery, while also reducing legal disputes through better control of the transaction process [2]. - Buyers benefit from "direct supply properties" that are generally priced 16% to 31% lower than market rates, with transparent transaction processes and access to mortgage services, addressing the challenges of full cash payments for foreclosure properties [2]. Group 3: Challenges and Risks - Banks may face challenges due to a lack of professional sales teams and market promotion experience, which could lead to inefficiencies and imbalances in cost and revenue [3]. - Potential issues with property rights and payment of property fees could result in disputes that harm the bank's reputation [3]. - The influx of low-priced properties into the market could temporarily suppress surrounding property prices, as seen in certain areas where average transaction prices have dropped [3]. Group 4: Alternative Asset Disposal Strategies - Besides direct sales, banks can utilize more mature and innovative methods for disposing of non-performing assets, such as packaging them for asset management companies (AMCs) that specialize in efficient asset disposal [4]. - Establishing "special asset divisions" or using asset securitization to attract capital market investors are also viable strategies for risk sharing and maximizing returns [4]. - For properties that are difficult to sell, converting them into long-term rental apartments or affordable rental housing aligns with policy directions and helps activate assets [4]. Group 5: Long-term Strategy - The decision for banks to sell properties directly is a tactical choice aimed at quickly mitigating risks and recovering funds, but it is essential to focus on preventing transaction disputes and reputation risks [4]. - A long-term solution involves building a multi-layered, professional, and market-oriented system for disposing of non-performing assets, with banks acting as financial providers and coordinators through collaboration with AMCs, technology companies, and local governments [4].

此前政府部门曾介入协调，明确承诺该楼盘将于2025年3月交房，但交房日期随后推迟至2025年11月， 即便如此，到期后业主们仍未等到收房通知。一次次的延期让业主们心力交瘁，从最初的期盼逐渐陷入 崩溃，迫切希望相关部门能彻底解决问题。 近期，问政湖南平台多个楼盘业主的投诉留言，涉及房屋逾期交付、保交楼资金挪用、房产证办理受 阻、配套设施搁置等多重问题。 和泓桃李春风：买房5年仍未收房 长沙县和泓桃李春风业主反馈，买房5年仍未收到房屋来，楼盘一直是停工再复工的反反复复，以至于 到现在还是处于未完工的状态，不知道现在该拖多久才能交房。 长沙市望城区金辉优步学府9栋业主投诉：房款、契税、维修基金一分没少交，却因为开发商和银行的 债务纠纷，拿不到房产证。 业主均已按《商品房买卖合同》约定足额支付全部购房款，且已缴纳契税、维修基金等所有相关费用， 履行了作为买受人的全部合同义务。但当依据相关法律法规和不动产登记要求，前往民生银行办理住房 抵押注销手续（因案涉房屋存在金辉地产与民生银行的债务关联抵押），遭到银行无正当理由拒绝。 中梁玺悦台二期：项目停工，配套设施建设完全停滞！ 长沙中梁玺悦台二期业主反映，小区业主于2022 ...

Core Insights - The real estate financing coordination mechanism established in early 2024 has made significant progress, with the "white list" project loan approval amount exceeding 7 trillion yuan, effectively supporting the construction and delivery of residential projects [1][2][3] Group 1: Financing Mechanism Progress - As of the end of 2024, the loan amount for "white list" projects reached 5.03 trillion yuan, surpassing the expected target of 4 trillion yuan [2] - By January 22, 2024, the loan amount increased by 570 billion yuan, reaching 5.6 trillion yuan [2] - By March 5, 2024, the approved loans exceeded 6 trillion yuan, covering over 15 million housing units [2] - As of September 22, 2024, the loan amount for "white list" projects surpassed 7 trillion yuan, supporting nearly 20 million housing units [2] Group 2: Delivery and Quality Improvement - The pace of housing delivery has become more stable compared to the same period last year, with significant improvements in delivery quality and homeowner satisfaction [1][4] - The delivery of over 7.5 million sold but undelivered housing units has been achieved, effectively safeguarding the legal rights of homebuyers [3][4] Group 3: Government and Policy Support - The Ministry of Housing and Urban-Rural Development has established a three-tiered working group to ensure accountability among local governments, real estate companies, and financial institutions [3] - Local governments have implemented strict pre-sale fund supervision regulations to ensure the safety of funds and prevent misuse [6] - A government-led relief fund has been established to provide bridge financing for projects facing funding shortages [6] Group 4: Industry Transformation and Economic Impact - The real estate sector is transitioning from high-leverage expansion to high-quality development, promoting the establishment of long-term mechanisms such as improved pre-sale systems and expanded pilot programs for selling completed homes [7] - The recovery of the real estate market is expected to positively impact related industries such as construction materials, services, and property management, fostering coordinated development with the national economy [7]

Core Insights - The real estate financing coordination mechanism established in early 2024 has made significant progress, with the "white list" project loan approval amount exceeding 7 trillion yuan, effectively supporting the construction and delivery of residential projects [1][2][3] Group 1: Financing Mechanism Progress - As of the end of 2024, the loan amount for "white list" projects reached 5.03 trillion yuan, surpassing the expected target of 4 trillion yuan [2] - By January 22, 2024, the loan amount increased by 570 billion yuan, reaching 5.6 trillion yuan [2] - By March 5, 2024, the approved loans exceeded 6 trillion yuan, covering over 15 million housing units [2] - As of September 22, 2024, the loan amount for "white list" projects surpassed 7 trillion yuan, supporting nearly 20 million housing units [2] Group 2: Delivery and Quality Improvement - The pace of housing delivery has become more stable compared to the same period last year, with significant improvements in delivery quality and homeowner satisfaction [1][4] - The delivery of housing has transitioned from an emergency response to a normalized and stable operation, with most key projects in various cities completed [4] Group 3: Government and Institutional Support - The Ministry of Housing and Urban-Rural Development has established a three-tier working group to ensure accountability among local governments, real estate companies, and financial institutions [3] - Over 7.5 million sold but undelivered housing units have been delivered, effectively safeguarding the legal rights of homebuyers [3] - Local governments play a crucial role in supporting the delivery of housing through policy guarantees, resource coordination, and financial support [6] Group 4: Financial Tools and Risk Management - The "white list" mechanism and special loans for housing delivery form a core support system for financing, enhancing efficiency and ensuring fund safety [5] - Strict fund supervision mechanisms are in place to ensure that funds are used exclusively for project construction [5] - Local governments have implemented stringent pre-sale fund supervision regulations to protect fund security and prevent misuse [6] Group 5: Market Impact and Future Outlook - The completion of housing delivery work is expected to restore buyer confidence in the pre-sale market and stabilize market expectations [7] - The initiative is anticipated to accelerate the clearing of industry risks and create a healthier development environment for quality enterprises [7] - The shift from high-leverage expansion to high-quality development is being promoted, along with the implementation of long-term mechanisms [7]

Core Points - Jiangxi courts have handled over 82,395 litigation preservation cases this year, involving a total preservation amount of 132.775 billion yuan [4][3]. Group 1: Judicial Environment Optimization - Jiangxi courts are committed to enhancing the legal business environment to promote the development of the private economy, aligning with the "14th Five-Year Plan" and the 2035 vision [3]. - A series of normative documents have been established, including the "Implementation Opinions on Creating a First-Class Legal Business Environment," focusing on judicial concepts, trial mechanisms, and service measures [3][4]. Group 2: Real Estate Risk Prevention - The courts have identified a list of 591 enterprises and 524 projects to prevent risks in the real estate sector, facilitating the delivery of housing and ensuring property rights [3]. - A collaborative plan has been signed with five departments to address difficulties in property registration related to seized properties, focusing on a phased approach for 46 projects involving over 5,000 housing registrations [3][4]. Group 3: Criminal Case Management - Jiangxi courts have processed over 400 criminal cases related to enterprises this year, aiming to combat crimes that disrupt the normal operations of private enterprises [3]. - The courts have differentiated between criminal and non-criminal cases, referring 57 criminal clues to law enforcement and recommending the withdrawal of two enterprise-related criminal cases [3].

Core Viewpoint - The economic growth in the third quarter is supported by short-term factors and medium-term resilience, maintaining reasonable growth [2][8][42] GDP - The GDP growth rate for the third quarter is 4.8%, matching expectations, with contributions from service consumption, improved external demand, and strong construction activity [2][44] - Service consumption remains resilient, contributing 2.7 percentage points to GDP [2][8] - External demand has improved, with net exports contributing 1.2 percentage points to GDP [2][8] - Construction activity surged in September, with a 22.9% increase, boosting property sales and supporting capital formation in GDP [2][8] Production - Industrial value-added growth increased to 6.5% in September, driven by specific industries like automotive production [2][13] - The automotive sector saw a 7.6% increase in value-added, contributing to an overall production growth of 0.4% [2][13] - Downstream production showed significant improvement, while upstream production remained weak due to declining investments [2][14] Retail Sales - Retail sales below the quota showed a decline, but service consumption continued to grow at a rate of 5.2% [3][20] - Retail sales of automobiles improved due to anticipated adjustments in subsidy policies, while home appliances saw a decline [3][20] - The overall retail sales growth in September was 3.0%, down 0.4 percentage points from the previous month [3][20] Real Estate - The "guarantee delivery" and "existing home sales policy" have been implemented, leading to a significant increase in construction activity [3][24] - Property prices in 70 cities showed a slight year-on-year increase, but still negative on a month-on-month basis [3][24] - The construction growth rate surged to 1.5% in September, driven by policy support [3][24] Investment - Fixed asset investment growth remains low, with a year-on-year decline of 6.5% in September [4][33] - Other expenses saw a significant increase, while construction and installation investment dropped sharply [4][33] - The acceleration of debt repayment has occupied funds for fixed investment, contributing to the ongoing decline in investment growth [4][33] Summary - Economic pressures are increasing, but policies are actively countering these effects, with expectations for resilience in the fourth quarter [4][42] - Short-term factors like "production rush" may fade, leading to potential downward pressure on industrial production [4][42] - The implementation of 500 billion yuan in local special bond quotas is expected to alleviate the impact of debt repayment on fixed asset investment [4][43]