1979年3月，宝安县改为深圳市，由广东省和惠阳地区双重领导。为支援深圳建设，惠阳地区动员干部到深圳工作。这一年，时任惠 阳地区工交计委办公室副主任的骆锦星调至深圳，被任命为房管局副局长。 当时深圳的居民住房较为短缺，居住条件不佳。骆锦星接到任务，要在一年之内，按省科级以上干部住房标准，建好三百多套干部 宿舍，共约2万平方米。 骆锦星按照建安成本估算，起码需要200万元以上的预算。但当时深圳的地方财政并不宽裕，计委只能批50万元。 正苦于筹措资金时，一位香港的朋友对骆锦星说，"你这个局长是端着金饭碗在要饭"，为什么不像香港一样，把土地变成黄金？ 如今很多人对"土地财政"的概念了然于胸。在很长时间里，通过出让土地获得的收入，已成为地方财政收入的重要部分。由于土地 使用权收入属于预算外收入，土地财政也被称为"第二财政"。 但在当时，法律明文规定，土地不可被侵占、出租、买卖。 骆锦星想了一个"补偿贸易"的变通方案：深圳出地，港商出钱合作建房，利润双方分成。虽然该方案仍游走在政策边缘，但还是得 到了深圳市委的支持。 第二年，深圳成立了深圳特区房地产公司（以下简称"深房公司"），骆锦星兼任经理，这是我国第一家房地产开发 ...

城市更新的本质，是告别"土地财政依赖症"的集体觉醒。过去几十年，一些城市靠"摊大饼"快速扩张， 高楼如雨后春笋，道路越修越宽，但代价是"千城一面"的同质化、历史文脉的断裂、生态韧性的透支。 如今，城镇化率突破67%，城市发展已进入"存量博弈"阶段——不是没有土地，而是缺乏对存量的想象 力；不是没有空间，而是缺少对空间的敬畏心。成都将燃气管网埋入地下、郑州用"微更新"激活口袋公 园、上海以"一江一河"缝合城市肌理，这些案例揭示了一个真理：真正的城市更新，不是推倒重来的革 命，而是绣花式的革新；不是冰冷的数字游戏，而是有温度的人文觉醒。 时下，中国城市正从"摊大饼式"的增量扩张转向"绣花式"的存量提质。业内人士认为，涵盖资金支持、 土地保障、社会资本参与机制等方面的相关政策有望加速出台，为高质量城市更新注入动能。 城市是文明的容器，也是时代的镜子。从增量扩张到存量提质，不仅是发展策略的转向，更是治理理念 的升华。当我们将目光从冰冷的业绩数据移向街巷深处的烟火人生，当我们将算盘从土地财政转向民生 账本，城市才能真正成为"诗意栖居之地"。一座城市是否伟大，不在于有多少摩天大楼，而在于能否让 每个普通人"望得见山、看得 ...

Core Viewpoint - The real estate market is experiencing a significant downturn, with predictions for price stabilization in major cities being pushed back, indicating a prolonged period of low market activity [1] Group 1: Local Finance - The land finance model, which has supported local finances for over two decades, is now in jeopardy, with land transfer revenue dropping by 14% year-on-year in the first half of the year [3] - The difficulties faced by real estate companies have led to a lack of interest in the land market, exacerbating the financial strain on local governments [3] - This creates a vicious cycle where tight local finances hinder large-scale construction, leading to fewer projects and reduced tax revenue [3] Group 2: Secondary Housing Market - In Shanghai, over 40,000 newly restricted homes are set to be released in 2026, posing a risk of market collapse as prices for previously high-demand properties have plummeted [6] - The number of second-hand homes listed in Beijing and Shanghai has exceeded 160,000, with even a 20% price reduction failing to attract buyers [6] - A potential panic selling scenario could lead to a complete breakdown of the pricing system in the secondary housing market [6] Group 3: Real Estate Company Debt - By 2025, real estate companies will face nearly 3 trillion yuan in maturing debt, forcing developers to resort to drastic price cuts to sell properties [7] - The cycle of price reduction, mortgage defaults, and subsequent forced sales creates a downward spiral that is difficult to reverse [7] Group 4: Consumer Behavior - With real estate accounting for nearly 70% of household assets in China, the ongoing decline in property prices has severely impacted consumer wealth and spending intentions [8] - The perception of wealth has diminished, leading to a significant drop in consumer confidence and spending, as evidenced by reduced budgets for purchases like cars [8] Group 5: Market Confidence - The real estate market is trapped in a cycle of declining confidence, with new home prices falling for 39 consecutive months and second-hand home prices for 41 months [8] - The average sales cycle for homes in major cities has extended to 20 months, reflecting a lack of buyer interest [8] - The fundamental logic of the housing market has shifted, with an oversupply of housing and insufficient actual demand, indicating a return to the primary function of housing as a living space rather than a wealth symbol [8]

Core Viewpoint - The overall financial situation of local governments in China shows a stable economic operation in the first half of the year, but the fiscal revenue and expenditure remain under pressure, indicating a tight balance [3][4]. Revenue Summary - 27 out of 31 provinces reported revenue growth, with a national average increase of 1.6% in local general public budget revenue [6][8]. - The revenue growth was primarily driven by non-tax income, suggesting a weak recovery [4][6]. - Jilin province experienced the highest revenue growth at 16.4%, while four provinces, including Shaanxi and Shanxi, saw declines in revenue [7][8]. Expenditure Summary - 24 out of 28 provinces reported an increase in general public budget expenditure, with an average growth rate of 2.6%, which is higher than the revenue growth rate [3][6]. - The increase in expenditure is attributed to rising rigid spending, particularly in areas like education, social security, and healthcare [11][16]. - Local governments are prioritizing "three guarantees" (basic livelihood, wages, and operational stability) in their spending [16]. Challenges and Outlook - Despite the slight revenue growth, many provinces face significant fiscal pressure, with ongoing challenges in maintaining sustainable revenue growth [12][14]. - The second half of the year is expected to present continued difficulties in revenue generation, necessitating increased fiscal policy support [4][12]. - Local governments are implementing measures to balance budgets, including tightening spending and enhancing revenue collection efforts [14][15].

Core Insights - The report by the Ministry of Housing and Urban-Rural Development reveals a national housing vacancy rate of 21.3%, indicating approximately 120 million units are idle, significantly exceeding the internationally accepted standard of 5% [1] - The severe imbalance in the real estate market is attributed to local governments' reliance on land finance, which has led to excessive real estate development despite declining population trends [1][3] - The average housing price-to-income ratio in first-tier cities is 18.7, making home ownership increasingly unattainable for average families, particularly in lower-tier cities where the ratio is still high [1] Group 1 - The national housing vacancy rate stands at 21.3%, with first-tier cities averaging 16.5% and third- and fourth-tier cities reaching 26.4% [1] - The report highlights a direct correlation between the overdevelopment of real estate and the land finance model, which has contributed to a significant waste of resources [1][3] - Population decline is evident, with 2023 seeing a birth rate drop below 9 million and a natural growth rate of -0.15%, further exacerbating the housing demand issue [1] Group 2 - Approximately 38% of urban housing is for investment purposes, with nearly 40% of these properties remaining vacant, indicating a shift from housing as a necessity to a financial asset [3] - The real estate market's overreliance on investment has led to a disconnect between supply and actual housing needs, resulting in inflated prices and economic pressure on families [3][4] - The rapid urbanization in China has been criticized for mimicking Western models without considering local conditions, leading to a housing market that is out of sync with real demand [3][4]

Core Viewpoint - The development of new productive forces is a strategic choice for China's economy amid global changes, emphasizing the need for technological innovation and capital market support to enhance national competitiveness and drive high-quality economic growth [2][4]. Group 1: Global Context and Challenges - The world is undergoing a deep technological revolution and industrial transformation, with intensified geopolitical risks and adjustments in the international monetary system [2][3]. - Geopolitical conflicts, such as the ongoing Russia-Ukraine war, are impacting global energy security and commodity prices, leading to increased cross-border investment risks [3]. - The U.S. dollar's dominance is being questioned, with its share in global foreign exchange reserves projected to drop to 57.8% by the end of 2024, indicating a shift towards a multipolar currency system [3]. Group 2: Domestic Economic Transformation - China's urbanization rate has surpassed 67%, and the real estate market is facing a fundamental reversal in supply-demand dynamics, with land transfer revenue expected to decline by 16% in 2024 [4]. - The traditional "land finance" model is unsustainable, revealing risks such as repeated construction and local government debt [4]. - New productive forces, driven by technological innovation and data as key production factors, are crucial for breaking through the current economic transformation [4]. Group 3: Role of Capital Markets - Capital markets are essential for nurturing new productive forces, facilitating resource allocation, and supporting technological innovation [5][8]. - The Chinese government has prioritized the development of capital markets, implementing policies to enhance their functionality and efficiency [5][6]. - The capital market's ability to support technology enterprises throughout their lifecycle is being strengthened, with various initiatives aimed at improving access to financing [6][7]. Group 4: Challenges in Capital Market Empowerment - Supply-side challenges include insufficient patient capital and limited exit channels for equity investments, which hinder investment in high-risk tech startups [9][10]. - Demand-side issues involve mismatches between investment preferences and the financing needs of early-stage companies, as well as inadequate mechanisms for transitioning between different market segments [11][12]. - Mechanism-related challenges include information asymmetry and the need for a restructured valuation system that accurately reflects the potential of new productive forces [13][14]. Group 5: Recommendations for Strengthening Capital Market Support - To cultivate patient capital, innovative long-term assessment mechanisms should be established, focusing on aligning investments with strategic technological advancements [15][17]. - Diversifying exit pathways and enhancing institutional investor participation in the secondary market can optimize capital allocation and support new productive forces [16][18]. - A comprehensive governance framework should be developed to improve risk assessment models and enhance collaboration among market participants [19][20].

Investment Rating - The report maintains a "Recommendation" rating for the real estate industry [4] Core Insights - The relationship between housing prices and consumption has changed significantly since 2018, with a notable weakening of correlation post-2018 [9][14] - The report identifies two layers of analysis regarding the relationship between housing prices and consumption: a shallow layer influenced by income and a deeper layer concerning the ability of housing prices to shift the demand curve [22][62] - The efficiency of the real estate sector's impact on economic growth has decreased since 2018, primarily due to the diminishing effectiveness of land finance and land fiscal policies [10][62] Summary by Sections Industry Basic Data - The real estate sector comprises 107 listed companies with a total market value of 1,111.02 billion and a circulating market value of 1,060.27 billion [4] Relative Index Performance - The absolute performance over 1 month, 6 months, and 12 months is -0.3%, -16.7%, and -4.7% respectively, while the relative performance is -2.1%, -14.7%, and -11.5% [5] Research Findings - Prior to 2018, housing prices were positively correlated with consumption, but this correlation has weakened significantly since then [9][14] - The report emphasizes that the real estate sector's early-cycle characteristics were driven by land finance and fiscal policies rather than the real estate industry chain itself [27][62] - After controlling for income, the report finds that rising housing prices tend to have a negative impact on consumption [47][62] Investment Recommendations - The report suggests that investment opportunities in residential development companies lie in two main areas: policy maneuvering and companies with competitive advantages in niche markets, such as Greentown China and China Resources Land [10][62] - It also highlights potential opportunities in commercial real estate companies, including Swire Properties and China Resources Vientiane Life, as well as in intermediary businesses with strong competitive advantages like Beike-W [10][62]

Core Insights - New urban districts are becoming "trap" for investors, leading to significant financial losses for those who buy properties based on optimistic planning visions [1][7] Group 1: Market Conditions - In Ordos Kangbashi New District, the housing vacancy rate remains between 20%-30% as of 2025, despite some improvements [3] - The average price of second-hand homes in this area is only 7985 yuan per square meter, indicating a lack of market demand [4] - Tianjin Binhai New District has a commercial office vacancy rate of 42% in 2023, with a historical residential vacancy rate of 40%-50% since 2005 [4] - Chengdu Tianfu New District has a staggering office vacancy rate of 70%, with a projected increase in supply leading to further vacancy issues [6] Group 2: Economic Performance - Zhengzhou Zhengdong New District shows a GDP of 1502.5 billion yuan in 2024, but other districts in Zhengzhou are struggling with significant price drops and long listing periods [5] - Wuhan Yangtze New District has office vacancy rates of 37.8% for Grade A and 40.2% for Grade B buildings, indicating a lack of demand despite future growth projections [6] Group 3: Government Policies and Planning - Local governments are overly reliant on land finance, leading to excessive land sales without adequate industrial and population support [6] - The "housing is for living, not for speculation" policy has reduced investment demand, contributing to unsold properties in many new districts [6][7]

Core Insights - The Chinese real estate market is experiencing significant turmoil, with housing prices remaining stagnant or declining, indicating a prolonged downturn in the industry [1][7]. - There are contrasting views on the future trajectory of housing prices, with some hoping for a rebound similar to the U.S. market, while others fear a prolonged decline akin to Japan's experience [3][4][15]. Market Dynamics - The current decline in housing prices is fundamentally different from previous market fluctuations, suggesting a deeper structural issue rather than a temporary cycle [11]. - Many cities are witnessing a drop in housing prices, marking a potential turning point in the market [7]. - The high debt levels among residents and declining birth rates are internal factors that may further weaken market demand [11][15]. Historical Comparisons - The situation in China is compared to Japan's real estate bubble in the 1990s, where many households were trapped by high mortgages after a market crash [13][15]. - Unlike Japan, the U.S. market saw a quicker recovery post-financial crisis, suggesting that China may have a better chance of avoiding a severe downturn due to its centralized government control [16][17]. Government Policies - The Chinese government is implementing a dual-track system of commodity and affordable housing to alleviate market pressure and support living standards [20]. - The gradual approach to property tax reform in China aims to mitigate risks without triggering a systemic collapse, contrasting with Japan's abrupt tax increases during its market peak [22]. Regional Disparities - The real estate market in China is expected to exhibit significant regional differences, with first-tier cities and some strong second-tier cities likely to recover faster than weaker regions facing severe downward pressure [29][30]. - The potential for "ghost towns" in less attractive cities is a concern, with some areas already experiencing extremely low housing prices [30]. Future Outlook - The duration of the current market adjustment remains uncertain, with scenarios ranging from a two to three-year decline similar to the U.S. to a prolonged fifteen-year downturn like Japan's [30][32]. - The era of easy profits from real estate investments is over, necessitating a shift in strategies for investors and homebuyers alike [32].

Group 1 - The real estate market in China is experiencing a downturn, with 58 out of 70 major cities reporting a month-on-month decline in new residential prices and 63 cities seeing a decline in second-hand residential prices in Q1 2025 [2] - The average residential price in 100 cities decreased by 1.7% month-on-month and 3.8% year-on-year, marking the ninth consecutive quarter of month-on-month declines [2] - Developers are employing promotional strategies such as "buy a house, get free renovations" and "zero down payment" to stimulate sales, indicating a challenging market environment [2] Group 2 - Despite the downturn, many developers are only offering limited price reductions of 5% to 10%, raising questions about the persistence of high property prices [4] - A financial expert highlighted that the high property prices are maintained by a coalition of local governments, developers, and financial institutions, which creates a vested interest in keeping prices elevated [4] Group 3 - The excessive financialization and assetization of real estate in China has led to a disconnect between property prices and the actual purchasing power of residents [6] - Developers are hesitant to significantly reduce prices due to "price drop restrictions" imposed by local governments, fear of backlash from previous buyers, and concerns that large price cuts would deter potential buyers [6][8] Group 4 - Local governments are reluctant to see property prices fall significantly as it would reduce developers' willingness to acquire land, impacting government revenue from land sales [8] - Financial institutions also prefer stable or high property prices to avoid increased default rates on loans from both buyers and developers [8] Group 5 - The oversupply of housing in China is evident, with 600 million buildings and millions of new units entering the market annually, suggesting a long-term trend of supply exceeding demand [10] - Property price-to-income ratios in major cities like Shanghai and Shenzhen exceed 40, while second and third-tier cities range from 20 to 25, indicating a significant bubble compared to international norms [10] Group 6 - Proposed measures to stabilize the real estate market include avoiding drastic price fluctuations, gradually deflating the housing bubble, introducing property taxes to diversify local government revenue, and increasing the supply of affordable housing for low-income groups [12]