Group 1 - The core viewpoint of the articles highlights a structural change in the real estate market driven by demographic shifts, including a decrease in newborn population and an aging society, leading to a decline in potential homebuyers [1] - The transformation of land finance is urgent as local governments seek new revenue sources due to declining land transfer income, which will impact land supply strategies and tax policies related to real estate [3] - The real estate market is experiencing significant differentiation, with first-tier cities stabilizing while third and fourth-tier cities face pressure, necessitating targeted strategies from real estate companies [3] Group 2 - Despite challenges, there is a ten-year safety period for the real estate market, supported by ongoing urbanization, demand for improved housing, and urban renewal, which companies should leverage for strategic adjustments [4] - The importance of the second-hand housing market is increasing, reflecting true market demand and influencing new home sales, as well as stabilizing the land market [6] - The financialization of real estate is becoming a necessary trend, allowing companies to optimize funding structures and provide diverse financial products to buyers [6] Group 3 - The emergence of sales software in the real estate sector offers new development opportunities by applying big data and cloud technology to enhance sales management efficiency [8] - The restructuring of the real estate market is not a gradual adjustment but a complete rewrite of survival logic, with demographic changes, land finance transformation, and market differentiation reshaping the industry [9] - Companies that resist change and cling to expansionist thinking risk losing their position in the market as the window for adaptation is rapidly closing [9]

Core Insights - Chengdu's land market has experienced a 100% year-on-year growth in land transfer revenue, contrasting with a nationwide decline in land sales revenue, which has reached its lowest level in a decade [1][2][4] - The national land transfer revenue decreased by 15.9% year-on-year in Q1 2025, with a significant drop of 57.4% compared to the peak in 2021 [4] - Chengdu's land transfer revenue for the first half of 2025 reached 44 billion yuan, a substantial increase from 21.1 billion yuan in the same period of 2024 [5] Land Supply Strategy - Chengdu's land supply strategy has been pivotal, with residential land supply shrinking by 15% to 20% annually over the past four years, and a planned reduction of 13.6% in 2025 [8] - The core area of Chengdu has seen a decrease in land supply proportion, with only 40% of land supply coming from core regions, leading to increased land prices [8] - The average floor price in Chengdu has surpassed 40,000 yuan per square meter, indicating a shift in market dynamics [8] Population Dynamics - Chengdu's population stands at approximately 21.47 million, with a density of 1,500 people per square kilometer, which supports the real estate market [11] - However, population growth has slowed significantly, with only a 0.19% increase in 2023, suggesting a potential limit to future growth [11] - Despite the population nearing its ceiling, there remains a significant number of residents (approximately 7.6 million) without housing, indicating ongoing demand in the real estate market [11] Market Trends - The land transfer revenue in Chengdu has increased by 543% year-on-year in Q1 2025, making it a standout example among second-tier cities [4] - The top 20 cities in China account for 66% of land transfer revenue, with cities like Chengdu, Hangzhou, and Beijing implementing strategies to prioritize high-quality land supply [4] - The presence of private enterprises in Chengdu's land acquisition has increased, with 12 out of the top 30 land-acquiring companies being private, up from five the previous year [6]

导语 2025年一季度推动行业去库存规模已达1亿平方米，2025年初土地市场的结构性回暖正在为行业复苏带来 更多信心。 ◎ 文 / 马千里 研究视点 2025年初，中国房地产市场延续上年四季度企稳态势，一二手房成交规模与房价指数持续修复，土地市场率先显现 积极信号——月度溢价率时隔三年再度突破10%关口，京沪杭蓉等城市频现高总价、高溢价宅地成交，超50%溢价 率已成常态。在行业潜在库存高位运行、新房成交量较峰值下降逾四成的背景下，土地市场复苏动能主要源自主管 部门在供给侧的主动调整。结合中央与地方在财政支持、供地计划调整、供地节奏优化等维度的最新施策成效，可 以预见土地市场将持续呈现企稳向好态势，并加速推动行业供求关系修复与行业发展新模式的构建。本文核心研究 结论如下： 1，中央继续降低土地财政依赖度，助力压缩商品房供应规模。 2025年地方基金性预算收入更趋多元，中央转移支 付与专项债占比提升至50%，保障安居工程补助提前下达量达556亿元，同比上升30%。随着保障性安居资金补助 力度的加强，以及中央转移支付和专项债规模的扩大，2025年地方政府对于土地出让收入的依赖度进一步下降，使 得地方主管部门有能力继 ...