文/中欧国际工商学院教授、中国首席经济学家论坛研究院院长 盛松成 ，宁波财 经学院会计学院讲师 汪恒 中国房地产正站在新旧模式转换的关键节点。"十五五"规划为行业明确 了"先化风险、再谋新路"的清晰路径。现阶段，须以稳住市场为前提，以 构建新模式为核心，以提升居住品质为根本，通过分层供给、因城施策、 财政协同等多维发力，推动房地产真正回归居住本源，实现从规模扩张向 质量提升的深刻转型。这不仅关乎行业自身可持续发展，更是中国经济行 稳致远的基本要求。 旧有的房地产发展模式具有鲜明的时代特征，基本符合过去我国快速城镇化进程的需要。旺盛的住房需求、多元的供给主 体、"土地财政"的支持以及金融体系的深度参与，共同推动了行业二十多年的高速增长。从短缺经济中崛起的中国房地产业牢牢 把握解决中国百姓不够住的这一历史命题，各参与方均以拉动投资为主要手段推动行业发展并带动经济增长。我国人均城镇住宅 建筑面积由1998年的18.7平方米上升到2023年的超过40平方米，以美国六分之一的人均GDP实现了三分之二的人均住房面积，房 地产业占GDP的比重由1998年的4.58%上升到2025年的5.92%。 去风险是当前行业发展第一要 ...

Core Insights - The successful auction of the North Ling Farm Phase III land plot marks a strong start for Shenyang's 2026 development, with a total transaction price of approximately 173.99 million yuan and a price of 5,010 yuan per square meter [1][3] Group 1: Land Development and Market Impact - The land transfer is expected to enhance commercial vitality in the surrounding area by filling existing commercial gaps and attracting various businesses, thereby improving the "15-minute living circle" for residents [3][4] - The residential project on the new land will drive upgrades in education, healthcare, and transportation, enhancing public service levels in the region [3][4] - The moderate plot ratio of the land will create a high-quality residential area, attracting both first-time buyers and those seeking improved living conditions, thus stimulating economic circulation and enhancing regional living quality [3][4] Group 2: Strategic Importance of the Land Plot - The North Ling Farm Phase III plot is a strategic move for the Huanggu District's land supply in 2026, establishing a solid foundation for the land market and reflecting market recognition of the core area's value [3][4] - The plot's area is approximately 20,428.95 square meters, classified as second-class residential land, with a plot ratio between 1.0 and 1.7 and a commercial ratio not exceeding 5% [4][8] - The successful sale of this plot, with a slight increase of 2% in starting price compared to 2024, indicates strong value support and growth potential for high-quality land in Shenyang's recovering market [8][12] Group 3: Community and Infrastructure Development - The development of the North Ling Farm Phase III plot will introduce new residential projects that align with the current "good housing" concept, potentially setting a quality benchmark in the Huanggu District [6][10] - The area has seen accelerated development with established educational institutions and a growing commercial ecosystem, contributing to a comprehensive living experience [10][12] - The successful auction signifies a new phase in the expansion of the Shenyang Capital New Area, enhancing residential choices and solidifying the foundation for population influx [12]

Core Insights - The 2025 Nanning land auction market has shown signs of rational recovery, with an increase in the number of land parcels sold, total area, and a slight rise in total revenue compared to 2024 [2][3][29] Summary by Categories Overall Market Performance - In 2025, Nanning sold 23 residential land parcels covering approximately 846 acres, generating over 4.3 billion yuan in revenue, compared to 18 parcels, 582.25 acres, and 4.01 billion yuan in 2024 [3][29] - The market exhibited a "front cold and back hot" trend, with only 4 parcels sold in the first half of the year, while the second half saw a surge, particularly on December 27, when 8 parcels were auctioned off in a single day [6][29] Key Trends - **Urban Village Renovation**: This was a central theme in the 2025 land auctions, with multiple key parcels coming from urban village renovation projects, enhancing urban renewal and living conditions [7][10] - **Wuxiang Lake West**: This area became a highlight with three parcels sold at the end of the year, focusing on low-density residential developments, indicating a shift towards more livable environments [11][13] - **Quality Housing**: The concept of "good housing" gained prominence, with many parcels having lower plot ratios, promoting high-quality residential developments [14][29] Notable Events - The most competitive auction was for a small commercial parcel in the ASEAN Business District, which saw 605 rounds of bidding, highlighting the demand for prime locations [16][19] - A significant auction on December 27 resulted in a total revenue of approximately 1.69 billion yuan from 8 parcels, marking it as the most lucrative month of the year [22][29] Implications for Future Market - The successful land auctions in 2025 are expected to provide a fresh supply of quality housing in 2026, particularly in core areas like Qingxiu District and Wuxiang Lake West, which will likely lead to a focus on improved housing products [23][25] - The participation of both state-owned and private enterprises in the land auctions is anticipated to enhance market confidence and promote healthy development in the real estate sector [26][29]

Core Insights - The real estate industry is shifting from high-leverage, rapid turnover expansion to a focus on brand strength, product quality, operational efficiency, and service quality as key competitive factors [1][53] - Companies that can adapt to this transformation and provide high-quality housing and services will secure market opportunities and future growth [1][53] Industry Trends - The competition logic in the real estate sector has fundamentally changed, with a clear shift towards a focus on intrinsic value rather than just location or basic amenities [1][53] - The market is experiencing a "two-eight rule" where a small percentage of projects capture the majority of demand, highlighting the importance of product and marketing capabilities [1][53] Successful Case Study: Poly Real Estate - Poly Real Estate's project, Shenzhen Poly Zhenyu, achieved the highest sales rate among new projects in Shenzhen for 2025 without relying on traditional distribution channels [2][54] - Over 70% of customers were directly acquired through the company's own digital marketing team, demonstrating the effectiveness of a self-sourced customer acquisition model [4][56] Marketing Innovations - Poly Zhenyu implemented a "four-wheel drive" marketing model that enhances customer acquisition capabilities through a combination of online and offline strategies [6][58] - The project utilized various digital platforms, including Douyin and WeChat, to reach potential customers and increase brand visibility [6][58] Team Structure and Collaboration - The project established a diverse customer acquisition team with specialized roles to enhance efficiency and effectiveness in attracting and converting leads [11][63] - A structured approach was adopted to ensure collaboration among team members, maximizing customer acquisition and conversion rates [12][64] Digital Customer Acquisition System - Poly Zhenyu developed a digital customer acquisition system that integrates precise targeting, matrix operations, and conversion loops to turn traffic into sales [13][65] - The project achieved a conversion rate exceeding 10%, significantly higher than the industry average of less than 5% [19][71] Customer Research and Product Development - Prior to land acquisition, extensive market research was conducted to understand customer needs and market trends, leading to tailored investment and product strategies [21][73] - The project focused on creating high-quality products that resonate with high-net-worth individuals, incorporating innovative design and functionality [25][77] Service Excellence - Poly Real Estate has upgraded its customer service to be a key driver of business development, implementing a comprehensive service system that covers the entire customer journey [51][103] - Customer satisfaction scores improved significantly, reflecting the effectiveness of the company's service initiatives [52][104]

Industry - The real estate sector is experiencing a downward sales trend, but the rate of decline is expected to narrow compared to 2024, with leading companies benefiting from continuous new product supply and concentration advantages [1][3] - The decline in housing prices has led to a contraction in residents' wealth perception, contributing to a defensive mindset among consumers that is likely to persist into 2025 [2] - The "good housing" concept is creating new development opportunities within the industry, potentially transforming development logic, competitive dimensions, and value chains [2] Company - The sales of real estate companies have not escaped the downward trend, but leading firms are expected to leverage their brand, management operations, and land reserve structures to achieve performance rebounds [3] - Signs of market risk appetite gradually recovering, such as the thawing of dollar bonds and accelerated restructuring, indicate an improving financing environment [3] - A significant number of leading companies may achieve early performance rebounds due to their first-mover advantages in brand and operational management [3] Valuation - The sector is still facing challenges from weak fundamentals and a lack of long-term growth narratives, but its low valuation and low holding characteristics provide a hedge against risks [4] - The sector is expected to have a high safety margin and recovery space as pessimistic expectations continue to be adjusted [4] - There is an optimistic outlook for structural trading opportunities within the sector [4]

Core Insights - The real estate market in China is transitioning into a "stock era," with a significant shift in demand primarily driven by young people and new urban residents, leading to an increase in second-hand housing transactions [2][3] - The total transaction area for both new and second-hand housing in 30 key cities remained stable at 27,443 million square meters from January to October 2024, indicating a stabilization in the market [3] - The central government's policy emphasizes controlling new housing supply while optimizing existing stock to balance supply and demand, reflecting a strategic shift in urban development [4][5] Market Trends - From January to October 2023, the sales area of new commercial housing decreased by 6.8%, a reduction compared to the previous year's 12.9% decline, indicating a gradual recovery in the market [2][4] - The transaction volume of second-hand housing in 30 key cities is projected to grow by 33% in 2023, followed by 6% and 9% in 2024 and 2025 respectively, highlighting a shift towards second-hand housing as the primary market [2][3] - The Ministry of Housing and Urban-Rural Development reports that 15 provinces have seen second-hand housing transactions surpass new housing, further emphasizing the changing dynamics in housing demand [2] Policy Implications - The central government's directive to control new housing supply aims to alleviate inventory pressure and stabilize housing prices, with a focus on understanding diverse housing needs across different demographics [4][5] - The strategy includes a detailed analysis of housing demand changes, considering various factors such as product types, location preferences, and price sensitivity to ensure a balanced supply [4][5] - The emphasis on high-quality housing supply aims to stimulate demand and create a virtuous cycle between new and existing housing markets, promoting a more sustainable real estate environment [5]

Group 1 - The core viewpoint of the article emphasizes that the construction of "good houses" is a strategic development direction for residential products, transitioning from policy concepts to industry practices, and is expected to become a long-term trend in the real estate market [1][3][72] - The demand for better housing quality is driven by urbanization and changing consumer expectations, with buyers increasingly prioritizing quality, environment, and amenities over mere availability [3][5][6] - The implementation of price control policies has led to a decline in housing quality, prompting the industry to shift focus from scale to quality in response to growing consumer complaints and a crisis of trust [4][5][6] Group 2 - Leading real estate companies are launching "good house" strategies that focus on safety, comfort, green living, and smart technology, with measurable technical standards to ensure implementation [7][8][10] - Companies like China Overseas and Greentown are establishing comprehensive technical standards that cover the entire lifecycle of design, construction, and service, reflecting a trend towards refined management [8][9][10] - The shift from being mere "space providers" to "technology solution service providers" is evident, as companies leverage standardized technology and service ecosystems to create long-term value [9][10] Group 3 - The article outlines five key dimensions of "good houses": safety performance, comfort and livability, green and low-carbon design, smart technology, and community environment [3][31][54] - Innovations in spatial efficiency and flexible design are becoming critical indicators of housing quality, with companies optimizing building structures and multifunctional spaces to enhance living experiences [31][32][36] - Health and environmental quality are being addressed through comprehensive solutions that go beyond basic physical indicators, incorporating multi-sensory experiences to improve overall living conditions [45][49] Group 4 - The future of "good house" construction is expected to be a continuous process of deepening and refining, with policies evolving to support differentiated designs and technical standards for various market segments [72][73] - The industry is transitioning from traditional scale expansion to quality enhancement, with a focus on the four dimensions of safety, comfort, green living, and smart technology, leading to a more integrated and innovative development approach [72][73]

Core Viewpoint - The event aims to promote high-quality construction standards in the real estate sector of Hainan Province, emphasizing the shift in housing demand from quantity to quality, thereby enhancing public satisfaction and living standards [1][2]. Group 1: Event Overview - The 2025 Hainan Province Construction Quality Safety Standardization Construction Observation Meeting was held in Haikou, attended by over 500 participants from the housing and construction sectors [1]. - The event featured seven exhibition areas showcasing various aspects of quality construction, including standard applications and common quality issues [1]. Group 2: Project Details - The Haikou Qiongshan Boya District Urban Renewal Project covers an area of 45.17 acres with a total construction area of approximately 130,400 square meters, consisting of six commercial residential buildings and supporting facilities [2]. - The project adopts a mixed-use residential neighborhood concept, aiming to create an ecological and livable urban renewal benchmark [2]. Group 3: Quality Management Practices - The project implements a comprehensive quality management system that includes preventive measures, control processes, and acceptance procedures to address common quality issues such as leakage and dimensional deviations [2]. - The use of digital engineering systems and smart methods enhances construction efficiency and quality control, promoting a shift towards lean construction practices [2]. - The project adheres to Hainan Province's "unit-by-unit acceptance system," ensuring that each housing unit meets stringent quality standards [2].

Core Viewpoint - The "Good House Technology Exhibition" will be held on November 7 at the Shougang International Exhibition Center in Beijing, focusing on the theme of "Empowering Technology for Good Housing and Upgrading the Industry for New Development" [1] Group 1: Exhibition Overview - The exhibition is organized by the Ministry of Housing and Urban-Rural Development's Science and Industrial Development Center, in collaboration with over 20 entities including state-owned enterprises, research institutions, and outstanding private enterprises [1] - It aims to promote the concept, technology, products, models, and industry of good housing through ten exhibition areas, including model houses, good standards, good design, good construction, good materials, good services, intelligent construction, national heavy equipment, future technology, and residential parks [1] Group 2: Key Exhibitors and Themes - CITIC City Development will showcase in the "Good Standards" and "Good Design" areas, featuring an interactive screen that illustrates living scenarios in the era of good housing and highlights key clauses from national and local housing standards [2] - The "Good Standards" area will present the 4W2S good housing standard, emphasizing safety, comfort, health, green, wisdom, and humanity through a comprehensive product standard system [2] - The "Good Design" area will introduce the "Safe House" design concept, providing reliable emergency shelter in disaster scenarios [2] Group 3: Construction and Service Aspects - The "How to Build Good Houses" section will focus on five dimensions: good standards, good design, good materials, good construction, and good services, showcasing a systematic approach to meet public expectations [4] - The "Good Materials" area will display high-quality building materials characterized by health, safety, and environmental friendliness, such as carbon fiber and self-healing waterproof materials [5] - The "Good Services" area will highlight community and urban service enhancements, demonstrating how residential services extend to community and city levels [5] Group 4: Technological Innovations - The exhibition will emphasize the role of new technologies in housing, featuring areas dedicated to intelligent construction, national heavy equipment, and future technologies [6] - The "Intelligent Construction" area will showcase 35 exhibits that illustrate the integration of new information technology with industrial construction techniques [7] - The "Future Technology" area will present innovations such as photovoltaic energy storage and AI smart home scenarios, redefining future living standards [7] Group 5: Future Outlook - The exhibition is set to become a significant event for experiencing the technological advancements in housing and witnessing the high-quality development of the housing and urban-rural construction sector [9]

Core Viewpoint - The concept of "good houses" has been officially recognized in the government work report, prompting a rush among real estate companies to define and innovate what constitutes a "good house" [1][14] Group 1: Marketing vs. Product Quality - Many real estate projects are focusing on marketing the "good house" concept without making substantial improvements in product quality and customer research [2][3] - Some projects are using trendy terms in their marketing, but the actual product offerings often lack innovation and fail to meet customer needs [2][3] - Developers are at risk of falling behind competitors if they rely solely on marketing gimmicks without genuine product enhancements [3] Group 2: Blind Imitation of Benchmark Projects - The competitive landscape has led some developers to blindly imitate successful benchmark projects without understanding local customer needs [4][5] - This approach has resulted in products that do not resonate with local buyers, as many companies have lost sight of their target customers [5][6] - The emphasis on benchmarking must be balanced with a deep understanding of user needs, as the "good house" concept is fundamentally about human-centered design [6] Group 3: Misinterpretation of High-End Features - Some developers equate "good houses" with high-end features and large spaces, neglecting the importance of functionality and user experience [7][8] - There are instances where large luxury units fail to accommodate family needs, leading to customer dissatisfaction [8][9] - The focus should be on how to effectively utilize space and features to enhance the living experience rather than merely emphasizing size and luxury [9][10] Group 4: Importance of Service and Community Engagement - The "good house" concept extends beyond product optimization to include service and community engagement, which are crucial for long-term customer satisfaction [11][12] - Developers need to shift from a transactional approach to a more service-oriented model, enhancing community features and maintaining relationships with existing customers [12][13] - Companies that invest in community engagement and service are likely to see increased customer loyalty and referrals, which are vital in a competitive market [13] Conclusion - The "good house" concept is complex and requires a holistic approach that includes product quality, customer understanding, and service enhancement [14]