今年以来，国内各城市对于土地供应的态度发生了微妙的改变，很难再用"热火朝天"来形容当下的土拍 市场。这样的局面受到多方面因素的影响，其中，在政策引领方面，国家积极推进房地产供给侧改革， 对不同城市采取差异化的供地策略。 一线城市以及核心二线城市不再"贪多"，更加注重供地品质；三四线城市则将目光主要放在"去库存"， 这也导致国内今年在土地供应方面，多项数据呈现下降趋势。 初步统计，截至目前国内有300个城市推出土地。根据中指数据，2025年1-11月，成交规划建筑面积为 4.2亿平方米，同比下降15.8%，300城住宅用地出让金1.8万亿元，同比下降6.0%。 在推出建筑面积方面，一线城市同比下降24.6%，二线城市同比下降4.8%，三四线城市同比下降 21.6%，总体上300城同比下降18.1%。 从城市出让金规模上看，据安居客数据，杭州、北京和上海的涉宅用地出让金均超1400亿元，成都、南 京出让金规模处于700亿元区间，广州、西安则破500亿元。 供地继续"缩量提质" 核心优质地块土拍热度较高 根据中指数据，2025年1-11月，一线城市住宅用地推出、成交面积同比降幅均在两成左右，二线城市推 出、成交面积 ...

全国住房城乡建设工作会议刚刚落幕，将房地产工作重点从"持续用力推动房地产市场止跌回稳"调整为"着力稳定房地产市场"，一词之变背后，是楼市正站 在一个全新的起点上。 2025年底召开的全国住房城乡建设工作会议明确提出，2026年的重点是"因城施策控增量、去库存、优供给" 这一表述与2025年提出的"持续用力推动房地产市场止跌回稳"相比，目标更加明确 全国住房城乡建设工作会议释放出的政策信号十分明确，2026年房地产市场的工作重心从"止跌回稳"转向"稳定市场" 这一表述变化被专家解读为房地产市场风险得到初步控制，政策重心开始从风险防范向新模式构建转变 本次会议明确提出，2026年房地产市场将围绕"因城施策控增量、去库存、优供给"三大重点展开 控增量被置于三大重点首位，反映了房地产市场供求关系已发生重大变化的基本判断 清华大学的专家指出，我国房地产市场已进入存量主导的新阶段，这种趋势"并非短期市场波动所致，而是市场发展到一定阶段的必然趋势" 在这一背景下，"控增量"的核心措施包括在房地产过剩的城市严控新增房地产用地，重点结合城市更新、城中村改造盘活利用存量用地 国家发改委专家表示，鼓励以自主更新、原拆原建方式改造老 ...

一方面，推动收购存量商品房用作保障性住房、安置房、人才房等，既能够快速消化市场存量，缓解房 企资金压力，又能拓宽保障性住房供给渠道，降低保障房建设的周期与成本，实现"去库存"与"补保 障"的双重突破。据了解，目前，浙江、四川、山东、湖南等省份已发行专项债券用于收购存量商品房 并转化为保障房，形成了可复制的实践经验。 另一方面，实施城中村、城市危旧房改造工程，鼓励自主更新、原拆原建，既能改善老旧小区居民的居 住条件，又能通过改造激活存量住房价值，同时带动上下游产业发展，释放内需潜力。 对于当前房地产市场形势，专家普遍认为，我国房地产市场供求关系已经发生了重大变化，控增量的政 策要求愈加紧迫。 "控增量，核心是顺应存量时代趋势转变发展思路。"清华大学房地产研究中心主任吴璟分析说，我国房 地产市场进入存量主导的新阶段，并非短期市场波动所致，而是市场发展到一定阶段的必然趋势。当前 全国城镇存量住房规模大，改善性需求成为市场的主体，多数改善性需求通过"一买一卖"的置换模式实 现，这一市场结构决定了房地产市场从增量扩张到存量提质的路径转换。 国家发改委宏观经济研究院研究员刘琳表示，要坚决贯彻中央经济工作会议要求，房地产过 ...

国家发改委宏观经济研究院研究员刘琳表示，要坚决贯彻中央经济工作会议要求，房地产过剩的城市， 严控新增房地产用地，重点结合城市更新、城中村改造盘活利用存量用地；鼓励以自主更新、原拆原建 方式改造老旧住房，可以避免额外新增房屋数量。"这两项措施从源头控制新增房地产供给，对缓解供 求矛盾、稳定市场预期，将发挥关键性的积极作用。" "去库存"的关键在哪里？专家表示，供求基本平衡是稳市场的基石，当前我国房地产市场的主要矛盾是 存量房源积压与有效住房需求错配。会议部署的"去库存"举措，并非简单的库存消化，而是兼顾市场稳 定、民生保障与城市升级的系统性工程。 对于当前房地产市场形势，专家普遍认为，我国房地产市场供求关系已经发生了重大变化，控增量的政 策要求愈加紧迫。 "控增量，核心是顺应存量时代趋势转变发展思路。"清华大学房地产研究中心主任吴璟分析说，我国房 地产市场进入存量主导的新阶段，并非短期市场波动所致，而是市场发展到一定阶段的必然趋势。当前 全国城镇存量住房规模大，改善性需求成为市场的主体，多数改善性需求通过"一买一卖"的置换模式实 现，这一市场结构决定了房地产市场从增量扩张到存量提质的路径转换。 近日举行的中央经 ...

对于当前房地产市场形势，专家普遍认为，我国房地产市场供求关系已经发生了重大变化，控增量的政 策要求愈加紧迫。 "控增量，核心是顺应存量时代趋势转变发展思路。"清华大学房地产研究中心主任吴璟分析说，我国房 地产市场进入存量主导的新阶段，并非短期市场波动所致，而是市场发展到一定阶段的必然趋势。当前 全国城镇存量住房规模大，改善性需求成为市场的主体，多数改善性需求通过"一买一卖"的置换模式实 现，这一市场结构决定了房地产市场从增量扩张到存量提质的路径转换。 国家发改委宏观经济研究院研究员刘琳表示，要坚决贯彻中央经济工作会议要求，房地产过剩的城市， 严控新增房地产用地，重点结合城市更新、城中村改造盘活利用存量用地；鼓励以自主更新、原拆原建 方式改造老旧住房，可以避免额外新增房屋数量。"这两项措施从源头控制新增房地产供给，对缓解供 求矛盾、稳定市场预期，将发挥关键性的积极作用。" "去库存"的关键在哪里？专家表示，供求基本平衡是稳市场的基石，当前我国房地产市场的主要矛盾是 存量房源积压与有效住房需求错配。会议部署的"去库存"举措，并非简单的库存消化，而是兼顾市场稳 定、民生保障与城市升级的系统性工程。一方面，推动收购存 ...

——2026年我国房地产市场供给侧三大重点解读 近日举行的中央经济工作会议提出"因城施策控增量、去库存、优供给，鼓励收购存量商品房重点用于 保障性住房等"。在刚刚结束的全国住房城乡建设工作会议上，这一政策思路得到进一步细化和落实。 2026年我国房地产市场如何落实"稳"的要求？供给侧施策有哪些重点发力方向？记者就此采访了行业专 家学者。 浙江工业大学中国住房和房地产研究院院长虞晓芬表示，因城施策是"稳市场"根本遵循。房地产具有鲜 明的区域性市场特征，城市之间的市场态势差异显著，即便是同一城市的不同行政区、不同板块，住房 的供求格局也存在较大分化。 "各地需在精准掌握人口流动趋势、住房存量现状、新建商品住房库存、二手住房挂牌量等核心数据的 基础上，严格遵循'人-地-房-钱'协同匹配原则，实施精准调控。"虞晓芬说。 对于当前房地产市场形势，专家普遍认为，我国房地产市场供求关系已经发生了重大变化，控增量的政 策要求愈加紧迫。 吴璟表示，供给端精准施策则是实现房地产高质量发展的关键路径。从控增量顺应存量时代趋势，到去 库存实现多维协同效应，再到优供给统筹短期与长期目标，"控增量、去库存、优供给"三位一体、有机 衔接， ...

"各地需在精准掌握人口流动趋势、住房存量现状、新建商品住房库存、二手住房挂牌量等核心数 据的基础上，严格遵循'人-地-房-钱'协同匹配原则，实施精准调控。"虞晓芬说。 对于当前房地产市场形势，专家普遍认为，我国房地产市场供求关系已经发生了重大变化，控增量 的政策要求愈加紧迫。 新华社北京12月25日电 题：控增量、去库存、优供给——2026年我国房地产市场供给侧三大重点 解读 新华社记者王优玲 近日举行的中央经济工作会议提出"因城施策控增量、去库存、优供给，鼓励收购存量商品房重点 用于保障性住房等"。在刚刚结束的全国住房城乡建设工作会议上，这一政策思路得到进一步细化和落 实。2026年我国房地产市场如何落实"稳"的要求？供给侧施策有哪些重点发力方向？记者就此采访了行 业专家学者。 浙江工业大学中国住房和房地产研究院院长虞晓芬表示，因城施策是"稳市场"根本遵循。房地产具 有鲜明的区域性市场特征，城市之间的市场态势差异显著，即便是同一城市的不同行政区、不同板块， 住房的供求格局也存在较大分化。 吴璟表示，供给端精准施策则是实现房地产高质量发展的关键路径。从控增量顺应存量时代趋势， 到去库存实现多维协同效应，再到优 ...

Core Viewpoint - The A-share real estate sector has experienced a significant rally, reflecting market confidence in policy support and structural opportunities within the industry [1] Group 1: Policy and Market Dynamics - The Central Economic Work Conference emphasized stabilizing the real estate market, focusing on "controlling increments, reducing inventory, and optimizing supply" [1] - The conference also highlighted the importance of deepening housing provident fund reforms as a key measure to stabilize the market, with over 260 related policies introduced since 2025 [2] - The financing environment is showing signs of improvement, with a narrowing decline in domestic loans to 2.5%, despite a year-on-year drop of 11.9% in funds available to real estate developers [2] Group 2: Industry Trends and Transformations - The concept of "good housing" was introduced, focusing on safety, sustainability, and smart attributes to meet diverse needs, indicating a shift towards refined construction practices [3] - The demand for real estate services is expected to grow due to the activation of existing housing transactions and quality improvement needs, benefiting companies like World Union [4] - The construction and building materials sector is anticipated to see demand upgrades driven by the "good housing" initiative and urban renewal projects, positively impacting orders for related materials [4] Group 3: Benefiting Sectors - The real estate service sector is likely to benefit from the ongoing demand for housing brokerage and property management services, particularly as policies shift towards converting existing housing into affordable options [4] - The home appliance and furniture sectors are expected to experience growth due to the rising demand for improved living quality, with a notable increase in the share of smart and elderly-friendly products [4]

Core Viewpoint - The article emphasizes the urgent need for targeted governance strategies to address the structural contradictions in China's real estate market, particularly the growing inventory issues that threaten industry stability and financial security [2][4][42]. Group 1: Inventory Pressure and Structural Characteristics - The real estate market in China has entered a deep adjustment phase, with the total inventory exceeding 1.3 billion square meters and a de-stocking cycle projected to last 14 years, far exceeding the healthy range of 5-6 years [2][6]. - Inventory is highly concentrated in a few key areas, with the top 10% of districts accounting for an average of 34% of total inventory in cities, leading to localized supply-demand imbalances [2][18]. - Idle land and unstarted projects contribute significantly to inventory pressure, with 13% of projects in first- and second-tier cities unstarted, representing 33% of the total inventory [3][43]. - Old projects, or "dead inventory," pose significant challenges for de-stocking, with an average of 30% of inventory in second-tier cities being over 10 years old [3][43]. Group 2: Differentiated Challenges Across City Levels - First-tier cities like Beijing and Shanghai maintain a healthy inventory cycle of under 5 years, while many second- and third-tier cities face compounded pressures, with some cities like Nanjing and Chongqing experiencing de-stocking cycles exceeding 20 years [4][15]. - The average de-stocking cycle for first-tier cities is 4.5 years, while second-tier cities average 8.0 years, and third-tier cities average 20.4 years, indicating significant disparities in inventory management [15][16]. - Cities such as Nanjing and Chongqing are particularly at risk due to multiple structural issues, including high levels of unstarted projects and old inventory [4][46]. Group 3: Governance Strategies and Recommendations - The article advocates for a differentiated governance approach, emphasizing the need for targeted policies that address the unique inventory challenges faced by different cities [51][52]. - For high-risk cities like Nanjing and Chongqing, strategies should include accelerating the disposal of idle land and addressing the backlog of city investment projects [51][52]. - In contrast, cities with healthier inventory levels should focus on preventing future risks by monitoring land use and adjusting supply based on de-stocking cycles [52][53].

Group 1 - The concept of "good houses" is being promoted uniformly across cities and developers, indicating a larger strategic plan behind this trend [1][2] - The real estate industry is transitioning from a financial attribute to a manufacturing attribute, driven by the need to mitigate existing risks and bubbles [2][4] - The industry requires a fundamental transformation in product forms to stimulate demand, similar to the shift seen in the automotive market towards electric vehicles [3][4] Group 2 - The confidence of customers must shift from speculation on housing prices to trust in product quality, which is essential for a healthy demand in real estate [5][6] - The real estate market remains substantial, with a scale of trillions, but must now focus on product quality rather than price alone [7][8] - Changes in land policies and costs are leading to the emergence of innovative products that differ significantly from previous offerings [8][10] Group 3 - The gap between new and old properties is expected to widen, with a clear distinction emerging in the market [15][16] - The market will continue to focus on new developments, with smaller project sizes becoming the norm, enhancing market participation and maintaining interest [18][20] - The second-hand market will increasingly rely on intermediaries, with a potential shift in commission structures for agents [21][22] Group 4 - The pricing logic for new properties is evolving, where higher prices must be justified by product quality, reflecting a shift in market dynamics [23][24] - The market is expected to see the emergence of new leaders across various price segments, similar to trends in the electric vehicle market [26][27] - The competition in the real estate sector will be driven by product quality and customer engagement, leading to a more dynamic market landscape [27][28] Group 5 - The industry is undergoing a supply-side reform, combining new land and policies to transition into a new operational model [29][30] - Each city faces challenges in balancing the advancement of new models while addressing existing inventory issues [30][31] - The performance of local real estate markets will heavily depend on the management capabilities of local governments [32]