2026开年，住房"以旧换新""收储二手房用作保障房"的政策，正在全国多地铺开。 过去，地方政府或国企下场"收储"的对象主要是存量新房项目，随着二手房市场的重要性被重新认识， 许多城市开始加入收储二手房的行列。 今年1月14日，济南起步区推出"全款收旧房""全城收旧房"的政策，计划分批次组织1000套住房的"以旧 换新"。根据方案，济南全市范围内拥有合法产权住房的家庭，只要其意向在起步区直管区域内购买新 建商品房，即可申请"以旧换新"。 1月26日，杭州市富阳区也启动了"以旧换新"，由区属国企乐居集团代表政府面向市场直接收购二手 房，并向换房人兑付抵价券和换购券，用于抵扣新房的购房款。富阳乐居集团计划收购200套二手房， 未来用于保障性租赁住房。2月11日，富阳乐居集团对外披露称，一共有206户符合条件的家庭成功报 名，将根据活动规则摇号产生200户家庭参与以旧换新。 2月9日，重庆市住房和城乡建设委员会、重庆市规划和自然资源局等部门联合发布了稳定房地产市场的 新政。该政策除了提到鼓励给予住房"卖旧买新"补贴、实施住房"卖旧买新"个人所得税优惠政策，还明 确鼓励将存量住房用作租赁住房，对托管二手住房用作租赁住 ...

Core Viewpoint - The article discusses the implementation of policies across various cities in China that promote the exchange of old homes for new ones and the acquisition of second-hand homes for use as affordable rental housing, signaling a shift in the real estate industry from "incremental development" to "stock operation" [3][10]. Group 1: Policy Implementation - In early 2026, policies for "exchanging old for new" and acquiring second-hand homes for affordable housing are being rolled out in multiple cities [3]. - The first batch of second-hand homes acquired in Shanghai will be used for affordable rental housing, targeting new citizens, young people, and university graduates [5]. - Three districts in Shanghai, including Pudong, Jing'an, and Xuhui, are set to pilot these initiatives, with a focus on properties that are well-located, have clear ownership, and are small-sized [5][6]. Group 2: Market Trends - The shift towards acquiring second-hand homes is a response to the challenges faced by homeowners in selling their old properties, which has disrupted the housing exchange chain [9]. - The national housing market is experiencing a fundamental change, with a decrease in new home transactions and an increase in second-hand home transactions, indicating a rising substitution effect of second-hand homes for new ones [9][10]. - The demand for small-sized rental units is high, with 78.2% of rental demand in Shanghai for one- and two-bedroom apartments, particularly in core districts [11]. Group 3: Implications for Stakeholders - The policies align with the central government's macroeconomic goals to stabilize the real estate market and encourage the acquisition of existing properties for affordable housing [10]. - Local governments and state-owned enterprises are expected to transition from being "land suppliers" to "market stabilizers" and "housing resource operators" [10]. - The collaboration between real estate companies and local state-owned platforms in the acquisition and operation of second-hand homes may become a new business direction for these entities [10].

格隆汇2月12日｜据一财，2026开年，住房"以旧换新""收储二手房用作保障房"的政策，正在全国多地 铺开。过去，地方政府或国企下场"收储"的对象主要是存量新房项目，随着二手房市场的重要性被重新 认识，许多城市开始加入收储二手房的行列。这些举措不仅能打通市民"卖旧买新"的置换堵点，也被业 内视为中国房地产行业从"增量开发"转向"存量运营"的关键信号，地方政府与城投平台的角色或将 从"土地供应商"向"市场稳定器"和"住房资源运营商"转变。 ...

Core Viewpoint - The transition from "new home storage" to "second-hand home storage" signifies the arrival of the real estate stock era in China, with policies being implemented nationwide to facilitate the exchange of old homes for new ones and to use second-hand homes for affordable housing [2][6]. Group 1: Policy Implementation - In 2026, policies for "old-for-new" housing exchanges and the acquisition of second-hand homes for affordable housing are being rolled out in multiple cities [2]. - Shanghai is leading the initiative with the first batch of second-hand homes being acquired for rental housing, targeting new citizens, young people, and university graduates [3]. - Other cities, such as Jinan and Hangzhou, are also launching similar "old-for-new" policies, with Jinan planning to organize the acquisition of 1,000 homes and Hangzhou's plan to acquire 200 homes for rental purposes [4]. Group 2: Market Dynamics - The shift to acquiring second-hand homes is a response to the challenges faced by homeowners in selling their old properties, which has disrupted the housing exchange chain [6]. - The real estate market is witnessing a fundamental change, with a decrease in new home transactions and an increase in second-hand home transactions, indicating a growing substitution effect of second-hand homes for new ones [6][7]. - The national housing and urban-rural development meeting highlighted the need to adapt to the changing supply-demand relationship in the real estate market, emphasizing the importance of optimizing urban stock space [6]. Group 3: Implications for Stakeholders - The new policies are expected to transform the roles of local governments and state-owned enterprises from "land suppliers" to "market stabilizers" and "housing resource operators" [7]. - Collaboration between real estate companies and local state-owned platforms in the acquisition and operation of stock homes may become a new business direction for these entities [7]. - The targeted acquisition policies are designed to address specific market segments, particularly focusing on affordable small units, which are in high demand in the rental market [8].

Group 1 - The 2025 Boao Real Estate Forum was held from August 12 to 15 in Hainan, with the theme "The Power of Integration" [1] - The real estate market is still under pressure, but some cities have recently seen high premium land parcels, attributed to supply and demand dynamics [1] - On the supply side, the government is inclined to release high-value land in core locations, while on the demand side, developers are actively choosing fast-turnover, high-certainty core city land, leading to increased land price premiums [1] Group 2 - There is a total inventory of approximately 900 million square meters of new and second-hand housing across 42 key cities, with a de-stocking cycle of 26 months [1] - The inventory pressure is even greater when including lower-tier cities, with second-hand housing inventory continuously rising, exerting significant pressure on the new housing market [1] - Buyers are increasingly opting for lower-priced second-hand homes, intensifying competition for developers against both peers and second-hand home owners [1] Group 3 - Opportunities in the real estate sector's stock operation include property management, elderly care, and commercial real estate, which are seen as three promising segments [1] - These segments share common attributes of consumer characteristics, long-term sustainability, and diversity in the consumer base [1] Group 4 - Commercial real estate, particularly shopping centers, has evolved into a natural social gathering place, providing all-day consumption and leisure experiences [2] - The market size for property services is substantial, especially in residential stock, indicating a large foundational scale nationwide [2] - The elderly population aged 65 and above is increasing, and they possess considerable purchasing power, highlighting the potential in the elderly care industry [2] Group 5 - Regarding urban renewal, the industry is encouraged to look beyond traditional real estate demolition and renovation, focusing on the renovation of municipal facilities like pipelines and power grids, as well as old neighborhoods, factories, and traditional shopping centers [2]