更多政策解读、城市月报、房企研究报告...... 中指云 Q 就在 2025 TOP20 FREERE t 2 大湾区 2025 年 1-8 月深圳房地产企业销售业绩 TOP20 ▌房地产市场 概 况 新 房 市场:根据 中 指 数 据 库 监 测 , 8 月 1 日 至 26 日, 深 圳 新 房 住 宅 成 交 1811 套 /18.32 万 平 方 米 ， 新 批 准 上 市 商 品 住 宅 共 计 1384 套 / 15.00 万 平 方 米 。 8 月 份 深 圳 新 房 供 应 收 缩 ， 核 心 区 库 存 紧 缺 ， 外围区去化压力较大,新房成交量在传统谈季叠加高库存压力的影 响 下 出 现 回 调 。 核 心 区 域 南 山、 福 田、 宝 安 高 端 项目 去 化 亮 眼, 宝 中 保 利 臻 誉 府 开 盘 去 化 率 96%; 新 兴 区 域 光 明 科 学 城 、龙 华 红 山 等 板 块 头 部 项目 热 销、而 部 分 位 置 偏 远 项目 去 化 率 不 足 30%。未 来 市 场 走 势 取 决 于 政 策 力 度 与 经 济 复 苏 节 奏 。 二手 住 宅 市 场 : 截 ...

Core Viewpoint - The real estate market shows a clear recovery trend in the first quarter of this year, with the future heat of the land market dependent on five key factors: improvement of the financing environment, stability of new housing transaction volume, effective inventory reduction, transformation of sales models under new real estate paradigms, and optimization of land supply rules [1][2][4]. Group 1: Financing Environment - The financing environment directly influences the willingness of real estate companies to acquire land, with a relatively loose financing environment currently aiding market stabilization [6]. - The real estate financing landscape has undergone significant adjustments, transitioning from a high-leverage model to a more regulated environment, with a focus on standardized financing methods [6][7]. - As of the end of April 2024, the balance of real estate development loans was 13.56 trillion yuan, showing a year-on-year increase of 3.2%, supported by both the extension of existing financing and new investments from the urban real estate financing coordination mechanism [7]. Group 2: New Housing Market Transaction Volume - The new housing market serves as a barometer for the land market, with a notable recovery in the first quarter of 2025, where new housing transaction area in major cities increased by 6% year-on-year [8]. - However, the momentum in the new housing market weakened in the second quarter, leading to potential pressure on the land market's continued growth [8][9]. - In the first five months of 2025, cities like Guangzhou and Shenzhen saw significant year-on-year increases in new housing transaction areas, with growth rates of 13% and 106%, respectively [8]. Group 3: Real Estate Market Inventory - The total inventory of commercial housing remains high, with a pending sale area of 77.427 million square meters as of May 2025, although it has decreased by 7.15 million square meters over three months [10]. - Different cities exhibit varying inventory clearance cycles, with cities like Hangzhou and Shanghai having a clearance cycle of less than 12 months, indicating a more active land market [10]. Group 4: New Sales Models - The implementation of a current housing sales system is a crucial reform aimed at enhancing product quality and optimizing market supply-demand dynamics [11][12]. - The shift towards current housing sales is expected to lower purchasing risks for buyers and test the financial strength and product quality of real estate companies [12]. Group 5: Land Supply Rules - Land supply is being adjusted through total volume reduction, structural optimization, and innovative rules to align with market changes and promote high-quality industry development [13][14]. - Many cities have significantly reduced land supply plans, with some cities like Dongguan and Yantai seeing reductions exceeding 40% [13]. - Innovations in land transaction rules, such as flexible payment options and streamlined approval processes, are being piloted in various regions to enhance the attractiveness of land development [14].