Core Viewpoint - The real estate market in China is showing signs of improvement, with a significant narrowing of the year-on-year decline in new housing sales and a continuous reduction in unsold inventory, indicating the effectiveness of government policies [1][2][5]. Sales Performance - From January to October, the sales area of new commercial housing reached 71,982 million square meters, a year-on-year decrease of 6.8%, while the sales amount was 69,017 billion yuan, down 9.6% [2][5]. - The decline in sales area and amount has narrowed by 9 percentage points and 11.3 percentage points, respectively, compared to the same period last year [2]. Inventory Reduction - As of the end of October, the unsold housing inventory was 75,606 million square meters, a decrease of 322 million square meters from the end of September, with residential inventory down by 292 million square meters [2]. - The continuous reduction in unsold inventory over the past eight months reflects positive progress in inventory clearance efforts across various regions [2][5]. Funding for Real Estate Companies - The total funds received by real estate developers from January to October amounted to 78,853 billion yuan, representing a year-on-year decline of 9.7%, but the decline has narrowed compared to previous periods [3][5]. - Specific funding sources showed varied declines, with domestic loans down 1.8%, self-raised funds down 10.0%, and personal mortgage loans down 12.8% [3]. Market Outlook - The real estate market is currently undergoing a transition, and fluctuations in certain indicators should be viewed objectively [4][6]. - Future policies are expected to focus on stabilizing the market and promoting high-quality development, with an emphasis on both short-term and long-term strategies [6].

Core Viewpoint - The real estate market in China shows signs of improvement, with a significant narrowing of the year-on-year decline in new housing sales and a continuous reduction in unsold inventory over the past eight months, indicating the effectiveness of government policies [1][2][4]. Sales Performance - From January to October, the sales area of new commercial housing reached 71,982 million square meters, a year-on-year decrease of 6.8%, while the sales amount was 69,017 billion yuan, down 9.6% [2][4]. - The year-on-year decline in sales area and sales amount has narrowed by 9 percentage points and 11.3 percentage points, respectively, compared to the same period last year [2]. Inventory Status - As of the end of October, the unsold housing inventory stood at 75,606 million square meters, a decrease of 322 million square meters from the end of September, with residential inventory down by 292 million square meters [2]. - The continuous reduction in unsold inventory reflects positive progress in inventory clearance efforts across various regions [2]. Funding for Real Estate Companies - The total funds received by real estate developers from January to October amounted to 78,853 billion yuan, representing a year-on-year decline of 9.7% [3][4]. - The decline in funding has narrowed by 9.5 percentage points compared to the same period last year, driven by factors such as the expansion of "white list" projects [3]. Investment Trends - Real estate development investment from January to October was 73,563 billion yuan, down 14.7% year-on-year, with new construction area decreasing by 19.8% [4]. - The market is currently undergoing a transition, and fluctuations in certain indicators are expected as the industry adapts to new models [4]. Future Outlook - Short-term policies are anticipated to focus on stabilizing the market, while medium to long-term strategies will align with high-quality development goals outlined in the 14th Five-Year Plan [5]. - As the year-end approaches, there may be an improvement in supply in key cities, potentially providing support to the market [5].

房地产市场最新数据出炉。 "随着控增量、优存量等房地产政策措施持续发挥作用，今年以来房地产去库存稳步推进，全国商品房待售面 积已经连续八个月减少。"付凌晖说。 上海易居房地产研究院副院长严跃进也认为，10月单月全国商品房待售面积同比增速为3.3%，该指标持续改 善说明各地去库存工作有积极的进展。近年来供应层面持续调整，新盘供应有所减少，而且今年的很多项目都 以"好房子"的标准推进，所以库存结构在持续优化。库存指标的增速变缓，也说明供求关系在持续改善，对于 后续止跌回稳具有积极的作用。 从房企到位资金来看，数据显示，1—10月份，房地产开发企业到位资金78853亿元，同比下降9.7%。其中， 国内贷款12160亿元，同比下降1.8%；利用外资19亿元，同比下降37.5%；自筹资金28419亿元，同比下降 10.0%；定金及预收款23257亿元，同比下降12.0%；个人按揭贷款10834亿元，同比下降12.8%。 付凌晖表示，在"白名单"项目扩围增效等积极因素带动下，房地产开发企业到位资金降幅收窄，1—10月房企 到位资金同比降幅比去年同期和去年全年分别收窄9.5和7.3个百分点。 付凌晖指出，1—10月份，全国 ...