摘要 2025年，中央提出"推动房地产高质量发展"，并将构建房地产发展新模式纳入"十五五"规划重点任务。围绕"推动市场止跌回稳、加快构建房地产发展新 模式"这一核心目标，政策层面形成三大重点发力方向：一是加快库存去化与供给结构优化，推动市场供需平衡；二是强化保交楼融资支持落地，筑牢市 场风险防控底线；三是持续推进需求端政策宽松，释放刚性和改善性住房需求。 图表1 2025年房地产行业相关政策 | 数据来源：公开资料，东方金诚整理 | | --- | 2025年房地产市场回顾：2025年房地产市场延续调整，下半年市场加速下滑。12月70城二手房和新房价格同比分别下跌6.1%和3.1%，全年商品房销售面 积同比下降8.7%，投资端收缩态势更为严峻，全年开发投资完成额同比下降17.2%。在市场持续调整背景下，2025年房企融资环境无实质性改善，年末万 科展期事件推升行业风险溢价，但年内房企债务重组工作取得较大进展，对相关企业资产负债表修复具有积极意义。 2026年房地产市场展望：2026年房地产政策将延续边际宽松基调。其中，需求端政策核心在于引导实际房贷利率下行，供给端则通过控增量、去存量，共 同推动供需结构优化。 ...

本次交易会的成功举办，将有效搭建起市场供需桥梁，释放居民住房消费潜力，让更多市民在新春佳节来临之际，以更实在的优惠、更便捷的 服务圆梦安居，共享滨州城市发展红利，共同书写"宜居滨州"的美好新篇章！ 编辑:王梦青 编辑:刘梅梅 本次活动由滨州市住房和城乡建设局、滨州市商务局、滨城区人民政府主办，滨城区住房和城乡建设局、滨州市房地产业协会承办。展会集中 展示了涵盖省级、市级高品质住宅试点项目在内的20余个优质房地产项目。参展项目遵循"好房子"建设标准，致力于从"好标准、好设计、好 建材、好建造、好运维"五个维度，为市民呈现规划科学、设计人性、选材精良、工艺精湛、服务周到的理想家园。 为深入落实省委、省政府关于推动房地产高质量发展、促进住房消费的工作要求，进一步激发市场活力，满足人民群众对美好居住生活的新期 待，2月8日上午，"迎新春、换新房"2026年滨州市优质房地产项目展示交易会在市全民健身文化中心隆重启动。副市长张瑞杰，市政府副秘书 长赵金沙出席启动仪式，滨城区委副书记、区长李刚，市住房城乡建设局党组书记、局长朱臣参加仪式。 ...

开年即传来重磅信号！2026年1月，全国楼市打破持续调整态势，房价止跌企稳迹象愈发清晰，13个重 点城市二手房市场率先"发力"，成交数据爆发式增长，成为楼市回暖的核心力量。这不仅是房地产市场 的积极转变，更将深刻辐射上下游数十个产业，重塑发展逻辑——对普通人而言，这不是"炒房时代"回 归，而是关乎居住、就业、投资的全新机遇；对产业而言，更是摆脱下行压力、实现高质量转型的关键 转折点。 2026年1月楼市回暖，是政策持续发力与市场需求累积释放的必然结果，背后是国家构建房地产发展新 模式的战略布局。 政策层面，中央与地方协同稳市场。2025年底中央经济工作会议明确"着力稳定房地 产市场"，住建部部署"稳市场、防风险、优供给、促转型"四大目标，推动楼市从"增量扩张"向"存量优 化"转型。需求端红利凸显，首付比例降至15%，房贷利率逼近3%；2026年1月起住房交易税新规实 施，满2年住房免征增值税，不足2年税率从5%降至3%，极大激活置换链条；北京已放宽非京籍购房条 件，业内预测2026年一线城市将全面取消限购。 供给端同样发力，中央鼓励地方用专项债收购存量商品房，转化为保障房、人才房等，缓解房企压力、 加快去库存 ...

Core Viewpoint - The article emphasizes the transition of the real estate industry from scale expansion to quality and efficiency improvement, with 2025 being a pivotal year for establishing a new development model framework, supported by comprehensive policies aimed at stabilizing the market and addressing inventory issues [6][10][19]. Policy Framework and Market Stabilization - The central government has strengthened top-level design, incorporating high-quality real estate development into the "14th Five-Year Plan" as part of the social welfare framework, indicating a long-term direction for the new development model [6][21]. - Policies are being implemented to coordinate supply and demand, including optimizing land reserves through special bonds and adjusting personal housing fund loan rates to stimulate housing demand [6][10]. - Urban renewal has become a strategic focus, with multiple ministries promoting the renovation of urban villages and old communities to address resource idleness and meet new urbanization demands [6][10][12]. - The construction of "good houses" is being advanced, with regulations defining quality standards for residential projects and promoting a shift from single development to quality service [6][10][12]. Market Trends and Inventory Management - By the end of November, the inventory of unsold commercial housing had decreased for ten consecutive months, indicating a trend of market stabilization and reduced inventory pressure [10][12]. - The core task for the industry is to consolidate existing stabilization achievements and ensure continued improvement in market conditions through coordinated efforts on both supply and demand sides [10][12]. Future Outlook - In 2026, real estate policies are expected to continue focusing on stabilizing the market and constructing a new model, with supply-side measures aimed at optimizing land supply and demand-side measures aimed at reducing housing costs [8][19]. - The article anticipates that the real estate industry will gradually form a balanced supply and demand structure, with stable prices and improved quality, providing solid support for high-quality economic and social development [8][19]. Key Policy Developments - A series of policies were introduced throughout the year, including the adjustment of personal housing fund loan rates and the promotion of high-quality housing supply, which collectively laid the groundwork for market recovery [11][12][14]. - The "good house" initiative has been supported by local governments, with over 700 policies released to stabilize the market, focusing on optimizing housing funds and ensuring affordable housing supply [35][36]. Urban Renewal and Quality Housing - Urban renewal has been highlighted as a critical strategy for stabilizing the market, addressing both immediate housing needs and long-term urban development goals [30][31]. - The "good house" initiative aims to enhance housing quality through comprehensive standards and lifecycle management, aligning with the evolving demands of residents for better living conditions [30][41].

Core Viewpoint - The Chinese government emphasizes the need for high-quality development in the real estate sector, focusing on stabilizing the market and enhancing housing quality to meet public demand [1][2]. Group 1: Key Considerations for Real Estate Development - The Ministry of Housing and Urban-Rural Development highlights the ongoing new urbanization and the potential for optimizing urban stock, indicating a strong public expectation for high-quality housing [1]. - The government will implement city-specific policies, focusing on controlling supply, reducing inventory, and improving the quality of housing supply, while also supporting reasonable financing needs of real estate companies [1][2]. Group 2: Initiatives for High-Quality Housing - The Ministry will promote the construction of "good houses" through a collaborative approach involving government, enterprises, and society, focusing on standards, design, materials, construction, and operation [2]. - A new set of guidelines for enhancing housing quality has been issued, which includes 14 improvements, aiming to transform both new and old houses into "good houses" to meet diverse housing needs [2]. Group 3: New Real Estate Development Model - The government aims to establish a new model for real estate development that ensures a smooth transition from old to new systems, focusing on a mechanism that links people, housing, land, and finance [2]. - In real estate development, the project company system will be emphasized, ensuring independent legal rights and responsibilities, and prohibiting any unauthorized financial maneuvers by the headquarters before project delivery [2]. Group 4: Financing and Sales Regulations - A lead bank system will be implemented for real estate financing, where a designated bank will manage project funds to ensure reasonable financing needs are met [3]. - The promotion of a "current house sales" system aims to mitigate delivery risks, while regulations on pre-sale funds will be enforced to protect buyers' rights [3].

Core Viewpoint - The "Welcome the New Year, Change the House" 2026 Binzhou City Quality Real Estate Project Exhibition and Trading Fair aims to promote high-quality development in the real estate sector and stimulate housing consumption, aligning with government initiatives to enhance market vitality and meet public expectations for better living conditions [1][2] Group 1: Event Overview - The event was launched on February 8 at the Binzhou City National Fitness and Cultural Center, attended by key government officials including the Vice Mayor and other city leaders [1] - The fair is organized by the Binzhou City Housing and Urban-Rural Development Bureau, the Binzhou City Commerce Bureau, and the Bincheng District People's Government, with support from local associations [1] Group 2: Project Highlights - Over 20 quality real estate projects were showcased, including provincial and municipal high-quality residential pilot projects [1] - The participating projects adhere to the "Good House" construction standards, focusing on five dimensions: good standards, good design, good materials, good construction, and good maintenance [1] Group 3: Market Impact - The successful hosting of the fair is expected to effectively bridge the supply and demand in the market, unleashing the housing consumption potential of residents [1] - The event aims to provide more tangible benefits and convenient services to citizens, allowing them to realize their housing dreams as the Spring Festival approaches [1]

Core Viewpoint - The "delivery difficulties" risk in the real estate industry has been largely resolved, with many real estate companies reporting significant progress in fulfilling their delivery commitments by 2025 [1][2][3]. Group 1: Delivery Progress - As of the end of the "14th Five-Year Plan," approximately 7.5 million units of "sold but undelivered" housing have been delivered nationwide, with major companies like Country Garden delivering about 1.85 million units [1][3]. - Greenland Holdings announced that its residential projects will deliver over 8 million square meters by 2025, translating to around 80,000 units [2]. - Sunac Group reported cumulative deliveries of over 720,000 units from 2022 to 2025, indicating that its delivery work is nearing completion [2]. Group 2: Risk Mitigation and Policy Direction - The national "delivery guarantee" task is set to be fully completed by 2025, with a delivery rate of 99% for the 3.96 million units targeted [3]. - The government has implemented a systematic risk mitigation action over the past three years, involving collaboration across various levels of government and the real estate sector [4]. - Recent policies emphasize stabilizing the market and transitioning to high-quality development, moving away from the "high leverage, high turnover" model [1][8]. Group 3: Industry Transformation - With the completion of large-scale delivery tasks, real estate companies are shifting focus towards debt resolution, asset management, and revitalizing existing land [6][7]. - Companies like Country Garden and Sunac have made substantial progress in debt restructuring and reorganization [6]. - The upcoming "15th Five-Year Plan" aims to promote high-quality development in the real estate sector, addressing previous issues of high debt and leverage [8][9]. Group 4: Market Stabilization - Despite overall sales not fully stabilizing, some key cities have shown signs of recovery since the fourth quarter of 2025, indicating a potential market rebound [10]. - The central economic work conference has outlined clear directives for 2026, focusing on risk stabilization and market support [8][9].

Core Viewpoint - The "delivery difficulty" risk in the real estate industry has been largely resolved, and the next challenge is to gradually implement the sale of completed homes [3][4]. Group 1: Delivery Completion - Multiple real estate companies have reported that the task of ensuring home delivery is nearing completion, with approximately 7.5 million units of "sold but undelivered" homes delivered nationwide by the end of the 14th Five-Year Plan [3][4]. - Country Garden has delivered about 1.85 million units from 2022 to 2025, while Greenland's residential projects are expected to deliver over 8 million square meters in 2025, translating to around 80,000 units [6][7]. - The Ministry of Housing and Urban-Rural Development reported that by November 2025, 391.8 million units of the 396 million units targeted for delivery had been completed, achieving a delivery rate of 99% [8]. Group 2: Industry Transition - With the completion of the delivery task, the real estate industry is entering a new phase focused on high-quality development, moving away from the "high leverage, high turnover" model [4][10]. - Real estate companies are shifting their focus towards debt resolution, asset management, and revitalizing existing land, with several firms like Country Garden and Sunac making significant progress in debt restructuring [10][12]. Group 3: Policy Direction - The Central Economic Work Conference emphasized the need to stabilize the real estate market and mitigate risks, with a focus on promoting high-quality development in the upcoming 15th Five-Year Plan [14][16]. - The Ministry of Housing and Urban-Rural Development plans to solidify foundational systems in development, financing, and sales, including the gradual implementation of a completed home sales system [15][16].

Core Viewpoint - The "delivery difficulty" risk in the real estate industry has been largely resolved, with many real estate companies reporting significant progress in fulfilling their delivery commitments by 2025 [1][2][3]. Group 1: Delivery Progress - As of the end of the "14th Five-Year Plan," approximately 7.5 million units of "sold but undelivered" housing have been delivered nationwide, with major companies like Country Garden delivering around 1.85 million units [1][3]. - Greenland Holdings announced that its residential projects will deliver over 8 million square meters in 2025, translating to about 80,000 units, with cumulative deliveries from 2022 to 2024 reaching approximately 760,000 units [2]. - Sunac Group reported cumulative deliveries of over 720,000 units from 2022 to 2025, indicating that its delivery work is nearing completion [2]. Group 2: Risk Mitigation and Policy Direction - The national housing and urban-rural development meeting confirmed that the delivery tasks will be fully completed by 2025, with a delivery rate of 99% for the 3.96 million units targeted [3]. - A systematic risk mitigation action has been ongoing for about three years, with collaboration among national, provincial, and municipal levels to ensure responsibilities are met [4]. - The focus has shifted towards debt resolution, asset management, and revitalizing existing land, as many companies begin to recover their "self-sustaining" capabilities [6][7]. Group 3: Future Development Model - The central economic work conference emphasized the need to stabilize the real estate market and transition to a new development model, moving away from high leverage and high turnover [8][9]. - The upcoming "15th Five-Year Plan" aims to promote high-quality development in real estate, addressing risk prevention and enhancing housing supply structures [8]. - The Ministry of Housing and Urban-Rural Development plans to solidify foundational systems in development, financing, and sales, gradually implementing a "see-and-buy" sales system [9]. Group 4: Market Recovery Signals - Despite the overall real estate sales not fully stabilizing, some key cities have shown early signs of recovery since the fourth quarter of 2025, supported by strong fundamentals and better supply structures [10].

Group 1 - The core viewpoint of the articles indicates that by the end of 2025, China's real estate market is showing positive changes, with a significant reduction in unsold housing inventory and ongoing urbanization efforts [1][2]. - The total scale of real estate transactions is stabilizing, with a notable trend of combined sales in new and second-hand housing markets showing signs of recovery, particularly in major cities [2][3]. - The reduction in unsold housing inventory is attributed to both proactive measures to reduce stock and natural market balancing, which helps stabilize market expectations and confidence [3]. Group 2 - Effective policy measures from various regions are contributing to the stabilization of the real estate market, including relaxed purchasing conditions for non-local families and financial incentives for talent acquisition [4][5]. - The transition to high-quality development in the real estate sector is being accelerated, with significant progress in upgrading old housing and implementing safety management systems [6][7]. - Looking ahead to 2026, it is anticipated that improved pricing, increased availability of quality housing, and a friendly purchasing environment will lead to a surge in housing demand and continued activity in both new and second-hand home transactions [8].