Core Viewpoint - Yinchuan has implemented measures to promote the stable and healthy development of the real estate market, effective until December 31, 2027, focusing on land supply, housing quality, and financial support for homebuyers [1][2]. Group 1: Land Supply and Housing Quality - A dynamic adjustment mechanism for residential land assessment prices has been established, allowing for phased payment of land transfer fees and clarifying conditions for "mortgage transfer" to revitalize idle land and stalled projects [1]. - Housing quality enhancement is a key initiative, with plans to optimize residential community design standards and promote the construction of age-friendly and child-friendly facilities, alongside developing evaluation guidelines for quality housing [1]. Group 2: Financial Support and Housing Policies - For families with multiple children, the maximum loan amount from the housing fund can increase by 300,000 yuan, while veterans can access loans without account balance restrictions, with a 20% increase [1]. - The city will broaden loan application qualifications and usage, extend loan terms to 63 years for women and 68 years for men, and optimize the "commercial to public" mechanism to alleviate monthly payment burdens [1]. Group 3: Rental Housing and Rights Protection - Yinchuan aims to accelerate the collection of affordable rental housing to cover all urban residents, prioritizing large allocations for families with multiple children [2]. - New policies will allow homebuyers to choose their household registration benefits, retain land use rights, and implement "online signing and registration" for immediate residency and school enrollment [2]. - From 2026, new commercial housing will be delivered with property certificates, and all real estate procedures will be available online, alongside strict measures against false advertising and price manipulation [2].

Core Insights - National fixed asset investment in China decreased by 0.5% year-on-year from January to September, compared to a growth of 0.5% from January to August [1] Infrastructure Investment - From January to September, infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 1.1%, a decline of 0.9 percentage points from the growth rate in August [2] - The rapid decline in infrastructure investment growth is attributed to a strong economic performance in the first half of the year, which reduced the demand for stable growth in infrastructure investment [3] - There is potential for infrastructure investment to accelerate due to the impact of high tariffs from the U.S. and weakening external demand, with expectations that it will serve as a stabilizer for the macro economy [3] - The annual growth rate of infrastructure investment (excluding electricity) is projected to reach around 3.0%, a slowdown of 1.4 percentage points compared to the previous year [3] Real Estate Investment - National real estate development investment fell by 13.9% year-on-year from January to September, with the decline widening by 1.0 percentage points compared to the previous period [5] - New commercial housing sales area decreased by 5.5% year-on-year, totaling 65,835 million square meters [5] - The amount of funds available to real estate development enterprises decreased by 8.4% year-on-year, totaling 72,299 billion [5] - The decline in real estate investment is primarily due to real estate companies reducing their balance sheets in response to liquidity challenges and pressure on their financial statements [6] - However, the approval of "white list" loans by commercial banks has increased significantly, which may improve the funding sources for real estate companies [5][6]

Group 1 - Morgan Stanley's research report indicates that while the residential property and retail market conditions are stabilizing, there are expectations for the Hong Kong government to announce favorable measures for the property market in the upcoming policy address on September 17 [1] - Proposed measures include further reducing stamp duty for residential properties priced below HKD 6 million, relaxing requirements for capital investors to stimulate luxury property investment demand, establishing a home purchase fund scheme, and accelerating land reclamation and infrastructure development in the Northern Metropolis [1] - Overall, Morgan Stanley anticipates that New World Development and Henderson Land Development may benefit the most from any potential property market support policies, maintaining an "overweight" rating for these companies [1] Group 2 - Despite the recent rise in HIBOR, the potential for interest rate cuts by the Federal Reserve is expected to provide support for the market [1] - Morgan Stanley holds a less favorable view on Wharf Real Estate Investment Company, citing challenges in its mainland operations and assigning a "underweight" rating [1]

Core Insights - In August, the average price of new residential properties in 100 Chinese cities increased by 0.20% month-on-month to 16,910 RMB per square meter, while the average price of second-hand residential properties decreased by 0.76% to 13,481 RMB per square meter [1] - The cities of Hangzhou, Shanghai, and Hefei saw the highest month-on-month increases in new home prices, with rises of 0.92%, 0.86%, and 0.82% respectively [1] - The overall market remains in a seasonal downturn, with developers showing weaker sales efforts despite some structural price increases in core cities [1] Market Dynamics - The second-hand housing market experienced varying degrees of price declines, with Chengdu showing the smallest drop [1] - High listing volumes for second-hand homes persisted, with "price for volume" strategies dominating the market [1] - Recent policy changes in Beijing and Shanghai have relaxed home purchase restrictions, allowing eligible buyers to purchase unlimited properties outside the city limits [1] Future Outlook - The real estate market is expected to enter a traditional peak season in September and October, with an anticipated increase in market activity as developers accelerate project launches in core cities [2] - The introduction of new supportive policies for the real estate market is expected to be expedited, alongside potential easing of domestic monetary policy due to rising expectations of a Federal Reserve rate cut [2]

Core Insights - In August, the average price of new homes in 100 Chinese cities increased by 0.20% month-on-month to 16,910 RMB per square meter, while the average price of second-hand homes decreased by 0.76% to 13,481 RMB per square meter, indicating a mixed market trend [1] Group 1: New Home Market - The cities of Hangzhou, Shanghai, and Hefei saw the highest month-on-month increases in new home prices, with rises of 0.92%, 0.86%, and 0.82% respectively [1] - Despite the structural increase in new home prices in some core cities, the overall market remains in a seasonal downturn with weak supply from real estate companies [1] Group 2: Second-Hand Home Market - The average price of second-hand homes in 100 cities showed a year-on-year decline of 7.34%, with a slight narrowing of the month-on-month decline by 0.01 percentage points [1] - High listing volumes for second-hand homes persisted, with "price for volume" strategies being the mainstream approach in the market [1] Group 3: Policy Changes and Market Outlook - Beijing and Shanghai relaxed home purchase policies in August, allowing eligible buyers to purchase unlimited properties outside the city limits, and Shanghai adjusted mortgage rate pricing mechanisms [1] - The introduction of new supportive policies for the real estate market is anticipated, with expectations of increased activity in the "Golden September and Silver October" traditional marketing season [2]

Core Viewpoint - In August, new home prices in 100 Chinese cities continued to rise month-on-month, while second-hand home prices experienced a decline, indicating a mixed trend in the real estate market [1][2]. Group 1: New Home Prices - The average price of new residential properties in 100 cities was 16,910 yuan per square meter, reflecting a month-on-month increase of 0.20% and a year-on-year increase of 2.73% [1]. - Cities such as Hangzhou, Shanghai, and Hefei saw the highest month-on-month increases in new home prices, with rises of 0.92%, 0.86%, and 0.82% respectively [1]. Group 2: Second-Hand Home Prices - The average price of second-hand residential properties in 100 cities was 13,481 yuan per square meter, showing a month-on-month decrease of 0.76% and a year-on-year decline of 7.34% [1]. - The decline in second-hand home prices was less severe compared to the previous month, with a reduction of only 0.01 percentage points [1]. Group 3: Market Dynamics - The overall market remains in a seasonal lull, with developers showing weaker sales efforts despite some core cities launching quality improvement projects [1]. - The high listing volume of second-hand homes indicates a trend of "price for volume" in the market [1]. Group 4: Policy Changes - In August, Beijing and Shanghai relaxed home purchase policies, allowing eligible buyers to purchase unlimited properties outside the city limits, and Shanghai eliminated the distinction in mortgage rates between first and second homes [2]. - The introduction of new supportive policies for the real estate market is anticipated, especially with expectations of a potential interest rate cut by the Federal Reserve, which may further open up domestic monetary policy space [2].