在老旧小区改造中，内蒙古注重统筹推进，补齐服务设施短板。本着基础类应改尽改、完善类能改多 改、提升类积极推进的原则，内蒙古因地制宜确定改造内容清单，着力解决基础设施缺失、设施设备陈 旧、功能配套不全、管理服务不到位等群众反映的突出问题。2025年，内蒙古累计改造供水、排水、供 热、供气、供电等老化管线244公里，改造小区道路228万平方米，完成既有建筑节能改造面积294万平 方米，完成既有住宅加装电梯112部，新增文化休闲、体育健身场地、公共绿地等5.4万平方米。 老旧小区改造是实施城市更新行动的重要内容。通过改造，一个个老旧小区实现"原地升级"，居民的幸 福指数实现大跃升。"小区变了样！新管道解决了下水堵塞的难题。""路面平整了，停车位规划得明明 白白，小区看着宽敞多了。""有了这么多游乐和健身设施，我和小伙伴再也不无聊啦！"居民切身感受 到的变化勾勒出一幅幅城市更新的美好图景。 内蒙古日报·草原云记者：李永桃 转自：草原云 1月9日，记者从内蒙古住房和城乡建设厅获悉：2025年内蒙古计划改造城镇老旧小区1291个、24.61万 户。截至2025年底，已全部开工，已完工895个、17.9万户，完工率69.3 ...

继12月初控制性详细规划审议通过，广州珠江新城最后一块"宝地"马场地块迎来新进展。12月24日，南 都N视频记者走访发现，马场地块部分建筑已被拆除，片区更新改造迎来实质性进展。 此次清拆工作的启动，标志着马场片区更新改造进入实质性阶段。根据规划，地块收回后将按"超级城 市绿链+人民文体客厅+顶奢消费中心"方案整体开发：贯通23公里绿链，保留马场历史构件，新增九年 制学校等22处公服设施，并引入顶奢百货、高端酒店，打造集工作、生活、运动、消费于一体的国际消 费中心城市试验区。 除了清拆，马场地块的策划工作也正同步推进。记者查询发现，广州越秀商业地产经营管理有限公司近 日对马场项目策划咨询服务进行邀请采购，目前已确定上海涛汇房地产顾问有限公司为供应商。 马场地块建于1992年，最初作为经营性赛马场赛事用地，见证了广州赛马文化的辉煌。广州赛马场停止 运营后，这片土地逐渐转为汽车、家居、餐饮等经营场所，成为城市中的一片低效用地。其所在的珠江 新城板块早已寸金寸土，因此尚未更新改造的马场也被称为珠江新城"最后一块宝地"。 从2021年对标国际CBD地区进行重新定位，到珠江新城东区优化提升城市设计概念方案提出"公园+商 ...

16 December 2025 | 7:45AM CST Equity Research CHINA PROPERTY MONTHLY TRACKER Another month of slippage, and likely carry forward in Dec Nov 2025 nationwide ASP decline persisted and primary sales dropped -17%/-25% yoy by vol/value (largely inline). New starts fell sharply for the second consecutive month, near -30% yoy in Nov, and completions and FAI undershot our estimates at -25%/-30% yoy. Nov FAI reached the lowest level since 2012 (excl. Jan-Feb which are reported on a combined level). Secondary transac ...

Summary of the Conference Call on China Property Sector Industry Overview - **Industry**: China Property Sector - **Event**: Central Economic Work Conference (CEWC) held on December 10-11, 2025 Key Points and Arguments 1. **Risk Management and Market Stabilization**: - The conference emphasized the need to take proactive steps to defuse risks in key areas and stabilize the property market through city-specific policies aimed at controlling new supply, reducing inventory, and optimizing existing supply [1][2][7] - The focus is on encouraging inventory purchases for social housing and deepening the reform of the housing provident fund [1][7] 2. **Policy Tone and Intentions**: - Compared to previous meetings, the tone in December 2025 is seen as more proactive than in April and July 2025, but less decisive than in December 2024 [2] - The language used indicates a shift from a strong push for stabilization to a more moderate approach, recognizing the imbalance of weak domestic demand against strong supply [2] 3. **Local Stimulus and Monetary Policy**: - A new round of local demand-side stimulus is anticipated, including home purchase and mortgage interest subsidies, although these are not expected to significantly alter home price expectations due to abundant supply [3] - There is a low likelihood of targeted monetary easing or pro-leverage initiatives in the near term, but urban renewals and REIT approvals are expected to accelerate [3] 4. **Market Reactions and Sales Outlook**: - The property sector experienced a share price correction in early December due to weak sales and price declines, particularly in Tier 1 cities, alongside expectations of policy easing following Vanke's debt extension [4] - A short-lived policy-driven rebound in share prices is expected, with continued soft sales projected for Q4 2025 and limited improvement in household confidence [4] 5. **Investment Recommendations**: - Analysts suggest late December as a better entry point for reviewing the sector after the recent price corrections, with top picks including Jinmao, C&D, and CRL [4] Other Important Insights - The conference highlighted the importance of stabilizing investment and resolving local government debt risks while maintaining a necessary fiscal deficit and ensuring stable economic growth [1][7] - The need for a moderate recovery in price levels and stabilization of investment from further decline was acknowledged, indicating a cautious approach to future developments in the property market [2][3] This summary encapsulates the critical discussions and insights from the conference call regarding the current state and future outlook of the China property sector, emphasizing risk management, policy intentions, and market dynamics.

9 December 2025 | 7:07AM CST Equity Research CHINA PROPERTY WEEKLY WRAP Week 49 Wrap - Market activities moderated, while price cuts decelerated Key highlights for the week: On the policy front, the State council maintained a supportive policy stance, emphasizing 1) advancement of urban renewal initiatives, which shall be integrated with property market stabilization efforts, while high-quality housing ("好房子") construction and high-quality development of the real estate sector shall be prompted; 2) addressi ...

Core Insights - The Chen Tian old renovation project in Baiyun District, Guangzhou, has officially launched with a new name "Yunshan Jing" and is being developed through a collaboration between the local government, Industrial Bank, Huafa Construction Management, and R&F Group [1][3]. Group 1: Project Overview - The project aims for high-quality and efficient development under government guidance, leveraging local development experience, state-owned enterprise quality control, and bank funding supervision [3]. - The total construction area of the project is approximately 2 million square meters, including 7 quality schools, over 500,000 square meters of commercial complexes, a central clubhouse, and sports parks [5]. Group 2: Partnerships and Roles - Industrial Bank plays a crucial role as a funding partner, ensuring strict and transparent fund supervision to guarantee the safety of homebuyer funds and timely delivery [3]. - R&F Group, with 31 years of experience in urban development, provides solid development support through its expertise in old renovation projects [3]. - Huafa Construction Management, backed by Huafa Group's state-owned strength, is responsible for project management and marketing, drawing on its experience from over 200 premium projects nationwide [3]. Group 3: Project Features and Amenities - The project is strategically located near the Guangzhou Baiyun Station, a major transportation hub with a total investment of 44 billion yuan, and is surrounded by extensive urban amenities [5]. - The newly named "Yunshan Jing" features five residential buildings designed to maximize views of the nearby Mount Moxing, with units ranging from approximately 120 to 190 square meters [5]. - Current amenities include a fully operational central clubhouse with a heated swimming pool, a central park under construction, and residential units that are ready for occupancy [5].

Summary of Conference Call on China Property Market Industry Overview - The conference focused on the **China property market**, specifically in **Shenzhen** and **Guangzhou**. The analysis included insights from developers, financial institutions, and property managers, highlighting contrasting trends between high-end and broader market segments [1][6]. Key Insights Market Trends - **Luxury Segment Performance**: There is a strengthening in luxury retail sales and affluent asset under management (AUM) growth, with double-digit percentage increases, but this has not yet translated into improved sales for high-end residential projects in Shenzhen and Guangzhou [3][6]. - **New Home Prices**: Prices for new homes remain resilient, with a premium over secondary homes due to better quality offerings. However, the sell-through pace for new homes has slowed, raising concerns about the sustainability of this pricing premium [3][7]. - **Urban Renewal Challenges**: Funding is identified as a significant bottleneck for urban renewal development, which is crucial for demand. Despite policy announcements, funding sources remain a fundamental restraint [3][8]. Financial Health of Banks - Selected banks reported a **10 percentage point increase** in loan-to-value (LTV) ratios to approximately **40%-55%** for mortgage asset balances, indicating limited non-performing loan (NPL) risk. Stress tests suggest these banks could tolerate an additional **20% decline** in property prices in high-tier cities [5][6]. Technology and Efficiency - The adoption of AI and digital applications is becoming increasingly important in the property sector, focusing on operational efficiency and sustainable profitability. Examples include automated cleaning robots and enhanced customer profiling by banks [5][6]. Policy Environment - Experts expressed caution regarding the effectiveness of current easing measures, such as mortgage rate cuts and HPR relaxations, which have had limited impact on market confidence. The need for broader macroeconomic policies or aggressive property-specific stimulus measures is emphasized [10][19]. Additional Observations - **Market Conditions**: The overall market remains in a downturn, with secondary prices falling **20%-30%** and transaction volumes decreasing from **6,000 units** in June to **4,000 units** in October [10][19]. - **Urban Population**: Approximately **1/3** of Guangzhou's and **60%** of Shenzhen's urban populations reside in urban villages, highlighting the potential for urban renewal projects [8][19]. - **Luxury Mall Recovery**: High-end malls are experiencing a recovery driven by luxury retail sales, with significant contributions from high-net-worth customers. The occupancy rate of luxury malls remains high at **97%** [26][28]. Conclusion - The China property market is characterized by a divergence between high-end and broader market segments, with luxury retail showing resilience while the overall market faces challenges. The need for effective policy measures and funding solutions for urban renewal is critical for future recovery. The integration of technology in property management is also seen as a key driver for efficiency and profitability in the sector [1][6][10].

Infrastructure Development - Mumbai is undergoing a rapid transformation with a multi-billion dollar infrastructure blitz aimed at faster commutes and urban renewal [1] Urban Planning - The city is racing towards urban renewal [1]

Core Insights - The Fuzhou Land Development Center has announced the completion of project site selection for three land parcels, totaling an area of 295.28 acres [1][2]. Group 1: Land Parcel Details - The three land parcels include: - Kangshan Temple North Parcel, located in Jin'an District, with a site area of 55.88 acres [2]. - Guanwail Street Surrounding Parcel One, also in Jin'an District, with a site area of 234.23 acres [2]. - Guanwail Street Surrounding Parcel Two, in Jin'an District, with a site area of 5.17 acres [2]. Group 2: Land Use and Planning - The eight parcels involved in the planning have a total area of 13.68 hectares (205.20 acres), designated for commercial, residential, and educational purposes [3]. - The land use types include residential and commercial mixed-use, with varying average plot ratios and building height limits [3]. Group 3: Demolition and Relocation - The relocation area for the Guanwail Street surrounding parcels includes multiple residential complexes, affecting 3,592 households [4]. - The Kangshan Temple North Parcel involves the relocation of 225 households, with a completion rate of 99% for preliminary assessments as of September 26 [9]. Group 4: Cultural and Historical Context - Guanwail Street is noted for its cultural significance and is considered a beloved area for many residents, often associated with childhood memories and local cuisine [11]. - The announcement of the land selection and the issuance of demolition notices indicate the transformation of this historic area, marking the end of an era for the local community [12].

Summary of the Conference Call on China's Property Sector Industry Overview - **Industry**: China's Property Sector - **Focus**: Transformation and upgrade during the 15th Five-Year Plan (2026-2030) aimed at establishing a new development model to enhance living standards and stabilize the property market [1][7] Core Points and Arguments New Development Model - The property sector will transition from construction to providing full life-cycle property services, emphasizing quality over scale [1][9] - Key features include: - Establishing a three-pronged housing system: commodity housing for affordable buyers, rental housing for urban migrants, and social housing for low-income classes [1][9] - Optimizing production factors (people, housing, land, capital) through Hukou and land reforms [1][12] - Urban renewal initiatives to enhance city capacity and promote high-quality homes [1][9][23] Housing Supply and Demand - Land sales revenue is projected to stabilize at approximately RMB 4 trillion annually from 2026 to 2030, reducing local government reliance on land sales for fiscal revenue [1][2] - The government aims to increase annual investments in social housing and urban renewal to around RMB 0.9-1 trillion, with a focus on rectification and upgrades rather than full demolitions [2][50] - Supply-side measures include revitalizing existing lands, controlling new land supply, and enhancing the quality of property supply [3][26] Urbanization and Market Dynamics - Top-10 cities are expected to outperform in property sales, land sales, and rental markets due to urbanization and population concentration [4][65] - The new urbanization policy aims to reshape the value of satellite cities, enhancing their attractiveness through improved logistics and infrastructure [67] Policy Support and Financial Measures - The government is implementing supportive fiscal and monetary policies, including special bonds for social housing and urban renewal projects [68][71] - Local governments are encouraged to repurchase idle land and housing inventory to stimulate the market [68][69] Important but Overlooked Content - The shift in focus from "having a home" to "having a good home" reflects changing consumer preferences and the need for better living conditions [8][9] - The integration of building information modeling (BIM) technology and energy-saving innovations in housing construction is emphasized as part of promoting good-quality homes [24][23] - The expected decline in new supply due to the transition to selling completed properties may lead to cautious land purchases by property firms, impacting cash flow [22][21] Conclusion - The 15th Five-Year Plan outlines a comprehensive strategy for the transformation of China's property sector, focusing on quality, sustainability, and social equity. The emphasis on urban renewal, affordable housing, and policy support indicates a proactive approach to addressing the challenges faced by the industry.