Core Viewpoint - Several property management companies are actively withdrawing from projects due to low collection rates, long-term losses, and unresolved issues with developers and homeowners [1][4][6] Group 1: Reasons for Withdrawal - Companies like China Overseas Property and Kincai Service have announced their exit from projects due to low occupancy rates and accumulated unpaid property fees, leading to long-term losses [1][3] - Goldfinch Property cited continuous losses and increasing operational costs as reasons for its withdrawal from the Xiangyin project, where property fees were not paid due to issues unrelated to property management [2][3] - The withdrawal trend includes over 10 property management firms, driven by low collection rates, unresolved historical issues with developers, and escalating conflicts with homeowners and committees [1][4] Group 2: Financial Implications - The property fee collection rate in 2024 is reported to be 82%, a decrease of approximately 3 percentage points from the previous year, indicating a challenging financial environment for property management companies [5][6] - Companies are facing rising costs in labor and infrastructure maintenance, which are testing their profitability [5][6] Group 3: Strategic Shift - The trend of active withdrawal reflects a strategic shift from "scale-first" to "quality-first," with companies focusing on core urban areas like the Yangtze River Delta and Greater Bay Area [7] - Companies are optimizing resource allocation by exiting projects with low collection rates and high operational costs, aiming to enhance service quality in more viable projects [6][7]

2025.07. 08 以宜昌为例，为扎实推进整治物业服务履约不到位、侵占业主公共收益等问题，该地公布了第一批物业 领域典型案例，警示物业服务主体举一反三，全面提升物业服务质量。 本文字数：2238，阅读时长大约4分钟 作者 | 第一财经 孙梦凡 物业公司不按规定退出、不配合更换电梯、信息公示不及时......近期，多地密集曝光了一批物管行业的 典型案例，以督促物业提升服务质量，维护群众切身利益。 从跑马圈地到野蛮生长，物管行业曾经历了一段扩张期，规模增长被置于发展质量之上，业绩指标被置 于一线服务之前，业主与物业的矛盾也积弊已久。但进入2025年以来，我国物管行业在政策驱动下正 迎来深刻变革，各地相继加大了规范和整治力度。 从当前政策趋势看，各地已将"物业服务履约不到位、侵占业主公共收益等"作为整治重点，同时通过引 入企业评价等级、加强履约公示、赋予业主选择权等方式，从政策端助力物管行业走出野蛮生长期，迈 向更规范、更灵活、更守约的新阶段。 物 管 专项整治 密集展开 2025年，我国物管行业正迎来规范化发展的重要之年。 克而瑞物管表示，今年中央纪委国家监委将"整治物业服务履约不到位、侵占业主公共收益等问题 ...

其中明确，缴存人可提取住房公积金用于支付缴存职工家庭（本人、未成年子女及配偶）在本市行政区 域内一套自住住房的物业费。采取定额方式提取，每位缴存职工不超过3000元/年。 这意味着，双职工家庭每年可提取6000元公积金用于支付物业费。"允许住房公积金用于支付物业费， 能够在一定程度上减轻业主的生活负担。"中国城市房地产研究院院长谢逸枫表示，住房公积金支付物 业费的政策，可直接缓解收入偏低群体因收入波动带来的经济压力，为其日常生活提供更切实的保障。 根据公开报道，近期，中海物业因业主欠缴物业费户数比例高，拖欠物业费近60万元，物业长期处于亏 损状态，后经多方反复沟通仍无法解决欠费问题，最终决定终止服务。 除此之外，例如龙湖物业、金科服务等多家知名物业公司也因成本支出增大、业主延期缴纳物业费等原 因，被迫撤出小区管理。 谢逸枫表示，允许使用住房公积金支付物业费，能有效提升居民缴纳物业费的积极性；若同步下调物业 费标准，可进一步强化这一效果。此举有助于物业公司增加预期营业收入与利润，维持其经营的稳定 性。 多维度举措改善住房消费体验 支付物业费、直付房租、简化省内异地购房提取住房公积金流程……各地积极优化公积金政策 ...

Core Viewpoint - The property management industry is experiencing a wave of service withdrawals from major companies due to ongoing pressure from rising operational costs and unsuccessful negotiations on property fee reductions, leading to a shift from aggressive expansion to focusing on quality service [1][10][12]. Summary by Sections Property Fee Reductions - Over 100 residential communities across the country have successfully negotiated property fee reductions ranging from 20% to 35% since last year [1]. - In Chongqing, the first city to implement fee reductions, at least ten property management companies have announced their withdrawal from service due to failed negotiations and low collection rates [3][4]. Reasons for Withdrawal - Major property companies cite reasons for withdrawal including broken negotiations on fee reductions and high rates of unpaid property fees, with some companies reporting that over half of the owners have not paid their fees [4][8]. - Companies like Chongqing California Property Service and others have stated that the drastic fee reductions are unsustainable given the rising costs of labor, aging equipment, and maintenance [3][4]. Industry Trends - The property management industry is shifting away from "scale expansion" to "quality deepening," with many companies opting to exit low-efficiency projects rather than engage in intense competition [1][10][12]. - The overall revenue growth for property companies has slowed, prompting a focus on reducing competition and improving service quality [10]. Case Studies - In Chongqing, California Property Service announced a fee reduction from 2.0 yuan to 1.3 yuan per square meter, which they deemed unsustainable [3]. - In Hangzhou, the leading property company, Binjiang Property, withdrew from the Wan Gu Jun Fu community after failing to agree on a fee reduction from 2.8 yuan to 2.2 yuan per square meter [6][8]. Market Dynamics - The average property service fee in major cities is around 2.72 yuan per square meter per month, with Hangzhou's fees at 2.98 yuan, indicating a competitive pricing environment [8]. - Some smaller property companies are lowering fees to attract business, while larger firms are focusing on high-quality service areas such as public buildings and hospitals [12]. Conclusion - The property management sector is undergoing significant changes as companies adapt to new market realities, focusing on quality over quantity in service provision to ensure sustainability in a challenging economic environment [10][12].

Core Viewpoint - The property management industry in China is entering a significant year of standardization and reform in 2025, driven by government policies aimed at improving service quality and protecting the interests of residents [1][2][3]. Group 1: Industry Transformation - The property management sector has shifted from rapid expansion to a focus on quality and compliance, with increasing tensions between property owners and management companies [1][2]. - Recent government initiatives have identified key issues such as inadequate service fulfillment and misappropriation of public funds as focal points for rectification [2][4]. - Various cities have reported typical cases of non-compliance, leading to administrative penalties and corrective actions against property management companies [3][4]. Group 2: Policy Implementation - The central government has included the rectification of property service issues in a national initiative, prompting local authorities to issue specific guidelines and standards for enforcement [2][5]. - New standards for residential property services have been introduced, emphasizing a tiered service model and mandatory compliance with safety and information disclosure requirements [5][6]. - The revised standards allow homeowners to select service levels based on their specific needs, enhancing their participation and satisfaction in property management [6][7]. Group 3: Local Government Actions - Cities like Beijing, Shanghai, and Jinan have launched action plans to elevate property service quality, focusing on transparency, compliance rates, and reducing complaints [7]. - Local governments are promoting flexible pricing mechanisms and service options to better align with homeowner expectations and improve overall service delivery [7]. - A series of coordinated policies aim to address long-standing issues in the property management sector while facilitating a transition towards modern community governance [7].

Core Insights - The property management industry is experiencing a wave of companies withdrawing from service due to failed negotiations on fee reductions and low collection rates [1][3][7] - Major cities like Chongqing and Hangzhou are witnessing significant exits from property management firms, indicating a shift in focus from expansion to quality service [2][4][9] Group 1: Reasons for Withdrawal - Over 100 residential communities nationwide have seen property fees reduced by 20%-35% since last year, leading to unsustainable operational costs for property management companies [1][8] - In Chongqing, at least ten property management companies have announced their exit, citing broken negotiations on fee reductions and ongoing low collection rates [2][3] - Companies like Chongqing California Property Service and Chongqing Kaimai Property Management have specifically mentioned that the drastic fee reductions are not feasible given rising operational costs [2][3] Group 2: Industry Trends - The property management sector is shifting away from aggressive competition and expansion strategies, focusing instead on quality service and sustainable projects [7][9] - Many leading property management firms are opting to exit low-efficiency projects, with companies like Wanwu Cloud and Shimao Service announcing significant project withdrawals [7][8] - The overall trend indicates a move towards servicing higher-quality clients and projects, such as public buildings and high-end residential areas, rather than competing in saturated markets [9]

证券研究报告·行业跟踪周报·房地产 房地产行业跟踪周报 二手房成交面积持续回落，更大力度推动房地 产市场止跌回稳 增持（维持） 2025 年 07 月 07 日 证券分析师 房诚琦 执业证书：S0600522100002 fangcq@dwzq.com.cn 行业走势 -7% -1% 5% 11% 17% 23% 29% 35% 41% 47% 53% 2024/7/8 2024/11/6 2025/3/7 2025/7/6 房地产 沪深300 相关研究 《二手房成交面积同环比回落，加快 构建房地产发展新模式》 2025-07-01 《新房成交面积同比下滑，多地放松 政策持续出台》 2025-06-23 东吴证券研究所 1 / 18 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 投资要点 ◼ 上周（2025.6.30-2025.7.4）：上周房地产板块（中信）涨跌幅 0.1%,同期 沪深 300、万得全 A 指数涨跌幅分别为 1.5%、1.2%，超额收益分别为- 1.4%、-1.1%。29 个中信行业板块中房地产位列第 24。 ◼ （1）新房市场：上周（2025 ...

Core Insights - The article highlights the successful management and community integration efforts in the ancient water town of Zhouzhuang, Jiangsu, showcasing the role of Poly Property in enhancing the tourist experience and supporting local residents [1][2][12] Group 1: Community and Service Integration - Poly Property has introduced a "convenience service boat" to assist merchants and residents in transporting goods, which has been well-received following the implementation of a "motor ban" in the scenic area [1][2] - The ancient town houses over 200 original residents and more than 1,000 shops, necessitating a service model that promotes coexistence between the community and the tourism sector [2] Group 2: Management and Operational Efficiency - The scenic area has been divided into five grids for better management, with designated personnel responsible for safety checks and environmental maintenance [5] - A digital comprehensive management platform has been established, allowing for real-time monitoring and rapid response to issues such as lost children and maintenance needs [8] Group 3: Environmental and Community Welfare Initiatives - A thorough cleaning initiative removed over 200 tons of waste and addressed more than 50 sanitation blind spots, significantly improving the town's appearance [6] - A convenience service station has been set up to provide essential services to residents, including repairs and emergency assistance, enhancing community cohesion and resident satisfaction [10][12]

Core Viewpoint - The property management industry in China is facing a "quality-price mismatch" dilemma, with homeowners questioning the value of their fees while property companies claim they are not profitable. Vanke Property's initiative to open-source 508 service standards aims to address this issue, but it remains uncertain whether this is a genuine solution or a temporary measure in a challenging environment [1][2]. Group 1: Industry Challenges - The property management sector is caught in a dilemma where homeowners criticize the reduction in service quality, while property companies assert they are operating at a loss. Data from the China Index Academy indicates that 44.2% of homeowners in Chongqing believe property fees are unreasonable [2]. - The industry's "original sin" stems from its historical ties to real estate developers, leading to accumulated grievances from homeowners regarding high property prices and quality issues, which are often redirected towards property management companies [5]. - The economic downturn has exacerbated these tensions, with many property management firms struggling to maintain profitability. The average property fee in Chongqing has seen a reduction of 22.49%, pushing many companies to the brink of survival [5]. Group 2: Pricing Strategies - Vanke's strategy of "elastic pricing" is a critical tool for penetrating the low-price market, with over 65% of property fees in the target market falling between 0-2 yuan per square meter per month. This approach includes a breakdown of essential and optional services to create a more affordable basic package [4]. - The introduction of a "menu-style selection" allows homeowners to choose services, providing a way to stabilize property management sources without causing panic through direct price cuts [6]. - Despite the transparency efforts, the reality remains that low-priced packages often do not cover operational costs, leading to a paradox where transparency does not equate to profitability [7]. Group 3: Future Outlook - The current economic climate and regulatory price caps are forcing property management companies to adapt, with Vanke's initiatives seen as a response to these pressures rather than a strategic transformation [10][11]. - The shift towards technology and transparency is reshaping the industry's foundation, indicating a long-term trend despite the immediate challenges posed by economic conditions [10]. - Vanke's exploration of "elastic pricing" may not resolve all current issues but could guide the industry towards evolving from labor-intensive service providers to technology-driven space solution platforms [13]. Group 4: Technological Integration - The future of property management companies will hinge on their ability to integrate technology into their operations, enhancing service efficiency and creating new revenue streams beyond traditional property fees [15]. - Companies are expected to evolve into resource integrators, connecting various community services and creating a more dynamic ecosystem that adds value to property management [15]. - The ultimate goal is to enhance asset value and community engagement, positioning property management firms as essential players in urban space management rather than mere extensions of real estate development [15].

Group 1 - The core focus of the news is the accelerated renovation of old urban residential communities in China, with many provinces reporting over 50% construction rates [1][2] - The Ministry of Housing and Urban-Rural Development has indicated that as of June 2025, special long-term bonds have supported the renovation of 41,000 old elevators, benefiting 1.7 million residents [1] - A new statistical reporting system for the renovation of old communities has been implemented, requiring monthly updates on progress, effects, and project details [2] Group 2 - In Beijing, 442 old communities are currently under renovation, benefiting approximately 120,000 households [4] - Liaoning plans to renovate 500 old communities this year, with all projects having commenced by the end of May [4] - Chongqing has initiated renovations for 937 out of 1,227 planned old communities, achieving a construction rate exceeding 75% [4] Group 3 - The "try before you buy" model for property management services is being implemented to address the lack of property management in old communities [2][5] - This model allows residents to experience property management services for free for a few months before deciding to sign a contract [3] - The model has led to nearly 90% of old communities in the area recognizing the importance of property management services [7] Group 4 - A tiered fee structure has been proposed to encourage property management companies to remain in old communities, with a five-year buffer period for fee increases [5] - The local government is facilitating communication between residents and property management to address service expectations and complaints [6][8] - Annual assessments of property management companies are conducted, with financial incentives for those that perform well, promoting better service [8]