Core Viewpoint - The article highlights the significant progress in the construction and delivery of resettlement housing projects in Qiaosi Street, emphasizing the commitment to ensuring quality and safety through comprehensive supervision mechanisms [3][4]. Group 1: Project Development - Since 2021, Qiaosi has planned and delivered 11 resettlement housing projects, with 5 projects already completed, allowing 1,971 households to move into new homes [3]. - The third phase of the Yonghe resettlement housing is expected to be delivered by the end of July this year, while the remaining 5 projects are under construction and are projected to be fully completed by 2027 [3]. Group 2: Supervision Mechanisms - Qiaosi Street has implemented a full-process supervision mechanism called "pre-construction discussion, in-construction checks, and post-construction review" to ensure the quality of resettlement housing [3]. - Public hearings were held at the project's inception to disclose key information such as responsible parties, construction units, and design plans, ensuring transparency and public participation [3]. Group 3: Quality Assurance - A supervision team composed of village officials, monitoring liaison officers, party members, and village representatives conducts regular inspections focusing on material quality, construction progress, and safety measures [3]. - In Yongxi Village, 35 special supervision sessions have been conducted since 2024, involving over 500 participants and leading to the rectification of 23 issues, thereby enhancing project quality and progress [3]. Group 4: Post-Delivery Oversight - The street's disciplinary committee conducts regular and random checks post-delivery, addressing residents' reasonable requests promptly to ensure a complete supervision loop [4]. - The committee aims to continuously focus on the most pressing issues for the community, providing robust oversight to support residents' housing stability [4].

Core Insights - The article discusses the shifting dynamics between the new and second-hand housing markets in major Chinese cities, particularly Shanghai, highlighting how new housing supply is increasingly attracting buyers away from the second-hand market [1][13][24] Market Dynamics - Shanghai's central area is increasing the supply of core land, which is beneficial for the new housing market, while the second-hand market remains dominated by older, less desirable properties [1][5] - The second-hand market is experiencing a disconnect between transaction volume and price, with a significant number of transactions occurring without corresponding price increases [5][12][24] Transaction Trends - In Shanghai, the average monthly second-hand transactions have been around 19,500 units, but prices have shown little upward movement despite this volume [5][12] - The proportion of second-hand homes priced below 3 million yuan is significant, with major cities like Beijing seeing an increase in lower-priced transactions [8][10] Inventory and Supply Issues - The inventory of second-hand homes in Shanghai has reached historical highs, leading to a situation where the market is flooded with lower-priced listings, affecting overall price stability [10][12] - The article notes that while second-hand transactions are high, the market is characterized by a lack of enthusiasm among buyers, indicating a potential shift in buyer sentiment [4][12] New Housing Market Growth - The new housing market is gaining traction, with cities like Guangzhou and Wuhan seeing a decrease in second-hand market share as new homes become more appealing [13][16] - Notable sales in the new housing market include high-value projects, with Shanghai's 壹号院 achieving over 10 billion yuan in sales, indicating strong demand for new properties [18][19] Consumer Behavior - The article emphasizes a shift in consumer preferences, with buyers increasingly favoring new homes for their quality and product offerings, while the second-hand market struggles with outdated inventory [26][32] - The demand for high-end properties is rising, particularly in first-tier cities, while the second-hand market is losing its appeal to affluent buyers [19][26] Supply-Side Reforms - Recent changes in land supply and development regulations are enhancing the quality of new housing products, which may further widen the gap between new and second-hand markets [29][32] - The introduction of new construction technologies and lower-density land parcels is expected to improve the attractiveness of new homes, potentially leading to a more pronounced divide in the market [29][30]

前几年，华润置地、招商蛇口、中国金茂以及保利发展等头部地产央企，不仅在下行期吸纳了众多优秀人才，也在营销体系、策略打法以及人才梯队建设 方面进行了系统性的变革。 这些央国企巨头不仅扮演了行业领军角色，也内部培养孵化了一批将才、帅才。 如今，这些优秀的管理人才，也有了继续向地方国企输导的趋势。 许多地方国企凭借其政策护城河、融资优势、承接关键项目能力，以及趋同的国企文化氛围，正成为动荡市场中吸引顶尖管理者的"避风港"与"新战场"。 近期艳姐了解到，原中国金茂营销中心总经理李峰，已加盟京投发展集团，并担任营销总。 京投发展是拥有多年的TOD开发积淀的北京老牌国企，而李峰则是亲身经历了金茂黄金增长时代，亲自参与金茂一系列营销体系搭建的主导者。 京投发展选择此时引入李峰加盟，似乎也预示了这家老牌国企进击的决心。 01 金茂"黄金增速"背后的 营销帅才 在稍早前的6月30日，京投发展（600683.SH）曾公告过一次人事调整，董事会办公室主任兼证券事务代表鞠颂，因工作调动原因请辞，公司聘任梁璠接 替这一职务。 内部常规人事调整没多久，外部引入高级管理人才的动作就接踵而至。 此次履新京投发展集团营销总的李峰，生于1982 ...

7月15日，中央城市工作会议在北京举行。 这是事关布局城市发展的最高规格会议。上一次召开中央城市工作会议，是在10年前。 而自1962年至今，中央城市工作会议共举行了五次，从明确对城市的基本认知到经历世界历史上规模最 大、速度最快的城镇化进程之后，此次会议再一次为新时代城市发展建设定向领航。 此次中央城市工作会议提到了两个变化：我国城镇化正从快速增长期转向稳定发展期，城市发展正从大 规模增量扩张阶段转向存量提质增效为主的阶段。 同时，会议明确七个重点任务，与房地产有关的内容有以下几个方面： 1、发展组团式、网络化的现代化城市群和都市圈 2、分类推进以县城为重要载体的城镇化建设，继续推进农业转移人口市民化，促进大中小城市和小城 镇协调发展 3、高质量开展城市更新 4、加快构建房地产发展新模式，稳步推进城中村和危旧房改造 5、严格限制超高层建筑，全面提升房屋安全保障水平 6、完善历史文化保护传承体系，完善城市风貌管理制度 房地产业与城市建设发展一脉相承，城市的变化对房地产市场将产生重要的影响。在推动房地产业止跌 回稳、构建房地产发展新模式的重要关口，中央城市工作会议将对新时期房地产业发展方向产生五个方 面的影响。 ...

清华大学五道口金融学院不动产金融研究中心于7月12日在京举办《城中村改造的金融创新》课题中期研讨会，聚焦城中村改造如何通过政策协同、工具 创新及模式闭环推动良好生态构建。会议总结：破解城中村改造瓶颈的核心在于构建可持续的商业模式。对此，应厘清项目合规性基础，针对不同改造模 式设计分类工具与政策方案，最终形成覆盖城中村改造全生命周期的良好金融生态。 本次会议由学院不动产金融研究中心主办。中国证监会原主席肖钢，中国房地产业协会副会长兼秘书长张其光，中国人民银行金融研究所所长丁志杰，住 房和城乡建设部住房保障司副司长翟波出席会议。来自深圳安居、建设银行、中咨公司、中金公司、中伦律所、山西建投、鑫苑集团的20余位课题组专家 及行业机构领导参会研讨。清华大学五道口金融学院研究员、不动产金融论坛秘书长魏晨阳开场发言。不动产金融研究中心研究总监郭翔宇主持会议。 【图为会议现场】 导读 在课题研讨环节，相关政策部门、金融机构和业界专家围绕课题深化方向和行业核心痛点提出了宝贵的指导意见，从宏观形势、模式研判、金融工具创 新、可持续商业模式以及现实困境等多个维度进行了深入解读。 丁志杰围绕城中村改造的模式创新与政策支持提出三点思 ...

2025年7月14日至15日，中央城市工作会议在北京举行。这是最高规格的城市工作会议，历史上也就开 过四次，这一次算是第五次。改革开放前开过两次，分别是在1962年和1963年，第三次是在1978年，上 一次是在2015年，也就是10年前。 棚改不重启 "加快构建房地产发展新模式，稳步推进城中村和危旧房改造" 在这次会议召开前，市场上传出来一个小作文，核心内容是，棚改将重启，股市很兴奋，反应很热烈。 很多人对棚改重启都有很高的期待，希望能借助棚改的力量把房价往上带一带。但这次会议的表述 是"稳步推进城中村和危旧房改造"，大家所期待的棚改2.0的梦已碎，重启的可能性也并不大，城中村 和危旧房改造的进程也不会像一些人设想的那么激进。 先看2015年的会议表述"深化城镇住房制度改革，继续完善住房保障体系，加快城镇棚户区和危房改 造，加快老旧小区改造。力争到2020年基本完成现有城镇棚户区、城中村和危房改造"，目标任务很明 确，很紧迫，工作时间线也很清楚，剩下的就是干，棚改就在全国火热开推，棚改货币化催生了三四线 城市的火热行情，带动了全国楼市持续了5/6年的繁荣。 10年前跟10年后，虽弹指一挥间，但这10年的变化 ...

融合中式元素 远洋源山春秋坐落于北京西山脚下，凭借约1.1的低容积率，打造尺度开阔的低密平墅产品。项目依山 就势设计，确保层层住户皆可观赏西山景观。建筑外立面选用葡萄牙米黄石材，兼顾经典质感与耐久 性。屋顶采用传统歇山顶形式，结合多处中式建筑细节元素，与项目内的东方园林（维权）风格相呼 应，营造和谐统一、富有底蕴的居住氛围。 项目实景图 园林景观 近期，位于北京石景山区的远洋源山春秋圆满完成285套房屋高品质交付。项目依托西山资源禀赋，秉 承远洋"建筑·健康"产品理念，以匠心产品与服务收获业主认可，并连续多年位列区域高端项目销售榜 首。 建筑设计依山就势 引外部山水意境入园 项目依托原生台地，打造6米高差台地园林，借景西山将外部山水意境引入社区。园区内山水相连，路 径曲折，搭配湖光树影与东方风格建筑，形成层次丰富的景观空间，为业主提供静逸的居住环境。 项目实景图 彰显品质与便捷 远洋源山春秋以全线高规格精装修交付，选材精良彰显品质。客厅地面、电视背景墙、主卫等均铺设进 口大理石，增添空间质感；厨房配置原装进口橱柜及全套德国厨电，提升烹饪体验。此外，项目还集成 华为全屋智能系统，实现便捷的灯光、家电等场景控制， ...

其中，江宁竹山路G39地块由中国金茂以15.49亿元竞得，楼面地价11997元/平方米；六合G36地块六合 市政公用集团以4.45亿元竞得，成交楼面价7852元/平方米。 今年以来，南京土拍攻势持续回温，江宁片区的土地市场表现较为活跃。 7月16日，南京市江宁区和六合区共2宗涉宅用地成功出让。 截至目前，今年以来该片区已成功出让九龙湖G18、百家湖G38以及竹山路G39三幅地块。 从其条件来看，地块为商住混合用地+基层社区中心用地（含卫生服务站、养老设施、社区书屋等）， 地块规模较大且功能规划丰富，同时紧邻地铁1号线和5号线交汇的竹山路地铁站，体量近8万㎡，综合 容积率1.78。 尽管地块本身条件优越，但由于开发限制条件较多，叠加地铁换乘的工程，对拿地房企要求本身比较 高，且拿地总价偏高，其出让时并未有如板块内其他地块般的高溢价率，而是经一轮竞价底价出让。 目前，地块周边目前仅仁恒龙湾、嘉和华府两个项目主力在售，周边住宅用地供应较为稀缺，所在片区 有着丰富的改善型居住需求。 反观中国金茂4月30日拿下的九龙湖G18地块，吸引了包括招商、华发、绿城等12家房企参与竞拍，最 终在历经72轮竞价后，被金茂以11.4 ...

Core Viewpoint - China Resources Land experienced a significant decline in sales in June after five months of stabilization, with total contract sales amounting to approximately RMB 234.5 billion, representing a year-on-year decrease of 26.7% [1] Sales Performance - In June 2024, China Resources Land achieved total contract sales of approximately RMB 320.0 billion, a year-on-year increase of 19.0%, while the total contract sales area decreased by 8.1% [2] - For the first half of 2025, the cumulative contract sales amounted to approximately RMB 1,103.0 billion, a year-on-year decrease of 11.6%, with the total contract sales area down by 21.0% [2] - Despite the decline in June, the company managed to maintain a trend of stabilization in sales for the first half of the year, with the total sales decline narrowing by 15.1% compared to the previous year [2] Market Comparison - Among the top 100 real estate companies, the cumulative equity sales amount for the first half of the year was RMB 11,821.94 billion, a year-on-year decrease of approximately 13.23% [3] - China Resources Land ranked fifth in total sales with RMB 1,103 billion, following Poly Developments, Greentown China, and China Overseas Land [3][4] Land Acquisition - In June 2025, China Resources Land continued its aggressive land acquisition strategy, purchasing four plots of land with a total floor area of approximately 268,556 square meters for a consideration of about RMB 19.8 billion [5] - The company acquired a total of 18 plots of land in the first half of 2025, with a total floor area of 1,481,900 square meters and a total consideration of approximately RMB 332 billion [6] Revenue Generation - In June 2025, the company reported regular income of approximately RMB 41.6 billion, remaining stable year-on-year, with rental income from operational real estate increasing by 8.6% to RMB 25.9 billion [7] - For the first half of 2025, cumulative regular income reached approximately RMB 246.0 billion, a year-on-year increase of 8.0%, with rental income from operational real estate growing by 12.1% to RMB 158.7 billion [7]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [30]. Core Insights - The report highlights a significant decline in both sales and investment in the real estate sector, with June sales area at 105 million square meters, a year-on-year decrease of 5.5%, marking the lowest level since 2011 [1][12]. - The total development investment in June was 1.04 trillion yuan, reflecting a year-on-year decline of 12.9%, which is a slight increase in the rate of decline compared to May [1][9]. - New construction area in June was 71.8 million square meters, down 9.4% year-on-year, although the decline rate has narrowed compared to previous months [1][11]. Summary by Sections 1. Commodity Housing Sales - The sales area in June was 105 million square meters, with a year-on-year decline of 5.5%, which is a 2.2 percentage point increase in the decline compared to May [1]. - The sales amount for June was 1.02 trillion yuan, down 10.8% year-on-year, marking a return to double-digit negative growth after eight months [1][14]. - The average selling price of commodity housing in June was 9,634 yuan per square meter, down 5.6% year-on-year [7]. 2. Commodity Residential Inventory - The broad inventory of commodity residential properties stood at 1.63 billion square meters at the end of June, with a year-on-year decrease of 16.2% [2]. - The current housing inventory (completed but unsold) was approximately 408 million square meters, with a year-on-year increase of 6.5% [2]. 3. Real Estate Development Investment, New Construction, and Completion - The development investment in June was 1.04 trillion yuan, down 12.9% year-on-year, with residential development investment at 803.9 billion yuan, down 11.8% [6]. - New construction area in June was 71.8 million square meters, down 9.4% year-on-year, remaining at historically low levels [6][11]. - The completion area in June was 41.82 million square meters, down 1.7% year-on-year, but the decline rate has narrowed significantly [6][16]. 4. Developer Funding - In June, the total funds available to real estate companies were 99.7 billion yuan, a year-on-year decrease of 9.7% [6][16]. - The decline in sales receipts was significant, with housing sales receipts down 18.6% year-on-year [21]. - The report suggests that the second quarter saw a notable weakening in both sales and investment data, with expectations for policy support to improve market conditions [6]. 5. Investment Recommendations - The report recommends focusing on four main lines: stable fundamentals in core cities, "small but beautiful" companies with significant breakthroughs, companies with operational changes, and real estate brokerage firms benefiting from the recovery in the second-hand housing market [6].