高品质住宅试点项目推介聚焦飞龙绿城·颐和海岸。该项目由飞龙集团与绿城管理联合打造，坐拥优质 海岸线资源，融合双方品质优势，是烟台高端住宅标杆。 本次发布会由市房协搭建桥梁，集中展示烟台楼市优质项目成果。发布会核心环节公布十一大权威榜 单，涵盖品质典范、业主满意、景观优美等八大楼盘奖项，以及热销金额TOP10、热销面积TOP10、人 气自媒体TOP20等榜单。这些评选结果不仅为消费者提供购房参考，也为房地产企业提供产品优化和升 级的方向。 发布会结束后，参会人员共同走进飞龙集团党建馆、创新研发中心、生产车间，近距离感受企业党建引 领、品质坚守与创新实力，深化了对本土房企责任担当的认知。此次发布会集中展现了烟台楼市活力， 构建了行业协同生态。未来，市房协将持续发挥桥梁和纽带作用，助力提升人居品质，共绘烟台宜居新 蓝图。 胶东在线1月9日讯 1月9日上午，2025年度烟台市房地产专媒看楼盘活动项目发布会成功举办。市房地 产业协会领导、常务理事单位负责人，榜单项目营销负责人以及媒体代表等齐聚，通过榜单发布、项目 推介、实地观摩等环节，共促烟台楼市回暖复苏与高质量发展。 ...

固 定 收 益 2026 年 01 月 11 日 信用利差全线收窄 二永债表现强势 —— 信用利差周度跟踪 20260109 投资要点： 固 定 收 益 定 期 报 告 利率上行信用展现韧性，信用利差全线收窄。本周（1 月 4 日至 1 月 9 日）利率债震荡偏弱，收益率总体上行，1Y、3Y 和 10Y 期国开债收益率 分别上行 3BP，5Y 期上行 4BP，7Y 期上行 2BP。信用债表现强于利率债， 1Y 期 AA+及以上等级信用债收益率下行 2BP，其余等级上行 1BP；3Y 期 AAA 与 AA 级收益率持平，其余等级下行 1-2BP； 5Y 期 AA+及以上等级 收益率上行 1BP，其余等级上行 3BP；7Y 期 AAA 级收益率持平，其余等 级下行 2BP；10Y 期 AAA 信用债下行 1BP，其余等级持平。信用利差全线 收窄，1Y 期 AA+及以上等级信用利差下行 5BP，其余等级下行 2BP；3Y 期各等级利差下行 3-5BP；5Y 期 AA+及以上等级利差下行 3BP，其余等级 下行 1BP；7Y 期 AAA 级利差下行 2BP，其余等级下行 4BP；10Y 期各等 级利差下行 3-4BP ...

Policy Basis - The article references the "Notice on the Issuance of the 'Corporate Income Tax Treatment Measures for Real Estate Development and Operation Businesses'" by the State Administration of Taxation, which outlines the tax treatment for real estate development companies [3][4]. Risk Points - **Cost Allocation Errors**: There is a risk of incorrect cost allocation and accounting for real estate projects developed in phases, which may lead to improper tax deductions for land costs [3][4]. - **Income Recognition Issues**: When collaborating with other entities on real estate projects without establishing an independent legal entity, there is a risk of failing to properly declare and pay corporate income tax on the distribution of development products [4]. - **Deemed Sales Risks**: Using development products to offset material costs, engineering fees, or other expenses may be considered deemed sales, leading to potential tax declaration issues [5]. - **Land Value Increment Tax Compliance**: There is a risk of failing to declare and pay land value increment tax when development products are used for employee benefits, rewards, or other non-monetary asset exchanges [5]. - **Land Value Increment Tax Settlement**: Real estate projects that meet the criteria for land value increment tax settlement may face risks if not settled within the required timeframe [5].

北京商报讯（记者 李晗）1月11日，中指研究院发布数据显示，2025年12月底居民购房意愿强于2025年 11月占比约为16%，环比上升1.2个百分点，延续增加趋势；购房意愿弱于2025年11月占比延续下降， 12月底占比约为30%，环比下降1.9个百分点，出现高位下降;购房意愿稳定占比小幅上升，环比增加1.2 个百分点。 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the potential for quality real estate companies and commercial properties [2][24]. Core Insights - The real estate sector is experiencing a bottoming out phase, with positive policy factors accumulating. Recent central government directives emphasize stabilizing the real estate market, indicating a potential shift in policy support [2][24]. - The report notes that the current valuation levels for some quality companies are at historical lows, making them attractive investment opportunities [2][24]. Industry Data Summary New Home Transaction Volume - In the week of January 3-9, 2026, new home transactions in 34 key cities totaled 1.784 million square meters, a decrease of 57.3% week-on-week. First and second-tier cities saw a 58.2% decline, while third and fourth-tier cities experienced a 40.2% drop [3][4]. - Year-on-year, new home transactions in January (up to January 9) decreased by 40.9% compared to the same period last year, with first and second-tier cities down 40.6% and third and fourth-tier cities down 44.2% [4][6]. Second-Hand Home Transaction Volume - In the same week, second-hand home transactions in 13 cities totaled 1.26 million square meters, reflecting a 12.6% increase week-on-week. However, year-to-date transactions are down 23.3% compared to the same period last year [10][12]. Inventory and Sales Ratio - In the week of January 3-9, 2026, 15 cities launched 770,000 square meters of new homes, with total sales of 640,000 square meters, resulting in a sales-to-launch ratio of 0.83. The average monthly inventory turnover for the last three months is 21.6 months, a decrease of 0.24 months [18][24]. Policy and News Tracking - Recent policy updates include an extension of loan financing for white-listed projects from 2 years to 5 years, aimed at stabilizing the real estate market [2][24]. - Local governments are implementing various supportive measures, such as tax relief for property taxes in Shanghai and talent attraction policies in Nanjing, which include living subsidies and expanded housing rental support [24][27].

Group 1: U.S. Real Estate Market Challenges - The U.S. real estate market is currently facing a significant contradiction, primarily due to insufficient demand, with supply shortages being secondary[2] - As of January 2025, the average monthly cost of homeownership is $3,060, accounting for 43.2% of household income, significantly higher than the $2,227 monthly rental cost[2] - To bring homeownership costs down to rental levels, mortgage rates would need to decrease from the current 6.2% to 3.7%[2] Group 2: Federal Reserve's Impact on Housing Demand - The Federal Reserve is expected to lower interest rates 1-2 times in 2026, but the long-term interest rates may not decline significantly due to resilient consumer spending and other economic factors[3] - The mortgage rates are closely tied to the 10-year U.S. Treasury yield, which is projected to remain around 4.0% by the end of 2026, limiting the potential for substantial reductions in mortgage rates[3] Group 3: Trump's Real Estate Policies - Trump's administration has proposed five key policies aimed at stimulating the real estate market, including transferable mortgages and a ban on large institutional purchases of single-family homes[4] - However, the effectiveness of these policies is questionable, as only about 1% of U.S. homes are owned by large institutional investors, and the proposed measures may have limited impact on demand[4]

| 可售期房统计 | | 2025 年12月预售许可 | | 2026/1/10J | | --- | --- | --- | --- | --- | | 可售房屋套数: | 94222 | 批准预售许可证: | 20 | 网上认购: | | 可售房屋面积(M²): 7727493.5300 | | 批准预售面积(M²): 542294.9600 | | 网上认购面积( | | 其中 | 39440 | 其中 住宅套数: | 1808 | 其中 住宅: | | 面积(M²): 5425279.3700 | | 面积(M²): | 248019.1600 | 面积( | | 商业单元： | 240 | 商业单元: | 18 | 國亦 | | 面积(M2): 175434.4100 | | 面积(M-)： | 11750.1500 | 面积( | | 办公单元: | કાર | 办公单元: | 70 | 办公! | | 面积(M2): 502547.8300 | | 面积(M2): 126127.7300 | | 面积( | | 车位个数： | 43725 | 车位个数： | 5251 | 车位· | | 面积( ...

北京商报讯（记者 王寅浩 李晗）北京市住建委官网数据显示，2026年1月10日北京新房网签165套，网签面积13272.27平方米，其中住宅网签83套，网签面 积10637.15平方米；二手房网签176套，网签面积14711.45方米，其中住宅网签159套，网签面积13806.06平方米。 | 可售期房统计 | | 2025 年12月预售许可 | | 2026/1/10J | | --- | --- | --- | --- | --- | | 可售房屋套数: | 94222 | 批准预售许可证: | 20 | 网上认购: | | 可售房屋面积(M²): 7727493.5300 | | 批准预售面积(M²): 542294.9600 | | 网上认购面积( | | 其中 住宅套数: | 39440 | 其中 住宅套数: | 1808 | 其中 住宅: | | 面积(M2): 5425279.3700 | | 面积(M²): | 248019.1600 | 面积( | | 商业单元: | 240 | 商业单元: | 18 | 商业! | | 面积(M2): 175434.4100 | | 面积(M²)： | 1 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2]. Core Views - The fundamentals of the real estate industry are still bottoming out, but positive policy factors are accumulating. Recent policies include extending loan financing for whitelist projects from 2 years to 5 years and various local government initiatives to support housing and talent retention [2][26]. - The report highlights that the real estate market has undergone a deep adjustment, and with recent central government calls to stabilize the market, there is an expectation for positive policy changes ahead. The current valuation levels for quality companies are attractive [2][26]. Industry Data Summary New Home Transaction Volume - For the week of January 3-9, 2026, new home transactions in 34 key cities totaled 1.784 million square meters, a decrease of 57.3% week-on-week. Among these, first and second-tier cities saw a 58.2% decline, while third and fourth-tier cities experienced a 40.2% drop [3][4]. - Year-on-year, new home transactions in January (up to January 9) decreased by 40.9% compared to the same period last year, with first and second-tier cities down 40.6% and third and fourth-tier cities down 44.2% [4][6]. Second-Hand Home Transaction Volume - For the same week, second-hand home transactions in 13 key cities totaled 1.26 million square meters, reflecting a week-on-week increase of 12.6%. However, year-on-year, January's cumulative transactions were down 23.3% compared to last year [10]. Inventory and Sales Ratio - In the week of January 3-9, 2026, 15 key cities launched 770,000 square meters of new homes, with total sales of 640,000 square meters, resulting in a sales-to-launch ratio of 0.83. The average monthly inventory turnover for the last three months was 21.6 months, a decrease of 0.24 months [19]. Policy and News Tracking - Recent policies include the Shanghai announcement for tax relief on land use for eligible taxpayers, and Nanjing's new talent policies offering living subsidies and expanded housing rental support [26][29]. - The establishment of the first local government-guided REITs fund in Xiamen, with a target size of 5.5 billion over 10 years, aims to revitalize existing assets [26][30]. Company Dynamics - December sales data for major real estate companies showed significant declines, with China Overseas Development reporting 39.83 billion yuan (-1%), and CIFI Holdings down 58.3% to 1 billion yuan [35]. - Notable changes in shareholding include the reduction of shares by the controlling shareholder of Binhai Group, decreasing their stake to 60% [35].

1月9日，东方明珠（600637）发布关于南京复邑置业有限公司欠款事项的进展公告。2026年1月9日，公司收到复邑置业归还的借款本金人民币20,524,584 元，尚余本金合计人民币1.427亿元未清偿，占公司最近一期经审计净资产的0.48%。 具体来看，公司全资子公司上海东秦投资有限公司(以下简称"东秦投资")持有南京复地明珠置业有限公司(以下简称"南京复地明珠")34%股权。上海豫园旅 游商城(集团)股份有限公司的全资子公司南京复城润广投资管理有限公司持有南京复地明珠66%股权。 为支持南京复地明珠项目开发建设，南京复地明珠各股东按持股比例以同等条件向南京复地明珠的全资孙公司南京复邑置业有限公司(以下简称"复邑置 业")提供股东借款。其中，公司于2020年12月31日向复邑置业提供人民币11.22亿元的股东借款，期限36个月。截至2023年12月29日，上述借款的利息已全 部收回，尚余本金合计人民币3.774亿元。 2024年3月，经公司第十届董事会第十次(临时)会议及公司2024年第一次临时股东大会审议通过，前述借款本金人民币3.774亿元经债权债务抵消后，尚未 归还的借款本金降至人民币1.632亿元， ...