2024年9月26日召开的中央政治局会议提出，要促进房地产市场止跌回稳，对商品房建设要严控增量、 优化存量、提高质量。这12字方针是新阶段住房供给侧管理的基调，其背后逻辑，就是中央城市工作会 议"两个转向"的重大判断——即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。 李宇嘉（广东省住房政策研究中心首席研究员） 根据11月14日国家统计局发布的数据，今年1-10月份，全国新建商品住房销售面积下降6.8%，降幅比去 年同期有所收窄。值得注意的是，分析商品房市场形势，要站在房地产供求关系发生重大变化，住房市 场进入存量时代，房子回归居住属性这个全新的形势下。新的形势下，最大的变化就是需求端以年轻 人、新市民为主导的刚需、刚改需求占主导。 由于二手住房具有"总价低、区位好、配套好、即买即住"等优点，存量时代下二手住房挂牌量也明显增 加，可选择房源较多，加上新的需求主体对价格较敏感，自然二手住房就成为交易的主体。所以，近年 来二手住房交易回稳，占比上升，逐渐占据主导。根据克而瑞的数据，2023年-2025年1-10月份，全国 30个重点城市二手住房交易同比分别增长33 ...

2024年9月26日召开的中央政治局会议提出，要促进房地产市场止跌回稳，对商品房建设要严控增量、优化存量、提高质量。这12字方针 是新阶段住房供给侧管理的基调，其背后逻辑，就是中央城市工作会议"两个转向"的重大判断——即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。 "两个转向"的重大判断，为城市发展标定了新的历史方位，也为供求关系发生重大变化下的房地产管理工作标定了方向。其中严控增量是 供给侧管理的关键，也是考虑二手住房在内的供需结构、库存结构的变化后，反射到增量供给的策略应对。 控制增量，既能缓解库存压力，还能稳定房价和预期。今年以来，控制增量已取得不错效果。比如，商品房新开工面积跌幅连续收窄，过 去三年(2022-2024年)跌幅均超过20%，今年则收窄到20%以内。销售面积的跌幅从去年全年的12.9%降至1-10月份的6.8%。供需两端持续再 平衡下，商品房待售面积增幅也有所下行。 严控增量，不是不允许增量供应，而是要详细分析各个片区、各类人群住房需求的变化，包括产品类型(市场租赁房、二手住房、新建住 房、保障性住房等)、区位选择、价格接受度、配套服务 ...

Core Insights - The implementation of the "Shanghai Six Policies" has significantly boosted the housing market activity in Shanghai, leading to increased transaction volumes in both new and second-hand housing sectors during September [1][5]. Group 1: Market Activity - The "golden September" period has seen a peak in property viewings and consultations, with real estate agents actively engaging with potential buyers [1]. - In September, the total transaction volume for first and second-hand housing reached 2.07 million square meters, representing an 8% month-on-month increase and a 24% year-on-year increase [1][3]. Group 2: New Housing Market - The number of new housing projects launched in September was 43, with an average subscription rate of 0.75, up from 0.71 earlier in the year [3]. - The daily average transaction area for new housing projects increased by 33% compared to August, with a total of 550,000 square meters sold in September, marking a 28% month-on-month increase and a 14% year-on-year increase [3]. Group 3: Second-Hand Housing Market - The average daily transaction volume for second-hand housing showed a weekly increase, with September weekends averaging 891 transactions per day, a 22% increase from August [4]. - The total number of second-hand housing transactions in September was 18,000, reflecting a 3% month-on-month increase and a 27% year-on-year increase [4]. Group 4: Outer Ring Market Dynamics - The outer ring market has seen a notable increase in activity, with daily average transactions for new housing projects rising by 40% compared to August [5]. - Second-hand housing transactions in the outer ring accounted for 57% of the total market, with a 6% month-on-month increase and a 34% year-on-year increase [5].

Core Insights - The real estate market in Beijing has seen significant growth in September, driven by new policies aimed at boosting housing sales [1] Group 1: New Housing Transactions - From September 1 to September 27, Beijing recorded 2,837 new housing transactions, representing a month-on-month increase of 22.3% and a year-on-year increase of 11.4% [1] - The total area of new housing transactions reached 367,100 square meters, with a month-on-month increase of 28.1% and a year-on-year increase of 24.2% [1] Group 2: Second-Hand Housing Transactions - Second-hand housing transactions totaled 13,200 units, showing a month-on-month increase of 18.3% and a year-on-year increase of 24.1% [1] - The area for second-hand housing transactions was 1,191,300 square meters, with a month-on-month increase of 16.1% and a year-on-year increase of 23.1% [1] Group 3: Policy Impact - The surge in transaction volume is largely attributed to a significant policy change announced on August 9, which allows eligible families to purchase an unlimited number of new homes outside the Fifth Ring Road [1] - The new policy also enhances support for housing provident fund loans, increasing the loan limit from 1 million yuan to 1.5 million yuan for each year of contribution, and raising the maximum loan amount for second homes from 600,000 yuan to 1 million yuan [1] - Additionally, the minimum down payment ratio for second homes has been standardized to no less than 30%, eliminating distinctions based on location [1]

Core Insights - The housing price index for 70 large and medium-sized cities in China was released by the National Bureau of Statistics, indicating a narrowing decline in both new and second-hand housing prices in Wuhan for August 2025 [1][5] - Experts suggest that despite being a traditional off-season, the data reflects a significant boost in market confidence, indicating a warming trend in the real estate market [1][4] Price Trends - New commodity housing prices in Wuhan saw a month-on-month decline of 0.2 percentage points and a year-on-year decline of 0.3 percentage points [1] - Second-hand housing prices also experienced a month-on-month decline of 0.2 percentage points [1] Market Analysis - The real estate market in Wuhan is showing signs of recovery, with various real estate companies actively preparing for the "Golden September and Silver October" sales period [4] - The combination of favorable policies and the introduction of high-quality projects is expected to drive a year-on-year increase in transaction volumes [4] - Continuous release of demand for improved housing is anticipated to maintain the warming trend in the market, with a faster absorption rate for quality properties in core areas [4]

Group 1 - The core viewpoint of the article highlights the significant increase in housing supply in Shanghai as developers launch new projects following the implementation of the "8·25 new policy," which has stimulated housing demand, particularly in areas outside the outer ring road [1][5][6] - In September, a total of 11 new projects with 1,099 housing units were approved, with most located outside the outer ring, reflecting a strategic shift in the market dynamics post-policy [1][5] - The luxury housing market remains robust, with record-high prices being set, such as the recent listing in Huangpu District at 32.68 million yuan per square meter, indicating strong demand in this segment [1][5] Group 2 - The first batch of pre-sale permits in September covered a total area of 139,000 square meters, valued at approximately 8.31 billion yuan, indicating a strong market response from developers [2][5] - Various promotional activities, such as "Golden Autumn New House Festival," are being launched by local enterprises to attract buyers, showcasing a competitive market environment [2][3] - The average transaction price for new homes remains high, with the overall market expected to stabilize and recover gradually due to the positive effects of recent policies [4][6] Group 3 - Recent statistics show that from September 1 to 7, new residential supply in Shanghai reached 51,600 square meters, with a transaction volume of 106,700 square meters, reflecting a healthy market activity [5][6] - The second-hand housing market has also seen an increase in transactions, with over 5,000 units sold since the beginning of September, indicating a positive trend following the new policy [5][6] - Experts predict that the real estate market in Shanghai will gradually stabilize and improve, driven by the ongoing effects of the "Six Policies" and the traditional sales peak season [6][7]

Core Viewpoint - The Shanghai real estate market is experiencing a significant increase in supply and demand following the implementation of new policies on August 25, which have removed purchase restrictions in areas outside the outer ring and allowed for the use of public housing funds for down payments [1][9]. Group 1: Market Supply and Demand - In September, Shanghai developers launched 11 new projects with a total of 1,099 units, primarily located outside the outer ring [1]. - The new policies have led to an expected 20% to 30% increase in luxury home transactions in September [2]. - The first batch of new projects in September has a total supply area of 139,000 square meters, with a total value of approximately 8.31 billion [3]. Group 2: Pricing Trends - Some new projects have seen a decrease in listing prices compared to previous batches, making it easier for buyers to purchase homes outside the outer ring [6]. - The average price for new homes in Shanghai during the first week of September was approximately 74,914 yuan per square meter [8]. - The average price for the Dahuajing'an project in the Jing'an District is set at around 130,000 yuan per square meter [5]. Group 3: Market Activity and Future Outlook - The transaction volume for second-hand homes in Shanghai has surpassed 5,000 units since the beginning of September, indicating a positive market response to the new policies [8]. - The Shanghai Real Estate Research Institute predicts that the market will gradually stabilize and improve due to the ongoing effects of the new policies and the traditional sales peak season [9]. - The government is encouraged to continue supporting the market through policy guidance and infrastructure improvements to ensure long-term stability [10].

Core Insights - The relaxation of housing purchase restrictions in Beijing and Shanghai marks a significant shift in China's overall housing policy, indicating a potential easing of restrictions nationwide [4][16] - The adjustments in policies are primarily aimed at stimulating the real estate market, which has been experiencing a downturn, particularly in major cities [4][16] Policy Changes - Beijing has allowed families meeting certain criteria to purchase an unlimited number of homes outside the Fifth Ring Road, while Shanghai has similarly lifted restrictions for individuals and families who have paid social insurance for at least one year [2][3] - The "沪六条" policy in Shanghai includes measures to reduce housing purchase limits, optimize housing provident funds, and improve personal housing loans, which collectively enhance the cost-effectiveness of home buying [5][12] Market Reactions - Following the announcement of the "沪六条," there was a notable increase in inquiries about new homes, although responses varied among real estate agents regarding actual sales activity [11][12] - The real estate market in Shanghai is experiencing a duality, with new home prices rising by 5.8% year-on-year, while second-hand home prices have seen a slight decline of 1.3% [6][8] Buyer Segments - The policy changes are expected to benefit different buyer segments, including first-time homebuyers, those looking to upgrade their living conditions, and investors seeking asset allocation options [12][14] - The demand for properties in the outer ring areas is anticipated to increase, particularly in regions with good infrastructure and amenities [16] Future Outlook - Analysts suggest that the ongoing relaxation of purchase restrictions in major cities like Beijing and Shanghai is likely to continue, driven by the need to address the current supply-demand imbalance in the housing market [16][17] - The overall sentiment in the real estate market remains cautious, with the potential for further policy adjustments depending on market performance and economic conditions [4][16]

Group 1 - The core viewpoint of the article is the introduction of new real estate policies in Chengdu aimed at stabilizing and promoting the healthy development of the real estate market [1] - The policies include a phased cancellation of the sales restriction policy, allowing new and second-hand homes to be traded without restrictions after obtaining property certificates [10][11] - The new policies also emphasize improving supply quality and promoting balanced regional development, particularly around transportation hubs [1] Group 2 - From October 15, 2024, new purchases of commercial housing and second-hand housing in Chengdu will not be subject to sales restrictions after obtaining property certificates [11] - The personal housing loan recognition standards have been updated, allowing for more flexible assessments based on the applicant's housing situation in the district where the new property is located [11] - The policies also include adjustments to the minimum down payment ratios for purchasing affordable housing using public housing funds [4]

Core Viewpoint - Shanghai's real estate policy has been optimized and adjusted, focusing on housing purchase restrictions, housing provident fund, housing credit, and housing tax, effective immediately, aiming to stimulate demand for both first-time and improved housing [1][7]. Housing Purchase Restrictions - The new policy allows eligible families to purchase an unlimited number of homes outside the outer ring, including both new and second-hand homes [3]. - Adult singles will be subject to the same housing purchase restrictions as resident families [4]. - The adjustments are designed to respond to market demand and enhance housing accessibility [2]. Housing Credit Optimization - Commercial personal housing loan rates will no longer differentiate between first and second homes [5]. - The housing provident fund policy has been optimized, allowing a 15% increase in the maximum loan amount for buyers of new green buildings rated two stars or above [5]. - Buyers of newly built pre-sale homes in Shanghai can withdraw their provident fund for down payments without affecting their loan limits [5]. Housing Tax Adjustments - The new policy introduces a tax exemption of 60 square meters per person for eligible non-resident families purchasing their second or more homes, aiming to reduce disparities in tax treatment [6]. Market Impact - The adjustments are expected to release purchasing power and activate trading activity, particularly benefiting single buyers [9]. - The policy changes align with the demand for housing in areas with significant industrial layout, supporting the balance between work and residence [10]. - The overall market performance in Shanghai is anticipated to become more active under the new regulations [12].