Core Viewpoint - The real estate market in China has shown signs of stabilization in 2025, with various policies introduced to support the market, particularly in major cities like Beijing, Shanghai, and Shenzhen [2][3][9]. Policy Measures - Over 470 policies have been introduced across approximately 200 provinces and cities to stabilize the real estate market, with a focus on demand stimulation and supply optimization [3][6]. - Key demand-side policies include adjustments to housing provident fund regulations, home purchase subsidies, and the relaxation of purchase restrictions in core cities [6][9]. - Notable examples of financial support include subsidies for families with multiple children purchasing larger homes, and the introduction of innovative financial products to lower monthly payments [6][10]. Market Performance - The first three quarters of 2025 saw a recovery in transaction volumes in first-tier cities, with both new and second-hand home sales showing positive trends [9][10]. - In Beijing, new home sales increased by 19% month-on-month and 20% year-on-year in September, while second-hand home transactions rose by 22% month-on-month [9]. - Shanghai experienced a 31% month-on-month increase in new home sales following policy changes, with second-hand home sales also improving [10]. Supply-Side Adjustments - Local governments are actively managing supply by controlling new land releases and reducing inventory, with over 4,600 parcels of idle land identified for potential repurposing [8][12]. - The focus on revitalizing existing housing stock is evident, with significant amounts of special bonds issued for the acquisition of unsold properties [8]. Future Directions - The real estate sector is shifting towards high-quality urban development and the construction of "good houses" to meet evolving housing demands [13][15]. - Central government initiatives emphasize urban renewal and the improvement of existing housing, with policies aimed at enhancing living conditions and promoting sustainable development [14][15]. - The market is expected to continue its stabilization efforts, with future policies likely to focus on stimulating demand for improved housing and optimizing supply [15].

Core Viewpoint - The real estate market in China has shown signs of stabilization in 2025, with various policies implemented to support market recovery, particularly in major cities like Beijing, Shanghai, and Shenzhen [1][2][7]. Policy Measures - Over 470 policies have been introduced across approximately 200 provinces and cities to stabilize the real estate market, with a focus on demand activation, supply optimization, and new development models [2][4]. - Key demand-side policies include adjustments to housing provident fund regulations, home purchase subsidies, and the relaxation of purchase restrictions in core cities [4][5]. Demand Activation - Significant adjustments to housing provident fund policies have been made, including increased loan limits and support for down payments, with around 220 changes reported [4]. - Direct financial incentives for home purchases have been introduced, such as subsidies for families with multiple children [4]. - Major cities have optimized purchase restrictions, allowing eligible families to buy multiple properties outside core areas [4][5]. Supply Control - Local governments are also focusing on controlling supply and reducing inventory, with over 4,600 plots of idle land identified for potential acquisition, covering more than 240 million square meters and totaling over 620 billion yuan [5][6]. - Various regions have initiated projects to acquire existing housing stock, with significant numbers of units being purchased in places like Guangxi and Zhejiang [5]. Market Recovery - The first three quarters of 2025 have seen a recovery in transaction volumes, particularly in first-tier cities, with notable increases in both new and second-hand housing sales following policy changes [7][8]. - Nationally, the transaction volume for second-hand homes in key cities has increased by approximately 9% year-on-year, although this has been accompanied by price reductions [9]. Future Development Trends - The focus on urban renewal and high-quality development is expected to shape the future of the real estate sector, with an emphasis on improving existing housing stock and promoting sustainable living environments [10][11]. - The central government has highlighted the importance of urban renewal initiatives, aiming to transition from rapid growth to quality enhancement in urban development [11][12].

Core Insights - The article highlights the ongoing efforts and innovative policies implemented across various regions in China to stabilize and revitalize the real estate market as of the third quarter of 2025 [1][2]. Policy Measures - Over 470 real estate-related policies have been introduced across approximately 200 provinces and cities, with more than 120 policies launched in the third quarter alone [1]. - Key measures include the expansion of housing provident fund (HPF) withdrawal options and targeted home purchase subsidies, particularly for families with multiple children [2]. Demand Stimulus - The optimization of housing provident fund policies has been a significant initiative, with around 220 adjustments made nationwide in 2025, including over 60 in the third quarter [1]. - Notably, Guangzhou has expanded HPF support to include second-hand homes, which is expected to alleviate the financial burden of down payments for buyers [2]. - Other cities like Shenzhen and Suzhou have also allowed HPF withdrawals for various housing-related expenses, enhancing the flexibility of financial support [2]. Supply-Side Improvements - To improve the supply-demand relationship, many regions are acquiring idle land and existing properties, with over 4,600 parcels of land and a total area exceeding 24 million square meters earmarked for acquisition [3]. - The issuance of special bonds has accelerated, with nearly 2 billion yuan already issued, representing 31% of the total planned amount [3]. Conversion of Existing Assets - Policies supporting the conversion of commercial properties into residential or public service uses have been introduced, allowing for the optimization of existing real estate assets [4][5]. - These initiatives aim to meet new societal demands while alleviating financial pressures on developers by transforming stagnant assets into effective supply [5]. Overall Market Outlook - The third quarter's policy direction has focused on fine-tuning demand stimulation through HPF and subsidy policies while accelerating the clearance of existing inventory through innovative measures [5]. - With continued policy support, the real estate market is expected to maintain its stabilization and recovery trend [5].

Core Insights - The article highlights the ongoing efforts and innovative policies implemented across various regions to stabilize and revitalize the real estate market as of the third quarter of 2025 [1][7]. Policy Measures - Over 470 real estate-related policies have been introduced across approximately 200 provinces and cities, with more than 120 policies launched in the third quarter alone [1]. - Key measures include the expansion of housing provident fund withdrawal options and targeted home purchase subsidies, particularly for families with multiple children [2][3]. Housing Provident Fund Adjustments - In the third quarter, around 60 adjustments to housing provident fund policies were made, including increased loan limits and extended repayment periods [2]. - Notably, Guangzhou has expanded the provident fund's applicability to second-hand homes, easing the financial burden for buyers [2]. Purchase Subsidies - Purchase subsidies have been significantly increased, especially for families with multiple children, with some regions offering subsidies amounting to tens of thousands of yuan [3]. Financial Innovations - Regions are encouraging commercial banks to provide "low monthly payment" financial products, which are expected to lower the barriers to home buying and boost market confidence during the traditional peak season [4]. Supply and Demand Improvements - Various regions are actively working to improve the supply-demand relationship by acquiring idle land and existing properties, and rationally supplying real estate land [5]. - As of September 27, over 4,600 idle land parcels have been earmarked for acquisition, covering more than 24 million square meters, with a total value exceeding 620 billion yuan [5]. Conversion of Existing Properties - Policies are being implemented to support the conversion of existing commercial properties into residential or public service uses, which can alleviate financial pressures on developers [6][7]. - The overall policy direction in the third quarter has focused on stimulating demand through refined provident fund and subsidy policies while accelerating the clearance of existing inventory [7].