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].