与以往不同，今年房企的去库存行动主要针对2021年及以前 的库存，有些是滞销产品，有些是开发商捂盘的优质房源，但 这些产品无一例外都成为企业的包袱，去库存就是甩包袱。 作者：田国宝 封图：东方IC 在2025年的中期业绩会上，绿城中国将下半年的工作重点总结为四个关键词和八项举措，在四个 关键词中居首的是"攻克存货"，而八项举措的第一条为"加快存量去化"，这意味着"去库存"依然是 其下半年的首要任务。 去库存 去库存已成为房企2025年经营的核心议题，各家房企在中期业绩会上普遍强调了这一任务的重要 性。 2025年上半年，绿城中国针对2021年及以前的库存完成190亿元去化任务。截至6月底，绿城中国 总货值约2700亿元，其中2021年及以前的库存约1400亿元，占比一半左右，计划用3—5年完成去 化。 绿城中国副总裁李骏在2025年中期业绩会上称，下半年，绿城中国将优化资源配置效率，强化"老 盘新做"赋能，进一步夯实经营安全面。 华润置地、保利发展等央企在去库存层面较其他房企有更大优势。 除了对存量项目实施"老盘新 做"外，它们还积极与地方政府协调置换或收储未开发的存量土地，同时利用地方政府专项债收储 存量房 ...

Investment Rating - The report does not explicitly provide an investment rating for the commercial property market in Shanghai Core Insights - The new supply of commercial properties in Shanghai has significantly decreased, with a total area of approximately 149,600 square meters in January, representing a month-on-month decline of 35% [2] - The total transaction area for commercial properties slightly increased to 136,600 square meters, with a month-on-month growth of 4% [3] - The transaction volume for office properties saw a substantial rise, with a total area of 66,200 square meters, marking a month-on-month increase of 105% [5] Summary by Sections Supply Overview - In January, the new supply of commercial properties was concentrated in six administrative districts, with the majority located in Pudong New District, Minhang District, and Jinshan District [2] - The total supply of commercial properties has been on a downward trend for two consecutive months, with a significant drop of 45% in office property supply [2] Transaction Activity - The transaction area for commercial properties decreased to 70,400 square meters, a month-on-month decline of 29%, while the number of transactions fell by 49% [4][5] - Office properties experienced a notable increase in transaction volume, with 284 transactions recorded, a rise of 238% [5] Market Distribution - The commercial property transactions were primarily distributed across 15 administrative districts, with Jiading District and Minhang District performing well, accounting for 67% of the total commercial property transaction volume [6] - In the office property sector, Minhang District and Qingpu District also showed strong performance, each exceeding 20,000 square meters in transaction volume [7] Notable Projects - The "Hai Zhi Zhou" project in Qingpu District was the top-performing office project in January, with 43 units sold and a total area of approximately 19,785 square meters [10] - The "Anting New Town Yuyuan" project in Jiading District led the commercial property market with a total area of 22,699 square meters sold [11] Secondary Market Performance - The secondary office market saw a decrease in transaction volume, down 33% to 51,000 square meters, but remained at historically high levels [12] - The secondary commercial market experienced a significant drop, with transaction volume falling to 29,000 square meters, a decrease of 38% [17] Regional Performance - The outer districts continued to show stronger performance in the secondary commercial market, with Qingpu District leading with a transaction area of 5,619 square meters, up 17% [18] - In the central districts, only Putuo District saw an increase in transaction volume, rising by 426% to 1,099 square meters [19]