Core Insights - The latest research from the China Index Academy indicates that 21 distressed real estate companies have undergone debt restructuring, with a total debt resolution scale of approximately 1.2 trillion RMB, while their total interest-bearing liabilities are close to 2 trillion RMB, suggesting a reduced repayment pressure in the short term and entering a safe period [1][4] Group 1: Market Changes - Over the next five years, the Chinese real estate market is expected to undergo four major changes, including a policy shift towards high-quality development, emphasizing the improvement of foundational real estate systems and promoting the sale of existing homes [1] - The supply-demand structure will be restructured to better meet the structural incremental demand, particularly focusing on improved housing [1] - Quality enhancement will become a priority, covering the renovation of old houses and the construction of "good houses" [1] - Existing resources will be revitalized, with inefficient land and idle properties undergoing updates and renovations, supported by comprehensive supply policies for both existing and new properties [1] Group 2: Development Models - The real estate industry will accelerate the establishment of new development models, improving foundational systems for development, financing, and sales [4] - The Ministry of Housing and Urban-Rural Development has previously indicated that there will be a strong and orderly promotion of existing home sales, ensuring that buyers receive what they see [4] - The focus on improved housing is highlighted as a key aspect of the current structural incremental demand, with a more precise matching of supply based on the varying needs of residents in different regions during the 14th Five-Year Plan period [4] - Large-sized housing products have recently become mainstream in the new housing market [4]