Core Insights - The overall real estate market in China is expected to continue its adjustment trend in 2025, with second-hand housing in core cities maintaining stable volumes through "price for volume" strategies, while improvement demand becomes the main support for the new housing market [1][6] - The report anticipates that policy optimizations in Beijing and tax reductions will be implemented by the end of 2025, with further policy efforts expected in 2026 to stabilize the real estate market [1][6] Second-hand Housing Market - In 2025, approximately 1.74 million second-hand residential units are expected to be sold in 30 key cities, showing a year-on-year stability [1] - The first quarter of 2025 saw a 25% year-on-year increase in second-hand housing transactions, while the second quarter experienced a slowdown [1] - Major cities like Shanghai and Shenzhen showed significant rebounds in transaction volumes, with year-on-year increases of 7% and 4% respectively [2][1] - The proportion of second-hand housing transactions in the total market is projected to rise to about 65% in 2025, up 4 percentage points from 2024 [2] New Housing Market - Improvement housing demand is identified as a key support for the new housing market, with larger units (120-144 square meters) seeing increased sales [3] - In 2025, 20 out of 30 representative cities reported an increase in the sales of larger units compared to the same period in 2024 [3] - The average clearing cycle for available inventory in 50 cities is reported to be 22.2 months, indicating a slow-moving market [3] Policy Changes - A significant policy optimization was announced in Beijing on December 24, 2025, aimed at stimulating the market through various measures, including lowering social security requirements for non-local buyers and supporting multi-child families [4] - Following the new policies, there was an increase in the average daily signing of new and second-hand homes in Beijing, indicating a positive market response [4] - The Ministry of Finance and the State Administration of Taxation announced a new tax policy effective January 1, 2026, which will impact the sale of homes purchased for less than two years [5] Future Outlook - The report suggests that policies aimed at stabilizing the real estate market will continue to be implemented in 2026, focusing on demand stimulation and supply optimization [6] - The overall market is still in a "de-inventory" phase, with limited new housing supply in most cities, which may pose challenges for market recovery [6]

Core Viewpoint - The document outlines the suggestions from the Hainan Provincial Committee of the Communist Party of China regarding the 15th Five-Year Plan for national economic and social development, emphasizing a people-centered approach to urbanization and risk prevention in various sectors [1] Group 1: Urbanization and Development - The plan promotes a new type of urbanization focused on human needs, with a specific emphasis on county-level urbanization as a key carrier for development [1] - It encourages the empowerment of large towns and the implementation of urban renewal actions, including innovative financing models and comprehensive upgrades of existing buildings and urban infrastructure [1] - The initiative aims to create a modernized city with Hainan characteristics, focusing on the construction of "good houses, good communities, and good urban areas" [1] Group 2: Real Estate and Housing - The document calls for a new model of real estate development, optimizing the supply of affordable housing and increasing the availability of improved housing to meet diverse needs [1] - It highlights the importance of enhancing property service quality as part of the housing improvement strategy [1] Group 3: Risk Prevention - The plan emphasizes the need for coordinated risk prevention and resolution in real estate, local government debt, and small financial institutions to avoid systemic risks [1]

Core Viewpoint - Hainan Province is focusing on establishing a multi-tiered social security system, enhancing various insurance schemes, and improving public welfare services to support its economic and social development in the upcoming five years [1] Group 1: Social Security and Insurance - The plan emphasizes the development of a multi-level and multi-pillar pension insurance system, aiming to gradually increase the basic pension for urban and rural residents [1] - It highlights the need to improve the multi-tiered medical security system and implement a universal basic medical insurance enrollment plan [1] - The coverage of unemployment and work injury insurance will be expanded, along with increasing the participation rate of flexible employment workers, migrant workers, and new employment forms in social insurance [1] Group 2: Public Welfare and Support Services - The proposal includes enhancing the service guarantee system for vulnerable groups such as empty-nest elderly, children in difficult situations, and people with disabilities [1] - It aims to promote and regulate the development of public welfare and charity initiatives [1] - There is a focus on improving the infrastructure and management of funeral services [1] Group 3: Housing and Real Estate - The plan calls for the construction of a new model for real estate development, optimizing the supply of affordable housing [1] - It suggests implementing city-specific policies to increase the supply of improved housing to better meet rigid and diverse housing demands [1] - An action plan for enhancing property service quality is also proposed [1]

Core Viewpoint - The Qinghai Provincial Committee emphasizes the need for high-quality development in the real estate sector, focusing on a new development model and enhancing housing supply systems to meet diverse residential needs [2]. Group 1: Real Estate Development - The proposal includes accelerating the construction of a new model for real estate development, improving the foundational systems for commodity housing development, financing, and sales [2]. - There is a commitment to a "guarantee + market" housing supply system, promoting both rental and purchase options while increasing the construction and supply of affordable housing [2]. Group 2: Housing Supply and Quality - The initiative aims to better meet the basic housing needs of urban wage earners and various struggling families by providing diverse and upgraded housing options [2]. - The plan includes the creation of unique housing products, such as "summer resort houses," that reflect the characteristics of Qinghai [2]. - There is a focus on building safe, comfortable, green, and smart housing, along with implementing quality improvement projects for housing and property services [2].

Core Viewpoint - The article emphasizes the need to enhance risk prevention and resolution capabilities in key areas, particularly focusing on the real estate sector, local government debt, and small financial institutions to prevent systemic risks [1] Group 1: Real Estate Development - The initiative aims to promote high-quality development in the real estate sector by accelerating the establishment of a new development model [1] - It includes optimizing the supply of affordable housing and implementing quality improvement projects for housing and property services [1] - The strategy involves supporting the autonomous renovation of old housing and the reconstruction of original structures to meet the new expectations of the public for better housing and communities [1] Group 2: Risk Management - There is a strong emphasis on systematically addressing risks associated with real estate, local government debt, and small financial institutions [1] - The plan aims to ensure the orderly resolution of these risks while preventing systemic financial risks [1] - Establishing a safety management system for the entire lifecycle of housing is a key component of the risk management strategy [1]

Core Viewpoint - The article emphasizes the need for orderly resolution of real estate risks in Shaanxi Province, highlighting the importance of sustainable development and regulatory measures in the real estate sector [1] Group 1: Real Estate Development - The proposal advocates for the efficient use of rural collective construction land and the activation of idle land and housing to support rural development and reasonable housing for farmers [1] - It calls for the promotion of high-quality real estate development and the establishment of a new development model for the sector, including improvements in the basic systems for property development, financing, and sales [1] Group 2: Housing Supply and Regulation - The initiative aims to optimize the supply of affordable housing to meet the basic housing needs of urban workers and various disadvantaged families [1] - It suggests implementing city-specific policies to increase the supply of improved housing and to regulate the development of the housing rental market [1] Group 3: Quality and Safety Standards - The plan includes the construction of safe, comfortable, green, and smart housing, along with the implementation of housing quality improvement projects and actions to enhance property service quality [1] - It proposes the establishment of a safety management system for the entire lifecycle of housing [1] Group 4: Risk Management - The article stresses the importance of coordinating efforts to resolve real estate risks in an orderly manner [1]

Investment Rating - The report indicates a positive outlook for the Beijing real estate sector, emphasizing the need for a transformation in development models and quality upgrades as outlined in the "15th Five-Year Plan" [4][7]. Core Insights - The "15th Five-Year Plan" focuses on achieving the goal of "continuously promoting housing for all" through eight key measures, highlighting the shift towards a new model of real estate development and quality enhancement [7][8]. - The plan emphasizes the integration of housing supply with market mechanisms and government responsibilities, indicating a more refined approach to housing policy [8]. - Urban renewal and the alignment of population distribution with urban development are critical themes, aiming to alleviate pressure on central urban areas and improve living conditions [19]. Summary by Sections 1. New Real Estate Development Model - The "15th Five-Year Plan" prioritizes the construction of a new real estate development model, moving beyond just improving housing supply systems to a more macro-level transformation of the industry [8]. 2. Land Supply Optimization - The plan advocates for the integration of station and city development, prioritizing land supply near public transport stations to enhance work-life balance and reduce commuting stress [9]. 3. Housing Security Supply Optimization - The focus shifts from merely increasing supply to optimizing the structure and distribution of housing security, particularly for urban workers and disadvantaged families [11]. 4. Expansion of Rental Housing Supply - The report highlights the importance of expanding effective rental housing supply and fostering professional market operators to ensure stable and high-quality rental options [12]. 5. Housing Solutions for Service Personnel - A new model for housing service personnel is proposed, addressing the housing challenges faced by essential urban workers, thereby enhancing urban inclusivity [13]. 6. Improvement of Housing Quality - The plan emphasizes the construction of safe, comfortable, and environmentally friendly housing, indicating a shift towards quality enhancement in housing projects [15][16]. 7. Comprehensive Urban Renewal - The report stresses the need for comprehensive urban renewal, focusing on systemic and integrated approaches to enhance urban vitality and address funding challenges [18]. 8. Population Distribution Adjustment - The plan aims to control the population size in core urban areas while enhancing the capacity of suburban centers, promoting a balanced distribution of population and housing supply [19].

Group 1 - The core viewpoint of the articles emphasizes the need to promote high-quality development in the real estate sector and to accelerate the establishment of a new development model for real estate [1][3]. - The new model aims to adapt to significant changes in the supply and demand relationship within the real estate market, which is seen as a fundamental strategy for ensuring stable and healthy market development [3]. - Key measures to implement the new model include improving basic systems related to housing development, financing, and sales, as well as enhancing the allocation of resources such as people, housing, land, and capital [5]. Group 2 - The "Suggestions" propose initiatives such as optimizing the supply of affordable housing, implementing city-specific policies to increase the supply of improved housing, and constructing safe, comfortable, green, and smart homes [5]. - The focus is on achieving a high-quality development pattern characterized by quality products and services, a sound supply system, reasonable resource allocation, standardized regulatory systems, and stable industry operations [5].

Core Viewpoint - The article emphasizes the need for high-quality development in the real estate sector in Fujian Province, focusing on safety management throughout the housing lifecycle and supporting the renovation and reconstruction of old housing [1] Group 1: Real Estate Development - The proposal aims to accelerate the construction of a new model for real estate development, enhancing systems for development, financing, and sales [1] - It highlights the importance of optimizing the supply of affordable housing to meet the basic housing needs of urban wage earners and various disadvantaged families [1] Group 2: Housing Quality and Safety - The initiative includes the construction of safe, comfortable, green, and smart housing, along with the implementation of housing quality improvement projects and actions to enhance property service quality [1] - There is a focus on strengthening safety management throughout the entire lifecycle of housing, which includes supporting the autonomous updating and original demolition and reconstruction of old housing [1]

Core Viewpoint - The article emphasizes the need for accelerating the development of affordable housing to meet the basic housing needs of urban working groups and various disadvantaged families, while also increasing the supply of improved housing through city-specific policies [1] Group 1: Policy Initiatives - The Heilongjiang Provincial Government has released recommendations for the 15th Five-Year Plan for national economic and social development, focusing on promoting high-quality development in the real estate sector [1] - The plan includes constructing a new model for real estate development and improving the foundational systems for commodity housing development, financing, and sales [1] Group 2: Housing Supply and Quality - There is a focus on optimizing the housing supply structure and accelerating the development of affordable housing to cater to the basic needs of urban working groups and disadvantaged families [1] - The initiative aims to adapt to the characteristics of cold regions by constructing safe, comfortable, green, and smart housing, alongside implementing quality enhancement projects for housing and property services [1] - The plan also emphasizes strengthening the safety management of housing throughout its entire lifecycle [1]