今年以来，各地区各部门加快出台实施各项支持性政策，积极释放刚性和改善性住房需求，推动房地产 市场止跌回稳。当前房地产市场虽有所波动，但政策成效仍在继续显现。 全国房地产市场交易总量保持基本稳定。住房和城乡建设部数据显示，今年1月至10月，全国新建商品 房和二手房交易总量同比下降1.9%。其中，深圳、武汉、厦门、沈阳、南昌、南宁、贵阳、昆明等城 市新房和二手房网签交易总量同比均保持增长。这意味着今年以来住房成交总量和去年同期相比保持基 本稳定，没有出现明显收缩，各地因城施策采取的止跌回稳举措持续发挥作用。 商品房销售降幅收窄。国家统计局数据显示，今年1月至10月，全国新建商品房销售面积和销售额同比 分别下降6.8%和9.6%，降幅比去年同期分别收窄9个和11.3个百分点，与去年全年相比也有所改善。 商品房去库存持续推进。各地控增量、优存量政策发挥作用，10月末全国商品房待售面积75606万平方 米，比9月末减少322万平方米，今年以来连续8个月减少。 一些地区从供需两端因城施策，取得较好效果。有些地区取消或调减限制性措施，如北京、上海、深圳 调减了住房限购政策，重庆、苏州取消了限售政策；有些地区实施购房补贴，如 ...

房企资金状况有所改善。在"白名单"项目扩围增效等积极因素带动下，房地产开发企业到位资金降幅收 窄。今年1月至10月，房企到位资金同比降幅比去年同期和去年全年分别收窄9.5个和7.3个百分点。 各地区各部门加快出台实施各项支持性政策，积极释放刚性和改善性住房需求，推动房地产市场止跌回 稳。应积极构建房地产发展新模式，坚持长短结合、标本兼治，持续用力推动房地产市场高质量发展。 今年以来，各地区各部门加快出台实施各项支持性政策，积极释放刚性和改善性住房需求，推动房地产 市场止跌回稳。当前房地产市场虽有所波动，但政策成效仍在继续显现。 全国房地产市场交易总量保持基本稳定。住房和城乡建设部数据显示，今年1月至10月，全国新建商品 房和二手房交易总量同比下降1.9%。其中，深圳、武汉、厦门、沈阳、南昌、南宁、贵阳、昆明等城 市新房和二手房网签交易总量同比均保持增长。这意味着今年以来住房成交总量和去年同期相比保持基 本稳定，没有出现明显收缩，各地因城施策采取的止跌回稳举措持续发挥作用。 商品房销售降幅收窄。国家统计局数据显示，今年1月至10月，全国新建商品房销售面积和销售额同比 分别下降6.8%和9.6%，降幅比去年同期分 ...

11月17日，北京市统计局公布的数据显示，1-10月全市新建商品房销售面积815.9万平方米，同比下降3.7%。这个看似温和的数字背后，却暗藏着住宅与商 业地产的冰火两重天。住宅销售面积下降7.3%，办公楼下降11.8%，商业营业用房下降11.6%，唯有办公楼新开工面积逆势增长34.7%。这些数字究竟在向我 们传递什么信号？ 三、政策工具箱里的悬念面对3.7%的整体下滑，政策层面会如何出手？观察2019-2022年的数据曲线可以发现，每年四季度都是政策调整的敏感窗口期。特 别是住宅7.3%的降幅已经触及调控底线，适度放松限购、优化普宅标准等政策储备可能即将启用。 但值得注意的是，房地产开发企业到位资金3592亿元，同比增长8.3%。这个关键指标显示，虽然销售承压，但资金链尚未出现系统性风险。这也解释了为 何政策仍保持定力，没有急于出手救市。某金融机构研究员预测："如果11-12月销售降幅扩大到5%以上，才可能触发政策调整。" 更值得玩味的是，住宅新开工面积592.5万平方米，同比下降8.4%。开发商正在用缩减开工规模来应对销售疲软，这种保守策略可能进一步加剧未来市场的 供需失衡。某房企北京区域负责人透露，现在 ...

Group 1: Real Estate Market Construction Situation - From January to October, the new construction area of real estate development enterprises in the city was 9.383 million square meters, a year-on-year decrease of 9% [2] - The residential new construction area was 5.925 million square meters, down 8.4%; office buildings increased by 34.7% to 267,000 square meters; commercial properties increased by 1.4% to 492,000 square meters [2] - The total completed area was 8.414 million square meters, a year-on-year decrease of 5.7%, with residential completions down 13.3% to 4.334 million square meters [2] Group 2: Real Estate Market Sales Situation - From January to October, the sales area of new commercial housing was 8.159 million square meters, a year-on-year decrease of 3.7% [3] - Residential sales area decreased by 7.3% to 5.543 million square meters; office sales decreased by 11.8% to 530,000 square meters; commercial property sales decreased by 11.6% to 427,000 square meters [3] Group 3: Real Estate Development Enterprises Funding Situation - From January to October, the total funding for real estate development enterprises was 359.2 billion yuan, a year-on-year increase of 8.3% [6] - The funding sources included advance payments of 135.62 billion yuan, up 3.8%; self-raised funds of 95.8 billion yuan, up 15%; and domestic loans of 56.66 billion yuan, up 14.3% [6]

（文章来源：每日经济新闻） 每经AI快讯，11月17日，据北京市统计局，1—10月，全市房地产开发企业房屋新开工面积938.3万平方 米，同比下降9%。其中，住宅新开工面积592.5万平方米，下降8.4%；办公楼26.7万平方米，增长 34.7%；商业营业用房49.2万平方米，增长1.4%。1—10月，全市新建商品房销售面积815.9万平方米， 同比下降3.7%。其中，住宅销售面积554.3万平方米，下降7.3%；办公楼53万平方米，下降11.8%；商业 营业用房42.7万平方米，下降11.6%。 ...

Group 1: Housing and Real Estate Developments - Beijing has completed its annual affordable housing task ahead of schedule, with 50,000 rental housing units planned and 80,000 units constructed [1] - Hangzhou has introduced 16 measures to optimize land resource allocation, aimed at reducing enterprise costs and activating existing space [2] - In October, new residential sales prices in first-tier cities decreased by 0.3% month-on-month, with Shanghai seeing a 0.3% increase while Beijing, Guangzhou, and Shenzhen experienced declines [3] - From January to October, the sales volume of new residential properties reached 69,017 billion yuan, reflecting a year-on-year decrease of 9.6% [4] Group 2: Land Auctions and Transactions - In Wuhan, eight land parcels were sold for a total of 1.12 billion yuan, with two residential plots acquired by private enterprises at zero premium [5] - Chengdu saw two residential plots sold at a total of 1.286 billion yuan, both at the base price [5] Group 3: Company Performance and Financials - Beike Holdings reported a total transaction volume of 736.7 billion yuan in Q3, with a net profit of 747 million yuan, a year-on-year decline of 36.1% [6] - China Resources Land plans to place 49.5 million shares of its subsidiary, raising approximately 2.061 billion HKD for land acquisition and operational costs [6] - China Fortune Land Development has completed a financial debt restructuring totaling approximately 192.7 billion yuan [7] - CIFI Group has initiated a major organizational restructuring, dissolving four regional groups and multiple business units [8] Group 4: Sales Performance of Real Estate Companies - China State Construction reported total sales revenue of approximately 287.1 billion yuan and sales area of 10.7 million square meters from January to October [9] - China Resources Land's sales revenue for the same period was about 169.6 billion yuan with a sales area of 6.41 million square meters [9] - China Jinmao reported sales revenue of approximately 92.7 billion yuan and a sales area of 4 million square meters [9] - Other companies such as Yango Group, New城控股, and others also reported their sales figures, indicating a challenging market environment [9]

58安居客研究院院长张波向《每日经济新闻》记者（以下简称"每经记者"）书面分析指出，一线城市改善型需求稳定，高库存中小城市的房价下行压力依 然存在，库存去化周期超20个月的城市，受房企"以价换量"冲刺业绩影响，新房价格环比依然下行。总体来看，一线核心板块企稳、二线内部分化、三四 线整体承压的态势并未发生变化。 撰文｜包晶晶 编辑｜廖丹 魏文艺 11月14日上午，国家统计局公布《2025年10月份70个大中城市商品住宅销售价格变动情况》和《2025年1—10月份全国房地产市场基本情况》。 数据显示，1—10月，全国房地产开发投资73563亿元，同比下降14.7%；新建商品房销售面积71982万平方米，同比下降6.8%；新建商品房销售额69017亿 元，下降9.6%。 价格方面，10月70城中各线城市商品住宅销售价格环比和同比均下降。不过值得注意的是，10月共有上海、杭州、合肥、沈阳、乌鲁木齐和韶关6个城市 新房价格环比上涨，上海、杭州、合肥、乌鲁木齐4个城市新房价格环比、同比均上涨；成都、杭州二手房价格同比跌幅最小，表现出一定韧性。 张波判断，11月和12月，随着政策托底力度加大、房企年底冲刺，市场预计还将呈现 ...

Core Viewpoint - The real estate market in China shows signs of improvement, with a significant narrowing of the year-on-year decline in new housing sales and a continuous reduction in unsold inventory over the past eight months, indicating the effectiveness of government policies [1][2][4]. Sales Performance - From January to October, the sales area of new commercial housing reached 71,982 million square meters, a year-on-year decrease of 6.8%, while the sales amount was 69,017 billion yuan, down 9.6% [2][4]. - The year-on-year decline in sales area and sales amount has narrowed by 9 percentage points and 11.3 percentage points, respectively, compared to the same period last year [2]. Inventory Status - As of the end of October, the unsold housing inventory stood at 75,606 million square meters, a decrease of 322 million square meters from the end of September, with residential inventory down by 292 million square meters [2]. - The continuous reduction in unsold inventory reflects positive progress in inventory clearance efforts across various regions [2]. Funding for Real Estate Companies - The total funds received by real estate developers from January to October amounted to 78,853 billion yuan, representing a year-on-year decline of 9.7% [3][4]. - The decline in funding has narrowed by 9.5 percentage points compared to the same period last year, driven by factors such as the expansion of "white list" projects [3]. Investment Trends - Real estate development investment from January to October was 73,563 billion yuan, down 14.7% year-on-year, with new construction area decreasing by 19.8% [4]. - The market is currently undergoing a transition, and fluctuations in certain indicators are expected as the industry adapts to new models [4]. Future Outlook - Short-term policies are anticipated to focus on stabilizing the market, while medium to long-term strategies will align with high-quality development goals outlined in the 14th Five-Year Plan [5]. - As the year-end approaches, there may be an improvement in supply in key cities, potentially providing support to the market [5].

图源：国家统计局 受市场成交缩量影响，全国房地产开发投资及新开工继续低位运行。1—10月份，全国房地产开发投资73563亿元，同 比下降14.7%，其中住宅投资56595亿元，下降13.8%。同期房屋新开工面积49061万平方米，下降19.8%，其中住宅新 开工面积35952万平方米，下降19.3%。 11月14日，国家统计局发布《2025年1-10月份全国房地产市场基本情况》，数据显示，全国房地产市场继续延续调整 态势，1-10月，全国新建商品房销售面积同比下降6.8%，销售额同比下降9.6%。 不过，商品房库存压力持续减小。10月末，商品房待售面积75606万平方米，比9月末减少322万平方米。其中，住宅待 售面积减少292万平方米。 全国商品房待售面积今年以来连续8个月下降。 另据国家统计局发布的《2025年10月份70个大中城市商品住宅销售价格变动情况》数据，10月份，新房市场，四大一 线城市中，只有上海保持同比增长，涨幅0.3%，北京、广州和深圳分别下降0.1%、0.8%和0.7%。 58安居客研究院院长张波分析认为，从一线、二线及三四线城市的分化表现来看，高库存中小城市的房价下行压力依 然存在，库 ...

需要指出的是，当前房地产市场还处在新旧模式转换时期，转型调整需要一定时间，在这个过程中，部 分指标会出现波动，对此要客观看待。下阶段，要按照党中央、国务院决策部署，落实好中央城市工作 会议精神，积极构建房地产发展新模式，坚持长短结合、标本兼治，持续用力推动房地产市场高质量发 展。 编辑丨瑜见 第二，商品房去库存持续推进。随着控增量、优存量等房地产政策措施持续发挥作用，今年以来房地产 去库存稳步推进，10月末全国商品房待售面积75606万平方米，比9月末减少322万平方米，今年以来 连续八个月减少。 第三，房企资金有所改善。在"白名单"项目扩围增效等积极因素带动下，房地产开发企业到位资金降 幅收窄，1-10月房企到位资金同比降幅比去年同期和去年全年分别收窄9.5和7.3个百分点。 11月14日，国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖在国新办新闻发布会 上表示，房地产一直是大家比较关注的领域。今年以来，各地区各部门加快出台实施各项支持性政策， 积极释放刚性和改善性住房需求，推动房地产市场止跌回稳。从统计数据来看，房地产市场虽有所波 动，但政策成效仍在继续显现。 第一，商品房销售降幅收窄。1- ...