一般来说，住宅的得房率是套内建筑面积与房屋建筑面积的比率。由于公摊面积客观存在，住宅的得房 率通常情况下不可能超过100%。近年来，各地推出相关的建筑工程容积率计算办法，对阳台面积、飘 窗深度等标准进行调整。此后，市场逐步催生出一批高得房率的"新规产品"。相关研究机构数据显示， 今年上半年，广州、深圳等城市的"新规产品"去化率较高，这也从侧面印证了购房者对高得房率产品的 青睐。不过，这也让部分开发商衍生出更多"偷面积"的灰色操作。 购房者追求实惠，希望有更高的得房率本无可厚非，但盲目追求高得房率指标，一定程度上是对"好房 子"标准的误读。 今年以来，"好房子"成为民生领域热词，引发广泛关注。不过，不少购房者反映，一些新房项目将不计 入建筑面积的阳台、露台、飘窗、夹层等区域面积打包算进套内面积，制造"得房率超100%"的营销噱 头。一些城市的新房得房率甚至已"卷"到130%。 "好房子"产品不代表"高赠送"。真正的"好房子"应在产品设计、建筑质量、社区服务、绿色节能、配套 服务等方面下功夫。今年5月正式实施的《住宅项目规范》也以安全、舒适、绿色、智慧为目标，在规 模、布局、功能、性能和关键技术措施等方面对住宅项 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the real estate industry, specifically focusing on the performance of the top 100 real estate companies in July 2025, highlighting significant declines in sales and market activity across various cities [1][2][5][6]. Core Insights and Arguments - **Sales Performance**: In July 2025, the top 100 real estate companies achieved sales of 211 billion yuan, marking a 39% decrease month-on-month and a 25.8% decrease year-on-year. The cumulative sales for the first seven months showed a year-on-year decline of 12.7% [2]. - **Transaction Volume**: The transaction volume in 30 key cities fell by 28% month-on-month and 20% year-on-year. This marked the first negative cumulative transaction for the first seven months, with a slight year-on-year decrease of 1% [1][5]. - **Market Sentiment**: Overall market sentiment and purchasing emotions are low, further declining compared to the second quarter. Factors contributing to this include seasonal effects, weak supply, and cautious demand from buyers [6]. - **Supply Dynamics**: The new supply in July 2025 decreased by 20% month-on-month and 11% year-on-year across 30 key cities. The cumulative supply for the first seven months also saw an 18% year-on-year decline [3][4]. - **Inventory Levels**: Although overall inventory slightly decreased, the rapid decline in transaction volume led to an increase in inventory cycles in 18 cities, particularly in Shanghai and Shenzhen [15]. City-Specific Performance - **First-Tier Cities**: - Shenzhen's transaction volume fell by 30% month-on-month, with a new home absorption rate dropping to 4%, the lowest in a decade. Beijing, Shanghai, and Guangzhou also experienced significant declines in transaction volumes [1][10][13]. - **Second-Tier Cities**: - Chengdu's market continued to cool, with a 10% month-on-month decline and a 21% year-on-year decline. Hangzhou faced substantial pressure, with a 58% month-on-month drop and a 36% year-on-year decline [11]. - **Emerging Markets**: Cities like Zhuhai and Dongguan saw an increase in transaction volumes due to a surge in supply, indicating a slight improvement in market activity [12]. Additional Important Insights - **Market Predictions**: The forecast for August indicates continued declines in transaction volumes, with year-on-year declines expected to widen. A potential recovery in September is anticipated due to seasonal effects, but year-on-year declines may remain consistent with previous months [20]. - **Regulatory Environment**: The recent focus of regulatory discussions has shifted towards urban renewal rather than direct real estate policies, suggesting a long-term strategy to enhance urban quality and indirectly support real estate development [28][30]. - **High-Quality Development**: The emphasis on high-quality development in urban renewal projects is highlighted, focusing on improving project quality rather than quantity, given the limited financial capacity of local governments [31]. This summary encapsulates the critical aspects of the real estate market as discussed in the conference call, providing insights into sales performance, market sentiment, supply dynamics, and future expectations.

Summary of Key Points from the Conference Call Industry Overview - The real estate market in 2025 experienced an overall decline of 10.8% in the first half, with some state-owned enterprises like China Resources and China Merchants growing over 30%, indicating increased industry differentiation and significant market pressure [1][3] - Only three companies surpassed 100 billion in sales, namely Poly, Greentown, and China Overseas, while seven companies exceeded 50 billion, showing a slight decrease in industry concentration [1][4] Sales and Market Performance - In June 2025, the sales of the top 100 real estate companies increased by 14.7% month-on-month, but the year-on-year decline reached 22.8%, indicating persistent market pressure [3] - The average sales rate in June 2025 was 42%, up 13 percentage points from the previous year, driven by new regulatory products that significantly improved market absorption [1][8] Supply and Demand Dynamics - The supply of new properties in 30 key cities decreased by 28% year-on-year, with first-tier cities experiencing a notable drop in supply [1][5] - The transaction volume in these cities fell by 26% year-on-year, with first-tier cities like Beijing and Shanghai seeing significant declines [5][6] Regional Market Insights - First-tier cities showed varied performance; Shanghai and Shenzhen faced substantial declines in transaction volumes, while Beijing maintained slight growth due to last year's high supply [6] - Second and third-tier cities experienced a 7% month-on-month decline and a 26% year-on-year decline, although some cities like Tianjin and Wuhan saw a recovery in transactions due to new regulatory products [7] Inventory and Investment Trends - The total inventory in 30 major cities decreased by 9.6% year-on-year, but over half of these cities saw an increase in the absorption cycle, indicating ongoing inventory pressure [10] - Private real estate companies have shown increased willingness to invest in land, with land acquisition amounts doubling year-on-year, suggesting structural investment opportunities in the market [9] Future Market Outlook - The second half of 2025 is expected to be challenging, with the third quarter typically being a low season for sales, while the fourth quarter may see a significant year-on-year decline due to high base effects from the previous year [15] - The competitive landscape in the real estate sector may change, with new entrants potentially emerging as market conditions evolve [22] Additional Insights - The second-hand housing market is under significant pressure, with a projected annual decline of nearly 10% [2][12] - The land market showed increased activity in June, but the enthusiasm in core cities has cooled, with fewer high-priced land deals [14][18] This summary encapsulates the critical insights from the conference call, highlighting the current state and future outlook of the real estate industry.

Group 1 - The overall performance of the real estate market during the Dragon Boat Festival was flat, with a total transaction area of 266,000 square meters in 30 major cities, showing a year-on-year decline [1] - First and second-tier cities performed well, with first-tier cities seeing a 4.5% increase and second-tier cities a 3.3% increase in transaction area compared to last year [1] - In May, core cities maintained a recovery trend, with various developers using discounts and new product launches to attract buyers, supported by rapid implementation of market support policies [1][2] Group 2 - In Shanghai, the new housing transaction area during the Dragon Boat Festival reached 4.61 million square meters, a year-on-year increase of 87.4% [2] - The overall transaction volume of new homes in Guangzhou reached 708,300 square meters in May, setting a record for the highest monthly volume this year [3] - The Shanghai market saw a significant increase in new supply, with 40 projects launched in May, leading to a transaction area exceeding 600,000 square meters, a year-on-year increase of 23.7% [3][4] Group 3 - High-quality new projects have become a key factor influencing short-term sales in cities and among real estate companies, with many core area projects achieving over 80% sales rates [3][5] - The demand for "good houses" is rising, with projects that meet basic living needs and offer comfort becoming increasingly popular among buyers [6] - In Shenzhen, a new project achieved a sales rate of approximately 40% on its opening day, indicating strong market interest in well-priced and well-designed properties [6][8] Group 4 - The introduction of new product types, such as low-density houses and high-end improvement products, has shown better sales performance compared to ordinary properties [7] - In May, the average price of new homes in first-tier cities increased by 0.90%, with Shanghai experiencing the largest increase at 1.47% due to the launch of improvement projects [9] - The market is expected to see increased promotional efforts and a faster pace of new project launches as the mid-year sales period approaches, which may support new home sales in core cities [9]