扬子晚报网11月21日讯(通讯员吴驰记者王国柱)11月21日，泰州市海陵区举办"冲击'千亿主城'焕新'文化古城'建强'首善之城'"系列主题高质量推进城市更 新专场新闻发布会。会上透露，该区以城市更新为笔，以历史文脉为墨，在"十四五"期间绘就了一幅创新、宜居、美丽、韧性、文明、智慧的现代化人民 城市画卷。 海陵区住建局党组书记、局长周维民会上介绍，五年来，海陵以宜居为本，托举百姓"安居梦"。始终将改善人居环境、提升居住品质作为城市更新的首要 任务。"十四五"期间，系统性推进老旧小区改造、征收搬迁、保障性住房建设等民生工程。一是老旧小区"焕新"惠民。锚定老旧小区改造全覆盖目标，改 造成果惠及5万户居民。二是房屋征收"破冰"前行。创新实施全市首个"房票"安置政策，出具房票266张，带动购房265套。三是住房保障"兜底"有力。按 时保质保量交付江南一品、璞园等国家"保交楼""保交房"项目，成功守护4443余购房群众的"血汗钱"。 五年来，海陵以文脉为魂，绣花功夫护古城。匠心雕琢古城肌理，坚持"小尺度、渐进式"城市更新理念。在古建老宅保护上，坚持"修旧如旧"；在古街旧 巷保护上，对钟楼巷、十胜街等8条老街巷和五一路、海 ...

Core Insights - The article emphasizes the importance of urban renewal and the implementation of innovative measures in Guangzhou to transform old residential buildings into improved living spaces [1] Urban Renewal Initiatives - Guangzhou is focusing on "in-depth urban development" as part of its 14th Five-Year Plan, promoting urban renewal through various innovative measures [1] - The city has initiated a significant self-renewal project in the Jinan Zhong Street area, which includes 25 dilapidated buildings constructed in the 1960s and 1970s [1] Resident Impact - Residents like Ms. Zeng, who have lived in these old houses for over 30 years, are benefiting from the self-renewal project, with her 65 square meter old house being replaced by an 85 square meter three-bedroom apartment [1] - The project aims to retain the familiar living environment for residents while providing them with spacious and comfortable new homes [1] Project Scale and Funding - The Jinan Zhong Street project is noted as the largest contiguous self-renewal project in Guangzhou, expected to add approximately 300 units of affordable housing upon completion [1] - Guangzhou has established a diversified funding mechanism involving contributions from residents, enterprises, and government subsidies to facilitate urban renewal [1] - To date, Guangzhou has completed the renovation of 1,257 old residential communities, benefiting 940,000 households [1]

Group 1 - The core viewpoint is the transformation of elderly care from "养老" (pension) to "享老" (enjoying old age), reflecting the improved living conditions for the elderly during the "14th Five-Year Plan" period [1] - The Ministry of Housing and Urban-Rural Development has conducted urban health checks and implemented urban renewal to enhance urban governance efficiency, with 297 cities and over 150 county-level cities participating [1] - The construction of pocket parks in Shenyang has led to the establishment of 3,198 parks, promoting a lifestyle where citizens can easily access green spaces [3] Group 2 - The "15-minute elderly service circle" in Hangzhou has upgraded community and rural dining services, enhancing the dining experience for the elderly and contributing to the silver economy [4] - Xiamen has initiated modernization projects for 108 urban villages and the renovation of 2,000 old residential communities, benefiting 300,000 households with improved infrastructure and facilities [6] - During the "14th Five-Year Plan" period, over 240,000 old urban communities have been renovated, benefiting more than 40 million households and 110 million people, with significant additions to community services and green spaces [8]

Core Viewpoint - The "14th Five-Year Plan" period has seen significant improvements in housing conditions and urban living environments in China, with a focus on high-quality development in the housing and urban construction sectors [2][3]. Housing Condition Improvements - During the "14th Five-Year Plan," approximately 50 billion square meters of new residential properties were sold, and over 11 million units of various types of affordable housing were constructed, benefiting more than 30 million people [3]. - Over 240,000 old urban residential communities were renovated, impacting more than 40 million households and 110 million individuals [3]. Urban Environment Enhancements - The installation of 129,000 elevators and the addition of over 3.4 million parking spaces and 64,000 community service facilities were completed [3]. - 840,000 kilometers of underground pipelines for water, gas, and heating were updated, and over 18,000 pocket parks and 2,500 kilometers of urban greenways were created [3]. Construction Industry Transformation - The construction industry's total output value reached 32.7 trillion yuan in 2024, with an added value of 9 trillion yuan, marking a significant increase [3]. - The modernization of the construction industry has accelerated, with notable projects like the Shenzhen-Zhongshan Channel and the Beijing Winter Olympics venues gaining international recognition [3]. Urban Renewal Achievements - The Ministry of Housing and Urban-Rural Development has implemented urban renewal actions since the 19th National Congress, focusing on addressing urgent issues faced by residents and enhancing urban competitiveness [5]. - A total of 2,387 urban village renovation projects and 175,000 units of dilapidated housing have been initiated [5]. Sustainable Urban Renewal Mechanisms - A demand-driven, project-oriented urban renewal mechanism has been established, integrating urban inspections with renewal efforts to create a closed-loop system for identifying and addressing urban issues [6]. Quality Housing Initiatives - The Ministry emphasizes the importance of good standards, design, materials, construction, and maintenance in building quality housing [8]. - New standards for residential projects have been implemented, including increased ceiling heights and mandatory elevator installations for buildings over four stories [8][9]. Community and Resident Engagement - The focus is on creating complete communities and improving living spaces through the renovation of old neighborhoods and factories, enhancing consumer experiences and entrepreneurial opportunities [5][6].

Core Insights - Wuhan is focusing on urban renewal as part of its "15th Five-Year Plan," with a roadmap for the next five years emphasizing quality improvement of existing urban areas [1][2] Group 1: Urban Renewal Achievements - Wuhan has established a Housing and Urban Renewal Bureau, becoming the first city in Hubei to do so, and has reported significant achievements in "quality improvement of existing stock" [1] - Over the past period, 1,517,000 square meters of urban villages have been transformed, and 608 old residential communities have been renovated, with a goal of covering all old residential communities built before 2000 within the year [1] - More than 50 historical buildings have been restored, with areas like Baguang House and Doujiying becoming popular tourist spots [1] Group 2: Future Urban Renewal Plans - The city plans to focus on six major actions during the "15th Five-Year Plan," including the integration of industry and city, improvement of old commercial streets, and renovation of old factory areas [2] - Emphasis will be placed on creating age-friendly environments, improving old housing, and enhancing community construction [2] - The plan includes green and low-carbon initiatives, such as the development of ecological corridors and comprehensive water system management [2] - Historical preservation efforts will involve revitalizing historical districts and creating three historical axes [2] - Digital empowerment will be a focus, with the establishment of smart charging facilities and platforms for urban renewal and old housing replacement [2]

Investment Rating - The report maintains a "Neutral" investment rating for the real estate industry, indicating a balanced outlook for future performance [1]. Core Insights - The recent Central Urban Work Conference marks a significant turning point for the real estate industry, emphasizing urban renewal as a key focus for future development [7][10]. - The industry is transitioning from an "incremental expansion" model to a "stock quality improvement" model, driven by urbanization trends and demographic changes [12][23]. - The report suggests that the real estate market is entering a "second half" phase, where the focus will shift to enhancing existing urban areas rather than expanding new developments [24][29]. Summary by Sections 1. Significance of the Central Urban Work Conference - The conference, held for the first time in ten years, provides a new direction for urban development, indicating a shift from rapid growth to stable development [7][8]. - It highlights the need for urban renewal and the transformation of development strategies to improve urban quality [10][11]. 2. Transition from "Incremental Expansion" to "Stock Quality Improvement" - The report identifies the end of the "incremental expansion" era, as urbanization approaches its peak [12][14]. - Population structure changes, including declining birth rates and an aging population, are negatively impacting housing demand [16][18]. - Market supply and demand are in a continuous decline, with significant drops in real estate sales and investment [19][20][23]. 3. Urban Renewal as a Core Strategy - Urban renewal is positioned as a critical strategy for high-quality urban development and economic growth [24][25]. - Government policies are increasingly focused on urban renewal, with substantial financial support for related projects [27][28]. 4. Accelerated Industry Cleansing in the New Model - The overall profitability of the real estate industry is declining, with many listed companies reporting losses for the first time [31][32]. - The market is experiencing a structural shift, with a growing divide between high-demand urban areas and oversupplied lower-tier cities [35][36]. - The dual-track development model of "commercial housing + affordable housing" is emerging, addressing different market needs [36]. 5. Overall Perspective and Investment Recommendations - The report emphasizes the importance of urban renewal in the future of the real estate market, suggesting a gradual shift towards a dual-track development model [37]. - It recommends focusing on financially stable leading companies and regional leaders in first and second-tier cities, such as Poly Developments, Binjiang Group, and China Merchants Shekou [39].

Core Viewpoint - The article emphasizes the importance of "system integration" in boosting consumption and improving investment efficiency, highlighting the interconnectedness of consumption, investment, and overall economic operation [2][3]. Group 1: Economic Policy and Investment - The current macroeconomic policy is characterized by proactive fiscal measures and moderately loose monetary policy, focusing on "effective investment" to expand domestic demand [4][7]. - Government investment should target major strategic implementations and key areas of security capability, which will enhance economic vitality and create jobs [4][6]. - There is a misconception that government investment opportunities are saturated; however, numerous effective investment projects are available, particularly in urban infrastructure and disaster prevention [6][7]. Group 2: Employment and Economic Growth - Effective investment projects initiated by the government can immediately create job opportunities and stimulate market demand, akin to the "New Deal" approach [7][11]. - Long-term benefits of effective investment include structural optimization and enhanced economic resilience, contributing to national security and social stability [7][8]. Group 3: Comprehensive Performance and Externalities - The effectiveness of government investment should be evaluated beyond traditional cost-benefit analysis, considering the broader positive externalities and comprehensive performance of projects [8][9]. - Examples such as the Qinghai-Tibet Railway illustrate that some projects may not yield immediate financial returns but provide significant long-term national benefits [8][9]. Group 4: Systematic Approach to Government Investment - Government investment should be viewed as a systematic project, requiring a combination of policy direction, project planning, funding allocation, and quality management [11]. - Successful government investment involves a series of interconnected processes, including feasibility studies and post-completion maintenance, to ensure comprehensive effectiveness [11].

Core Insights - The provincial development and reform commission has successfully secured over 4.6 billion yuan in central budget investment for urban renewal projects this year [1][2] - The central urban work conference emphasizes high-quality urban development, focusing on urban renewal as a key strategy to optimize urban structure and enhance quality [1] - The commission has implemented a systematic approach to project planning, ensuring a pipeline of projects that includes implementation, preliminary work, and future planning [1] Group 1 - The provincial development and reform commission has coordinated with the housing and urban-rural development department to focus on targeted investment areas and project preparation [1] - A total of 46.28 billion yuan in central budget investment has been secured to support the renovation of 200 old residential communities, shantytown redevelopment, and the improvement of dilapidated housing [1] - The projects will benefit approximately 467,000 households, involving the renovation of 4,385 old communities, 3,509 shantytown units, and 12,250 dilapidated housing units [1] Group 2 - The provincial development and reform commission is enhancing service guarantees by collaborating with financial departments to ensure timely and sufficient allocation of central budget investments [2] - There is a focus on resolving difficulties encountered during project implementation through effective coordination, aiming to accelerate project construction and maximize the effectiveness of project funding [2]

Group 1 - The central urban work conference highlighted that urbanization in China has transitioned from rapid growth to stable development, focusing on improving existing urban areas and promoting the renovation of urban villages and dilapidated housing [1] - The Pearl River Delta, as a key area of the Guangdong-Hong Kong-Macao Greater Bay Area, is seen as a national strategic core, with its urban governance and development paths serving as a model for the entire country [1][8] - Cities like Guangzhou, Shenzhen, and Dongguan are actively responding to the "People's City for the People" concept, aiming to promote urban connotation development [1][9] Group 2 - Urban village renovation is a significant challenge and breakthrough point for urban renewal in Guangdong, with Guangzhou having 272 urban villages housing around 6.7 million residents, approximately one-third of the city's population [2] - The central government has initiated policies to promote urban village renovation in mega cities, with the first local legislation on urban village renovation set to take effect in May 2024 [2] - Guangzhou is leveraging central-local cooperation projects to accelerate urban village renovations, with recent projects achieving significant progress [2] Group 3 - Dongguan has implemented its local urban village renovation regulations, emphasizing sustainable urban renewal and balancing economic and social benefits [3] - The city plans to accelerate the implementation of 40 demolition and new construction projects, alongside various improvement projects [3] Group 4 - Cities in the Pearl River Delta, including Guangzhou, Zhuhai, Shenzhen, and Huizhou, have introduced innovative "housing ticket" compensation methods to facilitate urban village renovations [4][5] - Guangzhou has successfully issued its first batch of housing tickets, with multiple districts showcasing successful cases of this compensation method [5] Group 5 - The renovation of old residential communities is also a crucial aspect of urban renewal, with various cities in the Pearl River Delta exploring collaborative governance and resident participation [6] - Guangdong Province has initiated numerous old community renovation projects, benefiting over 110,000 households [6][7] Group 6 - Dongguan plans to start 20 old community renovation projects and is focusing on modern industrial park development [7] - The central government is expected to invest approximately 3.557 billion yuan in these initiatives, marking a 49% increase year-on-year [7] Group 7 - The recent central urban work conference emphasized the need for cities to adapt to changing circumstances and achieve five key transformations in urban development [7][8] - The focus is on enhancing urban governance, promoting high-quality development, and ensuring that urban renewal efforts are people-centered [9]

Group 1: Central Urban Work Conference Insights - The conference marked a shift in urbanization from rapid growth to stable development, emphasizing quality over quantity in urban expansion[2] - Seven key tasks were outlined, focusing on optimizing urban systems, fostering innovation, enhancing livability, promoting green cities, ensuring safety, cultivating cultural values, and developing smart cities[2][6] Group 2: Impact on A-Share Market - The shift towards stock quality improvement and urban renewal is expected to boost investment in municipal infrastructure, green technology, and smart city initiatives, positively impacting related A-share sectors[17] - From January to July 14, 2025, the real estate sector fell by 2.72%, while the environmental sector rose by 11.54%, indicating a divergence in sector performance[22] - Current price-to-book (PB) ratios for urban renewal-related industries are at historically low levels, suggesting high long-term investment value[22] Group 3: Real Estate Sector Analysis - In the first half of 2025, real estate development investment dropped by 11.2%, with new housing starts down by 20%[27][40] - The market remains under pressure, with a significant decline in both sales area and sales value, reflecting ongoing weak demand[27][35] - The conference's directives aim to reshape the real estate sector towards a model focused on quality and sustainability, potentially benefiting firms with strong operational capabilities[40]