Seazen(SH:601155)2025-08-11 01:21Summary of Conference Call on Beijing Real Estate Policy Industry Overview - The conference call discusses the real estate market in Beijing, with implications for Shanghai and Shenzhen as well. The focus is on the new policies aimed at revitalizing the real estate sector due to declining transaction volumes and land sales issues [1][4][5]. Key Points and Arguments 1. Beijing's New Real Estate Policy: The policy allows families outside the Fifth Ring Road to purchase an unlimited number of homes, and it relaxes public housing fund policies, increasing loan limits for second homes from 1 million to 1.4 million [3][10]. 2. Reasons for Policy Implementation: The primary reasons for the new policy include poor land sales performance and a significant drop in second-hand home transactions, which fell below the critical threshold of 15,000 units in July [4][8]. 3. Impact on Market Dynamics: The new policy is expected to stimulate demand from high-net-worth individuals and improve market conditions, shifting the investment logic from preemptive buying to a recovery phase [5][18]. 4. Investment Recommendations: The call recommends focusing on "I Love My Home" (a second-hand housing agency) and "New Town Holdings" (commercial real estate), predicting over 50% and potential doubling in stock prices, respectively [6][20]. 5. Commercial Real Estate Opportunities: With declining interest rates, commercial real estate is seen as a significant investment opportunity, with companies like New Town Holdings and China Resources Land highlighted as key players [19][21]. 6. Market Performance Comparison: In July, Beijing's second-hand home transactions dropped to 12,784 units, while Shanghai maintained a stronger performance with 19,337 units sold [7][11]. 7. Future Policy Directions: Future policies may include further relaxations in purchase restrictions, public housing fund policies, and adjustments to land supply to stimulate market activity [13][14]. Additional Important Insights - Regional Focus: Areas such as Haidian and Changping near the Fifth Ring Road are expected to benefit significantly from the new policies due to their strong purchasing power [9][12]. - Long-term Market Outlook: While short-term effects are anticipated, the long-term outlook suggests a continued divergence in market performance across different regions, with only select areas showing substantial recovery [11][12]. - Potential for Further Policy Changes: The call indicates that both Shanghai and Shenzhen are likely to follow suit with their own policy adjustments, albeit with different approaches and timelines [2][15][16][17]. This summary encapsulates the key discussions and insights from the conference call regarding the real estate market in Beijing and its implications for the broader industry.