中国地产：2026 年全国两会政策发力，着力稳定地方宽松、回购与续期-China Property 26 NPCCPPCC Strive to Stabilize Local Easing Buyback Renewals

Summary of Key Points from the Conference Call on China Property Industry Overview - The focus is on the China Property sector, particularly in the context of government policies aimed at stabilizing the market and addressing risks associated with property companies [1][6]. Core Insights and Arguments 1. Government Initiatives: The 2026 Work Report emphasizes stabilizing the property market through various measures: - City-specific policies to control new supply and reduce inventory [1] - Revitalization of existing housing stock and encouragement of buybacks for affordable housing [1] - Promotion of high-quality urban renewal and improved policy linkage of population, land, and capital [1] - Reform of the housing provident fund [1] - Optimization of affordable housing supply and renovation of dilapidated housing [1] - Strengthening the "white list" system to prevent debt defaults [1] - Exploration of new development models for the property sector [1] 2. Economic Targets: The government aims for GDP growth of 4.5-5% and a CPI target of 2% for 2026, maintaining a deficit of 4% of GDP [1][8]. 3. Market Sentiment: There is a more constructive outlook for the physical property market, with early positive signals in 2026, including improved secondary volume and better new home sales in key cities [2]. 4. Investment Strategy: Analysts suggest focusing on companies with growth in land purchases and resources for 2026, with top picks including Jinmao, Greentown, COLI, and CRL [3]. 5. Sales Volume Recovery: A broad-based recovery in sales volume is anticipated in March due to supportive policies, with potential buying opportunities arising from share price corrections [2]. Additional Important Content - Local Government Policies: Local governments are expected to utilize special local government bonds to accelerate repurchase and renewal efforts [1]. - Social Impact: The government's focus on housing support for new families and multi-child families highlights the social implications of property policies, as housing constitutes approximately 66% of household assets [1]. - Historical Context: The emphasis on reducing inventory is noted as a significant shift, being the first mention in a decade, indicating a renewed focus on revitalizing existing stock [1]. Data Highlights - Land Acquisition Costs: Notable increases in land acquisition costs for major property companies in 2025 compared to 2024, with COLI seeing a 32% increase and Jinmao a 78% increase [27]. - Transaction Volumes: Significant fluctuations in weekly transaction volumes in key cities, with a 29237% week-over-week increase noted in early March 2026, following a drastic drop in previous weeks [22]. This summary encapsulates the critical insights and data from the conference call, providing a comprehensive overview of the current state and outlook of the China property sector.