A：In the incremental policy of stabilizing the real estate market, it is clearly proposed to study and introduce relevant policies to promote employment and income. Stabilizing the real estate market is listed as a priority for incremental policy research and the introduction of a list, and is expected to continue to implement relevant power measures in the future.

A：The characteristics of the housing loan discount policy include that the first set of housing gives priority to supporting the rigid need groups, with a term of up to five years and a maximum discount amount of 1 million yuan. The coverage is not limited to new houses, but also includes second-hand houses and some replacement needs. In addition, the policy is only for newly issued commercial loans, and there are certain restrictions on the area and total price of housing, the overall tendency to support the rigid demand for home buyers.

A：The main differences in the implementation rules of the reform of the commercial housing sales system in various places are reflected in the criteria for capping the pre-sale conditions. Taking Beijing as an example, it is required to complete the top concrete pouring and issue acceptance records by five units; while Wuhan is checked on site by the district housing management department. In contrast, the standards in Shanghai and Guangzhou are relatively loose, and only project caps are required. Different cities have different ways to deal with historical projects, but in general, they have given housing enterprises certain transitional period and grace conditions to ensure that the projects can be delivered on time and implement new pre-sale conditions on the basis of strengthening the supervision of pre-sale funds.

A：According to calculations, the total annual discount nationwide is about 17.5 billion yuan, with a total of about 87.5 billion yuan in five years. This policy has a more significant driving effect on second-tier and third-and fourth-tier cities, where debt ratios are relatively high. At the same time, the policy can effectively promote the development of the real estate market in these cities.

A：At the press conference, the Ministry of Housing and Urban-Rural Development emphasized the two major changes in the relationship between supply and demand in real estate and the entry into the stock era, and elaborated the connotation of the new model 1234, that is, based on meeting the needs of the people for housing, improving the two systems of security and market, and implementing projects The three systems of the company system, the host bank system, and the project sales system, and the promotion of the linkage of the four major elements. At the same time, it emphasizes the full promotion of the implementation of the three basic systems of real estate, including clarifying the key work of the revision of the provident fund management regulations, as well as the key points of urban development to improve the quality and efficiency of the stock, and the three major changes in land resources.

A：The difference between Shanghai and Beijing is that Shanghai will implement pre-sale fund supervision regulations in accordance with the cloud movement policy before the end of 2027 for land that has been announced. Wuhan, on the other hand, has given special policies to projects that have been included in provincial and municipal intelligent construction pilot projects and whose equipment is buildings before the end of 2026, allowing them to obtain them before the end of 2026. For projects with problems left over from history, after re-establishing the land transfer contract by revitalizing the stock, in principle, the pre-sale management of the newly transferred land shall be carried out, and the timely delivery shall be ensured under the evaluation of the district government. At the same time, strengthen the supervision of pre-sale funds, allowing pre-sale applications according to the original pre-sale conditions before 2028.

A：Beijing has set a ceiling of 1% for general contracting and fund management, 3% for Shanghai and 5% for Guangzhou and Wuhan. In addition, Guangzhou and Wuhan require that the deposit be deposited in full into the regulatory account and can be used during the regulatory period. Beijing, Shanghai and Guangzhou require payment of not less than 50% within 30 natural days, and the balance can be paid within two years after the contract is signed. Wuhan is relatively loose, requiring more than 50% to be paid within half a year, and the rest can be paid within two years.

A：Shanghai supports qualified project development enterprises to carry out project financing through bonds, stocks and other means; Guangzhou explores the establishment of mortgages on the right to use state-owned construction land, supports phased development and distribution of equipment, and handles pre-registration of real estate pre-sale. On this basis, Wuhan has also increased its financial support policies for existing projects. For example, the replacement amount of regulatory funds shall not exceed 30% of the amount required for completion and delivery, and shall not be less than 70% after replacement.

A：The core of the policy in the fourth quarter is expected to shift to the real estate system reform supporting rules, including land transfer fee analysis and payment, pre-sale funds supervision, project sales promotion and other top-level arrangements to accelerate the transformation into operational rules, strong existing housing sales are expected to expand. In terms of demand policy, the CPF interest rate is expected to be lowered, and localities will optimize CPF policies, such as expanding the use of withdrawals and increasing the amount of loans. There is room for adjustment in the restrictive policies of core cities such as Beijing, Shanghai, and Shenzhen. More cities will combine old-for-new housing subsidies to stimulate housing demand. The supply-side policy in the fourth quarter is expected to focus on revitalizing the stock and the stock of land, commercial housing and the stock of land will continue to promote the collection and storage, special debt issuance to maintain strength, more cities will follow up the project to establish the renewal of inefficient building renovation policy, while strictly controlling the increase in land, accelerate the construction of affordable housing. The supporting policies of urban centers will also continue to be improved, the loan urban land support policy will accelerate the landing, and the original demolition and construction policy of old housing will continue to be promoted in a pilot manner.

A：First-tier cities have better project support because real estate companies can still effectively acquire land. The support of improved demand makes the market performance of these cities relatively resilient, which leads to a more significant year-on-year growth in first-tier cities. According to current data, the direct impact of the 828 New Deal on the September market may not be obvious. In the short term, the impact on consumption is relatively small.

A：During the National Day, the market performance of cities such as Beijing and Hangzhou grew stronger year-on-year, while the growth in cities such as Shanghai and Wuhan was relatively small, while Shenzhen and Chengdu fell. Market performance differentiation is mainly related to urban inventory situation, inventory structure and high-quality real estate supply.

A：New houses in Beijing and Shanghai both increased year-on-year in September. Among them, new houses in Beijing increased by more than 20%, and new houses in Shanghai increased by 17%; in terms of second-hand housing, Shanghai grew year-on-year for seven consecutive months, while the second-hand housing market in Beijing was relatively stable.

A：There is adjustment pressure in the new housing market in Guangzhou and Shenzhen, mainly due to the long inventory cycle and the lack of high-quality real estate supply. Among them, Shenzhen in April introduced the purchase restriction and provident fund loan optimization policy, in the initial drive market performance, but the lack of sustainability, the overall new housing market is still in the repair channel.

A：During the National Day holiday, the average daily transaction of new houses in 25 key cities increased by 34% year-on-year, and the average daily transaction of second-hand houses increased by 43% year-on-year. However, compared with the National Day holiday in 2024, there is still a certain gap in market performance, showing that the market is repairing but confidence It has not yet fully recovered.

A：Hot-selling projects are usually located in core areas, have improved attributes and high-quality locations, have high product power, and offer attractive price concessions. In the outer suburbs of the project, mainly rely on price advantage to promote sales, but the overall performance of the general.

A：September entered the off-season of the rental market, the overall rental price showed a slight decline, but the rent in some cities such as Shanghai and Shenzhen is still rising, but the increase has narrowed. Overall, the leasing market is in a strategic adjustment in the short term.

A：In the first three quarters, the scale of land transfer transactions and land transfer fees decreased year-on-year, while the transaction area and transfer fees in first-tier cities increased, while those in second-and third-tier cities decreased and decreased significantly. From the perspective of land market pressure, the average premium rate of land transfer in first tier cities is much higher than that in second tier and third tier cities, which shows that the differentiation of land market is more obvious.

A：From January to September, the proportion of land transfer in top 20 cities increased by about 8 percentage points compared with the whole of last year. Core cities still focus on key cities in land transfer and land acquisition by real estate enterprises.

A：According to data, Shanghai, Beijing and Hangzhou ranked first in terms of land transfer fees in the first three quarters. Among them, Shanghai's turnover has exceeded 126.2 billion, Beijing's is about more than 80 billion, and Hangzhou's is 67 billion. Next are Guangzhou, Shenzhen and Chengdu.

A：After the introduction of the 828 New Deal, before the detailed rules of Beijing, Shanghai, Guangzhou, Wuhan, etc. are not clear, real estate companies may have a certain game psychology when acquiring land, because the New Deal's regulations on land transaction time and announcement time are not clear enough.

A：From the 828 of the New Deal to the end of September, some premium plots were mainly concentrated in first-and second-tier cities, and most of the transfer fees were above 0.1 billion. These plots are characterized by scarcity, moderate overall scale, low floor area ratio and investment led by central SOEs, with some private enterprises participating but requiring deep regional plowing.

A：Combined with the market performance in September, the second-hand housing market still has a certain degree of sustainability. Although the new housing market has declined, the decline is controllable, and the market is showing a trend of differentiation. During the National Day market performance in line with expectations, it is expected that the short-term new housing is still in the bottoming stage, the core area of high-quality projects are expected to drive transactions, improved demand is an important support for the short-term market.

A：The impact of the 828 New Deal on the sales side and the land side has gradually emerged. At present, some cities such as Beijing, Shanghai, Guangzhou and Wuhan have issued supporting rules, which have a greater impact on the investment decisions of real estate companies. In the short term, the transmission effect of the 828 New Deal will become an important follow-up line, and in the long run, the impact of the New Deal will gradually appear in 2027, and it may be more obvious in the second quarter of this year.

A：We believe that companies with strong project premiums and outstanding product strength are more likely to seize such opportunities.

A：From 2023 to 2026, the number of real estate enterprises in both the 100 billion echelon and the 10 billion echelon has shown a continuous contraction trend, and the era of high-scale expansion of the whole industry has come to an end.

A：Although the total number of real estate companies has decreased, the number of head companies has not changed significantly, the market positioning of head companies is more stable, and they have an advantage in product investment and financing capabilities.

A：The main factors for the success of hot-selling projects include policy impact, location advantages, surrounding population aggregation support, scarcity, and product features. In addition, the brand reputation and delivery certainty of central SOEs are also important factors.

A：The New 828 Policy has raised the preset conditions for land acquisition and delayed the payment node, resulting in a rise in the capital threshold for land acquisition and development by real estate enterprises, thus making real estate enterprises more cautious about land acquisition in the short term, which is also the main reason for the expansion of the amount of land acquisition.

A：The total amount of land taken by 100 enterprises as a whole showed a downward trend, and the decline was larger than that from January to August, mainly due to the high base last year and the impact of the new policy in 828. The top ten enterprises in the amount of land to the central state-owned enterprises, some of which increased significantly year-on-year, investment is strong, the head of housing enterprises to take land sales than the average slightly increased, to maintain a high intensity of land.

A：The number of large-scale enterprises in private enterprises is smaller, compared with the previous month has decreased, the overall scale of land acquisition is also significantly lower than in 19 years, land acquisition is more cautious. The Yangtze River Delta, Beijing-Tianjin-Hebei and Guangdong-Hong Kong-Macao urban agglomerations have always been key areas for real estate investment, while local real estate companies in Shanghai, Beijing, Hangzhou and other cities play an important role in the land market. At the same time, the phenomenon of local urban investment in the central and western regions is more significant.

A：High total price plots are mainly concentrated in first-tier cities, such as Shanghai, Beijing and Shenzhen, and some plots have joint land acquisition. The change of pre-sale system has had an impact on the enterprise's land acquisition strategy, and the subsequent need to continuously observe the impact of its investment strategy and land auction policy changes on the sales, land acquisition and cash flow of real estate enterprises.