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Affected by the latest tone of the Politburo meeting, real estate stocks are boiling collectively.
After the market opened on July 25th, the real estate development sector continued to strengthen, with Rong Sheng Development, Jinke and Zhongnan Construction increasing daily, while Dima, Huayuan Real Estate, Tianfang Development, gemdale, Binjiang Group, Caixin Development, Xincheng Holding, Poly Development, Huafa and SIC were among the top gainers, while only one of the sector’s constituent stocks declined slightly.
In terms of Hong Kong stock real estate, Longhu Group increased by as much as 21.92%, Country Garden Service increased by 21.32%, Hejing Taifu Group increased by 17.58%, New Town Development increased by 16.54%, Longguang Group increased by 15.94%, Country Garden increased by 15.87%, New Town Yue Service increased by 14.65%, Zhongjun Group Holdings increased by 14.10% and Agile Group increased by 13.88.
The real estate-related industrial chain has also been boosted, with stocks such as Goodwife, Piano, Zhibang Home and Wrigley Home in the home sector trading daily; The building materials sector also showed positive performance, with Zhengyuan shares and Bunny trading daily, and Oriental Yuhong approaching the daily limit.
Such rare fervor of real estate stocks stems from the latest tone of the the Political Bureau of the Communist Party of China (CPC) Central Committee meeting on real estate.
On July 24th, the Politburo meeting pointed out that it is necessary to effectively prevent and resolve risks in key areas, adapt to the new situation in which the supply and demand relationship in China’s real estate market has undergone major changes, adjust and optimize real estate policies in a timely manner, and make good use of the policy toolbox because of the city’s policy, so as to better meet the rigid and improved housing needs of residents and promote the stable and healthy development of the real estate market. It is necessary to increase the construction and supply of affordable housing, actively promote the transformation of urban villages and the construction of "flat and emergency dual-use" public infrastructure, and revitalize all kinds of idle real estate.
Compared with previous Politburo meetings, this meeting has adjusted the latest situation judgment of the real estate market: the relationship between supply and demand in the real estate market in China has undergone major changes, and it is first proposed to adjust and optimize the real estate policy in a timely manner, and change "supporting" the newly changed demand into "better meeting".
The major change in the industry situation means that the property market has stepped into a flat or even depressed situation from the high state in the past few years. According to the data of Ping An Securities, the property market transaction has been weakening since the second quarter. In June, the sales of commercial housing fell by 18.2% in a single month. In the medium and long term, with the slowdown of urbanization rate, the per capita living area of cities and towns has been greatly improved, and the potential demand is also under pressure.
Ping An Securities said that the domestic real estate market has once again entered a new stage after experiencing "demand exceeds supply" to "structural demand exceeds supply". The meeting pointed out that the real estate policy should be adjusted and optimized in a timely manner, and the demand-side policy optimization such as restricting loans and purchases in short-term key cities is worth looking forward to because the city makes good use of the policy toolbox to better meet the rigid and improved housing needs of residents.
Huatai Securities also said that the "new" real estate situation is aimed at the "old" situation that the market demand exceeds supply for a long time in the past, which led to the continuous rise of house prices, so it is necessary to "live and not speculate". At present, the real estate market has returned to decline after a short period of repair. In the first half of 2023, the sales area and sales amount of commercial housing were -2.8% and +3.7% respectively, and house prices rose first and then fell. In June, the prices of new and second-hand houses in 70 cities were -0.1% and -0.4% respectively.
"It is precious and timely to readjust the real estate industry at the current time." Huatai Securities said that in the past 22 years, a total of 835 relaxation policies have been introduced in various places. Since the first quarter of 2023, the pace of relevant policies has obviously slowed down. After the meeting of the Political Bureau, the policies of key cities are expected to be gradually optimized, such as the relaxation of policies such as restricting purchases, loans and sales, and recognizing housing and loans in core cities.
Yan Yuejin, research director of Yiju Research Institute, believes that the surge in real estate stocks on the 25th fully demonstrates the market’s absorption of the spirit of the Politburo meeting, and also reflects the positive adjustment expected by the market. Some enterprises with debt problems or operating pressures also showed relatively high stock performance, indicating that the impact of the Politburo meeting was comprehensive and universal, and the expectation of continued loose policies in the real estate sector was significantly enhanced, and macroeconomic and real estate expectations continued to improve in the second half of the year.
It is worth noting that the Politburo meeting also mentioned the transformation of villages in cities, which is considered to be an "important part" of the new real estate model.
The industry believes that the transformation of villages in cities is an inevitable choice to repair domestic demand and consumption potential, which will help to build a new model of renting before buying, gradually let new citizens upgrade their housing consumption, and create conditions for the sustainable development of the commercial housing market. The policy not only drives some construction opportunities, but also gives birth to a large number of business opportunities for operational services, which is beneficial to enterprises with comprehensive asset operation capabilities.
Huatai Securities said that it is necessary to pay attention to the detailed rules of each city in the future. Local state-owned assets with resource advantages will give priority to this policy, and they are optimistic about cities with abundant supply flexibility and high-quality housing enterprises with sufficient value and replenishment ability in mainstream cities.
Editor-in-Chief: Qin Hong
Text Editor: Yang Rong
Author: CBN
Source of the title map: upper view of the title map
Photo editor: Yong Kai
Economic Daily-China Economic Net, Beijing, July 13 (Reporter Ma Changyan) In the first half of this year, the national real estate regulation and control policies have exceeded 300 times. How will the real estate regulation and control go in the second half of this year? Will the real estate regulation be relaxed in order to further stimulate economic recovery in the future? On July 9, China Renmin University China Macroeconomic Forum released a special report, pointing out that with the epidemic basically under control, all walks of life have resumed production and work in an all-round way, the real estate market is recovering rapidly, and the super-differentiation pattern has been further strengthened. Under the super-differentiated market structure, structural risks are more prominent, and the determination of regulation and control and the requirements for accuracy are further improved. In the future, China’s real estate market industry will show the characteristics of "super-differentiation of the market and firm regulation of policies" for a long time.
The market is recovering well.
Qin Hong, a senior researcher at the National Development and Strategy Institute of Renmin University of China, a major member of the China Macroeconomic Forum (CMF) and former director of the Policy Research Center of the Ministry of Housing and Urban-Rural Development, released a special report on CMF China’s macroeconomics on behalf of the forum. Qin Hong pointed out that China’s real estate market is recovering rapidly after the epidemic, and the performance of relevant indicators is relatively good.
The cumulative year-on-year decline in the transaction scale of new houses continued to narrow, and prices rose steadily. In terms of transaction volume, from January to April, the national real estate sales area decreased by 19% and the sales volume decreased by 13%, but the decline in sales area narrowed by 7 percentage points compared with that in January-March. The transaction scale of urban commercial housing continued to improve, and the transaction scale of some cities in May has achieved positive growth year-on-year. In terms of price, according to the 100-city price index of the Central Finger Research Institute, the price of new residential buildings in 100 cities increased by 0.31% in May, and increased by 0.74% from January to May, which was 0.34 percentage points lower than the same period of last year. The cumulative increase was still the lowest in the same period of the past five years, and the price showed the characteristics of steady and rising.
The land market is shrinking in volume and rising in price, and continues to heat up. From January to May, the supply and demand scale of residential land in 300 cities nationwide decreased year-on-year. Among them, the supply and demand of residential land in first-tier cities have increased significantly, and the transaction scale of second-tier and third-and fourth-tier cities has declined. The heat of the land market has obviously increased, and the average floor price and premium rate have reached a stage high. From January to May, the average floor price of homestead transactions increased by 20.9% year-on-year.
The growth rate of real estate development investment is better than that of fixed assets investment and infrastructure investment. According to the data released by the National Bureau of Statistics, the national fixed asset investment (excluding farmers) decreased by 10.3% from January to April, of which infrastructure investment decreased by 11.8%, manufacturing investment decreased by 18.8% and real estate development investment decreased by 3.3%. Overall, the resilience of the real estate investment side still exists.
Show a pattern of super differentiation
"After the epidemic, differentiation is not enough to describe the changes in the real estate market, and there has been a pattern of super differentiation in the real estate market." Qin Hong said.
The report shows that after more than 20 years of development after the reform of the urban housing system, the sales scale of the real estate market has increased from 100 million square meters in 1998 to 1.7 billion square meters in 2019, an increase of 16 times. At the same time of the total growth, the real estate market has been divided, and the market share of enterprises, financing costs, land reserve pattern, corporate profitability and real estate markets in different cities have all been divided. Under the epidemic, this differentiation is further intensified.
In terms of real estate enterprises, the intensification of differentiation appeared in 2015. From 2016 to 2019, the proportion of sales of the top 100 enterprises increased by 24.8% in four years, which is increasing at an average annual rate of 6%. Under the influence of the epidemic, the sales area and sales volume of the national real estate market were still negative in the first half of the year, but the threshold value of the top three real estate enterprises increased by 8.85 points, and that of the top ten real estate enterprises increased by 5.2 percentage points.
From the perspective of enterprise financing scale, the financing scale of overseas debt and credit debt of the top 30 real estate development enterprises accounted for 64% of the top 100 enterprises in the first half of this year; From the perspective of financing cost, taking the cost of credit bonds issued by real estate enterprises in April as an example, the financing cost of enterprises with the lowest cost and enterprises with the highest cost is five times worse; Judging from the land market, the number of land acquired by the top 30 real estate enterprises in the first half of this year accounted for 85% of the top 50 enterprises. The larger the enterprise scale, the lower the floor land price; The smaller the enterprise scale, the higher the floor land price. There is also a very obvious gap in the cost of land acquisition for enterprises.
There are also obvious differences in the performance of real estate market in different cities. From the perspective of cities, the land acquisition of the top 100 real estate enterprises in the first half of this year was mainly concentrated in five urban agglomerations, accounting for 60% of the land acquisition scale, of which one urban agglomeration in the Yangtze River Delta accounted for 30% of the land acquisition scale of the top 100 enterprises. Judging from housing prices, more than half of the top 20 cities in the first half of this year are concentrated in the Yangtze River Delta region. Not only between cities, but also within cities. In addition, there is super differentiation between residential real estate and commercial real estate, real estate demand in different lots and inventory of different housing enterprises.
Firmly control the policy direction.
In order to promote the stable and healthy development of the real estate market, since the beginning of this year, the central government has repeatedly set the tone for the real estate policy. In April, the the Political Bureau of the Communist Party of China (CPC) Central Committee meeting mentioned that "houses should be used for living, not for speculation, so as to promote the stable and healthy development of the real estate market". In May, the government work report emphasized that "the house should be used for living, not for speculation, so as to promote the stable and healthy development of the real estate market."
According to the statistics of the Central Plains Real Estate Research Center, the number of policies issued nationwide to stabilize the property market in the first half of this year was 304, up 21% year-on-year, setting a new historical record for the number of regulation in half a year. From January to April this year, the number of real estate regulation and control reached 238. With the stability of the real estate market, the number of real estate regulation and control decreased significantly, 35 times in May and 31 times in June.
The report pointed out that maintaining the stability of housing prices is crucial to China’s economic and social stability and financial security. In the medium and long term, China’s current housing prices are at a high level, and the fundamental contradiction in the real estate market has not been substantially resolved. The super differentiation of the real estate market makes it more difficult for real estate to regulate and deal with risks.
In this context, the report believes that the real estate market still needs to be firmly regulated in the future, and it is necessary to maintain "five invariants" in the direction of policy. First, the strategic positioning of "housing and not speculating" remains unchanged. The key to the policy is the word "speculation" to prevent the rebound of real estate speculation. Second, the supply system of "renting and selling at the same time" remains unchanged. The key to the policy is the word "rent" to develop the housing rental market. Third, the regulation mechanism of "policy by city" remains unchanged. The key to the policy is the word "city", and the city government takes overall responsibility for the stability of the local real estate market. The fourth is to achieve the goal of "three stabilities". The key to the policy is "stability" to prevent the market from ups and downs. Fifth, the real estate financial policy remained stable. The real estate market has always been highly sensitive to monetary policy, and the key to the policy is to stabilize the mortgage interest rate.
In view of the development status of China’s real estate market, Qin Hong put forward five suggestions on behalf of the forum research group: First, we should still take the goal of stabilizing housing prices, take measures according to the city, and grasp the pace of real estate development. The second is to coordinate the development and regulation of real estate with the metropolitan area as the scope. The third is to guide the transformation and upgrading of the real estate industry with urban renewal as the starting point. The fourth is to control risks as the bottom line and reserve policies and measures for various camera decisions. Fifth, systematic market monitoring is carried out with indicators such as quantity, price and finance as the core.
Every AI news, on January 26th, the State Financial Supervision and Administration held a meeting to deploy and implement the coordination mechanism of urban real estate financing. The meeting held that the coordination mechanism should give full play to the leading role of local governments, strengthen overall planning of work, refine policies and measures, and promote the accurate docking of real estate development enterprises and financial institutions. According to the principle of fairness and justice, the list of real estate projects that can be given financing support should be screened and pushed to financial institutions within their respective administrative areas. It is necessary to strengthen information sharing and provide relevant financial institutions with information such as project construction and operation, pre-sale fund supervision and so on in a timely manner. It is necessary to guide financial institutions to negotiate with real estate development enterprises on an equal footing, make independent decisions and implement them according to the principles of marketization and rule of law, and protect the legitimate rights and interests of financial institutions.
CCTV News:In 1990s, American football star O·J· Simpson’s "suspected wife murder case" caused a sensation, which was also called "trial of the century". Although Simpson was acquitted in that year, in 2008, the famous American black sports star was jailed for "kidnapping and armed robbery". On the 1st, after serving nine years in prison, seventy years of age Simpson was released on parole.
The Nevada Bureau of Corrections and Rehabilitation confirmed that Simpson left Lovelock prison in northern Nevada at 0: 08 am local time on the 1st after signing the release papers.
Although the American media generally predicted that Simpson would be released on parole at the beginning of this month, the Nevada Bureau of Corrections and Rehabilitation released Simpson in the early hours of Sunday, which was somewhat unexpected. This also enabled Simpson to avoid the media when he was released from prison. After he got out of prison, he was picked up by an unidentified friend.
Former football star Simpson was jailed for robbery.
In 2007, Simpson and others clashed with two sports souvenir sellers in a hotel in Las Vegas, Nevada, trying to snatch thousands of dollars worth of souvenirs with guns — — Simpson claimed that the photos, badges and football souvenirs were his own belongings. After the incident, Simpson was arrested by the police and charged with 12 counts including kidnapping and armed robbery.
In 2008, the court sentenced Simpson to 33 years in prison, but he could be released on parole after nine years.
In July this year, four members of the Nevada Parole Adjudication Board voted unanimously that Simpson was "unlikely to commit another crime" and agreed to grant him parole.
"Trial of the Century" — — Simpson’s "Suspected Wife Killing Case"
Simpson was once a star of the National Football League. In June 1994, Simpson’s white ex-wife and boyfriend were found dead in their residence in Los Angeles, and all the evidence showed that Simpson was the biggest suspect — — The case was a sensation, but after a tortuous trial, Simpson was acquitted by a jury in October 1995. This case, known as the "trial of the century", has caused public controversy about the fairness of the American judicial system, highlighting the differences of opinion among different ethnic groups in American society.
Blown away from us is the old year by the crackling fireworks
In every corner of the city
Such a respectable group of people
Provides us with
The hidden opening way of new year’s dinner
Let’s have a look.
delicious
Jiang tan gang ting sui nian fan
The year is approaching.
There is still a group of people busy in Jiangtan.
Clean the platform and wipe the street furniture.
Maintain holiday order
Ensure the safe operation of the river beach ……
Jiangtan security guards eat a different kind of "annual meal" together at the sentry box.
At the moment when the whole family is happy and sharing reunion.
Every household began to make a fuss.
Eat the New Year’s Eve dinner.
The staff of Jiangtan are still sticking to their posts.
Dedicated silently to welcome the Spring Festival.
The staff are eating New Year’s Eve in the central control room.
There is no big fish and big meat, and there is no overlapping.
Today, they are in their posts.
Eat the exclusive "annual meal" of Jiangtan people.
Or eat in front of the monitoring screen in the central control room.
Or stand in the booth and eat.
Or eat in the lounge.
The cleaning staff have dinner in the lounge.
These respectable and lovely people
Hastily finish this hot "new year’s meal"
And quickly return to their jobs.
Go on with your work.
Use your persistence in the river beach
In exchange for citizens and friends.
A civilized, peaceful, clean and healthy Spring Festival.
Jiangtan office staff together in the canteen package jiaozi "Year of the League".
At the same time, in Zongguan Waterworks
Operators strictly carry out 24-hour duty.
Dispatch the water quality, production and operation of the whole plant
Carry out comprehensive monitoring
The operators of Zongguan Waterworks stick to their posts.
Dispatcher Lunjie said
"In order to ensure the safety of water supply during the Spring Festival,
All dispatchers of Zongguan Waterworks are ready for battle.
Stick to your post even during meal time.
We are responsible for every drop of water that citizens drink!"
a slap in the face
The bus carriage eats jiaozi
On New Year’s Eve, the city is brightly lit.
Wenwu, the driver of the last bus of No.261 bus
The work has come to an end temporarily.
In the city, waves of returning people at night.
After safely reaching their respective destinations,
He is in the bus compartment.
Picked up a steaming bowl of jiaozi.
I ate the "annual meal" with relish.
Wenwu, the driver of the last bus of No.261 bus, is eating "New Year’s dinner".
The jiaozi is wrapped.
The lofty spirit of dedication and dedication
Wenwu took one bite after another.
Savoring the happiness of serving the citizens.
Wenwu ate with relish.
Stick to your post like him
Celebrate the auspicious year for citizens and friends.
There are still many dedicated staff members.
Their special reunion dinner.
So lonely
And so brilliant
Warm heart
Happy reunion in western restaurant
On January 26, in the Pizza Hut restaurant in Xu Dong during the Lunar New Year.
It’s an orange sea.
According to the relevant person in charge of the Municipal Urban Management Law Enforcement Committee,
At 11 o’clock that morning.
City Management Department United Love Enterprise
Send it to representatives of sanitation workers.
Good shop, Zhou Heiya and other new year gift packages.
City Urban Management Law Enforcement Committee gives gift packages to sanitation workers.
Xu Dong Xiaopinmao Pizza Hut
Representatives of sanitation workers are also invited
Enjoy the warm heart package
Changjiang Daily reporter knows about the city.
30 front-line sanitation workers who came to eat.
Are on nearby roads all the year round.
Sanitation worker who cleans and cleans
Most of them are older.
"Old Sanitation" with white hair on his head
Sanitation workers eat western food in Pizza Hut for the New Year.
“The city treats us so well.
We should try our best to do our duty.
Do cleaning work
Give the citizens a clean and beautiful environment."
Wuhan Guang Mei cleaning company
Sanitation worker Jin Benjian said
Everyone usually works in two shifts.
Get together for the first time
I am very happy to have a reunion dinner.
Sanitation workers respect each other.
The person in charge of Pizza Hut restaurant said
They have a tradition of engaging in public welfare activities.
Sanitation workers come and go in the wind and rain.
the work is hard
“It is worthwhile to give love to sanitation workers."
Little friends
Come to the comment area to bask in your family’s reunion dinner.
I wish you all a prosperous and prosperous life.
(Produced by Changjiang Daily Metro Media Research Institute)