A：At the recent important meeting, we focused on discussing measures to stabilize the real estate market, and referenced a special commentator article published in a recruitment magazine titled "Improving and stabilizing expectations in the real estate market." The article squarely addresses the issue, acknowledging the current phenomenon of oversupply in certain areas of the real estate market, as well as the significant impact of the sharp decline in sales and prices in recent years on the real economy and financial system. The article also emphasizes the significant attributes of real estate as a financial asset, pointing out its major correlation with residents' wealth, accounting for about 60% to 70%. Furthermore, the article reaffirms the central position of the real estate industry in the national economy, as a pillar of the national economy, and expresses a relaxed expectation for the future direction of real estate market policies, especially with a trend of more proactive efforts in the initial stages in 2026. At the central level, in the Central Economic Work Conference at the end of last year, efforts to stabilize the Beijing real estate market were clearly emphasized. Beijing, as a barometer of the national property market, has already taken the lead in optimizing a series of property market policies such as purchase restriction policies, policies targeting improvement-oriented homebuyers, down payment ratios, and interest rates. At the local level, in 2025, various regions collectively introduced 630 policies. Although the frequency of policies has decreased compared to 2024, the intensity remains significant, particularly in first-tier cities like Beijing, Shanghai, and Shenzhen, which are starting to follow up with optimized policies such as interest rate reductions and value-added tax optimization, reflecting a determination and urgency to stabilize the real estate market.

A：The overall prices in the new housing market show a fluctuating upward trend compared to the previous month, mainly driven by the entry of improvement-oriented teams into the market. Meanwhile, the second-hand housing market has been showing a fluctuating downward trend since 2021, with adjustments already made for four years. Especially in the fourth quarter, the price decline has further expanded. The high number of listings in the second-hand housing market has led to an imbalance in supply and demand, causing prices to be in an adjustment phase.

A：The article points out that future real estate policies will become more relaxed, with many favorable policies being introduced in advance and all at once to avoid the previous "incremental tactics", emphasizing that policies need to exceed expectations in order to stimulate positive changes in the market. It also mentions that restrictive measures will be optimized and canceled, with efforts being made from both the supply and demand sides to meet the needs of first-time buyers and those looking to upgrade their homes, taking proactive measures to reduce inventory, shorten market adjustment time, and minimize fluctuations.

A：By the end of December 2025, a total of 26 provinces and cities had announced the total amount of central reserve land used in reverse of approximately 680 billion yuan, with an actual issuance amount of about 304.4 billion yuan, accounting for about 45%. Looking at the third quarter and fourth quarter, the pace of central bond issuance has accelerated, and it is expected that the overall issuance pace will further increase in 2026, with the funding size expected to increase as well. The proportion of land acquisition in first-tier and second-tier cities is also expected to increase.

A：Currently, the real estate market in first-tier cities is going through a phase of correction, with a significant decrease in comparison to the previous period. However, compared to second and third-tier cities, the adjustment period in first-tier cities is relatively short. Due to their previous resilience, first-tier cities are now mainly showing signs of recovery.

A：December is the off-season for rentals, with the overall market trend running at a low level. Among the 50 key cities, 49 have experienced a decrease in rent, showing a downward trend. Compared to December of last year and 2024, the number of cities with declining rents has increased by 4.

A：Looking at the whole year, the year-on-year transaction volume of new homes in Beijing and Shanghai decreased by about 15% and 9% respectively. The second-hand housing market showed more resilience, with about 174,000 second-hand homes sold in Beijing, a decrease of 1% year-on-year, and about 250,000 second-hand homes sold in Shanghai, an increase of 4% year-on-year. The second-hand housing markets in both cities are still greatly influenced by the high demand for old and small properties.

A：Guangzhou and Shenzhen's new housing markets have shown contrasting performances. Shenzhen's new housing transactions decreased significantly throughout the year, while the second-hand housing market saw some growth. Guangzhou's new housing transactions dropped by 9%, but the second-hand housing market maintained stable growth. Sales of luxury housing projects in Shenzhen performed well, supporting a portion of the new housing market's performance.

A：In Hangzhou and Chengdu, the annual transaction volume of new houses has both decreased to a certain extent compared to the previous year, while the performance of the second-hand housing market has remained relatively stable. Among them, the transaction volume of second-hand housing in Hangzhou increased by 6% year-on-year, while the transaction volume of second-hand housing in Chengdu remained steady.

A：During the New Year's Day holiday period, the enthusiasm for new property listings in key cities was not high. The pace of new listings focused mainly on digesting existing inventory, and real estate companies maintained their pre-holiday level of marketing promotions. Market performance was relatively flat, in line with expectations. At the same time, there was a decrease in government land supply in the land market, and transaction volume also declined, with a clear differentiation in premium rates.

A：Yes, in December 2025, some prime land in core cities can indeed be sold at a relatively high premium, such as in parts of Shenzhen, Guangzhou, Wuhan, etc.

A：In 2022, the real estate market may show differentiation and adjustment as the main theme. Despite a relatively loose policy environment, the market still needs to maintain a cautious and optimistic attitude. Especially, the market performance in the first quarter of January 2022 is crucial for the overall market outlook. The key lies in whether expectations can be stabilized and policies can be quickly implemented and effectively accepted by the market.

A：The market should have expectations for future policies, as the real estate market largely depends on policy influences. Although the market stimulation brought about by current supply policies is temporary, it can still promote some demand and boost market sentiment.

A：The long-term healthy development of the real estate market will depend on factors such as residents' income, expectations for future housing prices, and the effective supply situation in intermediary cities, all of which require collective efforts.

A：In 2025, the real estate sector shows three main characteristics: first, the market structure is stable, with leading companies such as Poly and Greentown, as well as state-owned and mixed-ownership enterprises, and stable private enterprises still dominating the market; second, the industry restructuring accelerates with clear transformations of new models; and third, many companies seize the opportunity of market adjustments, focusing on core cities, building high-quality properties, and investing more rationally.

A：Land acquisition sales reflect the overall operating conditions of the past year, while land acquisition strategies have important guiding significance for the future market. There have been significant changes in land acquisition compared to previous years. From the perspective of market competition, the number of real estate companies has decreased, with a decrease in the number of companies with billions and tens of billions in sales, the market position of leading companies is relatively stable, while mid-tier companies have greater fluctuations, and trailing companies face greater challenges and uncertainties.

A：The sales performance of enterprises can be roughly divided into three categories. The first category is companies that have consistently ranked in the top 100 in the industry for five consecutive years. These companies are able to maintain operational resilience and a certain scale after market adjustments. The second category is companies that have experienced significant development starting from either 2022 or 2023. The third category is newly emerging companies that have achieved good development in the past one or two years. By analyzing the characteristics of these companies, we have found that they exhibit a certain regularity and diversity in industry development.

A：These 53 enterprises have a scale exceeding ten thousand and possess certain market advantages. They have experienced the ups and downs of the real estate market, and even in market adjustments, they can maintain operational resilience. These enterprises are mainly state-owned enterprises, including large state-owned enterprises as well as mixed-ownership enterprises like Greentown and Binjiang, and private enterprises. Their layout and development strategies conform to the trend of the times, enabling them to quickly adapt to market changes. Therefore, over the past five years, they have maintained a strong sales scale and good operational resilience. The second type is some relatively stable private and mixed-ownership enterprises, which entered the ranks of billion-dollar companies through rapid expansion between 2016 and 2021 and achieved industry-leading advantages. However, after this round of enterprise emergence, the number of such enterprises has decreased, but there are still some enterprises maintaining stability in sales performance and investment scale, potentially possessing a certain competitive advantage in facing the future. The third type is composed of some troubled real estate enterprises. Although their sales scale has shrunk, they have a certain advantage in project restructuring and transformation into light asset, holding property operation due to sufficient land reserves in the previous period.

A：The newly listed top 100 companies mainly fall into three categories: first, mid-sized firms such as Zhonghaihua and China Construction Dongfu, which saw a significant increase in land investment around 2022, focusing on core cities and launching hot-selling projects; second, local state-owned enterprises, which often have development capabilities and the advantage of state-owned assets. They also receive resource support in government strategic projects such as urban renewal and affordable housing TOD, mainly focusing on core cities; third, a few outstanding enterprises that invested against the trend and local or surrounding high-energy-level cities' private enterprises. These enterprises have a better understanding of local market demand and niche products, and they have occupied a place in the market through refined operations and local reputation.

A：In recent years, the overall scale of companies entering the top 100 list is relatively small, greatly influenced by the local market and investment land acquisition pace, lacking stability, and displaying a certain level of randomness and occasional nature.

A：The overall operating scale of leading enterprises, especially large state-owned enterprises and a few stable private enterprises and mixed-ownership enterprises, still needs to be improved. Investment in land acquisition is relatively stable and has financing advantages. After adjustments, corporate governance has been improved, and the future development potential and sustainable development capabilities are stronger.

A：The newly established companies have surged in recent years, showing certain development potential. The specific advantages will depend on the upcoming land acquisition situation. These companies' investment and sales characteristics include a focus on core cities, a high market share, and a shift towards improving product structure and transitioning towards high-end products. State-owned enterprises dominate in land acquisition, while the enthusiasm of private enterprises in land acquisition has increased, especially this year. Private enterprises such as Binjiang, Bangbangtai, and Dahua have performed well in terms of land acquisition amount, and their focus is more on hot first and second-tier cities.

A：The current land acquisition market is different from before, separated from the sales market. Although sales are still declining year-on-year, land acquisition has shown a slight growth trend. Companies have a strong willingness to replenish inventory, especially with the increase in supply of high-quality land, driving up land acquisition enthusiasm.

A：The proportion of the top 17 land acquisition amounts among the top 100 has exceeded 50%, higher than the proportion of sales, indicating that the market share of top enterprises in the land acquisition market will continue to strengthen in the short term.

A：The areas for land acquisition are similar to the sales areas. First-tier cities and some second-tier cities such as Beijing, Shanghai, and Hangzhou have stronger market resilience, becoming the preferred areas for land acquisition by companies, with high-priced land being common.

A：New trends include core cities forming consortia to acquire land in response to high land prices and market uncertainty; and entering the market through mergers and acquisitions, such as companies like China Overseas Land & Investment and China Resources Land successfully acquiring high-priced land parcels.

A：The top ten companies in key cities are mainly leading real estate companies and some stable private enterprises, with the ability to invest in multiple regions. Some small private enterprises have also successfully entered the top ten in local land acquisition, reflecting the diversity and vitality of the market.

A：The conclusion shows that as land acquisition increases year-on-year, the gap in inventory is gradually narrowing, and high-quality land supply can support sales growth. At the same time, some companies that rank in the top ten in terms of sales and land acquisition, such as leading real estate companies and stable private enterprises, demonstrate strong overall management capabilities and future development potential.

A：After market adjustments, the industry has seen a phenomenon of survival of the fittest, with some companies gaining a stable market position and becoming pillars of the industry. In addition to real estate development, these companies may also choose to focus on specific sectors and become leaders in those areas. At the same time, it is encouraged for businesses to find their own development space and market position within the industry, injecting confidence and vitality into the industry.