China Securities Co., Ltd.'s research report indicates that in November, China's national commercial housing sales area fell by 17.3% year-on-year, though the decline narrowed by 1.5 percentage points compared to October. Housing prices continue to face downward pressure, with second-hand home prices in 70 large and medium-sized cities declining month-on-month for three consecutive months (September to November). The number of cities reporting month-on-month increases in new home prices remains limited.
The Central Economic Work Conference emphasized "stabilizing the real estate market," reinforcing previous policy directives and signaling clear support for the sector. More proactive fiscal policies and moderately accommodative monetary policies are expected to bolster economic growth and real estate market stability.
In November, investment, construction starts, and completions faced significant downward pressure. Future trends will depend on whether policy support can halt the sales decline and restore stability.
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