The Central Economic Work Conference set the tone for next year's property market, and how will the real estate sector go in the future?

On December 13, the real estate sector fell slightly, as of press time, *ST Oceanwide fell to the limit, urban construction development fell more than 4%, Binjiang Group, China Merchants Shekou, Gemdale Group, etc.

The Central Economic Work Conference pointed out that it is necessary to coordinate and resolve risks such as real estate, local debt, and small and medium-sized financial institutions, severely crack down on illegal financial activities, and resolutely adhere to the bottom line of no systemic risks. Actively and prudently resolve real estate risks, meet the reasonable financing needs of real estate enterprises with different ownership systems without discrimination, and promote the steady and healthy development of the real estate market. Accelerate the construction of affordable housing, the construction of public infrastructure for both ordinary and emergency purposes, and the transformation of urban villages. Improve relevant basic systems and accelerate the construction of a new model of real estate development.

The China Index Research Institute predicts that the "three major projects" will be accelerated. For the transformation of urban villages, a number of projects are expected to enter the implementation stage due to the implementation rules of urban policies, which will support the stabilization of real estate from both supply and demand. For the construction of affordable housing, the implementation strategy is expected to gradually become clear, and the supply of allocated affordable housing will increase. The construction of "peacetime and emergency" public infrastructure, or combined with inefficient and idle infrastructure, to achieve resource reuse according to local conditions, will also have a positive role in driving real estate investment.

CICC said that the Central Economic Work Conference continued the relevant stance of the Politburo meeting and the Central Financial Work Conference in July for the real estate sector as a whole, paying equal attention to supply and demand, and taking into account the long and short term. On the supply side, the meeting emphasized the financing of real estate enterprises, with the goal of "resolutely maintaining the bottom line of no systemic risk", which is more important for the stability of cash flow and credit risk mitigation of real estate enterprises in the context of weak new home sales. On the demand side, since September, various localities have introduced various demand support policies with high frequency under the framework of "city-specific policies", and the acceleration of the construction of the "three major projects" emphasized by this meeting is very critical to further expand domestic demand.

The agency pointed out that the current fundamental trend of the real estate industry reflects the necessity of the aforementioned measures. The fundamentals of the real estate industry are still weak, we believe that the promotion and implementation of the policy may be the catalyst that must be paid attention to in the next step, if there is progress, the elasticity of high-quality non-central state-owned enterprises may be higher, and the "three major projects" concept stocks may also have positive performance. At this stage, you can focus on high-quality dividend stocks.

Guojin Securities pointed out that as the year approached, many real estate companies actively disposed of assets to achieve the return of funds. At the same time, after the recent intensive symposium on real estate enterprises held by various banks, more than 10 billion development loans have been invested in real estate enterprises, and the rapid implementation of financial support reflects the firm confidence and practical actions of the regulator to improve the liquidity of real estate enterprises, which will help stabilize expectations and boost confidence.

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