According to CITIC Securities, on August 28, 2026, various ministries and commissions, including the Ministry of Housing and Construction, the Ministry of Natural Resources, the General Administration of Financial Supervision, the Central Bank, and the Securities Regulatory Commission, intensively issued a new real estate policy involving commercial housing sales system reform, real estate credit management, capital market support, and real estate financing supervision. CITIC Securities believes that this round of policy is a systematic advance of basic real estate system reform after the Political Bureau meeting of the CPC Central Committee proposed “stabilizing the real estate market” on July 30. The policy focus changed from “stabilizing transactions and releasing demand” to “building a system and controlling risk.” The main line of this round of the new policy is to raise the pre-sale threshold, promote existing housing sales, and strengthen project-based financing and closed-loop capital management. It covers the four dimensions of sales, credit, capital market, and supervision, and pushes housing enterprise financing to shift from “subject credit” to “project situation.” CITIC Securities believes that the short-term stimulus of the policy does not have much meaning; it is more an institutional restructuring of the transformation of the industry's old and new models, and the impact on the real estate chain is mainly due to medium- to long-term institutional effects.

According to CITIC Securities, on August 28, 2026, various ministries and commissions, including the Ministry of Housing and Construction, the Ministry of Natural Resources, the General Administration of Financial Supervision, the Central Bank, and the Securities Regulatory Commission, intensively issued a new real estate policy involving commercial housing sales system reform, real estate credit management, capital market support, and real estate financing supervision. CITIC Securities believes that this round of policy is a systematic advance of basic real estate system reform after the Political Bureau meeting of the CPC Central Committee proposed “stabilizing the real estate market” on July 30. The policy focus changed from “stabilizing transactions and releasing demand” to “building a system and controlling risk.” The main line of this round of the new policy is to raise the pre-sale threshold, promote existing housing sales, and strengthen project-based financing and closed-loop capital management. It covers the four dimensions of sales, credit, capital market, and supervision, and pushes housing enterprise financing to shift from “subject credit” to “project situation.” CITIC Securities believes that the short-term stimulus of the policy does not have much meaning; it is more an institutional restructuring of the transformation of the industry's old and new models, and the impact on the real estate chain is mainly due to medium- to long-term institutional effects.