Recently, China International Capital Corporation (CICC) highlighted in a research report that positive changes are emerging on the supply side of China’s real estate policy. These shifts are primarily driven by coordinated efforts between local governments and central authorities, including optimizing land supply, supporting reasonable financing needs of developers, and facilitating the revitalization of existing projects to stabilize market expectations and mitigate systemic risks. Specifically, many cities have adjusted land auction rules to lower entry barriers for developers and encouraged state-owned enterprises and urban investment platforms to participate in managing distressed assets. Meanwhile, financial regulators are stepping up support for high-quality developers through measures such as reinstating bond issuance access and providing merger-and-acquisition loans. CICC believes these supply-side adjustments help alleviate developers’ liquidity pressures and promote a rebalancing of market supply and demand, laying the groundwork for sector stabilization and recovery. Although demand-side weakness remains a challenge, the proactive signals from the supply side indicate policymakers are expanding their focus beyond ‘ensuring project completion’ toward ‘stabilizing supply and fostering recovery.’ If complemented by demand-side stimulus—such as easing purchase restrictions or lowering mortgage rates—the combined approach could more effectively drive a broad-based rebound in the real estate sector.
近期，中金公司发布研报指出，中国房地产政策在供给侧正出现积极变化。这一转变主要体现在地方政府和中央部门协同发力，通过优化土地供应、支持房企合理融资需求、推动存量项目盘活等措施，稳定市场预期并防范系统性风险。具体来看，多地已调整土地出让规则，降低房企拿地门槛，并鼓励国企、城投平台参与存量资产处置；同时，金融监管部门对优质房企的融资支持也在加码，包括恢复债券发行、提供并购贷款等。中金认为，这些供给侧政策的调整有助于缓解房企流动性压力，促进市场供需再平衡，为行业企稳复苏奠定基础。尽管当前房地产市场仍面临需求端疲软的挑战，但供给侧的积极信号表明政策层正从‘保交楼’向‘稳供给、促修复’延伸，未来若能配合需求端刺激（如限购松绑、房贷利率下调），将更有效推动行业整体回暖。
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