"Qiushi" publishes another article, calling for more powerful and targeted measures to continuously stabilize the real estate market.

Ask AI · How can real estate stabilization policies precisely respond to new market developments?

On March 16, the commentary article 《Continuously Do a Good Job of Stabilizing Expectations》 in the magazine 《Qiushi》 again mentioned real estate.

The article emphasized that real estate is an important industry in the national economy and an important source of residents’ wealth, and that it should continue to stabilize the real estate market with stronger and more targeted measures.

In the early-year 《Qiushi》 article 《Improve and Stabilize Real Estate Market Expectations》, real estate was placed within the overall framework of stabilizing expectations. This time, it reiterated the importance of real estate, again releasing a strong policy signal to stabilize the market.

In addition, this week’s real estate market has the following key takeaways:

• New housing fund policies released in places such as Suzhou and Chengdu, involving loan interest subsidies and increasing credit limits

• Guangzhou issues new rules on land transfers; in newly transferred plots for commercial housing, the share of floor area permitted for modular buildings must be no less than 10%

• 2025 performance of listed property developers: China Jinmao’s attributable net profit up 18%; distressed developers such as Country Garden and others turn profitable

01

A 《Qiushi》 publication: with stronger, more precise

measures to continuously stabilize the real estate market

Recently, 《Qiushi》 published the article 《Continuously Do a Good Job of Stabilizing Expectations》, stressing the need to stabilize expectations. In relevant key areas, it once again highlighted the importance of the real estate sector, stating: “The real estate industry is an important industry in the national economy and an important source of residents’ wealth. The healthy development of the real estate market is related to the overall situation of economic and social development and the immediate interests of the people. We must accurately grasp new situations and new problems emerging in the real estate market, and use stronger and more targeted measures to continuously stabilize the real estate market.”

After 《Qiushi》 published 《Improve and Stabilize Real Estate Market Expectations》 at the beginning of January, this time it once again published an article about stabilizing the real estate market, reaffirming the importance of stabilizing real estate market expectations.

At the same time, the article also pointed out measures to stabilize expectations, such as providing information in a timely, accurate, comprehensive, and objective manner; having regions and departments respond to social concerns in a timely manner; strengthening policy publicity and interpretation; and improving mechanisms for communication and exchange between the government and various operating entities.

Since 2026, the central and local governments have continued to send clear signals to stabilize the real estate market. Policies have been stepped up to support housing demand and guide market expectations. Many places have simultaneously introduced targeted measures to stabilize the market. Overall, the policy direction is clear and the efforts are precise—stabilizing market expectations.

02

New housing fund policies released in Suzhou, Chengdu, and others

Involving loan interest subsidies, increasing credit limits, expanding coverage, etc.

Suzhou clarified that starting April 1, 2026, it will officially implement the policy of interest subsidies on housing fund loans for young talent. Under the policy, 50% of the interest on housing fund loans actually repaid (including the interest on housing fund loans in combination loans, excluding penalty interest) will be subsidized, with the total subsidy capped at no more than 50k yuan. This policy applies to housing fund loans newly applied for between April 1, 2026 and March 31, 2027 (excluding “commercial-to-housing-fund” transfers), covering both newly built homes and secondhand homes.

Chengdu introduced new housing fund policies: for dual contributors, the maximum limit is raised to 1.2 million yuan, and purchases of existing homes can be increased by 20%; by the end of 2026, limits on the number of loan times will be removed; and support is provided for extracting housing funds for urban renewal, for purchasing parking spaces, and for major illness, with no limits on the number of times.

Jiujiang supports extracting housing funds to pay for property services; it expands the applicability of out-of-city loans to all cities nationwide.

Wuhan solicited public comments on detailed implementation rules for out-of-city housing fund loans. It plans to remove household registration restrictions: applicants with at least 6 months of out-of-city housing fund contributions can apply; and it adds a new out-of-city “commercial-to-housing-fund” business.

Optimizing the housing fund system remains a focus of local policy. It mainly involves raising loan quotas, relaxing the recognition of the number of loan times, and supporting the development of good housing.

In the government work report this year, it mentioned “deepening the reform of the housing provident fund system.” After 11 years, housing provident fund has again been written into the government work report, becoming an important lever for housing system reform. From the perspective of policy space and funding space, 2026 will be a “window period” for deepening reforms to the housing fund system.

03

Guangzhou clarifies that among newly transferred plots for commercial housing

the share of floor area permitted for modular buildings must be at least 10%

Guangzhou clarified that starting in 2026, among newly built relocation housing and supporting public building projects, the share of floor area permitted for modular buildings will be no less than 15%, and it will be increased year by year. Among newly transferred plots for commercial housing, the share of floor area permitted for modular buildings must be no less than 10%.

In Guangzhou’s 2026 government work report, it also states that it encourages and promotes intelligent construction, prefabricated buildings, and modular buildings, to grow and strengthen the construction industry.

This is a landmark step signaling that Guangzhou’s “good housing” initiative is moving from concept to hard constraints. According to an assessment of land market monitoring for 2025 by CREF, Guangzhou’s land transaction area in 2025 fell by more than 30% year-on-year. While supply on the land end contracts, it is inevitably necessary to step up efforts on the “supply quality” end. The modular building policy is precisely a manifestation of “high-quality supply.” Major developers with industrialized construction capabilities will gain differentiated competitive advantages in the Guangzhou market.

04

Listed property developers’ 2025 performance:

Distressed developers concentrate profits

Last week, multiple listed property developers released their 2025 performance reports. Most saw profit pressure. Notably, distressed property companies such as China Jinmao, Country Garden, and others turned losses into profits, releasing positive signals.

• China Jinmao: : The company’s revenue was 8B yuan, up 1% year-on-year; gross profit was 91B yuan, up 7%. The Company’s owners’ attributable profit was 8B yuan, up 18%;

• _Longfor Group: In 2025, the company’s operating revenue was RMB 97.31 billion, down 24% year-on-year; total revenue from operations and services was RMB 26.77 billion, accounting for 27.5% of total operating revenue. In 2025, the company’s profit attributable to owners was RMB 1.02 billion. _

• _R&F Properties: Revenue was 8B yuan, down 50% year-on-year; net loss attributable to shareholders was 8B yuan (profit of 180 million yuan in the prior year), turning from profit to loss; fair value impairment on investment properties was 643 million yuan. _

• _Agile Property: Released a 2025 full-year profit forecast, expecting the company’s profit attributable to owners of not less than 50 billion yuan, turning from the 28.5 billion yuan net loss in the same period of 2024 to profit. _

• _Country Garden: Forecast that 2025 profit will be approximately 1 billion to 2.2 billion yuan, turning from loss to profit. _

Most property developers’ performance is still declining. Among them, reduced profit from settlement projects due to the industry downturn and increased provisions for asset impairment are the main reasons for the decline in profitability.

In the market’s bottoming-out stage, turning losses into profits releases positive signals. Companies also need to accelerate changes in their business logic. Prioritize projects and invest prudently to ensure project profit margin levels; streamline strategies, reduce costs, and improve efficiency to enhance operating performance; return to product, strengthen product development, and improve product marketability and pricing premiums—these are key for companies to stabilize profits and survive through the cycle.