地产及物管行业周报：楼市销售继续改善，政策强调稳楼市、并扩大城改支持

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][30]. Core Insights - The real estate market is showing signs of improvement, with both new and second-hand home sales increasing. The new home transaction area in 34 key cities reached 2.9 million square meters, a week-on-week increase of 37% [4][5]. - The report highlights a combination of supportive policies aimed at stabilizing the real estate market, including expanded support for urban renewal projects and adjustments to housing loan policies [4][30]. - The report suggests that the industry is experiencing a convergence of policy, credit, and demand bottoms, which is expected to enhance market stability and growth [4][30]. Summary by Sections Industry Data - New home sales in 34 key cities increased by 36.6% week-on-week, with first and second-tier cities also seeing a 37% increase [5][4]. - In February, new home sales showed a year-on-year increase of 12%, with first and second-tier cities up by 22% [8][4]. - The inventory of new homes in 15 cities decreased by 0.5%, with a current available area of 90.54 million square meters [23][4]. Policy and News Tracking - The Central Political Bureau emphasized the need for proactive macro policies to stabilize the real estate market and boost domestic demand [30][31]. - The Ministry of Housing and Urban-Rural Development announced expanded support for urban village renovations, ensuring proper compensation and relocation for affected residents [30][31]. - Various cities have implemented adjustments to housing loan policies, including lowering down payment ratios for second homes [30][31]. Company Dynamics - China Merchants Shekou reported a 36% decline in net profit for 2024, while Poly Developments announced a valuation enhancement plan [4][39]. - Green Town China has applied for a $500 million priority note due in 2028, while Poly Developments issued a mid-term note of 2 billion at 2.6% for five years [39][4]. - The real estate sector outperformed the market, with the SW Real Estate Index rising by 2.22% compared to a 2.22% decline in the CSI 300 Index [4][30].