The 2025 government work report places "stabilizing the real estate market" in an important position in economic work. This deployment is not only a precise grasp of the current real estate market situation, but also a positive response to the requirements for high-quality economic development. For the first time, the report includes "stabilizing the real estate and stock markets" as an overall requirement, and once again emphasizes "continuing to vigorously promote the real estate market to stop falling and stabilize", and mentions "greater efforts to promote the healthy development of the real estate and stock markets". Minister of Housing and Urban Rural Development Ni Hong also stated at a press conference that she will work with relevant departments to adhere to the combination of strengths and weaknesses, address both symptoms and root causes, and resolutely stabilize the real estate market. Looking at the overall planning of real estate work in recent years in government work reports, "stability" has always been the key word. Compared with previous years, 2025 continues the main tone of fully stabilizing the real estate market, but the regulatory approach gives greater force to "tailored policies for different cities", with more "details" in policy measures and clearer implementation paths, presenting many progressive and innovative aspects. Promote demand and build a solid foundation for stabilizing the real estate market. Real estate is a major expenditure for residents' consumption and a key focus for promoting economic circulation. Currently, the demand for residential consumption has shifted from "whether there is" to "whether it is good or not", and is increasingly showing diverse characteristics. This year's government work report has identified multiple policy directions to fully unleash the potential for rigid and improved housing demand. On the one hand, restrictive measures will be reduced due to urban policies. This echoes the previous policy of "four cancellations and four reductions". Since the real estate industry entered a period of deep adjustment, various regions have been continuously relaxing restrictive policies. For example, Beijing and Shanghai have relaxed suburban purchase restrictions, and "Beijing, Shanghai, Guangzhou, and Shenzhen" have announced the cancellation of standards for ordinary and non ordinary residential properties. In 2025, based on the operation of the real estate market in various regions, it is expected that core cities will further optimize the "purchase restriction" policy, and key cities will further lower the threshold for household registration, stimulate and improve replacement demand through measures such as "trade in", housing subsidies, optimizing housing provident fund policies, and reducing mortgage interest rates and transaction fees. On the other hand, efforts will be made to implement the renovation of urban villages and dilapidated houses. The renovation of urban villages is an important tool for tapping into the demand for housing purchases. Next, various regions will make efforts to implement the renovation of urban villages and dilapidated houses. On the basis of adding 1 million units last year, the scale of renovation will continue to expand, and monetary resettlement will be steadily promoted, allowing urban village residents to have more independent choices, achieve early check-in and early settlement, and also facilitate the digestion of existing commercial housing. The large-scale renovation of urban villages and dilapidated houses has an incremental demand space of trillions of yuan, which can provide great support for the development of real estate. Optimizing supply to create a new track for industry transformation. The underlying logic for stabilizing the real estate market is a balance between supply and demand, and a suitable market. When meeting changes on the demand side, adjustments on the supply side must keep up. Optimizing increment and revitalizing stock "is the main theme of optimizing supply and an effective path to reshape the industry ecology. In terms of new supply, this year's government work report points out optimizing urban spatial structure and land use methods, and reasonably controlling the supply of new real estate land. This sends three signals behind it. Firstly, cities with excessive inventory will reduce their land supply scale in the short term, and even suspend land sales to alleviate the supply-demand imbalance; Secondly, in response to market demand, we will increase the supply of core land parcels targeted towards improvement oriented groups; The third is to reasonably optimize urban functional land and pay more attention to the integrated development of industry and city. In terms of revitalizing stock, this year's government work report pointed out that revitalizing stock land and commercial housing, promoting the acquisition of stock commercial housing, and giving city governments greater autonomy in terms of acquisition entities, prices, and uses. The proposal of collecting and storing existing houses was put forward earlier, but there are practical difficulties, such as where the acquisition funds come from; Secondly, it is difficult to match the prices of the acquiring entity and the developer. From this perspective, granting greater autonomy to local governments to activate existing resources is a significant breakthrough. This means that by 2025, the collection and storage of existing housing will accelerate, and proactive and flexible policies will increase the scale of active existing land and real estate, accelerate destocking, and stabilize housing prices. Prevent risks and hold the bottom line. In recent years, efforts have been made to resolve risks, promote real estate financing coordination mechanisms, and encourage special loans to support project resumption. As a result, the delivery gap of some top real estate companies has gradually narrowed, and the peak delivery period has passed. However, delivery problems still exist locally. Therefore, the current risk prevention work cannot be relaxed, and it is still necessary to continue to use whitelist project financing to prevent the risk of debt default of real estate enterprises, promote compliance financing and refined operation of real estate enterprises, and promote the transition of the real estate industry to high-quality development. This will still be a key area that needs to be focused on in promoting the stability of the real estate market in 2025. The recent market situation indicates that the policy of stabilizing the real estate market has achieved positive results. Data shows that the sales area and revenue of newly built commercial housing achieved positive growth in the fourth quarter of last year, and the real estate market maintained a positive momentum of stabilizing in January and February this year. The resonance of multiple positive factors makes it more promising for the real estate market to move towards a new stage of stable and healthy development. (New Society)