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Since the beginning of this year, various regions and departments have introduced a series of measures to stem the downturn and restore stability in the real estate market. What results have been achieved in implementing these policies? How does the spokesperson view the trend of the real estate market in the next phase? Thank you.

Fu Linghui:

Thank you for your questions. The real estate sector has consistently gathered public attention. Since the beginning of this year, various regions and departments have accelerated the introduction and implementation of various supportive policies, actively facilitating the release of demand for rigid and improved housing, which has contributed to halting the decline and promoting stabilization of the real estate market. Statistical data indicates that despite some fluctuations, the policy effects continue to emerge.

First, the decline in commercial housing sales has narrowed. From January to October, the sales area and sales volume of newly built commercial housing nationwide decreased by 6.8% and 9.6% year on year, respectively, with the decline narrowing by 9 and 11.3 percentage points compared to the same period last year, showing improvement compared to the whole of last year.

Second, the reduction of commercial housing inventory has continued to advance. As the real estate policy measures aimed at controlling new supplies and optimizing existing stock continue take effect, the reduction of real estate inventory has steadily advanced since the beginning of this year. By the end of October, the area of commercial housing for sale nationwide stood at 756.06 million square meters, a decrease of 3.22 million square meters from the end of September, marking the eighth consecutive month of decline this year.

Third, the funding situation of real estate developers has improved. Driven by positive factors such as the expansion and enhanced effectiveness of the "white list" projects, the decline in funds in place for real estate developers has narrowed. From January to October, the year-on-year decline in funds in place for real estate developers narrowed by 9.5 and 7.3 percentage points compared to the same period last year and the whole of last year, respectively.

It should be noted that the current real estate market is still in the period of transition between old and new models. This transformation and adjustment requires a certain amount of time. During this process, some indicators will fluctuate, and this should be viewed objectively. In the next stage, in accordance with the decisions and arrangements of the CPC Central Committee and the State Council, we will implement the guiding principles of the Central Urban Work Conference, actively build a new development model for real estate, adhere to the principles of adopting short-term and long-term policies and addressing both symptoms and root causes, and continue to promote the high-quality development of the real estate market. Thank you.