CICC pointed out that on December 30, 2025, the Ministry of Finance issued the “Notice on Value-added Tax Policy for Individual Housing Sales”; on December 24, Beijing adjusted the purchase restriction and loan limit policy. Recent policies will help increase market activity, and the market must focus on supply-side changes in the future. Focus on real estate development and diversified sector investment opportunities. Recently, the fundamental trend in the real estate market is still weak, but there have been slight and positive developments on the policy side. CICC believes that it is still necessary to continue to observe the interactive effects of policies and fundamentals, and suggest moderate patience in the real estate development sector in the short to medium term, giving priority to the absolute return opportunities of core assets in the commercial real estate sector, and targets with outstanding long-term competitiveness and gradually reasonable valuations; for example, if the pace and strength of the policy exceeds expectations, it can be more active in the real estate development sector, focusing on targets with high certainty of profit delivery and companies with good front-end business trends.

CICC pointed out that on December 30, 2025, the Ministry of Finance issued the “Notice on Value-added Tax Policy for Individual Housing Sales”; on December 24, Beijing adjusted the purchase restriction and loan limit policy. Recent policies will help increase market activity, and the market must focus on supply-side changes in the future. Focus on real estate development and diversified sector investment opportunities. Recently, the fundamental trend in the real estate market is still weak, but there have been slight and positive developments on the policy side. CICC believes that it is still necessary to continue to observe the interactive effects of policies and fundamentals, and suggest moderate patience in the real estate development sector in the short to medium term, giving priority to the absolute return opportunities of core assets in the commercial real estate sector, and targets with outstanding long-term competitiveness and gradually reasonable valuations; for example, if the pace and strength of the policy exceeds expectations, it can be more active in the real estate development sector, focusing on targets with high certainty of profit delivery and companies with good front-end business trends.