Products. 
In 2023, the real estate market will not improve significantly, and the focus of policies will shift to the residential side, and the demand for improvement will continue to be released. The industry continues to move forward under pressure, focusing on residents' long-term demand for higher living quality, real estate companies are more attentive to making products, and continue to build product competitiveness through the cycle.
In the future, the idea of product evolution will change from the standardized replication of the past to the customization that varies from city to city and from person to person. With the upgrading of consumer demand, "experience" will become the focus of real estate enterprises in the process of creating products, and residential products will further improve the integrity of the set of scenarios in both horizontal and vertical directions, so as to achieve the continuous evolution of product power. Summary.
Product transaction structure.
1) Room type: The demand for more bedroom products continues to heat up, especially for four-bedrooms.
In 2023, the main position of three-bedroom products will be consolidated, and the number of units sold will account for 561%, a slight increase of 03 percentage points, still slightly below 2021 levels;Four-bedroom products maintained a rapid growth trend, and the number of units sold continued to increase by 3 compared with 20222 percentage points to 262%。In addition, the proportion of product transactions of five-bedroom and above room types is also 03 percentage points of growth, while the proportion of one-bedroom, two-bedroom and other apartment types continued to decline.
The strength of multi-bedroom products is mainly due to the following reasons: on the one hand, the first and local governments have successively introduced various easing policies for the property market to guide more customers who are willing to buy houses to enter the market, especially for the improvement of the targeted policies of the customer group, which further released its purchasing power;On the other hand, customers who just need to be diverted from the rental market and the affordable housing market, and the house structure of product transactions has also shown more obvious improvement characteristics.
In terms of city energy level, three-bedroom products accelerated their occupation of the first-tier city market, and the number of units transacted increased by 6 percentage points to 61 compared with last year7%；Four-room products accounted for 222%, compared with 4 last year3 percentage points of growth. The proportion of transactions of second-room products continued to shrink before, and the proportion of transactions of other house products also decreased by 545 percentage points, the improvement demand from duplex, double, superimposed, townhouse, etc. to flat-floor medium and large units.
Second-tier cities are the most prominent driving force for improving products, and the market share of three-bedroom and four-bedroom products has increased significantly, accounting for a total of 83%, which is higher than that of other energy level cities, and the products of one-bedroom and other room types have been squeezed.
The migration from the three-bedroom market to the four-bedroom market in third- and fourth-tier cities is particularly significant, and its three-bedroom products are still the main force in the market, accounting for 541%, but down 22 percentage points;The proportion of four-room products increased by 47 percentage points to 272%, which is significantly higher than that of first- and second-tier cities;In addition, the proportion of transactions for five-bedroom and above units is also 0An increase of 8 percentage points.
2) Area segment: large-area products have gradually become the mainstream.
From the perspective of the characteristics of the area segment of the number of units transacted, the transaction area of commercial residential buildings tends to be significantly larger. The proportion of the number of units traded in the area segment above 110 has increased by different ranges, of which the proportion of products in the area segment of 110-140 has increased by 0 compared with last year3 percentage points to 379%, is the main force of market transactions;The proportion of products in the 140-180 area segment is growing the fastest. The proportion of small-area products has decreased, and the proportion of products in the area segment below 90 has dropped to 171%。
The main reason for this is the lack of customers who just need it. On the one hand, the market has paid special attention to the housing demand of the rigid demand group, and has also focused on the first structure, and a large number of small household products have overdrawn the rigid demand of the market in advance. On the other hand, in recent years, young people's willingness to marry and have children has declined, and the change in life concept has naturally affected the concept of housing, and some housing demand has been delayed. For home buyers, the purpose of improvement is to improve living comfort, and large-area products are more in line with the needs of their advanced quality of life in terms of spatial scale, so they have become the goal of many home buyers. In addition, the rigid needs group has also turned to other ways to meet their housing needs. With the continuous improvement of the affordable rental market, it has become more choices to move from buying a house to renting a house.
In terms of city energy level, the first-tier cities have made the transition from the rigid demand area segment to the rigid area segment, and the proportion of product transaction units in the area segment below 90 has decreased by 27 percentage points to 276%, correspondingly, the proportion of transactions in the 90-110 area segment increased by 24 percentage points to 406%。In addition, the proportion of transactions in the 140-180 area segment has also increased year by year.
The demand for mid-to-high-end improvement in second-tier cities was fully released, with products in the 110-140 and 140-180 area segments accounting for more than half of the market share, with a transaction ratio of 367% and 148%, an increase of 07 and 09 percentage points;The proportion of transactions for products below 110 is decreasing year by year.
Third- and fourth-tier cities are the first to enter the era of large-scale areas, but high-end demand is limited. In the past three years, the proportion of transactions in the 110-140 area segment has been stable at more than 40%, higher than that of first- and second-tier cities, and the proportion of transactions this year is lower than last yearHowever, the proportion of transactions for products in the area segment above 180 has been stable at 2 since last yearThe level of about 5% is significantly lower than that of first- and second-tier cities.
3) The resilience of the high-end luxury housing market is highlighted (omitted).
Customer needs. From the end of August to the beginning of September is an important node for the property market policy to usher in a comprehensive easing, CRIC conducted two customer surveys in the first half of August before the policy was released and in September after a series of policies were introduced.
1) Improve the policy of high concern of the population, and loosen the policy to touch some needs (some omitted).
Judging from the results of customer surveys, regardless of whether they are willing to buy a house, the improvement group is very concerned about the property market policy. On the whole, more than ninety percent of the respondents have a very good or relatively good understanding of the recently introduced policies such as recognising houses and not recognising loans, and the remaining 8% also know the general situation.
2) After the policy is fully relaxed, the pace of home ownership has accelerated as a whole, but it remains rational in the short term (slightly).
3) The main factors influencing the willingness to improve home ownership.
In the medium to long term, the risk appetite of home buyers will decline, and doubts about the investment value of houses will rise. According to the survey, "having a house at home" and "high economic uncertainty and unwillingness to bear high mortgage risks" have always been the two main reasons why people participating in the survey do not plan to buy a house in the near future. From the perspective of their own situation, the oversupply of the market makes buyers more confident, and although the improvement of the crowd is not satisfied with the existing living conditions, they are not in a hurry to make a move, and it is the key to meet their own needs. From the perspective of the social environment, the economic downturn has made home buyers no longer blindly follow the trend, but pay more attention to financial security and future financial burden. In summary, the economic pressure has led to a significant decline in the risk appetite of home buyers.
After the property market policy was greatly relaxed, concerns about whether the value of the house could be maintained and increased began to appear, and "feeling that the house has no investment value" became the third reason why buyers did not plan to buy a house, accounting for 19% of the house from 8% in August. Leveraged housing swaps used to be the main way to improve the number of people to increase the value of their homes, but now that housing prices are no longer rising, buying houses may face losses in the future, and improving the replacement decisions of people are more cautious.
4) The concept of home ownership returns to "high-quality assets", and the main customer group pays more attention to the product itself (omitted).
On the whole, the recovery of policies and the upgrading of user demand are the underlying driving forces for the improvement of residential product strength, and the breakthrough of product power will also truly stimulate the vitality of improving demand and enhance the transaction activity of the residential market.
Product Features: (1) In the era of "façade awakening", the upgrading of the back façade is intensifying.
The quality and appearance of the façade have an important impact on the aesthetics, value preservation, indoor comfort, sound isolation and maintenance cost of the house itself. The design form, style, material, color and post-maintenance of the façade all highlight the grade of the building itself to a large extent. High-looking, personalized facades usually leave a deeper and better impression on buyers.
In the context of the current "façade awakening", residential products also have certain demands for the improvement of the appearance of the back façade. Due to the different lighting, sunshine conditions and specific functions, the actual construction of the front and back façade is also different, and some developers have also made great efforts to improve the appearance and quality of the back façade. The significant improvement of the back façade in terms of appearance, function and environmental friendliness also brings more value and significance to the building itself.
The façade design of Chengdu Xipai Shancheng project draws on the concept of Singapore's three-dimensional urban architecture, creating a pocket garden, forming a "green ribbon" of vertical space, and adopting automatic drip irrigation technology to nourish and realize the harmony between architecture and ecology. In the treatment of the back façade, Xipai Shancheng paid attention to the details of the logistics area and pipeline hiding, and created metal grilles and vertical greening at the logistics balcony, while increasing the delicacy of the back façade, effectively shielding the balcony equipment, later drying, and vertical pipes, so as to keep the overall façade clean and concise.
The overall façade of Hangzhou Greentown Yongxi Yunlu uses horizontal triple eaves, slender columns, and traditional patterns in vertical lines to highlight the oriental charm of the building itself. At the same time, in order to make the north façade of the building have the same high appearance as the south façade, and continue to maintain the lightness and oriental charm of the building itself, the Yongxi Yunlu project has cancelled the north and south façade equipment, effectively improving the overall refinement. Yongxi Yunlu has also become the first villa project in Hangzhou to cancel the north-south façade equipment platform.
2) Entry-level improvement product "large surface width" design area section down (omitted).
3) In the context of the absence of nature, the rise of community innovation with the theme of nature (some omitted).
Lack of contact with nature has a very negative impact on people's physical, mental and spiritual development, and "nature deficit disorder" has also become a common problem among people living in cities. In this context, how to reshape the traditional community with the theme of "nature" and integrate nature into daily life has become an urgent problem for major real estate companies to solve.
In response to the prevalence of "nature deprivation syndrome" among children, China Resources' Run-series products have innovated and developed "Darwin Camp", hoping to provide children with a place to play and get close to nature. The community children's play section creates three innovative scenarios of "natural cognition, natural exploration, and natural play".Led by the operation strategy of "Runzhi Classroom", the link between man and nature can be established downstairs without leaving the community.
As the first landing project of the Darwin camp, Qingdao Laoshan Yue Mansion takes the Laoshan squirrel as the protagonist of the camp to create a characteristic pine forest-themed IP. By setting up interesting games, children can give full play to their imagination and creativity in the natural space, effectively connect nature education and classroom education, and form a parent-child nature school that is entertaining and educational.
*In terms of operation, CR actively creates daily natural science courses and activities through co-branded cooperation with well-known institutions and experts to promote the long-term and in-depth participation of more children and parents. At present, Qingdao has held many popular science courses by using local resourcesEast China has signed a strategic cooperation agreement with Shanghai Chenshan Botanical Garden, and settled in the first Chenshan "Community Plant Guide Station" in China.
4) The delivery experience is pre-empted, and the large-scale real-life demonstration area presents a "what you see is what you get" experience.
Among the top ten shortlisted projects in CRUI in 2023, the proportion of projects with real-life display of landscape and garage is as high as 80%, which shows that the pre-delivery experience has become an important feature of residential product strength in 2023. In the sales stage, the underground garage, core landscape, community facilities, etc. have begun to operate, providing customers with a more intuitive and realistic panoramic perception.
On the one hand, this kind of "what you see is what you get" demonstration area can give customers a more intuitive sense of the future living environment, thereby enhancing their purchase confidence. On the other hand, from blueprint planning to real-life implementation, the demonstration area is not only a presentation of product strength, but also a joint force of business strategy and system construction. Real estate enterprises need to promote the three-dimensional collaboration of all disciplines, from customer research and in-depth visits, marketing planning, to engineering optimization, cost control, and operation guarantee to improve the overall design quality and ensure the effect of product implementation.
Taking Greentown China's first full-dimensional demonstration area of over 10,000 square meters - Jiaxing Xiaofeng Yinyue Mansion as an example, on the basis of the management system of the demonstration area, Greentown has broken the simple transplantation and replication of the demonstration area, and achieved the programmatic packaging of the demonstration area in the product, that is, from the module to the model, the existing innovative modules are combined into a complete set of demonstration area models. This way of carefully customizing and creating in combination with the regional characteristics of the project makes the presentation of the demonstration area both efficient and expressive. In the end, the 9 major scenes in the project, including the courtyard, the garden, the life aesthetics museum, the overhead floor, the Tingxiang tea room, and the underground light hall, were all presented in real life, so that everyone who arrived at the scene could perceive the garden life of the leisurely world in advance.
Shanghai Shanghai Maritime Yue is the first time that Poly Jinyue products have come out, from the construction technology, lifestyle, to the concept of thinking, with the new Chinese garden and humanistic community concept of "Modern Oriental", injecting new product power into the market. The demonstration area takes the Jiangnan garden as the background color and Zhang Garden as the cultural blueprint, restores the spatial pattern of the garden in the front and back yards and the water system construction method that leads water into the garden one by one, and interprets the oriental aesthetics through "one garden, three halls" and "five into nine elegance", presenting visitors with a real landscape that can be taken advantage of.
5) ** Housing has become a "new trend" in the improvement of human settlements (omitted).
Outlook for future trends.
Real estate companies are actively promoting differentiated competition, and residential products will change from mass production to personalized customization.
It has been the consensus of the industry to improve product strength and go through the cycle with productism. In the era when many real estate companies focus on cultivating "internal strength", the competition of product power is becoming increasingly fierce, showing an all-round involution trend.
In the context of fierce market competition, the quality of various residential products has been generally improved. However, with the passage of time, the phenomenon of product homogenization has become increasingly prominent. Over the past few years, real estate companies have focused on building a standardized system to quickly roll out their product ranges across multiple cities and regions. This standardization strategy has led to an increase in the number of similar products on the market, which makes buyers prone to aesthetic fatigue and has a certain impact on the home-buying mentality.
With the intensification of the trend of younger and better home buyers, the diversification and personalized characteristics of market demand are becoming more and more obvious. In order to meet the needs of this upgrade, the market will be further refined, and the traditional one-size-fits-all product strategy will be difficult to meet the needs of consumers. Therefore, differentiated and personalized product strategy has become the only way to meet the changes in market demand and break through homogeneous competition.
In the future, the idea of product evolution will change from the standardized replication of the past to the customization that varies from city to city and from person to person. On the one hand, on the basis of ensuring product quality, real estate companies need to fully consider the regional characteristics of different cities, and integrate the humanistic spirit and history and culture of cities and regions into product genes. On the other hand, it is necessary to fully understand the living habits of local customers and customize life scenes on demand in order to create products with more connotation and warmth.
Respecting customer needs, transforming them into unique product advantages through localized and customized design, and creating value for customers' better life are the most important product innovation directions for real estate companies in the future.
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Article**: Kerry