What are the impressive topics and events in the property industry that have been hidden in 2025? What do these topics and events reflect? Let us look back together。
One, fifteen and five
On 28 october, the full text of the ccp recommendation on the preparation of the fifteenth five-year plan for national economic and social development (hereinafter referred to as “the recommendation”) was published, providing directions for china's economic and social development for 2026-2030。
It's about the property industry, and we've done it. We believe that if “155” were to be considered as a system of coordinates, the property industry would take shape at the intersection of the eight main lines over the next five years:
Asset pricing has shifted from “finished value” to “operational decision value”, data and algorithms have become invisible factors of production, harmonization of large markets for re-pricing services, urban resilience has transformed “invisible guardian” into “visible value”, green low-carbon has put every degree of electricity, every ton of water, into cash flows and risk curves, grass-roots governance and parties have institutionalized trust mechanisms, the silver economy has embedded defined demand in communities, and district urbanization has placed the second curve of growth on a broader geographical map。
“in the stock age, business is value, data is leverage, governance is credit.”
Specific references: heavy pounds
In our view, the “fifty-five” plan for property enterprises is by no means a simple development expectation. It requires firms to have both the strength of “deep farming” and the ability to drill service barriers in vertical value chains; and the pattern of “discovery” to re-establish roles in the horizontal biosphere。
"fifty-five" study on planning elements and ideas for the 15th plan for property enterprises
2. Defining new models for the regulation of property services
On 28 august, the opinion of the state council of the cpc on promoting high-quality urban development was made public. This is a heavy document following the central urban workshop, which sets out the main directions and tone of urban development for the coming period。
The document contains a number of new references and formulations, such as: exploring new models for the coordinated operation of neighbourhood committees, business committees and property service enterprises under the leadership of community-based organizations; improving the institutional mechanisms for the participation of residents, enterprises, groups and social organizations in urban governance; promoting the integration of urban management into communities; and strengthening special regional governance, such as mega-cities。
In a sense, the impact of the document on the property industry is not just an excitement for policy interpretation, but a structural reshaping. Quality improvement brings back the industry to its roots, new models of governance allow it to enter the industry, social governance increases the responsibility of the industry, stock-based resource activation gives the industry new space, carbon-saving allows the industry to find new tracks, security management gives the industry back its essence, and changes in the organizational implementation mechanisms in the document provide institutional safeguards for all these transformations。
The ccp central, the state council, has written a letter detailing the new model of property services
Iii. Revision of the local organizations
On 28 october, the eighteenth session of the standing committee of the fourteenth national people's congress voted to adopt the newly amended organic act on the municipal council, which became effective on 1 january 2026. The new organic law on local councils, which was extended from 23 to 50 articles, has made significant adjustments in the design of the system, the rules governing its operation, its legal status and the relationship between the resident and the resident councils。
In our view, in the newly amended organic act of the urban council, there are at least four key changes in property management and grass-roots governance issues, such as four levers, which push “who does it, how does it, how big does it, how does it work together”。
First of all, the relationship between the resident council and the self-government organization of the owner is clearly written into the “hard skeleton” of the statute: from the birth of the organization to the operation of the rules, to the resolution of disputes, the nec needs to be the backbone of the “flow-type” rather than the “attitude” bystander。
Second, to include the words “recognize, reward” in the text of the law, autonomy will not become a “consumer” when visible honour and realizable incentives work in the same direction。
Third, the community “governance module” has been retrofitted。
Finally, the “environment and property management board” was established, unlike the version of the “alternative industry committee” referred to earlier as the “institution management committee” or the “alternative industrial management committee”, which is a platform for the home affairs committee's professional topics and is a specialized player in “coordination-coordination-monitoring-coordination”。
Specific references: heavy pounds. Revision of the organic law of the neighborhood commission, at least four key changes
4. Production costs for vacant premises
During the first half of the year, the controversy over the cost of empty property was overwhelming。
The nature of the dispute over the cost of vacant property is the “triple paradox” in the area of public services: any absoluteization of unilateral interests can lead to systemic imbalances between ownership interests, business survival and government regulation。
In our view, while short-term policy adjustments may alleviate contradictions, root causes may lie in the establishment of dynamic cost accounting systems that distinguish between fixed and variable service costs。
What is more important than cost accounting is that it engages millions of families in a game that ultimately leads to a multi-win, institutionalized solution。
We can refer to this article: the cost of empty housing: a game of interest for millions of families
5. The industry transparency revolution
In the discussion on the cost of vacant housing, we expressed the view that industry needs to develop a sound cost accounting system, which is essentially to promote transparency in the sector。
This year, the 315th night of the festivities of household electricity repair was exposed, and home maintenance for woodpeckers on the head was named. With this event, we clearly expressed the view that the property industry needs a transparent revolution. Specific reference article: property industry, need for a transparent revolution
We believe that systems that rely on poor information for profit are by their very nature fragile and that any increase in transparency could trigger a collapse. Future winners must be those who implant “transparent” into genes, because the real value of service never has to be hidden in the box。
This revolution was followed by the opening up of its flexible pricing mechanism by the vanco property industry。
Making information more transparent and open, breaking the misinterpretation of the property industry and returning property services to what they should be worth, is the most important point of the vancot flexible pricing mechanism。
And we can refer to this article: "the pankos, a "transparent revolution" in the industry
Six, the tide
In 2025, there was a cyclone in the public sphere of “real estate retreats”, with some media presenting sporadic cases of corporate withdrawals as a major retreat for the industry as a whole。
We have also expressed our point of view in this regard, with reference to the following: who in the hell is out of business
In our view, the retreat of a few businesses has been magnified as a symbol of industrial collapse, while the ongoing performance of property services in hundreds of thousands of residential neighbourhoods throughout the country, as well as daily equipment inspections, greening maintenance and security for millions of property practitioners, have served as a background for silence。
This selectivity is a classic display of survivors ' deviations, with the media pursuing the nature of conflict-related events, leading to 1 per cent of extraordinary cases, covering 99 per cent of the smooth running reality。
The “evacuation grounds” of the head enterprise should be interpreted in the context of its strategic transformation. The so-called withdrawal is a necessary adjustment from the “mass priority” to the “mass priority”, replacing the widespread harvest with deep regional tillage。
Property enterprises have taken the initiative to withdraw from projects with low management density and high cross-regional coordination costs to focus on core urban groups such as the long triangle and the bay area. It's like a fruit-farmer who trims the weak and the strong, only to make the main dryer。
And the void left behind by the fall of the giants is the light of cracks in which new players grow. “only the dead leaves, not the new ones” — the deepest miscalculation by public opinion of the property industry。
In addition, we believe that the current so-called “end-of-the-ground” wave in the property industry is only micro-showed in the context of the industry's macro-characterism, the “ age of stock management”。
The specifics can be found in our article: the real estate industry is not out of fashion, it's just a change of hands
7. Ai
Ai is the subject of 2025. In a letter to the shareholders, chairman zhu of the clouds said that the intelligence body (ai agent) or the property company was the greatest threat. We also have a science for the property service ai agent, which will refer to: about the property service ai agent, a science paper that had to be read
We're also thinking about the future of the property industry in conjunction with the hangzhou six。
In our view, the range is from “alternative manpower” to “reconstructing experience”. Future property ai will move beyond existing tool attributes to “active service”. Ai's payment logic revolution ranges from “cost centre” to “value creation”. The willingness of parties to pay will shift with the explicitness of ai values。
The possibility of ai being replaced is not “two or three thousand per month”, but “uncontrollable risk and inefficiency”。
This change is not a simple “mechanism for change”, but requires the re-engineering of service processes, the redistribution of benefits chains and the re-establishment of human trust in technology。
The details can be found in our article: how can the future of the property industry be rebuilt
Urban services
In the last two years, the front-runners of the baguire garden service and the clouds began to contract at the municipal service track, and it is difficult to determine the success or failure of the move to the municipal service track, but the conclusions seem to be becoming clearer。
In the first half of the year, a new round of procurement offers for the outsourcing of sanitation operations was issued on several streets in the lok district of shenzhen city. We are surprised that the words “the city of property” are completely absent from these procurement intentions。
In this post, the reform of the “cities of management” has been stopped
By comparing the data, we find that, without the introduction of “managing cities”, the five streets in the lake rock area can save $6,756 million per year, or 200 million in three years, by simply bidding for the outsourcing of sanitation operations。
Moreover, this is only a budgetary control amount, which, according to the result of the winning bid on the map, was 25,624. 8 million yuan, which represents a reduction of 90 per cent over the budget of 28,116,000 yuan。
In the context of the current financial constraints, it has become normal to live in “hard days”, including in shenzhen. At the same time, behind this phenomenon is the phenomenon of price wars in urban services。
It's based on our article: the recent study of urban services: prices scattered the country
9: the more expensive the new inventory is
Media reports in 2025 noted that a number of improved new boards in beijing set the cost of property at $4-8/m2/month, while some luxury houses exceeded $10/m2/month, as did shanghai。
Many are puzzled by the fact that small stock areas are talking about discounts, discounts, vacant housing concessions, and the new discs are getting higher — is this the market tear
We believe that the market is accelerating the emergence of a new consensus — that property costs must return to the contractual logic of “quality price conformity”。
The “failure claims” for stock items often come from an old account: historical pricing takes place in different cycles, influenced by factors such as guidance prices, old contracts, quality of delivery, lack of transparency in public revenues, which makes owners extremely sensitive to the “fee-service” price ratio; and, by adding economic cycles and household budgets, the reduction becomes the most direct emotional export. In many cases, the real dissatisfied of the owners is not “price”, but “no value”。
The “high rates” for new drives, particularly at the high end, correspond to a new account: developers deliver property services as part of the product, and buyers buy property services as part of lifestyle and asset certainty。
Prices are important for such groups, but more importantly, “stable cash”. As a result, property costs are presented here in a form closer to “long-term operating contracts”。
Taken together, the two phenomena suggest that the industry is going through a key shift: property fees are no longer inertial fees, but service contracts need to be interpreted, validated and honoured。
The details can be found in our article: the cost of the new disk is higher: it's not the property that floats, it's the books that change
10. Rehabilitation of old neighbourhoods
In early 2025, the minister of housing and construction, neon, again mentioned that the old urban districts, which had been built by the year 2000, needed to be included in the renewal of the city, to be adapted to local conditions, and to encourage local communities to explore the self-renovation of old homes。
We believe that the retrofitting of old and old neighbourhoods should involve both “hardware” and “software”。
“hardware” consists mainly of the alteration of buildings, facilities, public spaces, while “software” consists mainly of the construction of community consultation mechanisms and the improvement of property services。
The retrofitting of “hardware” facilities has been a central concern in administratively led retrofitting practices in the old subdistricts. This has led to a lack of adequate public participation in most sub-districts, resulting in a lack of space for “software” construction in the retrofitting of old sub-districts。
This has also led many market-oriented property enterprises to look at old and old neighbourhoods as flood beasts. The lack of effective property management in most of the old and old neighbourhoods is also a contributing factor to the lack of long-term sustainability of their construction and transformation outcomes。
The specifics can be found in our article: the transformation of old neighbourhoods should be a profound change in community governance
Concluding remarks
Time is ticking, 2025 hastily passed。
We conclude with a quote from our new year's contribution:
The hardest thing for man is not to ease the days, but to remain unchanged when they are not。
Don't be emotional, don't be labeled, don't live up to numbers. It is true, it is true, it is true, it is a promise; it is explained, it is explained, it is not explained, it is answered in good faith。
Let it slow, let it hard, but don't give up. Every time you hold back, every time you have patience, every time you take it seriously, at some point, it becomes a reason for others to believe you。
In the new year, it is hoped that macro-pressures will no longer become a mere grievance to each other, but rather will force clearer rules, more mature relationships and a stronger order。
May we all be in deep water, not pushing each other away, but lighting each other。
The chinese think tank's 2026 new year's message: easy, easy
