Yang Jin: The two main engines of urbanization and consumption upgrading will continue to drive the industry forward

Topic: 2026 Outlook Annual Forum

2026 Outlook Annual Forum · Live Highlights: On April 2nd, the 2026 Outlook Annual Forum was held in Guangzhou, with the theme “New Cycle: From Quantitative Change to Qualitative Change.”

在演讲中，中信城市开发运营有限责任公司党委书记、董事长杨劲表示，城镇化和消费升级两大引擎仍将带动行业前行。

He stated during his speech that the two engines of urbanization and consumption upgrading will continue to drive the industry forward.

他指出，当前房地产行业正处于新旧模式交替的历史节点，身处前所未有的两难困境：企业资金大量沉淀在存量土地和房产上，去化困难，若不全力去化，将面临流动性危机甚至爆雷风险；若降价折价去化回款，又会给企业经营与财报带来巨大压力。“进亦忧退亦忧“一一保现金流还是保利润，成为当前企业必须面对的两难选择。

He pointed out that the current real estate industry is at a historical juncture where old and new models are transitioning, facing unprecedented dilemmas: companies have large amounts of capital tied up in existing land and properties, making inventory clearance difficult. If not fully cleared, they risk liquidity crises or even defaults; if they cut prices to sell off inventory, it will put enormous pressure on operations and financial reports. “Worry about moving forward, worry about retreating”—balancing cash flow versus profits has become a critical dilemma for companies today.

但行业的底层逻辑与政策导向正在愈发清晰。国家有关部门也提到要理性看待房地产转型期间的部分指标波动。行业当下的挑战，本质上是宏观经济转型与城市发展阶段迭代的必然结果。中央城市工作会议已明确指出，我国城市发展已从大规模增量扩张阶段进入存量提质增效为主的阶段。

However, the fundamental logic of the industry and policy guidance are becoming clearer. Relevant government departments have also emphasized the need to view certain fluctuations during the real estate transformation rationally. The current challenges in the industry are essentially the inevitable result of macroeconomic transformation and the iterative development stage of cities. The Central Urban Work Conference has explicitly stated that China’s urban development has shifted from a phase of large-scale incremental expansion to one focused on quality improvement and efficiency of existing stock.

过去房地产行业依赖高负债、高杠杆、高增长的粗放式扩张模式，增长动能高度依赖土地红利与市场溢价；如今这种规模增长模式已失灵，行业重心转向做优增量、盘活存量。

In the past, the real estate industry relied on high debt, high leverage, and extensive expansion driven by rapid growth, with growth momentum heavily dependent on land dividends and market premiums; now, this scale expansion model has failed, and the industry’s focus has shifted to optimizing incremental development and revitalizing existing assets.

他续称，目前国家政策大力支持的城市更新、城中村改造、保障性住房建设、好房子打造等领域，既是国家重点引导的赛道，也将成为未来房地产行业的价值主战场。

He further stated that areas currently strongly supported by national policies—such as urban renewal, renovation of urban villages, construction of affordable housing, and creating quality homes—are not only key sectors guided by the state but will also become the main battlefield for value in the future of the real estate industry.

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