Recent sessions of local legislative assemblies have been convened successively, focusing on key work arrangements for 2026. In the real estate sector, many localities have explicitly stated they will strive to stabilize the property market and advance urban renewal, working from two fronts: stabilizing the market and optimizing existing stock. Zhang Bo, Dean of the 58 Anjuke Research Institute, stated that overall, various regions are closely addressing both livelihood security and market realities. They aim to stabilize market expectations by optimizing transaction processes and revitalizing idle resources, while also using urban renewal as an entry point to promote the real estate industry's transition from expansion focused on incremental growth to quality improvement of existing stock. Simultaneously, they are reinforcing the bottom line of risk prevention and control to help the property market achieve a halt in declines and a return to stability. The Central Economic Work Conference held at the end of 2025 called for efforts to stabilize the real estate market. Many regions have also listed "making efforts to stabilize the real estate market" as a key task for 2026. For example, Henan Province mentioned focusing on stabilizing the property market by acquiring existing commercial housing for use as government-subsidized housing, resettlement housing, dormitories, and talent apartments, thereby accelerating the establishment of a new model for real estate development. Notably, some regions have explicitly proposed stabilizing real estate investment. Tianjin Municipality proposed stabilizing real estate investment, making good use of the "whitelist" system and incremental policies, and orderly promoting the construction of "good houses". "Localities are implementing the key work priorities for 2026 proposed by the Central Economic Work Conference, and the policy tone for stabilizing the property market is very clear," said Li Yujia, Chief Researcher at the Guangdong Housing Policy Research Center. He added that in 2026, efforts to stabilize the property market across regions should be combined with the new model for real estate development, focusing on accumulating medium to long-term strength. This involves strengthening the housing security and rental systems, attracting and retaining young people, new urban residents, migrant populations, especially flexible workers, enabling them to become genuine urban citizens, thereby constructing a gradient housing development model of "rent first, buy later" and "security + market". Housing security for residents is also a key focus for several provinces. For instance, Zhejiang Province proposed actively exploring new models for real estate development, optimizing the supply of government-subsidized housing, and delivering 150,000 units (rooms) of public rental housing within the year. Furthermore, against the backdrop of building modern, people-oriented cities, high-quality advancement of urban renewal has been listed as a key task for 2026 by many localities. Beijing Municipality proposed vigorously promoting urban renewal, advancing the implementation of the urban renewal regulations, strengthening guarantees for building scale indicators and fiscal-financial policies, and promoting cluster-style updates that integrate workplaces, residences, commerce, and services. It will focus on risk mitigation for 507 dangerous and dilapidated simple buildings, complete renovations for over 300 old residential communities, install more than 800 elevators in old buildings, deeply implement the third round of the Huilongguan-Tiantongyuan Area Enhancement Plan, and continuously advance the renovation of urban villages. Tianjin Municipality mentioned optimizing and advancing urban renewal. Adhering to planning guidance, it will formulate and implement special plans for urban renewal, strengthen area planning and project implementation management, promote renewal and development in areas such as transport hub-driven zones, industry-innovation synergy zones, cultural-commercial-tourism integrated zones, and eco-livable zones according to their categories, thereby promoting urban spatial optimization, functional aggregation, and element concentration. Zhejiang Province proposed better integrating urban renewal actions with the elimination of safety hazards and high-quality real estate development, solidly advancing the construction of good houses, and enhancing the modernization level of urban infrastructure construction and governance. Regarding the policy directions in the real estate sector across regions, Zhang Bo suggested that, based on the local legislative meeting deployments and the market environment, and while maintaining alignment in the broad direction, different localities in 2026 need to implement precise policies according to city tiers and regional differences. For example, first-tier cities could focus more on providing a gradient of rental supply and urban renewal, optimizing purchase restriction policies in non-core areas, and enhancing transaction convenience; second-tier cities could further lower the threshold for home purchases and provide targeted subsidies to specific groups to effectively stimulate upgrade demand; third- and fourth-tier cities need to strictly control incremental supply, focus primarily on destocking, and revitalize vacant properties. Li Yujia believes that in 2026, localities should focus their efforts on controlling incremental supply, destocking, and optimizing existing stock. Regions need to implement policies tailored to specific administrative districts and sub-markets based on their inventory digestion situations, controlling land supply and regulating the pace of project starts and pre-sales to achieve a refined supply-side approach. At the same time, they should promote a positive cycle between new and second-hand homes, facilitating synchronized destocking for both. For commercial and office inventory reduction, it should be achieved through planning and land use support, developing new scenarios, new formats, and new consumption, enabling functional compatibility for various uses such as long-term rental apartments, new-style catering, novel hotels, education and training, and medical aesthetics.