Bare-shell delivery is mainstream in China, while sales of homes with interior fit-out are being promoted
First written in FY2016. 15 of 26 entries say "Restated". Latest entry: FY2026.
No other company in this theme has enough history to compare yet.
- FY2026RestatedAnnual report
「Meanwhile, in China, although the difficult environment surrounding the housing market continues, the company recognizes that medium- to long-term structural demand remains, supported by demand for interior fittings arising from the Chinese government's policies promoting urbanization and fitted-out housing. It expects demand to recover and expand as market conditions improve.」
While recognizing the weakness of China's housing market, the company continues to indicate that medium- to long-term demand for interior fittings remains, supported by urbanization and fitted-out housing policies. - FY2025Continued weakness in the real estate market and limited policy impactAnnual report
「In China, the impact of the COVID-19 pandemic has subsided, and aggregate lending restrictions on real estate developers, commonly known as the Three Red Lines, have effectively been abolished. However, the Chinese government's measures targeting the real estate market have had only a limited effect.」
While recognizing the subsiding impact of the COVID-19 pandemic and the effective abolition of aggregate lending restrictions, the company stated that real estate measures had had only a limited effect and that weakness in the real estate market was continuing. - FY2025-H1Specific removal and easing of Chinese real estate restrictionsAnnual report
「Meanwhile, in China, the aggregate lending restrictions previously imposed on real estate developers have been completely removed, while purchase restrictions in urban areas have also been substantially eased. Policies including reductions in mortgage rates and down-payment requirements, and the granting of urban household registration to homebuyers in urban areas, are being implemented, and signs of recovery have begun to emerge in some regions.」
The company describes specific policy easing in the Chinese real estate market, including the complete removal of aggregate lending restrictions on developers, substantial easing of urban purchase restrictions, and reductions in mortgage rates and down-payment requirements. - FY2024-Q3Purchase support measures introduced in the Chinese real estate marketAnnual report
「However, as measures to support the recovery of real estate markets in each city, reductions in down-payment requirements and mortgage rates, as well as the removal of restrictions on the purchase of second homes, were introduced from late August to early September, and we continue to closely monitor market conditions going forward.」
In addition to the previous description of real estate regulations and market weakness, the company explains that reductions in down-payment requirements and mortgage rates, and the removal of restrictions on second-home purchases, have been introduced in various cities. - FY2023RestatedAnnual report
「In China, although economic growth is slowing, we believe solid demand can be expected against a backdrop of urbanization and the promotion of homes with interior fit-out, despite regional and provincial disparities.」
In China, while recognizing slowing economic growth and regional disparities, the company continues to expect demand, based on its view that urbanization and the promotion of fitted-out housing will support the market. - FY2023-Q1China eases housing transaction restrictionsAnnual report
「It was also reported that banks in more than 100 cities nationwide had cut mortgage interest rates. This was viewed favorably, and preparations are being made for the easing of travel restrictions.」
In China, reports of the easing or removal of housing transaction restrictions introduced in 110 cities and mortgage rate cuts by banks in more than 100 cities nationwide indicated a change from the previous environment of tighter property regulations. - FY2022-Q3Real estate financing restrictions and developers' debt crisis emergeAnnual report
「As the government tightened financial regulations to curb a property bubble, the debt crisis facing major property developers came to the fore, with some developers falling into serious difficulty.」
Regarding China's property policy, the description developed from the previous account of tighter regulations to a specific explanation that a debt crisis among major property developers had emerged against the backdrop of tighter financial regulations. - FY2022-Q1China tightens property regulations as demand weakensAnnual report
「Meanwhile, in China, during the first quarter under review, covering January to March, lending quotas for property investment were tightened and measures to crack down on speculative purchases were strengthened in some major cities. Demand also weakened because of the extended Lunar New Year holiday. In addition, under the debt restrictions for developers, known as the three red lines, introduced by the financial authorities in August of the previous year, developers were required to meet stricter conditions when purchasing land for residential use.」
In addition to the existing market environment of promoting homes with interior fit-out, it specifically describes tighter regulations, including lending quotas, crackdowns on speculative purchases, and debt restrictions for developers. - FY2021RestatedAnnual report
「In China, although economic growth is slowing, we believe solid demand can be expected against a backdrop of urbanization and the promotion of homes with interior fit-out, despite regional and provincial disparities.」
It continues to express the view that, despite slowing economic growth and regional disparities in China, solid demand is expected against a backdrop of urbanization and the promotion of homes with interior fit-out. - FY2020Homes with interior fit-out become standard permit requirementAnnual report
「In China, homes with interior fit-out have become standard as a condition for obtaining housing construction permits,」
The explanation has moved from a general description of policy promotion to the specific point that homes with interior fit-out have become standard as a condition for obtaining housing construction permits. - FY2020-Q3RestatedAnnual report
「In addition, to address safety and health concerns, reduce the environmental burden, and curb purchases for speculative purposes, the Chinese government is shifting its policy for apartment construction from bare-shell delivery to infill delivery, meaning sales with interior fit-out. In response, many provinces and cities have announced policies requiring interior construction in condominiums.」
It continues to describe the Chinese government's policy shift toward infill sales and the mandatory interior construction requirements for condominiums imposed by many provinces and cities. - FY2020-Q2RestatedAnnual report
「To address safety and health concerns, reduce the environmental burden, and curb purchases for speculative purposes, the Chinese government is shifting its policy for apartment construction from bare-shell delivery to infill delivery, meaning sales with interior fit-out. In response, many provinces and cities have announced policies requiring interior construction in condominiums.」
It continues to treat the Chinese government's policy shift toward infill sales and the mandatory interior construction requirements imposed by many provinces and cities as premises for market conditions. - FY2020-Q1RestatedAnnual report
「To address safety and health concerns, reduce the environmental burden, and curb purchases for speculative purposes, the Chinese government is shifting its policy for apartment construction from bare-shell delivery to infill delivery, meaning sales with interior fit-out. In response, many provinces and cities have announced policies requiring interior construction in condominiums.」
It continues to describe the Chinese government's policy shift from bare-shell to infill sales and the mandatory interior construction requirements imposed by many provinces and cities. - FY2019Chinese housing policy takes concrete shapeAnnual report
「Meanwhile, China's basic government policy that housing is for living in, not for investment, remains in place. Many provinces are implementing policies to promote homes with interior fit-out by setting specific targets for the proportion of such homes, and we believe housing policies aimed at stabilizing and improving the soundness of the property market will continue.」
In addition to the previous view that infill housing was being promoted, it sets out the specific policy details, including the government's policy and targets set by individual provinces for the proportion of homes with interior fit-out. - FY2019-Q3RestatedAnnual report
「To reduce the environmental burden and curb purchases for speculative purposes, the Chinese government is shifting its policy for apartment construction from bare-shell delivery to infill delivery, meaning sales with interior fit-out. In response, many provinces and cities have announced policies requiring interior construction in condominiums.」
It continues to treat the Chinese government's policy shift toward infill sales and the mandatory interior construction requirements for condominiums imposed by many provinces and cities as premises for market conditions. - FY2019-Q2RestatedAnnual report
「To reduce the environmental burden and curb purchases for speculative purposes, the Chinese government is shifting its policy for apartment construction from bare-shell delivery to infill delivery, meaning sales with interior fit-out. In response, many provinces and cities have announced policies requiring interior construction in condominiums.」
It continues to treat the Chinese government's policy shift from bare-shell to infill sales and the mandatory interior construction requirements imposed by many provinces and cities as premises for market conditions. - FY2019-Q1RestatedAnnual report
「To reduce the environmental burden and curb purchases for speculative purposes, the Chinese government is shifting its policy for apartment construction from bare-shell delivery to infill delivery, meaning sales with interior fit-out. In response, many provinces and cities have announced policies requiring interior construction in condominiums.」
It continues to treat the Chinese government's policy shift toward infill sales and the mandatory interior construction requirements imposed by many provinces and cities as premises for market conditions. - FY2018RestatedAnnual report
「To reduce the environmental burden and curb purchases for speculative purposes, the Chinese government is shifting its policy for apartment construction from bare-shell to infill delivery. In response, many provinces and cities have announced policies requiring interior construction in condominiums.」
It continues to treat the Chinese government's policy shift from bare-shell to infill sales and the mandatory interior construction requirements imposed by each province and city as premises for market conditions. - FY2018-Q3RestatedAnnual report
「To reduce the environmental burden and curb purchases for speculative purposes, the Chinese government is shifting its policy for apartment construction from bare-shell delivery, meaning sales without interior fit-out, to infill delivery, meaning sales with interior fit-out. In response, many provinces and cities have announced policies requiring interior construction in condominiums.」
It continues to describe the Chinese government's policy shift from bare-shell to infill sales and mandatory interior construction imposed by many provinces and cities as the premise for market conditions. - FY2018-Q2Policy measures take concrete shapeAnnual report
「The Chinese government is shifting its policy for apartment construction from bare-shell delivery, meaning sales without interior fit-out, to infill delivery, meaning sales with interior fit-out. In response, many provinces and cities have announced policies requiring interior construction in condominiums.」
The previous market view that the government was promoting homes with interior fit-out was updated to reflect the policy shift from bare-shell to infill delivery and concrete moves by many provinces and cities to make interior construction mandatory. - FY2018-Q1Update to market conditionsAnnual report
「Meanwhile, in China, although many local governments introduced measures to curb property prices from spring 2016 onward, housing prices continued to rise overall. In particular, apartment sales surged and prices continued to increase in less-developed local cities known as third- and fourth-tier cities.」
It adds the market trend that housing prices continued to rise after local governments introduced price-control measures, while apartment sales and prices continued to surge in third- and fourth-tier cities. - FY2017RestatedAnnual report
「In Japan, with the declining birth rate and aging population, a substantial increase in new housing starts, which have a significant impact on our performance, cannot be expected, and we anticipate continued intense competition for orders and on price. Overseas, meanwhile, although economic growth is slowing in countries such as China, we believe solid demand can be expected against a backdrop of urbanization and the promotion of homes with interior fit-out, despite differences among regions and provinces.」
It reiterates the view that, despite slowing economic growth and regional disparities in China, solid demand is expected against a backdrop of urbanization and the promotion of homes with interior fit-out. - FY2017-Q3RestatedAnnual report
「Meanwhile, in China, housing prices in first-tier cities such as Beijing, Shanghai and Guangzhou surged, continuing to rise by around 2% per month from the beginning of this year. As major, leading developers had already achieved their sales and profit targets for the fiscal year, they postponed sales to the following period, resulting in a series of delays to interior construction. Although the third quarter, comprising July, August and September in China, is normally the peak season, revenue for the period fell to approximately ¥2,400 million from approximately ¥3,400 million a year earlier, a decline of approximately 30%, based on an exchange rate of ¥16 to the yuan in both years. Orders were being carried over to the following fiscal year and beyond.」
It explains the rise in housing prices in first-tier cities and conditions in China's housing market, including bare-shell sales, as the backdrop. - FY2017-Q2RestatedAnnual report
「We actively pursued the route-sales market, selling through agencies to users who purchased bare-shell homes, the mainstream format in China's housing market, and to interior contractors,」
It reiterates that bare-shell homes with no interior fit-out are the mainstream format in China's housing market and identifies purchasers and interior contractors as sales targets. - FY2017-Q1RestatedAnnual report
「In China, homes are generally delivered to customers in a bare-shell condition, with exposed concrete and no interior fit-out. This form of delivery is estimated to account for approximately 80% of the total. In recent years, the government has also promoted homes with interior fit-out in response to environmental concerns and health issues such as formaldehyde exposure.」
It reiterates the premise that bare-shell delivery accounts for approximately 80% of China's housing market and that the government is promoting homes with interior fit-out. - FY2016First statedAnnual report
「In China, homes are generally delivered to customers in a bare-shell condition, with exposed concrete and no interior fit-out. This form of delivery is estimated to account for approximately 80% of the total. In recent years, the government has also promoted homes with interior fit-out in response to environmental concerns and health issues such as formaldehyde exposure.」
It explains the sales format in China's housing market and the government's promotion of homes with interior fit-out as the backdrop to the business opportunity.