Investment Rating - The report does not explicitly state an investment rating for the Shanghai commercial property market Core Insights - In August, the total supply of new commercial properties in Shanghai significantly increased by 392% month-on-month, reaching approximately 264,700 square meters, setting a new record for the year [3] - The total transaction area of commercial properties in Shanghai rose by 40% month-on-month to 165,700 square meters, marking the highest transaction volume for 2024 [6] - The report highlights that the commercial property supply is mainly concentrated in five administrative districts, with Pudong New District accounting for 43% of the total commercial property supply [5][6] Supply Summary - New commercial property supply in August was concentrated in five districts, with a total supply area of 114,200 square meters for commercial properties, reflecting a 433% increase month-on-month [3] - Office property supply was concentrated in four districts, totaling 150,500 square meters, with a month-on-month increase of 365% [3][5] - The major areas for new commercial property supply included Pudong New District, Jiading District, and Baoshan District [5] Transaction Summary - The total transaction area for commercial properties was 72,200 square meters, a decrease of 12% month-on-month, while the transaction volume for office properties surged by 157% to 93,500 square meters [6][12] - The report indicates that the transaction activity for commercial properties was robust in districts such as Jinshan District, Fengxian District, and Pudong New District, each exceeding 10,000 square meters in transaction area [6] - The report also notes that the second-hand office market saw a slight decline in overall transaction volume, approximately 44,500 square meters, with the central districts showing higher activity levels [12][13] Popular Projects - The report lists popular projects in the past three months, with the top project being He Yi Building in Jing'an District, which had a transaction area of 47,916 square meters in August [7] - The second most active project was Tian Du Hua Ting in Jinshan District, with a transaction area of 12,898 square meters, ranking first in the city for commercial property transactions [8][15] - The report highlights that the second-hand commercial market has shown stability, with transaction volumes consistently above 30,000 square meters over the past six months [15]

成 市 测 量 师 行 . 币 场 2024 年 8 月上海土地招拍挂市场 整体概览 集中供地成交金额超百亿元，常态化供地市场回暖 』 月度成交量价走势 138.77 135.38 136.00 110.08 a9.59 > p p / 6.62 ◆ (20.2) 65.16 63.52 33.16 43.65 (1.05) 29.15（1.58) 23.92 Willia (1.59) 19.91 19.74 15.74 14.37 8.82 1.69 24-03 24-04 24-05 24-06 24-07 24-08 ■ 经営性用地 (万平方米) ■ 工业用地 (万平方米) ％ 流标/中止/终止 (万平方米) ◆ 成交总价 (亿元) | --- | --- | |----------------------------|------------------------| | | | | | 8 月，上海 2024 年第四 | | 批次集中供应的 5 幅居住用 | | | 地成功出让，成交总价约 | | | 109.5 亿元。 | | | | 常态化供地市场有所回 | | 暖，当月总成交面积达 62 万 ...

新老静安携手，第五批次两幅涉宅地块成交总价达 120 亿元！ 今年上海第五批次集中供地交易活动于 9 月 14 日落下帷幕。本批次共计 2 幅地块，土 地总面积约 5.01 万平方米，为 2024 年出让面积最小的一批次。 最终，静安区灵石社区 N070402 单元 094a-14 地块以底价成交，静安区曹家渡社区 C050301 单元 9A-20 地块以 31.2%的溢价率成交，合计成交金额达 120 亿元。 01 地块成交结果一览表 | --- | --- | --- | --- | --- | |--------------------------------------------------------------|--------------------|-----------------|-------------|--------------------| | 地块名称 | 士地用途 | 成交息价 (月元) | 成交 益价率 | 竞得人 | | 静安区灵石社区N070402单元094a-14地块 | 普通商品房, 办公楼 | 636561 | 0% | 中建二局 | | 静安区曹家渡社区C05 ...

城市测量师行 城市测量师行 城市测量师行 城市测量师行 城市测量师行 城市测量师行 城市测量师行 城市测量师行 城市测量师行 城市测量师行 城市测量师行 城市测量师行 城市测量师行 新老静安携手，第五批次两幅涉宅地块成交总价达 120 亿元！ 城市测量师行 城市测量师行 今年上海第五批次集中供地交易活动于 9 月 14 日落下帷幕。本批次共计 2 幅地块，土 地总面积约 5.01 万平方米，为 2024 年出让面积最小的一批次。 最终，静安区灵石社区 N070402 单元 094a-14 地块以底价成交，静安区曹家渡社区 C050301 单元 9A-20 地块以 31.2%的溢价率成交，合计成交金额达 120 亿元。 01 地块成交结果一览表 | --- | --- | --- | --- | --- | |--------------------------------------------------------------|--------------------|-----------------|-------------|--------------------| | 地块名称 | 士地用途 | ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------|-------------------|-------|--------------|-------|--------------|------------------------------|-------------------|-------|----------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 成 市 测 量 师 行 | | | | | | | | . 币 场 | | | | | | | | | | | | | | | | | | | | | | | | 2024 年 8 月上海土地招拍挂市场 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ...

Market Overview - The average base price of residential communities in Shanghai in September 2024 was 54,968 RMB per square meter, a month-on-month decrease of 1.09% and a year-on-year decrease of 13.14% [1] - In August 2024, the number of second-hand housing transactions in Shanghai was 17,880 units, a month-on-month decrease of over 10%, and it is expected that the number of existing residential transactions may be less than 16,000 units [2] Market Trends - The market is currently in a state of declining both in volume and price, with homebuyers adopting a wait-and-see attitude and evaluating market trends more rationally [4] - The summer season, traditionally a slow period for the property market, is further exacerbated by an oversupply of existing properties, leading to prolonged negotiations and downward price trends [4] Regional Analysis - As of September 1, 2024, the average base prices in all ring lines in Shanghai continued to decline, with the decline in the inner ring area expanding [5] - Older communities in central urban areas, which generally have lower overall quality but higher average prices, are experiencing extended transaction cycles due to reduced attractiveness to buyers [5] - The remaining properties in these communities either have inherent shortcomings or are listed at prices significantly above the reasonable market range, leading to internal price comparisons and further price reductions [5] Submarket Performance - As of September 1, 2024, the average prices in all submarkets continued to decline, all below the levels of the same period last year [6] - In the context of a general decline in market prices, the prices in some suburban submarkets with a high proportion of apartments, such as Gucun and Songjiang New Town East, have remained relatively stable [6] Price Changes by Submarket - The overall decline in prices has slightly expanded compared to the previous period [8] - The proportion of submarkets with a price decline of 0~-1% decreased by 30 percentage points to 50% [8] - The proportion of submarkets with a price decline of -1%~-2% increased by 27 percentage points to over 40% [8] - The proportion of submarkets with a price decline exceeding -2% slightly increased but remained below 10% [8]

Investment Rating - The report does not explicitly provide an investment rating for the Shanghai residential market Core Insights - The Shanghai residential market is experiencing a slowdown in new housing supply and transaction volume, with a supply-demand ratio of 1.32 and a new stock area of approximately 2.23 million square meters as of July 2024 [3] - The number of new projects launched in July decreased to 23, down by 9 from the previous month, indicating a cautious approach from developers [3] - The second-hand housing market saw a significant decline in transactions, with approximately 18,100 units sold in July, a 24% decrease month-on-month, and an average price of 38,769 yuan per square meter, down 3% [5] - The market is characterized by a shift towards larger unit sizes, with 90-150 square meter units gaining popularity among buyers [6] Summary by Sections Part 1: New Commodity Housing - New housing supply is slowing down, with most projects facing significant sales pressure due to competition from the second-hand market and longer delivery times [3] - In July, the majority of new projects launched were located in the outer ring, with only three projects in the central area achieving over 100% subscription rates [3] - The overall transaction structure shows that larger units (300-700 million yuan price range) have seen a notable increase in market share, rising by approximately 11% [4] Part 2: Second-Hand Housing Market - The second-hand housing market is experiencing a decrease in both volume and price, with a notable drop in transactions and a decline in average prices [5] - The proportion of buyers looking for larger units has increased, particularly in the 90-150 square meter range, reflecting a shift in buyer preferences [6] - All districts experienced a decline in transaction volumes, with the outer ring areas performing slightly better than others [7] Popular Areas and Projects - The report highlights the top ten districts with increased transaction volumes, with the Zhu Jing area in Jinshan showing a 10.34% increase [8] - Popular projects are primarily located in the outer ring, with a notable increase in the number of active listings in districts like Minhang and Chongming [10][11]

Market Overview - The Shanghai office bulk transaction market showed strong recovery momentum in Q2 2024, with transaction scale and market activity leading the nation [1] - 28 core area bulk transactions were recorded in Q2, with office transactions accounting for 61% of the total [1] - 6 transactions exceeded 1 billion yuan, indicating frequent large-scale deals [1] - Transactions within the middle and outer ring roads accounted for over 80% of the market share, with hotspots in Jing'an, Xuhui, Huangpu, and Pudong districts [1] Transaction Details - In Q1 2024, the largest transaction was Shanghai Qibao Vanke Plaza, sold for 2.384 billion yuan with an area of 148,853 sqm [2] - In Q2 2024, the largest transaction was Lujiazui Fuhui Building B/C, sold for 2.65 billion yuan with an area of 31,938 sqm [3] - Notable Q2 transactions included Sinochem International Plaza (1.517 billion yuan) and Citibank Tower (1.2 billion yuan) [3] Market Characteristics - Office assets dominated the market, driven by Shanghai's status as an economic hub attracting enterprises to establish headquarters [4] - Self-use buyers, particularly from energy and consumer sectors, showed increased preference for whole buildings or large office spaces [4] - Diversified property types gained traction, with apartments surpassing commercial properties as the second-largest transaction category [5] - The largest apartment transaction was The Ascott Hengshan Road, sold for 1.2 billion yuan with an area of 14,928 sqm [5] Investor Trends - Individual investors became more active, completing three transactions in Q2, including Zhouxin Business Building and Jiangwan 90 [6] - Market sentiment showed clear recovery signs, with increased transaction scale and single-deal amounts [6] - High-quality projects entered the market through judicial auctions, providing diversified opportunities [6] Case Study: IBP International Business Garden - Building 5 in the West Zone was sold to Fengyan Semiconductor for 130 million yuan, with a total area of 5,724 sqm [7][8] - The building, previously Langlv Technology's headquarters, features energy-efficient design with 4 above-ground floors and 1 underground floor [8] - Renovations completed in 2018 improved energy efficiency, making it a landmark low-energy building in the park [8]

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------|-------|-------|-------|-------------------|-------|-------|--------------------------------|----------|----------------------------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 成 市 测 量 师 行 | | | | | | | | | | | | | | | | 币 场 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 年 7 月上海土地招拍挂市场 | | | | | | | | | | | | | ...

Investment Rating - The report does not explicitly provide an investment rating for the Shanghai commercial property market Core Insights - In July, the total new supply of commercial properties in Shanghai significantly decreased to 53,800 square meters, representing a month-on-month decline of 50% [3] - The total transaction area for commercial properties in July reached 118,700 square meters, marking a 71% increase compared to the previous month, the highest transaction volume in the last six months [6] - The commercial property transaction area in the Pudong New District was particularly strong, accounting for 63% of the total commercial transaction area [6] Supply Summary - The new supply of commercial properties was concentrated in five administrative districts, with Baoshan District contributing over 12,000 square meters, which is 58% of the total commercial supply [5] - The office property supply was primarily concentrated in Xuhui and Yangpu districts, with Xuhui District alone contributing over 26,000 square meters [6] Transaction Summary - The commercial property transaction area was 82,400 square meters, with a month-on-month increase of over 100%, and the number of transactions reached 425 units [6] - The office property transaction area was 36,300 square meters, showing an 18% increase month-on-month, although the number of transactions decreased by 11% to 118 units [6] - The second-hand office transaction volume in July was approximately 47,500 square meters, reflecting a month-on-month decline of 17% [10] Popular Projects - The top commercial project in July was Xiuyun New City, which recorded a total transaction area of 45,128 square meters, the highest in the city [8] - The top office project was Qingpu Excellence Business Plaza, with a total transaction area of 24,101 square meters [7]