智通财经网·2025-09-16 23:53Core Viewpoint - The real estate market in China is experiencing significant challenges, with a notable decline in sales and investment, although recent policy adjustments in major cities may provide some support to market demand [1][4][7]. Sales Performance - In August, the national sales area of commercial housing decreased by 10.6% year-on-year, with the decline widening by 2.8 percentage points compared to July [1][4]. - As of September 12, new home transaction area in 38 cities showed a year-on-year increase of 2%, indicating a potential recovery in sales momentum [4]. Investment and Construction - Real estate development investment in August fell by 19.5% year-on-year, with the decline expanding by 2.5 percentage points from July [1][7]. - New construction area decreased by 20.3% year-on-year, while completed area saw a decline of 21.4% [1][7]. - The future changes in new construction area growth are dependent on sales trends, and the completion rate relies on the progress of delivery assurance efforts [7]. Policy Response - Major cities such as Beijing, Shanghai, and Shenzhen have introduced new policies from August to September, optimizing regulations on purchase limits and mortgage rates, which may support market demand [4][7]. Investment Outlook - The company remains optimistic about high-quality commercial real estate firms and developers and property management companies operating in core cities [1][12].