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Core Insights - The real estate market is experiencing a paradox where despite historically low interest rates and down payments, new home sales in 100 cities have declined by 6% year-on-year as of September 2025 [1][3] - The optimization of purchase restrictions in major cities like Beijing, Shanghai, and Shenzhen marks the beginning of a "non-restriction period" in the real estate sector, following nearly 3,000 policy adjustments since 2022 [3][5] - The market is undergoing structural changes, with a shift from "just having a home" to "having a good home," indicating a focus on quality and location over mere affordability [5][9] Policy Changes - By May 2024, the down payment for first-time homebuyers was reduced to 15%, and the lower limit for mortgage rates was removed, resulting in a current mortgage rate of 3.5%, the lowest in history [3][5] - Various supportive policies, including tax rebates for home purchases and increased public housing supply, are being implemented to further lower the barriers to homeownership [10][12] Market Dynamics - The inventory of unsold residential properties remains high at 310 million square meters, with a clearance period of approximately 19.9 months, particularly pronounced in third- and fourth-tier cities [5][7] - The land market shows a stark contrast between first-tier cities, where land transfer fees increased by 24.5%, and third- and fourth-tier cities, which saw a decline [7][12] Buyer Behavior - There is a noticeable shift in buyer preferences towards larger homes, with properties between 120-144 square meters accounting for over 30% of new home sales in key cities [7][9] - First-time buyers are advised to focus on cities with stable population inflows and solid industrial bases, while upgrade buyers can benefit from policies like "old for new" [9][10] Investment Strategies - Real estate companies are shifting their focus from scale expansion to quality aspects such as design, green building, and community services [9][10] - Investors are encouraged to adopt a long-term perspective, prioritizing quality residential and commercial properties in core cities, rather than seeking short-term gains [10][14]