（经济观察）三个变化彰显中国楼市更加成熟

Group 1 - The core viewpoint of the article highlights significant changes in the Chinese real estate market after over four years of adjustment and rebalancing, indicating a shift towards a high-quality development phase with transformations in supply-demand structure, transaction patterns, and operational models of companies [1] Group 2 - The total transaction volume in the real estate market is stabilizing, with second-hand housing increasingly dominating the market. Data shows that from January to November this year, the proportion of second-hand housing transactions in total housing transactions rose to 45%, with first-tier cities exceeding 60% [2] - A "dual rental and purchase" pattern is gradually forming, with rental housing becoming an important source of supply. The implementation of the Housing Rental Regulations in September has pushed the rental market towards a more regulated and legal development phase [3] Group 3 - The market is exhibiting significant differentiation characteristics, moving away from the previous trend of uniform price increases across cities. Different districts and projects within the same city are showing varying sales performances, reflecting increased complexity and diversity in the market [5] - Some hot cities have shown positive signs of recovery, with new and second-hand housing transactions in cities like Shenzhen and Nanchang achieving over 5% growth year-on-year from January to November [5]