Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3][4]. Core Insights - The real estate market is experiencing a mixed performance, with new home sales showing a rebound in first and second-tier cities while third and fourth-tier cities are struggling [3][4]. - The report highlights a significant decline in April's year-on-year sales for new homes, with a drop of 18% compared to the previous year, and a more pronounced decline of 52% in third and fourth-tier cities [3][4]. - The government is implementing policies to stimulate demand and improve market conditions, including local measures such as "buying a house with a school placement" in Guangzhou [3][4]. Industry Data Summary New Home Sales - In the week of April 26 to May 2, 2025, 34 key cities recorded a total new home sales volume of 249.3 million square meters, a week-on-week increase of 20.1% [4]. - Year-on-year, April's new home sales in 34 cities fell by 18%, with first and second-tier cities down 13% and third and fourth-tier cities down 52% [4][7]. Second-Hand Home Sales - In the same week, second-hand home sales in 13 key cities totaled 101.2 million square meters, reflecting a week-on-week decrease of 29.7% [13]. - April's cumulative second-hand home sales were 571.5 million square meters, showing a year-on-year decline of 0.2% [13]. Inventory and Supply - In the week of April 26 to May 2, 2025, 15 key cities launched 131 million square meters of new homes, with a sales-to-launch ratio of 0.94 [22]. - The total available housing area in these cities was 89.58 million square meters, with a month-on-month increase of 0.1% [22]. Policy and News Tracking - The Ministry of Housing and Urban-Rural Development has implemented new regulations to enhance residential quality, including minimum ceiling heights and improved sound insulation standards [32]. - The total land acquisition by the top 100 real estate companies reached 360.8 billion yuan in the first four months of 2025, a year-on-year increase of 26.6% [32]. - Local governments are introducing various measures to support homebuyers, including adjustments to public housing fund contributions and the issuance of housing vouchers [33][35].