全国第一个房价大涨的城市，出现了

Core Viewpoint - The article discusses the recent stabilization and slight recovery of housing prices in various cities, particularly highlighting the situation in Hong Kong where prices have begun to rebound after a prolonged decline [2][6][17]. Group 1: National Housing Market Trends - In January 2026, the sales prices of commercial residential properties in 70 major cities in China showed a narrowing decline compared to previous months, indicating a potential stabilization in the housing market [2][3]. - Specifically, in first-tier cities, the second-hand residential prices decreased by 0.5%, while second and third-tier cities saw declines of 0.5% and 0.6%, respectively, with reductions in the rate of decline [3][4]. Group 2: Hong Kong Housing Market Recovery - In 2025, Hong Kong experienced a significant increase in property transactions, with a total of 80,702 contracts, marking an 18.7% year-on-year rise, the highest in four years [6]. - The private residential price index in Hong Kong rose approximately 3.25% to 3.3% year-on-year in 2025, marking the first annual increase since 2021 [6][8]. - The Central City Leading Index (CCL) for second-hand residential properties in Hong Kong showed a continuous upward trend, with a 1.47% increase week-on-week and a 3.29% increase month-on-month as of February 2026 [6][8]. Group 3: Factors Driving Hong Kong's Market Recovery - The recovery in Hong Kong's housing market is attributed to several factors, including the "withdrawal of hot measures" policy, interest rate cuts, economic growth, and rising rents, which collectively reduced the burden on homebuyers [20][21]. - The "withdrawal of hot measures" eliminated additional stamp duties for non-local buyers, significantly lowering costs for potential investors [20]. - The mortgage interest rates in Hong Kong have decreased due to the U.S. Federal Reserve's rate cuts, easing the financial pressure on homebuyers [21]. Group 4: Impact of Mainland Buyers - The influx of mainland buyers has significantly influenced the Hong Kong housing market, with a record 13,906 registrations from mainland buyers in 2025, a 14.1% increase from 2024 [26][27]. - Mainland buyers are primarily composed of talent brought in through various immigration programs and parents of students studying in Hong Kong, contributing to increased housing demand [28][30].