元旦假期，北京楼市整体运行平稳。尽管受返乡、出游等因素影响，购房者看房节奏有所放缓，但从一 线反馈和成交数据来看，市场仍处于相对活跃区间。 《证券日报》记者在元旦期间走访北京多个在售新房项目发现，不少楼盘选择假期"不打烊"，售楼处正 常接待客户。与往年相比，今年假期市场氛围相对平淡，但项目现场并不冷清。记者看到，不少售楼处 已布置新年元素，门口摆放红色礼盒等装饰，大厅内陈列骏马造型的新年摆件，营造出节日气氛。现场 销售人员保持正常接待节奏，不时有客户进场咨询。 一位二手房经纪人告诉《证券日报》记者，虽然按规定增值税由卖家承担，但实践中税费往往由购房者 支付。此次政策出台后，购房者负担明显降低，近期市场表现良好，看房人数有所增加。 中原地产数据显示，2025年12月份，北京二手住宅网签17181套，环比11月份涨约20%，连续两月超1.4 万套。其中，2025年12月25日优化限购等新政发布后，日均网签达702套。 "新政出台以来，北京多个新盘到访量上涨30%以上，二手房看房量也明显增加，推动市场成交量上 行。叠加市场对2026年'小阳春'的预期，部分此前观望的购房者入市意愿增强。"中原地产首席分析师 张大伟向 ...

通知明确，北京进一步优化个人住房信贷政策，银行业金融机构根据北京地区市场利率定价自律机制要 求和本机构经营状况、客户风险状况等因素，在利率定价机制安排方面不再区分首套住房和二套住房， 合理确定每笔商业性个人住房贷款的具体利率水平。关于住房贷款相关业务，可向经办银行具体咨询。 通知明确，北京加大公积金支持住房消费力度，调整二套住房公积金贷款最低首付比例，对借款申请人 (含共同申请人)使用公积金个人住房贷款购买二套住房的，最低首付款比例由不低于30%调整为不低于 25%。 通知还提出，为进一步优化营商环境，提升房地产投资效率，调整招拍挂拿地的房地产开发项目立项方 式，由市区分级核准调整为区级备案。 （原标题：北京楼市新政 放宽非京籍家庭购房条件） 12月24日，北京市住房城乡建设委、市发展改革委、人民银行北京市分行、北京住房公积金管理中心等 4部门联合印发《关于进一步优化调整本市房地产相关政策的通知》(以下简称通知)，自2025年12月24 日起施行。 通知明确，为更好满足居民刚性住房需求和多样化改善性住房需求，北京进一步优化调整住房限购政 策。一是放宽非京籍家庭购房条件。将非京籍家庭购买五环内商品住房的社保或个 ...

北京市贯彻落实中央经济工作会议精神，着力稳定房地产市场。12月24日，市住房城乡建设委、市发展 改革委、人民银行北京市分行、北京住房公积金管理中心等4部门联合印发《关于进一步优化调整本市 房地产相关政策的通知》（以下简称《通知》），自2025年12月24日起施行。 《通知》明确，为更好满足居民刚性住房需求和多样化改善性住房需求，进一步优化调整住房限购政 策。一是放宽非京籍家庭购房条件。将非京籍家庭购买五环内商品住房的社保或个税缴纳年限，由现行 的"3年"调减为"2年"；购买五环外商品住房的，由现行的"2年"调减为"1年"。 《通知》还提出，为进一步优化营商环境，提升房地产投资效率，调整招拍挂拿地的房地产开发项目立 项方式，由市区分级核准调整为区级备案。 来源：北京日报客户端 记者：袁璐 《通知》明确，进一步优化个人住房信贷政策，银行业金融机构根据北京地区市场利率定价自律机制要 求和本机构经营状况、客户风险状况等因素，在利率定价机制安排方面不再区分首套住房和二套住房， 合理确定每笔商业性个人住房贷款的具体利率水平。关于住房贷款相关业务，可向经办银行具体咨询。 《通知》明确，加大公积金支持住房消费力度，调整二套住 ...

北京市贯彻落实中央经济工作会议精神，着力稳定房地产市场。12月24日，市住房城乡建设委、市发展 改革委、人民银行北京市分行、北京住房公积金管理中心等4部门联合印发《关于进一步优化调整本市房 地产相关政策的通知》（以下简称《通知》），自2025年12月24日起施行。 《通知》明确，为更好满足居民刚性住房需求和多样化改善性住房需求，进一步优化调整住房限购政 策。 一是放宽非京籍家庭购房条件。将非京籍家庭购买五环内商品住房的社保或个税缴纳年限，由现行 的"3年"调减为"2年"；购买五环外商品住房的，由现行的"2年"调减为"1年"。 二是支持多子女家庭住房需求。二孩及以上的多子女家庭，可在五环内多购买一套商品住房，即：京籍 多子女家庭，可在五环内购买3套商品住房；在京连续2年缴纳社保或个税的非京籍多子女家庭，可在五 环内购买2套商品住房。 《通知》还提出，为进一步优化营商环境，提升房地产投资效率，调整招拍挂拿地的房地产开发项目立 项方式，由市区分级核准调整为区级备案。 来源: 北京日报客户端 ⭐星标华尔街见闻，好内容不错过 ⭐ 本文不构成个人投资建议，不代表 平台 观点，市场有风险，投资需谨慎，请独立判断和决策。 觉 ...

Core Insights - The Shenzhen real estate market has shown significant growth in both new and second-hand housing transactions in 2025, with total transactions reaching 111,519 units from January to November, marking a 12% year-on-year increase and the highest level in five years [1][3] Group 1: Market Performance - New housing transactions in November reached 3,624 units, representing an 8.1% month-on-month increase, while second-hand housing transactions exceeded 5,000 units, indicating a steady recovery in market confidence and activity [1][3] - The continuous increase in transaction volume for second-hand homes has been observed for nine consecutive months, with November's volume rising to 5,762 units, suggesting a stabilization phase for the market [5] Group 2: Factors Influencing Market Growth - The increase in transaction volume is attributed to a combination of policy support, urban development benefits, and seasonal market dynamics. Recent policy adjustments, such as the relaxation of purchase restrictions, have lowered entry barriers for buyers [3] - The announcement of the 2026 APEC conference to be held in Shenzhen has boosted market confidence regarding the city's development potential and core asset values, particularly in high-demand areas like Shenzhen Bay and Houhai [3] - The traditional peak season for property transactions at the end of the year has also contributed to the uptick in activity, as buyers aim to finalize purchases before the year-end and developers offer incentives to boost sales [3] Group 3: Market Segmentation - The transaction volume is heavily concentrated in core districts such as Longgang, Futian, and Nanshan, which account for 92.3% of total transactions, while peripheral areas face pressure [7] - There is a notable demand pattern emerging, characterized by strong interest in both entry-level and luxury properties, with the Longgang Central City area leading in transaction volume for affordable housing, while high-end segments in Nanshan also show robust performance [7]

Core Viewpoint - Recent policies across various regions in China aim to stabilize the real estate market by addressing both supply and demand sides [1] Demand Side Summary - Optimization of housing provident fund policies is a key focus for many local real estate policies, with initiatives such as allowing fund withdrawals for property management fees and easing conditions for purchasing existing homes [2] - For instance, the Housing Provident Fund Management Committee in Taizhou announced that from 2025, contributors can withdraw funds to pay property management fees for their own homes [2] - Experts suggest that these measures lower the barriers to home buying and enhance buyers' payment capabilities, thereby stimulating market activity and improving supply-demand dynamics [2] Supply Side Summary - Local governments are actively promoting the acquisition of existing residential properties for use as affordable housing [3] - Hangzhou's Anju Group has initiated a public solicitation for suitable properties to increase acquisition efforts, with a focus on market-oriented and legal principles [3] - The acquisition of existing homes for affordable housing is expected to help reduce excess inventory in the market and stabilize new home prices [4] Market Dynamics and Future Outlook - The ongoing acquisition of existing homes is characterized by market-driven pricing, diverse uses, and refined standards, with purchase prices typically 30% to 50% lower than market rates [4] - As of now, Jingmen City has acquired 651 units for affordable housing, with additional properties being repurposed for market rental housing [4] - Experts predict that with the relaxation of housing provident fund policies and the implementation of affordable housing initiatives, the real estate market may establish a "market bottom" by the end of 2025, with a stable transaction environment in core cities and moderate inventory reduction in lower-tier cities [4][5] Policy Recommendations - Experts recommend further optimization of existing policies, such as allowing provident fund withdrawals for second-hand home purchases and expanding the variety of housing options available under housing vouchers [5] - There is a call for local governments to enhance the coverage of favorable policies to continuously tap into market demand [5]

Core Insights - The real estate market in Shanghai experienced a mixed performance during the National Day and Mid-Autumn Festival holidays, with new housing projects seeing increased visitor numbers and sales, while the second-hand housing market remained sluggish [2][9][12]. New Housing Market - During the holiday period from October 1 to October 8, several new housing projects launched promotional activities, leading to a notable increase in customer visits and sales [4][12]. - Poly Developments reported over 4,000 customer visits and a sales volume of 1.28 billion yuan across 11 projects during the holiday [4]. - The "Zhaoshang Shidai Chaopai" project successfully sold 16 units despite a lower than usual visitor count, averaging over 40 groups of customers daily [4][5]. Second-Hand Housing Market - The second-hand housing market in Shanghai saw a significant decline, with only 780 transactions recorded during the holiday, a drop of over 63% compared to the same period in 2024 [9][10]. - The average daily transaction volume was only 111 units, indicating a continued cautious sentiment among buyers [9][10]. - Year-to-date data shows that the second-hand housing market remains resilient, with a total of 191,000 transactions from January to September, reflecting a year-on-year increase of 17.6% [9][12]. Market Trends and Outlook - The new housing market is expected to maintain a cautious optimism for the fourth quarter, driven by the recent policy changes and an increase in new project supply [12][14]. - The "Hushi Liu Tiao" policy introduced in August has positively impacted the market, leading to a significant increase in new housing transactions in September [12][14]. - Analysts suggest that while the second-hand market is currently weak, the overall market is in a phase of stabilization, with expectations for potential interest rate cuts in the near future [14][15].

Core Viewpoint - The recent optimization of real estate policies in multiple cities aims to inject new vitality into the housing market, with expectations for accelerated implementation of existing policies and potential new measures in the fourth quarter [1] Group 1: Policy Changes - Approximately 200 provinces and cities are expected to introduce over 470 policies by the third quarter of 2025, with more than 120 policies introduced in the third quarter alone [1] - Most cities have fully lifted restrictive policies, indicating a significant shift towards a more open real estate market [1] Group 2: Focus Areas - Recent local policy optimizations primarily focus on stimulating demand and enhancing supply, including measures such as expanding the scope of housing fund withdrawals and increasing targeted home purchase subsidies [1]

Core Viewpoint - The probability of the Federal Reserve cutting interest rates in September 2025 is as high as 92%, which is causing global markets to react and creating anticipation among investors in China [1][3]. Group 1: Market Reactions - Following the Fed's previous rate cuts in 2016 and 2019, there was a significant increase in luxury home sales in China's first-tier cities, with a 32% month-on-month rise in 2016 and a 15% increase in high-end residential prices within three months in 2019 [3]. - The current expectation of a 25 basis point rate cut in September and a cumulative 50 basis point cut in October is leading to a reallocation of global capital, with emerging markets, particularly China, becoming attractive for international investors [3]. Group 2: Real Estate Market Dynamics - The average mortgage rate for first-time homebuyers in China has dropped to 3.45%, indicating potential for further reductions, which could stimulate demand in the housing market [5]. - The Fed's rate cut is expected to provide more room for China's central bank to adjust its monetary policy, with a projected reduction of 20-30 basis points in the Loan Prime Rate (LPR) [5]. - There has been a noticeable increase in inquiries for core location properties from foreign investors in major cities like Beijing and Shanghai [5]. Group 3: Investor Behavior and Policy Implications - High-net-worth individuals have begun to act on the anticipated benefits of the Fed's rate cut, with a 25% month-on-month increase in luxury home viewings in cities like Beijing and Shanghai since August [7]. - Over 100 cities in China have introduced policies to optimize the real estate market, with potential measures including lower down payment ratios and tax incentives [7]. - The upcoming months are expected to see a concentrated period of new policies aimed at stabilizing the real estate market [9]. Group 4: Market Outlook and Cautions - While the Fed's rate cut may lead to a reallocation of global capital and a potential 10-15% price increase in premium properties in first-tier cities, the overall market may not experience a broad-based rally due to existing inventory challenges [9][11]. - The primary issues in the real estate market are insufficient confidence and declining purchasing power, suggesting that reliance solely on monetary policy may not yield significant improvements [11]. - The government has shown a strong commitment to stabilizing the real estate market, but the success of this effort will depend on various factors, including economic fundamentals and income expectations [13].

Group 1 - The current real estate market is at a critical juncture, with mixed sentiments among potential buyers regarding whether to purchase or wait [1] - Major cities like Guangzhou, Beijing, Shanghai, and Shenzhen have optimized their housing policies, signaling a shift in the supply-demand relationship and potentially ending the era of restrictions [3][4] - The easing of purchasing restrictions is expected to boost confidence among buyers, particularly for first-time and upgrading homebuyers, as the market shows signs of recovery [4] Group 2 - Following policy adjustments, Beijing and Shanghai have seen a noticeable increase in transaction volumes, with Beijing recording 13,331 second-hand residential transactions in August, a 4.3% month-on-month increase [5] - Many cities have eliminated distinctions between first and second homes, further lowering the cost of purchasing, especially for upgrading buyers [7] - The competitive landscape among developers is intensifying, with a focus on improving property features to attract buyers, emphasizing the importance of evaluating properties based on their intrinsic value and location [7][9]