Core Insights - The core viewpoint of the article indicates that in July 2025, the sales prices of commercial residential properties in 70 large and medium-sized cities in China experienced a month-on-month decline, but the year-on-year decline has narrowed overall [1]. Price Changes Overview - In July 2025, the sales prices of new commercial residential properties in first-tier cities decreased by 0.2% month-on-month, with the decline narrowing by 0.1 percentage points compared to the previous month [6]. - The sales prices of new commercial residential properties in second-tier cities fell by 0.4% month-on-month, with the decline expanding by 0.2 percentage points [6]. - The sales prices of new commercial residential properties in third-tier cities decreased by 0.3% month-on-month, with the decline remaining the same as the previous month [6]. Year-on-Year Price Changes - In July 2025, the year-on-year sales prices of new commercial residential properties in first-tier cities dropped by 1.1%, with the decline narrowing by 0.3 percentage points compared to the previous month [7]. - The year-on-year sales prices in second-tier and third-tier cities decreased by 2.8% and 4.2%, respectively, with declines narrowing by 0.2 and 0.4 percentage points [7]. - Among the 70 large and medium-sized cities, five cities saw year-on-year increases in new commercial residential property prices, an increase of two cities compared to the previous month [7]. Second-Hand Residential Prices - In July 2025, the month-on-month sales prices of second-hand residential properties in first-tier cities fell by 1.0%, with the decline expanding by 0.3 percentage points compared to the previous month [6]. - The year-on-year sales prices of second-hand residential properties in first-tier cities decreased by 3.4%, with the decline expanding by 0.4 percentage points [7]. - The year-on-year sales prices in second-tier and third-tier cities for second-hand residential properties fell by 5.6% and 6.4%, respectively, with declines narrowing by 0.2 and 0.3 percentage points [7].

Core Viewpoint - The data released by the National Bureau of Statistics indicates a decline in the sales prices of commercial residential properties in 70 large and medium-sized cities in July 2025, with a narrowing of the year-on-year decline overall [1]. Group 1: Price Changes in First-Tier Cities - In July 2025, the sales price of newly built commercial residential properties in first-tier cities decreased by 0.2% month-on-month, a reduction of 0.1 percentage points compared to the previous month [1]. - The year-on-year decline for newly built commercial residential properties in first-tier cities was 1.1%, with a narrowing of 0.3 percentage points from the previous month [1]. - The sales price of second-hand residential properties in first-tier cities fell by 1.0% month-on-month, with an increase in the decline of 0.3 percentage points compared to the previous month [1]. - The year-on-year decline for second-hand residential properties in first-tier cities was 3.4%, with an increase in the decline of 0.4 percentage points from the previous month [1]. Group 2: Price Index Data for Various Cities - The price index for newly built commercial residential properties in Beijing was 100.0 month-on-month and 95.1 year-on-year [2]. - In Shanghai, the price index for newly built commercial residential properties was 99.3 month-on-month and 97.5 year-on-year [2]. - The price index for second-hand residential properties in Beijing was 98.9 month-on-month and 97.1 year-on-year [4]. - In Guangzhou, the price index for second-hand residential properties was 99.0 month-on-month and 90.8 year-on-year [4]. Group 3: Price Changes by Property Size - For newly built commercial residential properties, the price index for properties 90m² and below in Beijing was 99.8 month-on-month and 96.7 year-on-year [5]. - The price index for properties between 90-144m² in Shanghai was 99.8 month-on-month and 98.3 year-on-year [5]. - For properties larger than 144m² in Beijing, the price index was 100.2 month-on-month and 96.5 year-on-year [5].

二、各线城市商品住宅销售价格同比降幅整体有所收窄 7月份，一线城市新建商品住宅销售价格环比下降0.2%，降幅比上月收窄0.1个百分点；一线城市二手住宅销售价格环比下降1.0%，降幅比上月扩大0.3个百 分点。 8月15日，据国家统计局网站，国家统计局城市司首席统计师王中华解读2025年7月份商品住宅销售价格变动情况统计数据。2025年7月份，70个大中城市 中，各线城市商品住宅销售价格环比下降，同比降幅整体有所收窄。 一、各线城市商品住宅销售价格环比下降 7月份，一线城市新建商品住宅销售价格环比下降0.2%，降幅比上月收窄0.1个百分点。其中，北京持平，上海上涨0.3%，广州和深圳分别下降0.3%和 0.6%。二线城市新建商品住宅销售价格环比下降0.4%，降幅扩大0.2个百分点。三线城市新建商品住宅销售价格环比下降0.3%，降幅与上月相同。 7月份，一线城市二手住宅销售价格环比下降1.0%，降幅比上月扩大0.3个百分点。其中，北京、上海、广州和深圳分别下降1.1%、0.9%、1.0%和0.9%。 二、三线城市二手住宅销售价格环比均下降0.5%，降幅均收窄0.1个百分点。 7月份，一线城市新建商品住宅销售价格同 ...

Core Insights - In July 2025, the sales prices of new residential properties in major cities showed a month-on-month decline, with a year-on-year decrease overall narrowing [1] - First-tier cities experienced a year-on-year price drop of 1.1% for new residential properties, a reduction of 0.3 percentage points compared to the previous month [1] - Among first-tier cities, Shanghai saw a price increase of 6.1%, while Beijing, Guangzhou, and Shenzhen experienced declines of 3.6%, 4.6%, and 2.2% respectively [1] - Second and third-tier cities recorded year-on-year price declines of 2.8% and 4.2% for new residential properties, with reductions in decline of 0.2 and 0.4 percentage points respectively [1] - In July, the year-on-year price drop for second-hand residential properties in first-tier cities was 3.4%, with the decline expanding by 0.4 percentage points from the previous month [1] - The year-on-year price changes for second-hand properties in Beijing, Shanghai, Guangzhou, and Shenzhen were declines of 2.9%, 2.2%, 6.0%, and 2.5% respectively [1] - Second and third-tier cities saw year-on-year price declines of 5.6% and 6.4% for second-hand residential properties, with declines narrowing by 0.2 and 0.3 percentage points respectively [1]

Core Viewpoint - In July, the year-on-year decline in commodity residential sales prices across various cities has shown a narrowing trend [1] Summary by Relevant Categories - **Market Performance** - The overall decline in commodity residential sales prices has decreased compared to previous months, indicating a potential stabilization in the housing market [1]

Group 1: Housing Fund Policy - Beijing Housing Fund Management Center has announced an expansion of the pilot program for direct payment of housing rent using housing provident fund, aiming to better meet the rental housing consumption needs of contributors [1] - The number of pilot housing rental institutions has increased from 3 to 4, with the addition of Beijing Ziroom Housing Rental Co., Ltd. [1] - The pilot scope for two commercial housing rental partners has been expanded to the entire city, and the number of public rental housing pilot projects has increased to 3 [1] Group 2: Real Estate Market Trends - In June, new home prices in first-tier cities decreased by 1.4% year-on-year, with the decline narrowing by 0.3 percentage points compared to the previous month [2] - Shanghai experienced a price increase of 6%, while Beijing, Guangzhou, and Shenzhen saw declines of 4.1%, 5.1%, and 2.5% respectively [2] - Second and third-tier cities also saw year-on-year price declines of 3% and 4.6%, with reductions narrowing by 0.5 and 0.3 percentage points respectively [2] Group 3: Company Sales Performance - China Resources Land reported a total contract sales amount of approximately 23.45 billion yuan in June, with a year-on-year decrease of 26.7% [3] - Longfor Group disclosed a total contract sales amount of 4.64 billion yuan in June, with a contract sales area of 394,000 square meters [4] Group 4: Debt Restructuring - CIFI Group's three domestic bond restructuring proposals have been approved, with a total outstanding scale of approximately 3.09 billion yuan [5] - The bondholder meetings for the restructuring were held online, with approval rates of 69.92%, 65.78%, and 85.73% for the respective bonds [5]

Core Viewpoint - The real estate market in China is experiencing a decline in new and second-hand residential property prices across various cities, with the rate of decline showing signs of narrowing in some areas [1][4][9]. New Residential Property Prices - In June 2025, new residential property prices in 70 large and medium-sized cities decreased month-on-month, with Jinan and Jining showing a narrowing decline of 0.2 percentage points compared to May [4][8]. - The month-on-month price changes for new residential properties in specific cities are as follows: Jinan decreased by 0.1%, Qingdao by 0.2%, Yantai by 0.8%, and Jining by 0.2% [1][4]. - Year-on-year, Jinan's new residential prices fell by 4.2%, Qingdao by 2.1%, Yantai by 4.6%, and Jining by 4% [4][9]. Second-hand Residential Property Prices - The second-hand residential property prices in June 2025 also saw a month-on-month decline, with Jinan down by 0.5%, Qingdao by 0.5%, Yantai by 0.6%, and Jining by 1% [5][9]. - Compared to May, the month-on-month decline in second-hand prices for Yantai narrowed by 0.1 percentage points, while Jinan, Qingdao, and Jining experienced an increase in their decline rates [5][9]. Overall Market Trends - The overall trend indicates that first-tier cities experienced a month-on-month decline of 0.3% in new residential property prices, with Shanghai seeing a slight increase of 0.4% while Beijing, Guangzhou, and Shenzhen recorded declines [8][9]. - Year-on-year, first-tier cities' new residential property prices decreased by 1.4%, with Shanghai showing a significant increase of 6.0% [9].

Group 1 - In June 2025, the sales prices of new residential properties in first-tier cities decreased by 0.3% month-on-month, with Shanghai increasing by 0.4% while Beijing, Guangzhou, and Shenzhen saw declines of 0.3%, 0.5%, and 0.6% respectively [3] - The sales prices of second-hand residential properties in first-tier cities fell by 0.7% month-on-month, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing declines of 1.0%, 0.7%, 0.7%, and 0.5% respectively [3] Group 2 - Year-on-year, the sales prices of new residential properties in first-tier cities decreased by 1.4%, a reduction of 0.3 percentage points compared to the previous month, with Shanghai increasing by 6.0% and declines in Beijing, Guangzhou, and Shenzhen of 4.1%, 5.1%, and 2.5% respectively [4] - The year-on-year sales prices of second-hand residential properties in first-tier cities decreased by 3.0%, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing declines of 1.8%, 1.3%, 5.9%, and 2.8% respectively [4]

| 城市 | 环比 | 同比 上年同月 | 1-6月平均 上年同期 | 城市 | | 环比 | 同比 上年同月 | 1-6月平均 上年同期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 上月=100 | | | | | 上月=100 | | | | | | =100 | =100 | | | | =100 | =100 | | 北京 | 99.7 | 95.9 | 94.9 | 唐山 | | 99.3 | 92.9 | 92.6 | | 天津 | 99.8 | 98.2 | 97.9 | 秦 皇 | 岛 | 99.4 | 94.2 | 93.3 | | 石 家 庄 | 99.8 | 96.9 | 96.4 | 包头 | | 99.5 | 94.1 | 93.6 | | 太原 | 100.1 | 101.3 | 101.1 | 丹东 | | 100.1 | 95.5 | 94.3 | | 呼和浩特 | 99.9 | 94.6 | 94.1 | 锦州 | | 99.8 | 96.0 | 95.5 | | 沈阳 | 100.1 | 99. ...

Group 1 - The core viewpoint of the article indicates that in May 2025, the sales prices of commercial residential properties in 70 large and medium-sized cities in China showed a month-on-month decline, while the year-on-year decline continued to narrow [1][4]. Group 2 - In May, the sales prices of new commercial residential properties in first-tier cities decreased by 0.2% month-on-month, with Shanghai increasing by 0.7% and Beijing, Guangzhou, and Shenzhen decreasing by 0.4%, 0.8%, and 0.4% respectively [2]. - The sales prices of second-hand residential properties in first-tier cities fell by 0.7% month-on-month, with the decline expanding by 0.5 percentage points compared to the previous month [3]. Group 3 - Year-on-year, the sales prices of new commercial residential properties in first-tier cities decreased by 1.7%, narrowing the decline by 0.4 percentage points from the previous month. Shanghai saw an increase of 5.9%, while Beijing, Guangzhou, and Shenzhen experienced declines of 4.3%, 5.8%, and 2.6% respectively [4]. - The year-on-year decline in second-hand residential property prices in first-tier cities was 2.7%, which is a narrowing of 0.5 percentage points from the previous month [4].