Core Insights - The new residential property sales price index for 70 major cities in August 2025 shows a slight decline in prices compared to the previous month, with an average index of 99.6, indicating a 0.4% decrease month-on-month [1] - Year-on-year comparisons reveal a more significant decline, with many cities experiencing a drop in prices compared to the same month last year, reflecting ongoing challenges in the real estate market [1][2] - The second-hand residential property sales price index also reflects a similar trend, with an average index of 99.4, indicating a 0.6% decrease month-on-month and a year-on-year decline in several cities [2] New Residential Property Sales Price Index - Beijing's new residential property price index stands at 99.6, down 3.4% year-on-year [1] - Cities like Shanghai and Hangzhou show a more stable performance with indices of 100.4 and 100.4 respectively, indicating slight increases compared to the previous month [1] - The average index for the first eight months of the year is 99.6, suggesting a consistent downward trend in new residential property prices across major cities [1] Second-hand Residential Property Sales Price Index - The second-hand residential property price index for Beijing is reported at 98.8, reflecting a 1.2% decrease month-on-month and a 2.3% decrease year-on-year [2] - Other cities such as Tianjin and Shijiazhuang also show declines, with indices of 99.6 and 99.4 respectively, indicating a broader trend of decreasing second-hand property prices [2] - The average index for the first eight months of the year is 99.4, further confirming the downward trajectory in the second-hand property market [2] Price Classification Index for New Residential Properties - The classification index for new residential properties shows that properties under 90m² have an average index of 99.5, while those above 144m² have a slightly higher index of 100.0, indicating varied performance based on property size [4] - The average index for properties between 90m² and 144m² is reported at 99.6, suggesting a moderate decline in this segment as well [4] Price Classification Index for Second-hand Residential Properties - The classification index for second-hand residential properties indicates that properties under 90m² have an average index of 99.1, while those above 144m² have an index of 99.8, showing a relatively stable performance in larger properties [9] - The average index for properties between 90m² and 144m² is 99.4, reflecting a slight decrease in this category as well [9]

智通财经APP获悉，9月15日，国家统计局城市司首席统计师王中华解读2025年8月份商品住宅销售价格 变动情况统计数据。8月份，一线城市新建商品住宅销售价格环比下降0.1%，降幅比上月收窄0.1个百分 点。其中，上海上涨0.4%，北京、广州和深圳分别下降0.4%、0.2%和0.4%。二线城市新建商品住宅销 售价格环比下降0.3%，降幅收窄0.1个百分点。三线城市新建商品住宅销售价格环比下降0.4%，降幅扩 大0.1个百分点。 8月份，一线城市二手住宅销售价格环比下降1.0%，降幅与上月相同。其中，北京、上海、广州和深圳 分别下降1.2%、1.0%、0.9%和0.8%。二线城市二手住宅销售价格环比下降0.6%，降幅扩大0.1个百分 点。三线城市二手住宅销售价格环比下降0.5%，降幅与上月相同。2025年8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，同比降幅总体继续收窄。 原文如下： 8月份，一线城市新建商品住宅销售价格同比下降0.9%，降幅比上月收窄0.2个百分点。其中，上海上涨 5.9%，北京、广州和深圳分别下降3.5%、4.3%和1.7%。二、三线城市新建商品住宅销售价格同比分别 下降2.4 ...

（文章来源：国家统计局） 国家统计局发布数据显示，8月份，一线城市新建商品住宅销售价格同比下降0.9%，降幅比上月收窄0.2 个百分点。其中，上海上涨5.9%，北京、广州和深圳分别下降3.5%、4.3%和1.7%。二、三线城市新建 商品住宅销售价格同比分别下降2.4%和3.7%，降幅分别收窄0.4个和0.5个百分点。8月份，一线城市二 手住宅销售价格同比下降3.5%，降幅比上月扩大0.1个百分点。其中，北京、上海、广州和深圳分别下 降3.1%、2.6%、6.2%和1.9%。二、三线城市二手住宅销售价格同比分别下降5.2%和6.0%，降幅均收窄 0.4个百分点。 ...

各线城市商品住宅销售价格同比降幅总体继续收窄 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

表 1：2025 年 8 月70个大中城市新建商品住宅销售价格指数 | 城市 | 环比 | | | | --- | --- | --- | --- | | 同比 | 1-8月平均 | | | | 城市 | 环比 | | | | 同比 | 1-8月平均 | | | | 上月=100 | 上年同月=100 | | | | 上年同期=100 | 上月=100 | | | | 上年同月=100 | 上年同期=100 | | | | 北京 | 99.6 | | | | 96.5 | 95.3 | | | | 唐山 | 99.4 | | | | 93.8 | 92.9 | | | | 天津 | 99.5 | | | | 98.2 | 97.9 | | | | 秦 | 皇 | 岛 | 99.6 | | 94.7 | 93.6 | | | | 石 | 家 | 庄 | 99.5 | | 96.7 | 96.5 | | | | 包头 | 99.1 | | | | 94.2 | 93.8 | | | | 太原 | 99.7 | | | | 101.0 | 101.1 | | | | 丹东 | 99.6 | | | | 95.7 | ...

Group 1 - In July 2025, the sales prices of commercial residential properties in 70 large and medium-sized cities showed a month-on-month decline, with a narrowing year-on-year decline overall [1][2][3] - In first-tier cities, new commercial residential property prices decreased by 0.2% month-on-month, with Beijing remaining flat, Shanghai increasing by 0.3%, and Guangzhou and Shenzhen decreasing by 0.3% and 0.6% respectively [2] - Second-tier cities saw a month-on-month decline of 0.4% in new commercial residential property prices, while third-tier cities experienced a decline of 0.3% [2] Group 2 - Year-on-year, first-tier cities' new commercial residential property prices fell by 1.1%, with Shanghai increasing by 6.1% and Beijing, Guangzhou, and Shenzhen decreasing by 3.6%, 4.6%, and 2.2% respectively [3] - The year-on-year decline in second-tier and third-tier cities' new commercial residential property prices was 2.8% and 4.2%, respectively, with declines narrowing by 0.2 and 0.4 percentage points [3] - In July, the year-on-year decline in second-hand residential property prices in first-tier cities was 3.4%, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing declines of 2.9%, 2.2%, 6.0%, and 2.5% respectively [3]

Group 1: Real Estate Market Trends - In July, new residential property prices in first-tier cities decreased by 1.1% year-on-year, with the decline narrowing by 0.3 percentage points compared to the previous month [1] - Second and third-tier cities saw new residential property prices drop by 2.8% and 4.2% year-on-year, with declines narrowing by 0.2 and 0.4 percentage points respectively [1] Group 2: Policy Adjustments in Hainan - Hainan's government encourages cities with high inventory of commercial housing to prioritize "purchase instead of construction" methods for housing arrangements [2] - The government aims to support the revitalization of existing real estate through increased policy tools such as special bonds and public fund returns [2] - Policies regarding the conversion of commercial land and office properties into residential housing have been clarified to enhance awareness [2] Group 3: Company Financials - Vanke's subsidiary Dongguan Wanwei Supply Chain Co., Ltd. applied for a loan of 95.5 million yuan, secured by a pledge of 100% equity from another subsidiary [3] - R&F Properties reported sales of 1.03 billion yuan in July, with a sales area of approximately 84,800 square meters [4] - Huafa Co., Ltd. reported a net profit attributable to shareholders of 172 million yuan for the first half of 2025, a decrease of 86.41% compared to the same period last year [5]

Core Viewpoint - In July 2025, the sales prices of commercial residential properties in major cities showed a month-on-month decline, but the year-on-year decline narrowed overall [1]. Group 1: Month-on-Month Price Changes - In July, the sales prices of new commercial residential properties in first-tier cities decreased by 0.2%, with the decline narrowing by 0.1 percentage points compared to the previous month [2]. - Second-tier cities saw a month-on-month decline of 0.4%, with the decline expanding by 0.2 percentage points [2]. - Third-tier cities experienced a month-on-month decline of 0.3%, with the decline remaining the same as the previous month [2]. - The sales prices of second-hand residential properties in first-tier cities decreased by 1.0%, with the decline expanding by 0.3 percentage points [2]. - Second and third-tier cities' second-hand residential prices both decreased by 0.5%, with the decline narrowing by 0.1 percentage points [2]. Group 2: Year-on-Year Price Changes - In July, the year-on-year sales prices of new commercial residential properties in first-tier cities decreased by 1.1%, with the decline narrowing by 0.3 percentage points compared to the previous month [3]. - Shanghai saw an increase of 6.1%, while Beijing, Guangzhou, and Shenzhen experienced declines of 3.6%, 4.6%, and 2.2% respectively [3]. - Second-tier cities' new commercial residential prices decreased by 2.8%, and third-tier cities saw a decline of 4.2%, with both declines narrowing by 0.2 and 0.4 percentage points respectively [3]. - 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 [3]. - Second and third-tier cities' second-hand residential prices decreased by 5.6% and 6.4% respectively, with declines narrowing by 0.2 and 0.3 percentage points [3].

Core Insights - The July 2025 residential property sales price data shows a decline in prices across various city tiers, with a narrowing of the year-on-year decline in some areas [1][2] Group 1: Month-on-Month Changes - In July, the new residential property prices in first-tier cities decreased by 0.2% month-on-month, with a smaller decline compared to the previous month [1] - Beijing's prices remained stable, while Shanghai saw a 0.3% increase; Guangzhou and Shenzhen experienced declines of 0.3% and 0.6%, respectively [1] - Second-tier cities saw a 0.4% month-on-month decline, which is an increase in the rate of decline by 0.2 percentage points [1] - Third-tier cities also experienced a 0.3% month-on-month decline, with the rate of decline remaining unchanged from the previous month [1] Group 2: Year-on-Year Changes - Year-on-year, first-tier cities' new residential property prices fell by 1.1%, but the decline rate narrowed by 0.3 percentage points compared to the previous month [2] - Shanghai's prices increased by 6.1%, while Beijing, Guangzhou, and Shenzhen saw declines of 3.6%, 4.6%, and 2.2%, respectively [2] - Second-tier cities experienced a year-on-year decline of 2.8%, and third-tier cities saw a 4.2% decline, with both categories showing a narrowing of the decline rates [2] - In the second-hand housing market, first-tier cities' prices fell by 3.4% year-on-year, with the decline rate widening by 0.4 percentage points [2] - The year-on-year declines for second-hand housing in second and third-tier cities were 5.6% and 6.4%, respectively, with both showing a narrowing of the decline rates [2]

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].