Core Insights - The new policy has significantly increased the number of visitors to new housing projects in Beijing, particularly in areas outside the Fifth Ring Road, indicating a potential sales peak in the market [1][9][10] - The policy allows families meeting certain criteria to purchase an unlimited number of properties outside the Fifth Ring Road, which is expected to stimulate demand [1][10] Market Response - Over the weekend following the policy announcement, one project reported over 50 units were reserved on the first day, with continued interest late into the night [2][4] - In a specific project in Tongzhou District, more than 70 groups visited on Sunday, showcasing a strong interest in new housing [3][6] Sales Dynamics - Sales consultants noted a clear increase in both visitor numbers and transaction volumes, with some projects experiencing up to 300 groups of visitors in a single day [7][9] - The average price for new homes in the area ranges from 6,000 to 6,300 yuan per square meter, with a significant portion of units already sold [6][10] Future Market Outlook - Analysts predict that the new policy will lead to a sales peak in the market, as the removal of purchase limits is likely to attract more buyers [9][10] - The policy is also expected to encourage developers to accelerate project construction and sales, while the second-hand housing market may see increased activity as well [9][10]

Core Viewpoint - The new policy has significantly stimulated the Beijing real estate market, particularly in the areas outside the Fifth Ring Road, leading to increased foot traffic and sales activity in new housing projects [1][7]. Group 1: Market Response - Over the weekend following the new policy announcement, there was a noticeable increase in the number of visitors to new housing projects, with one project recording over 50 units in reservations on the first day [1][2]. - In a specific project in Tongzhou District, more than 70 groups of potential buyers visited on Sunday, indicating strong interest [2][3]. - Sales consultants reported that the cancellation of purchase limits for second homes and an increase in the maximum loan amount for housing provident fund loans to 1 million yuan have motivated more buyers to visit and purchase homes [3][6]. Group 2: Sales Performance - The main project in the West area had 540 units available, with over 400 sold at an average price of 60,000 to 63,000 yuan per square meter, and a new batch of 44 units was launched on the first day of the policy [3][7]. - The overall increase in customer visits ranged from 40% to 200% compared to previous weekends, although the actual conversion to sales was primarily from previously interested buyers, with a total increase in reservations estimated at 20% to 30% [7][8]. Group 3: Future Market Outlook - Analysts predict that the new policy will lead to a sales peak in the new housing market outside the Fifth Ring Road, as the removal of purchase limits is expected to attract more eligible buyers [7][8]. - The policy is also seen as a positive signal for developers, encouraging them to accelerate project construction and sales, which may also enhance the activity in the second-hand housing market [7][8]. - The adjustment in housing policies is anticipated to support the balance between work and residence, providing new opportunities for families looking to upgrade their living conditions [8].

Core Viewpoint - Beijing's new policy aims to optimize and adjust real estate regulations, allowing eligible families to purchase an unlimited number of homes outside the Fifth Ring Road, while maintaining existing restrictions within the Fifth Ring Road [1][2]. Group 1: Policy Changes - Families with Beijing residency or non-residents who have paid social insurance or income tax for over 2 years can buy unlimited homes outside the Fifth Ring Road [1]. - The existing policy for purchasing homes within the Fifth Ring Road remains unchanged, with Beijing residents limited to 2 homes and non-residents with over 3 years of contributions limited to 1 home [1]. Group 2: Financial Support Adjustments - The maximum loan amount for second homes using housing provident fund loans has increased from 600,000 RMB to 1,000,000 RMB, with potential increases to 1,400,000 RMB under specific conditions [2]. - The minimum down payment for second home loans is now set at 30%, eliminating distinctions between areas inside and outside the Fifth Ring Road [2]. - The loan amount available per year of provident fund contribution has increased from 100,000 RMB to 150,000 RMB, facilitating easier access to loans for home purchases [2].

Core Viewpoint - The second-hand housing market in major cities continued to decline in July, with transaction volumes dropping further, reflecting a complex situation in the real estate market and raising concerns about the market trend for the second half of the year [1] Group 1: Market Performance - In July, the transaction volume of second-hand houses decreased by 4% year-on-year, a decline greater than the 3% drop in June [1] - In first-tier cities like Beijing and Shanghai, the decline in transaction volume is relatively mild due to the irreplaceable quality of educational resources and the value retention of properties in core locations [3] - In contrast, second-tier cities such as Zhengzhou and Wuhan experienced a more significant cooling in the second-hand housing market, with year-on-year declines ranging from 5% to 8% [3] - Third and fourth-tier cities faced even greater pressure, with some cities seeing declines exceeding 10% and an increasing inventory digestion cycle [3] Group 2: Factors Influencing the Market - The decline in the second-hand housing market is attributed to several factors, including policy influences, such as the central government's acknowledgment of significant changes in the real estate market supply-demand relationship [5] - Some cities tightened second-hand housing transaction tax policies in July, which has suppressed market sentiment [5] - A strong wait-and-see attitude among buyers is a key reason for the continued low transaction volume, influenced by employment pressures and income expectations [7] - The ongoing promotional policies in the new housing market have diverted some demand away from second-hand homes [7] Group 3: Market Dynamics - The number of second-hand housing listings in multiple cities has risen, with cities like Chongqing and Chengdu seeing increases of over 30% year-on-year [9] - The influx of second-hand housing listings has enhanced buyers' bargaining power, leading to price reductions by sellers [9] - In July, the average transaction price of second-hand homes decreased by 0.5% compared to June, with the decline expanding by 0.2% [9] Group 4: Future Outlook - Experts in the real estate industry believe that the market may gradually stabilize in August following the clarification of national policies at the end of July [11] - There are expectations for more cities to optimize purchase and sale restrictions and reduce transaction taxes, along with increased financial support from commercial banks for reasonable housing consumption [11] - However, restoring market confidence will take time, and transaction volumes may remain low in the short term [11] - Overall, the decline in transaction volume and prices in July reflects both short-term market pressures and long-term transformation characteristics of the real estate industry [13] - It is anticipated that the second-hand housing market may exhibit a "first decline, then rise" trend in the second half of the year as policy effects become evident and the market adjusts [13]

Core Insights - The total sales of the top 100 real estate companies in China for the first seven months of 2025 reached 20,730.1 billion yuan, representing a year-on-year decline of 13.3%, with the decline rate widening by 1.5 percentage points compared to the first half of the year [1] - In July alone, the sales of the top 100 real estate companies fell by 18.2% year-on-year, although companies like Jianfa, China Jinmao, and Binhai Group showed relatively strong sales performance [1] - The equity sales amount for the top 100 companies was 14,522.5 billion yuan, with an equity sales area of 7,451.8 million square meters [1] Sales Performance by Company Tier - The average sales amount for the top 10 companies was 1,010.3 billion yuan, down 13.6% year-on-year; for companies ranked 11-30, the average was 256.3 billion yuan, down 15.2%; for 31-50, it was 125.2 billion yuan, down 7.8%; and for 51-100, it was 60.0 billion yuan, down 13.5% [7] - A total of 62 listed real estate companies in Shanghai and Shenzhen released performance forecasts for the first half of 2025, with 39 companies expected to report losses or continued losses [11] Reasons for Poor Performance - The main reasons for the poor performance of listed real estate companies include a significant decline in the scale of project settlements, low gross profit margins due to sales strategies, project costs, and market conditions [11] - Increased asset impairment provisions due to heightened business risks, and some large asset transactions and equity transactions being priced below book value also contributed to the losses [11] Policy Environment - The Central Political Bureau meeting on July 30 acknowledged the achievements of the macro economy this year and emphasized the need for continuous and stable macro policies, with expectations for more policy support to stabilize the real estate market [14] - The focus on urban renewal as a key driver for high-quality urban development is expected to lead to the acceleration of supporting policies in the real estate sector [14] Market Trends - The transaction volume in key cities showed signs of weakness in July, with the second-hand housing market continuing to adopt a "price for volume" strategy [14] - The real estate market is still undergoing fluctuations and adjustments, with a continuation of city-specific trends, indicating structural opportunities in "good cities + good houses" [14]

Investment Rating - The report maintains a "Recommendation" rating for the real estate sector [2] Core Insights - The real estate index increased by 4.1% in the 30th week, ranking 7th among 31 primary industry sectors [8][10] - New housing and second-hand housing transactions showed a slight increase, with new housing transactions up by 16% week-on-week and second-hand housing transactions up by 2% [5][21] - The report emphasizes the importance of effective policies and fiscal measures to stabilize the market, particularly focusing on urban renewal and the adjustment of housing loan policies [13][28] Summary by Sections Industry Basic Data - Total number of stocks: 107 - Total market value: 1,205.52 billion - Circulating market value: 1,153.12 billion [2] Sales Performance - New housing transaction area in 20 cities was 1.57 million square meters, with a year-on-year decrease of 13% [18] - Second-hand housing transaction area in 11 cities was 1.87 million square meters, with a year-on-year decrease of 2% [21] Policy News - Chengdu announced measures to promote stable development in the real estate market, including the gradual lifting of housing sales restrictions and adjustments to housing provident fund loan rules [13][15] - Shanghai released new residential design standards to enhance safety, comfort, and sustainability [5][13] Investment Strategy - The report suggests focusing on companies with strong product moats and stable rental income from quality commercial real estate [28] - Key companies to watch include Greentown China, China Resources Land, Swire Properties, and Beike-W [28]

Core Viewpoint - Chengdu has launched a new real estate policy consisting of "17 measures" aimed at optimizing the housing market, which includes phased cancellation of housing sales restrictions and a reduction in the down payment ratio for second homes to 20% [1][5][10] Policy Details - The new policy allows for the phased cancellation of housing sales restrictions, enabling properties purchased before October 14, 2024, to be traded after obtaining the property certificate starting from July 21, 2024 [4][6] - The down payment ratio for second homes has been reduced from 30% to 20%, and the calculation method for housing fund loans has been optimized [5][6] - Additional measures include promoting direct subsidies for home purchases, enhancing the renovation of urban villages and old houses, and supporting the sale of non-residential parking spaces under certain conditions [6][10] Market Trends - Chengdu's new housing policy comes in response to a decline in housing prices, with new residential prices falling by 0.3% and second-hand housing prices decreasing by 0.4% in June [1][7] - The overall market scale in Chengdu has decreased, with residential supply dropping by 22% year-on-year in the first half of 2025 [7][8] - Despite the downturn, there are indications of resilience in the market, with some popular developments still performing well [9][10] Implications for Buyers and Market - The new measures are expected to lower transaction costs for buyers, expand their options, and address existing demand issues [10] - The policy is seen as a strategic adjustment to support the stable and healthy development of the real estate market in Chengdu [10]

加大公积金贷款支持力度 ●居民家庭购买第二套住房，个人公积金贷款最低首付比例由30%降至20% ●优化贷款额度计算公式，实施贷款额度与缴存余额挂钩机制，提高可贷额度 成都出台房产新政，将分批取消住房限售政策 7月21日，成都市住建局等6部门联合发布《关于促进房地产市场平稳健康发展若干措施的通知》， 推出17条具体措施，涉及提升供应质量、满足多样化需求、推进存量盘活、发挥住房公积金制度功效等 方面，自公布之日起施行。 ●自2025年7月21日起，2024年10月14日（含）前购买成都市范围内的商品住房，取得《不动产权 证书》后即可上市交易 新政明确分批取消住房限售政策。自2025年7月21日起，2024年10月14日（含）前购买成都市范围 内的商品住房，取得《不动产权证书》后即可上市交易；自2026年1月1日起，2024年10月14日（含）前 取得《不动产权证书》的、仍处于限售期的二手住房取消转让限制，更好支持居民换房需求。登记报名 人数在当期房源数3倍以上的热点楼盘、定向销售项目（含重大产业项目配套住房）、以人才名义获取 购房资格购得住房等有特殊限售要求的继续按原政策执行。 ●自2026年1月1日起，2024 ...

Core Viewpoint - Chengdu has announced a phased cancellation of housing sales restrictions, allowing properties purchased before October 14, 2024, to be traded after obtaining property certificates, which aims to stimulate the real estate market and enhance liquidity in the secondary housing market [1][2]. Group 1: Policy Changes - The Chengdu government has introduced 17 measures to promote stable and healthy development in the real estate market, focusing on improving supply quality and meeting diverse demands [1]. - The phased cancellation of housing sales restrictions is a significant highlight, allowing properties purchased before October 14, 2024, to be listed for sale after obtaining property certificates [1][2]. - From January 1, 2026, properties still under sales restrictions that were purchased before October 14, 2024, will have their transfer restrictions lifted, supporting residents' housing exchange needs [1]. Group 2: Market Implications - The cancellation of sales restrictions is expected to facilitate the secondary transaction process for certain real estate projects, thereby activating existing inventory and creating more purchasing demand in the market [2]. - The adjustment of sales restrictions is part of a broader trend among various cities to enhance the liquidity of second-hand housing, following the optimization of purchase and loan policies [2]. - The current market conditions, with a significant number of second-hand homes listed for sale, have led many cities to cautiously relax sales restrictions, with Chengdu being one of the cities implementing these changes [4].

通知明确，成都市将分批取消住房限售政策，自2025年7月21日起，2024年10月14日(含)前购买成都市 范围内的商品住房，取得《不动产权证书》后即可上市交易；自2026年1月1日起，2024年10月14日(含) 前取得《不动产权证书》的、仍处于限售期的二手住房取消转让限制，更好支持居民换房需求。同时， 登记报名人数在当期房源数3倍以上的热点楼盘、定向销售项目(含重大产业项目配套住房)、以人才名 义获取购房资格购得住房等有特殊限售要求的继续按原政策执行。 在更好发挥住房公积金制度功效方面，通知明确，成都市将切实提高可贷额度，居民家庭购买第二套住 房的，个人住房公积金贷款最低首付款比例由30%调整为20%。扩大住房公积金使用范围，将住宅小区 老旧电梯更新纳入住房公积金提取范围，个人支付部分可据实提取。同时，加大灵活就业人员参加住房 公积金制度支持力度，灵活就业人员参加住房公积金制度年龄上限调整为不超过法定退休年龄，申请住 房公积金贷款的，缴存最短时长由12个月调整为6个月，申请住房公积金提取且无住房公积金贷款余额 的，不受缴存资金存储时间限制，可自由提取。 成都市住房和城乡建设局等6部门21日发布关于促进房地 ...