Core Viewpoint - The luxury real estate market in Shanghai is experiencing a cooling trend, with a significant slowdown in sales and changing consumer behavior due to various factors including demand exhaustion, increased supply, and a shift in investment focus towards the stock market [3][5][9]. Group 1: Market Performance - The luxury project Feiyun Yufu launched 32 units at a starting price of 17.27 million, with an average price exceeding 110,000 per square meter, but only half of the units were sold in the latest release [1]. - Another luxury project, Jinmao Puyuan, had a subscription rate of approximately 102% for its second batch, with over 80 units sold, contrasting with its first batch that sold out in 26 minutes [3]. - Many luxury projects in Shanghai are seeing sales rates below 100%, with some popular developments achieving a maximum sales rate of around 80% and a minimum of 50% [5]. Group 2: Supply and Demand Dynamics - The luxury market is facing a supply influx, with numerous projects being launched simultaneously, leading to a broader selection for buyers and extended decision-making periods [3][5]. - The high transaction volume in the previous year has led to demand exhaustion, reducing current market momentum [3][5]. - The shift of high-net-worth individuals' investment from real estate to the stock market is contributing to the observed market slowdown [3][5]. Group 3: Competitive Landscape - State-owned enterprises are increasingly dominating the luxury market in Shanghai, with 80% of land transactions in 2025 being acquired by these entities [5][7]. - The competitive strategies among luxury developers are intensifying, with price wars emerging as companies like Jinmao and China Resources engage in competitive pricing to attract buyers [9][11]. - The focus on product differentiation is becoming crucial, as buyers are now more concerned with the actual presentation of properties, leading to increased investment in product quality by developers [13][15]. Group 4: Consumer Behavior - The luxury buyer demographic is exhibiting a trend towards slower decision-making, influenced by the variety of options available and the current market conditions [9][16]. - The presence of ample second-hand housing options is affecting the purchasing decisions of potential buyers, leading to a cautious approach in the luxury segment [16]. - The market for suburban new developments remains robust, indicating that demand for well-positioned properties still exists despite the overall slowdown in the luxury segment [16].

（原标题：32套大户型只卖了一半？上海豪宅市场消失的"日光盘"） 21世纪经济报道记者唐韶葵 10月28日上午，位于上海浦东新区的豪宅项目翡云悦府加推32套170平方米四房户型，起步价1727万、均价突破11万/平方米。 这个由华润置地、中能建、越秀地产三家联手打造的"红盘"，此前屡次开盘屡次售罄，但在10月底仅有的这次少量推盘中，房源仅售出半数。 10月29日，上海另一个豪宅项目金茂璞元二批次开售，共推出111套房源。据公开信息，该项目认购期间收到113组有效意向认购，认购率达约 102%。截至发稿，据现场销售透露，项目已售出80多套。此前的8月24日，金茂璞元首批次曾以26分钟售罄的纪录引发市场关注。 21世纪经济报道记者近日走访了上海多个豪宅项目，发现近期上海内环、中环多个豪宅推出最新批次的总价约在2000万元左右的房源，销售去化 速度明显放缓。 "日光"行情难以为继的背后，是豪宅集中上市、产品力爆发之下的消费者趋势变化。 同策研究院联席院长宋红卫指出，近期上海豪宅市场呈现降温趋势，核心因素在于三方面。首先是需求端透支。去年上海豪宅成交量创下新高， 提前释放了大量潜在需求，导致当前市场需求动力减弱。其次 ...