Core Insights - The real estate market in China is stabilizing with a dominant trend in second-hand housing transactions, driven by various policy adjustments and incentives [1][2][3] Policy Adjustments - Various cities have implemented measures such as home purchase subsidies and optimized housing credit policies to support housing demand [2] - Over 60 cities have introduced policies aimed at supporting rigid and improved housing needs, including "old-for-new" exchange policies [2] - The national housing fund policies have been adjusted in major cities like Beijing, Shanghai, and Shenzhen to facilitate home purchases [2] Market Performance - From January to October, the net signed area for second-hand housing transactions increased by 4.7% year-on-year, with second-hand homes accounting for 44.8% of total transactions [1] - The total sales area and sales volume of new residential properties have shown a narrowing decline compared to the previous year, indicating a gradual recovery [2] - The inventory of unsold commercial housing has decreased for eight consecutive months, reflecting steady progress in destocking [2] City-Level Insights - Cities such as Shenzhen, Wuhan, and Xiamen have reported year-on-year growth in both new and second-hand housing transactions [3] - Cities with over 10% year-on-year growth in second-hand housing transaction area include Shanghai, Shenzhen, and Chongqing [3] Market Transition - The real estate market is transitioning from a focus on new housing to a dominance of second-hand housing transactions, reflecting a shift in urbanization and housing demand [3] - The emphasis on the living attributes of homes is becoming increasingly important, particularly for younger and migrant populations [3]

Core Viewpoint - The Chinese real estate market is stabilizing with a dominant share of second-hand housing transactions, driven by various policy adjustments and incentives aimed at supporting housing demand [1][2]. Group 1: Policy Adjustments - Various cities have implemented measures such as home purchase subsidies and optimized housing credit policies to stimulate the market [2]. - Over 60 cities have introduced policies to support rigid and improved housing demand, including "old-for-new" schemes [2]. - The Housing and Urban-Rural Development Ministry reported a 4.7% year-on-year increase in second-hand housing transaction area from January to October [1]. Group 2: Market Trends - The proportion of second-hand housing transactions is gradually increasing, with second-hand homes becoming the norm in the market [1][3]. - From January to October, the total transaction volume of new and second-hand homes remained stable, indicating effective policy measures [2]. - The sales area and sales volume of new homes have seen a reduction in year-on-year decline, with the drop narrowing by 9% and 11.3% respectively compared to the previous year [2]. Group 3: City Performance - Cities such as Shenzhen, Wuhan, and Xiamen have reported year-on-year growth in new and second-hand home transactions [3]. - Second-hand housing transactions in cities like Shanghai and Shenzhen have increased by over 10% year-on-year [3]. - The shift towards second-hand housing is attributed to urbanization transitioning from rapid growth to stable development, emphasizing the importance of housing's living attributes [3].