Group 1 - The second-hand housing market in Shenyang has shown a significant recovery in 2026, with all administrative districts experiencing a year-on-year increase in transaction activity, indicating a "full-line rise" trend [1] - The market recovery is not an isolated phenomenon but is based on widespread confidence restoration across various regions, with different sectors leveraging their unique advantages to create a "healthy pattern" of overall upward movement [2] - The transaction structure reveals a rational choice in area selection, with the combined share of properties between 50㎡ and 120㎡ significantly exceeding other size segments, driven by "first-time buyers" and "upgrading families" [2] Group 2 - While the majority of transactions are concentrated below 1.2 million yuan, it is noteworthy that transactions above this threshold still represent a significant portion, indicating a stable market environment where some improvement-driven demand is being steadily released [4] - The steady upward trend in prices conveys a positive signal about the market's health [5] - Recommendations for potential buyers include focusing on mid-to-low-priced properties, exploring older neighborhoods for value, and taking advantage of the current market conditions for negotiation [7]

Core Viewpoint - The real estate market in China is experiencing a downturn, with significant declines in both new housing sales and investment, but there are signs of stabilization in the second-hand housing market, suggesting a potential recovery in 2026 [3][4][5]. Sales Data - In 2025, the sales area of new commercial housing was 88,101 million square meters, a year-on-year decrease of 8.7% - The sales revenue of commercial housing was 83,937 billion yuan, down 12.6% from the previous year [3]. Investment Data - The funds received by real estate development enterprises amounted to 93,117 billion yuan, a decline of 13.4% year-on-year, with personal mortgage loans decreasing by 17.8% [3]. Market Trends - The second-hand housing market is showing a notable recovery, with a 9% week-on-week increase in transaction volume in key cities during the third week of 2026 [4]. - The price of new homes showed signs of stabilization, with six cities reporting a month-on-month increase in December 2025 [5]. Policy Changes - New policies introduced in December 2025 aimed to optimize real estate regulations, including relaxed purchasing conditions for non-local families and support for multi-child households [6]. - The reduction of the real estate value-added tax is expected to lower transaction costs by 3%-5%, enhancing the liquidity of second-hand homes [7]. Future Predictions - The real estate market is expected to see continued policy easing in 2026, with potential subsidies and incentives for home purchases in cities with high inventory [8]. - The decline in housing prices is anticipated to slow down, with core cities likely to stabilize first due to population inflow and resource advantages [9].

Core Viewpoint - The Beijing second-hand housing market is showing signs of recovery despite a decline in transaction volume in January 2026, with a total of 15,082 units signed, indicating a potential upward trend in the market [1] Group 1: Market Performance - In January 2026, the net signing volume of second-hand residential properties in Beijing was 15,082 units, reflecting a decline both year-on-year and month-on-month [1] - The January figure represents a drop of over 12% compared to December 2025, which had a signing volume of 17,200 units [1] - The decline in January is attributed to seasonal factors, including the traditional Spring Festival holiday and the end-of-year rush effect leading to temporary over-exhaustion [1] Group 2: Market Trends - Since November 2025, the Beijing second-hand housing market has maintained a relatively high transaction volume for three consecutive months [1] - The market remains active in early 2026, with transaction volumes showing a continuous increase over the past two weeks [1] - The recent recovery in transaction volume is believed to be influenced by policy measures and a "self-repair" characteristic in pricing, as evidenced by a significant reduction in the number of listings [1] Group 3: Listing Data - The number of second-hand housing listings in Beijing has decreased significantly, currently around 144,000 units, which is over 20,000 units lower than previous market peaks [1]

Core Insights - The second-hand housing market in certain cities has shown signs of recovery since the beginning of the year, with significant declines in the number of listings, particularly in Shanghai, where listings have dropped by over 20% from peak levels. Additionally, transaction volumes and prices have improved, with a more than 20% year-on-year increase in real-time transaction volumes across 26 cities compared to December of the previous year [1][5]. Group 1: Supply and Demand Dynamics - The improvement in the second-hand housing market is attributed to simultaneous catalysts on both the supply and demand sides before the Spring Festival. On the supply side, the decline in listings is partly seasonal, as sellers typically withdraw listings before the holiday, and also due to a rapid decline in prices in the latter half of the previous year, prompting some homeowners to withdraw listings to protect prices or switch to rental [2][6]. - On the demand side, the acceleration in demand for school district properties has been observed, as requirements for school enrollment need to be confirmed by March or April. Additionally, since November of the previous year, there has been a notable increase in the transaction speed of lower-priced properties, with properties priced at 3 million in Shanghai making up over 50% of transactions, indicating a quicker entry of first-time buyers into the market [2][6]. Group 2: Price Stability and Market Sentiment - The ability of second-hand housing prices to stabilize will depend on the sustainability of the decline in listings. Experts from major cities believe that listings will rebound after the Spring Festival, making the extent and duration of this rebound a critical factor in determining whether prices can stabilize [3][7]. - Optimistically, the period of rapid price declines may be coming to an end. The current market recovery is characterized by a lack of explicit policy intervention, with the market self-adjusting, particularly through the rapid turnover of lower-priced properties. This suggests that genuine demand is gradually being stimulated, with first-time buyers and those looking to upgrade their homes actively participating in the market, leading to a rebalancing of supply and demand [3][7].

Group 1 - The Shenzhen Real Estate Brokerage Association reported that in the first week of 2026, the city recorded 1,115 second-hand housing transactions, a month-on-month decrease of 22.6%, primarily due to the impact of the New Year holiday, although the overall level remains relatively high [1] - In December 2025, Shenzhen recorded 6,612 second-hand housing transactions, an increase of 14.8% compared to the previous month, indicating a steady recovery in the market [1] - Since March 2025, the monthly transaction volume of second-hand housing in Shenzhen has consistently remained above the "threshold line" of 5,000 units for 10 consecutive months, suggesting that the market has entered a relatively active phase [1] Group 2 - The Lianjia Research Center reported that in 2025, the total online signing of first and second-hand residential properties in Shenzhen was 94,096 units, a year-on-year decrease of 9%, with second-hand residential properties accounting for 60% of the total [1] - Specifically, the online signing of second-hand residential properties in Shenzhen reached 56,217 units in 2025, a year-on-year increase of 3.2%, while the recorded volume of second-hand housing was 69,773 units, up 4.3% year-on-year [1] - In the first week of 2026, Shenzhen's new housing transactions (including pre-sale and current sale) totaled 1,418 units, a month-on-month decrease of 3.8%, while commercial office transactions increased by 9% to 929 units [1] Group 3 - During the New Year holiday, major cities saw real estate companies continuing their marketing efforts with strategies such as "discounted houses," "waiving or reducing property fees," and "offering parking spaces," primarily aimed at digesting existing inventory, resulting in a relatively subdued market performance [2] - Analysts believe that the reduction of the property transaction value-added tax by the Ministry of Finance is expected to further stimulate the second-hand housing market in 2026, benefiting from policy incentives [2] - According to analyst Lu Wenxi from Shanghai Zhongyuan Real Estate, the end of 2025 showed positive market signals, and tax relief measures are beneficial for reducing transaction costs, facilitating both new and second-hand housing transactions [2]

Core Insights - The recent national housing and urban-rural construction work conference emphasized the increasing trend of second-hand housing transactions, which is expected to continue in the coming period [1] - Major cities have reported significant increases in second-hand housing transactions, with Shanghai leading the way in 2025 [2] - The overall second-hand housing market is seen as a key driver for market recovery, supported by favorable policy changes [4] Group 1: Second-Hand Housing Market Performance - In 2025, Shanghai's second-hand housing transaction volume reached 254,000 units, the highest in four years, with an average of 1 in 97 residents purchasing a second-hand home [2] - Chengdu's second-hand housing transactions also hit a record high of 232,000 units in 2025, with an average of 1 in 92 residents buying a second-hand home [2] - Beijing's second-hand housing market saw a total transaction volume of 174,000 units in 2025, marking it as the third highest since 2017 [3] Group 2: Policy and Market Outlook - The Ministry of Finance's recent tax policy changes, including a reduction in the value-added tax for properties sold within two years, are expected to boost demand in the second-hand housing market [5] - Research institutions predict that further incremental policies will be implemented to optimize purchasing conditions, including lowering mortgage rates and reducing intermediary fees [5] - The overall transaction area for second-hand housing in 30 key cities reached 214 million square meters in 2025, indicating a significant recovery in the market [4]

Core Viewpoint - The resilience of Beijing's second-hand housing market is gradually becoming evident, with transaction volumes stabilizing and showing signs of recovery following recent policy adjustments [1][3]. Group 1: Market Performance - As of December 29, the net signed transactions for second-hand homes in Beijing reached 14,528 units, with an estimated total for the month expected to exceed 15,000 units, marking two consecutive months of transactions above 14,000 units [3][4]. - The average daily net signed transactions post-policy implementation (December 25-28) were 511 units, indicating a stable market performance [3]. - The inventory of second-hand homes in Beijing is currently stable at over 150,000 units, showing a significant decrease compared to the beginning of the year, with monthly transaction volumes maintaining a stable level of around 10% [3][4]. Group 2: Buyer Behavior and Market Dynamics - The market is currently characterized by a rational adjustment in expectations from both buyers and sellers, with a shift from significant discounts to minor negotiations [4][5]. - The recent policy changes have stimulated interest among potential buyers, particularly first-time homebuyers, leading to increased inquiries and visits to properties [6][8]. - The adjustment in mortgage rates and down payment requirements has lowered the entry barriers for buyers, significantly reducing their financial burden [6][7]. Group 3: Demand Factors - The release of policies catering to families with multiple children and the easing of purchase restrictions have aligned with the housing needs of buyers, particularly those with educational requirements for their children [9][10]. - There has been a notable increase in inquiries from parents seeking homes in areas with good educational resources, particularly as the school enrollment season approaches [9][10].

Core Insights - The Shanghai real estate market shows signs of stabilization with a significant increase in second-hand housing transactions in November 2025, reaching 22,943 units, a 24% increase from October's 18,483 units, marking the highest transaction volume since May of the same year [1] Market Performance - The transaction volume in November ranks second in the past year, only behind the peak periods of "Golden March and Silver April," and is close to the annual peak observed in June [1] - The market is experiencing a "small tail" trend, indicating a potential recovery in demand [1] Buyer Preferences - The majority of transactions are driven by first-time buyers seeking low total price properties, with 60% of second-hand homes sold in November priced below 3 million yuan, a significant increase compared to recent years [1]

Core Insights - The Shanghai second-hand housing market is experiencing a resurgence in activity, with significant price reductions leading to increased transaction volumes [1][3][5] Group 1: Market Recovery - In November, the transaction volume of second-hand homes in Shanghai reached 22,943 units, a 24% increase from October, marking the highest level since May [3][5] - Daily transaction data shows that on November 23, a record 1,224 units were sold in a single day, contributing to an average daily transaction of 1,119 units throughout the month [5][11] Group 2: Structural Changes - The market recovery is characterized by a high proportion of transactions in the low-price segment, with homes priced below 3 million yuan accounting for 60% of sales [7] - There is a notable divergence in market performance, with older neighborhoods seeing active sales due to price advantages, while newer developments in prime areas face different market dynamics [7] Group 3: Price Trends - Despite the increase in transaction volume, the average price of second-hand homes in Shanghai continues to decline, with a reported average price of 34,500 yuan per square meter, down from previous months [9] - The average negotiation discount is approximately 6.9%, indicating a prevalent trend of aggressive price negotiations among buyers [9][15] Group 4: Driving Factors - The increase in transaction volume is driven by a substantial inventory of listings, which has decreased from 114,000 units in April to 97,000 units currently, allowing buyers more options and negotiation power [11] - There is a significant shift of rigid demand towards the second-hand market, with a ratio of 5:1 in transactions between second-hand and new homes in the first three quarters of 2025 [11] Group 5: Future Trends - Experts suggest that the current uptick in the second-hand housing market may be temporary, as challenges such as high inventory and low pricing persist [13] - The market is expected to stabilize in the short term, with ongoing policy support aimed at preventing further declines [13][15]

Market Analysis - The Beijing second-hand housing market has shown significant fluctuations, with a recent weekly transaction of 3,262 units, a week-on-week increase of 46.5%, but still down 12.6% compared to mid-September [4][5] - The Shanghai second-hand housing market has experienced a notable recovery, with transactions reaching 6,588 units during the week of October 20-26, marking a 47.6% increase week-on-week, the highest in six weeks [8][10] - The Shenzhen second-hand housing market has also shown a rebound, with transactions of 1,182 units, up 21% week-on-week, continuing a trend of recovery after a significant drop during the National Day holiday [13][15] - The Hangzhou second-hand housing market has seen a moderate recovery, with 1,284 units sold, a 5% increase week-on-week, indicating a return to normal transaction levels [18][20] - The Chengdu second-hand housing market has shown significant volatility, with transactions of 4,213 units, a week-on-week increase of 36.2%, recovering from a sharp decline during the holiday [23][25] - The Ningbo second-hand housing market has experienced a notable rebound, with 2,776 units sold, a 21.1% increase week-on-week, indicating a recovery from previous low transaction levels [28][30] - The Dongguan second-hand housing market has shown a significant recovery, with transactions of 845 units, a 61.3% increase week-on-week, reflecting a strong rebound after a low point during the holiday [33][35]