Core Insights - The second-hand housing transaction volume in 30 key cities increased by 14% month-on-month and 3% year-on-year as of November 2025 [1] - The new listing volume in Beijing, Shanghai, Shenzhen, and Hangzhou remained stable month-on-month, with a slight increase of 1% but a year-on-year decrease of 7% [1] - Only Beijing saw a month-on-month increase of 9% in new listings, while Shenzhen experienced a year-on-year decline of 11% [1] Summary by Category Transaction Volume - The overall transaction volume in key cities showed a month-on-month increase, with a notable rise in Beijing [1] - The year-on-year comparison indicates a mixed performance across cities, with some cities experiencing declines [1] New Listings - New listings in November for Beijing, Shanghai, Shenzhen, and Hangzhou showed a month-on-month increase of 1% but a year-on-year decrease of 7% [1] - Specific data for November shows Beijing with 16,961 new listings, Shanghai with 13,838, Shenzhen with 5,312, and Hangzhou with 6,300 [3] Price Segmentation - The proportion of new listings in the 1-3 million yuan price range increased, while the 3-6 million yuan segment saw a general decline [4] - In the 1 million to 3 million yuan segment, there was a notable increase in listing activity, indicating a shift in seller behavior [4] - The 6-8 million yuan segment in Shanghai saw a slight recovery, with a month-on-month increase of 1.12 percentage points [4] Area Segmentation - The proportion of new listings for properties sized 70-90 square meters increased significantly, while listings for properties under 70 square meters decreased [6] - The trend indicates a shift towards larger properties in key cities, with a notable increase in listings for 120-140 square meter units in Shanghai and Hangzhou [6] Market Outlook - The overall second-hand housing market is expected to continue experiencing fluctuations, with a supply-demand imbalance slightly easing [7] - Despite the ongoing decline in second-hand housing prices, buyer sentiment remains cautious, particularly among first-time buyers [7]

Investment Rating - The report indicates a positive outlook for the second-hand housing market in major cities, with a cumulative year-on-year increase of 12% in transaction volume for the first half of 2025, outperforming the new housing market [3]. Core Insights - The demand for luxury properties priced above 30 million yuan remains stable, while the transaction share for properties priced between 3-6 million yuan has significantly decreased, indicating a shift in buyer sentiment [3][4]. - The ultra-low price segment (under 2 million yuan) shows a notable increase in transaction concentration, with Shenzhen reporting a 14.69% share in the first half of 2025, reflecting a trend of consumption downgrade among first-time buyers [4]. - The transaction concentration for properties under 90 square meters is declining, while the share of larger properties (over 140 square meters) is increasing, driven by a preference for more functional living spaces [6]. - The transaction share in mid-value areas is increasing, while the concentration in major districts of cities like Shanghai and Shenzhen is decreasing, indicating a shift in buyer focus [8]. Summary by Sections Transaction Volume and Price Segments - In the first half of 2025, the luxury market (over 10 million yuan) in Beijing and Shanghai shows a steady increase, with significant growth in the 10-30 million yuan segment [3]. - The share of transactions in the 3-6 million yuan range has decreased, with a notable decline in the number of transactions in this segment across major cities [3][4]. Buyer Preferences and Market Dynamics - The ultra-low price segment remains a stronghold for first-time buyers, with significant shares in cities like Shanghai and Hangzhou [4]. - The report highlights a trend where buyers are increasingly considering location, amenities, and price, leading to longer transaction cycles for less desirable properties [11]. Regional Trends - The report notes that transaction shares are increasing in mid-value districts, such as Haidian and Mentougou in Beijing, and various districts in Shanghai and Shenzhen, while major districts are experiencing a decline in transaction concentration [8][9].