Core Viewpoint - The second-hand housing market in key cities has shown a seasonal rebound in new listings, but significant differentiation exists among cities, with Beijing, Shanghai, and Shenzhen experiencing increases while Hangzhou sees a decline in owner listing enthusiasm [2][14]. Group 1: New Listings and Market Trends - In August, the new listing volume in Beijing, Shanghai, and Shenzhen increased both month-on-month and year-on-year, with Shanghai showing a year-on-year increase of 51% and Shenzhen at 94%, indicating a recovery in owner confidence and willingness to sell [3][14]. - The new listing volume in Hangzhou, however, decreased by 28% year-on-year and 3% month-on-month, reflecting a cautious market sentiment [14]. Group 2: Price Segmentation - In Beijing, the enthusiasm for listing properties priced below 500 million yuan has increased, with listings in the 100-500 million yuan range accounting for over 60% of new listings [7]. - In Shanghai and Shenzhen, the proportion of new listings in the 600-800 million yuan range has significantly increased, with month-on-month growth rates of 0.37 percentage points and 0.93 percentage points, respectively [7]. - Hangzhou shows a decline in the proportion of mid-range listings, while both low-end (below 300 million yuan) and high-end (above 3 billion yuan) listings have seen increases [7]. Group 3: Area Segmentation - The new listing volume in the 70-140 square meter range has increased significantly across the four cities, with Beijing seeing notable growth in the 90-120 square meter category, which typically meets the needs of families [11]. - In contrast, larger and smaller area segments have seen a decline in new listing proportions [10]. Group 4: Market Outlook - Overall, the second-hand housing market is expected to continue cooling, with increased supply from rising listing volumes and potential demand diversion due to new high-quality products entering the market [14]. - The performance of the first-time buyer segment will largely depend on the willingness of owners to reduce prices, as a lack of significant price advantages may prolong transaction cycles [14].

Core Viewpoint - The high-end real estate market in Beijing, Shanghai, and Shenzhen is expected to experience a steady decline in heat, driven by increased supply and competition from new high-quality properties in the new housing market [15]. Group 1: Market Trends - In July 2025, the second-hand housing market continued to show a gradual decline, with a 14% month-on-month decrease and a 9% year-on-year decrease in transaction volume across 30 key cities [2]. - The new listing volume in key cities such as Beijing, Shanghai, Shenzhen, and Hangzhou showed a seasonal decline in July, with only Shanghai maintaining the same level as the previous month [3][4]. - The overall new listing volume in July 2025 for Beijing, Shanghai, and Shenzhen was significantly higher than the same period last year, with year-on-year increases exceeding 20% [4]. Group 2: Listing Structure - The listing activity in the mid-price segment (300-800 million) has decreased, while the low-end (below 300 million) and high-end (above 600 million) segments have seen an increase in listing activity [6][7]. - In Beijing, the proportion of listings in the 300-500 million range dropped by 0.98 percentage points, while the lower and higher price segments saw increases of 0.42 and 0.63 percentage points, respectively [6][7]. - In Hangzhou, the high-end listings (above 600 million) have shown a structural increase, with the proportion of listings in the 100-300 million range declining by 1.06 percentage points [10]. Group 3: Area Segment Changes - The most significant increases in listing proportions were observed in smaller area segments, particularly in Beijing (below 70 sqm), Shanghai (50-90 sqm), and Shenzhen (50-70 sqm) [8]. - Larger area segments (above 140 sqm) also showed a steady increase in listing proportions, with notable rises in Beijing (140-160 sqm), Shanghai (above 140 sqm), and Shenzhen (above 160 sqm) [8][13]. Group 4: Market Outlook - The current changes in listing behavior among homeowners in different cities suggest a mixed market outlook, with both pressures and opportunities present [15]. - The high-end market in Beijing, Shanghai, and Shenzhen is likely to face steady declines due to increased supply and competition from new high-quality products, while the performance of the entry-level market will depend on the willingness of homeowners to reduce prices [15].