Group 1 - In June 2025, the sales prices of commercial residential properties in 70 large and medium-sized cities in China showed a month-on-month decline, with the overall year-on-year decline narrowing [1] - First-tier cities experienced a month-on-month decline in new commercial residential property prices by 0.3% and second-hand residential prices by 0.7% in June, with year-on-year declines of 1.4% and 3.0% respectively [1][2] - Shanghai's new commercial residential property prices increased by 0.4% month-on-month and 6.0% year-on-year in June, attributed to the concentration of high-end luxury projects entering the market [1] Group 2 - In June, new commercial residential property prices in Beijing, Guangzhou, and Shenzhen decreased by 0.3%, 0.5%, and 0.6% month-on-month, with year-on-year declines of 4.1%, 5.1%, and 2.5% respectively [2] - The second-hand residential property prices in Beijing, Shanghai, Guangzhou, and Shenzhen fell by 1.0%, 0.7%, 0.7%, and 0.5% month-on-month, with year-on-year declines of 1.8%, 1.3%, 5.9%, and 2.8% respectively [2] - The market in core cities is expected to stabilize gradually in the second half of the year due to enhanced policy measures, including optimized purchase restrictions and reduced down payment ratios [2] Group 3 - The year-on-year decline in new commercial residential property prices in second and third-tier cities narrowed, with decreases of 3.0% and 4.6% respectively, while second-hand prices fell by 5.8% and 6.7% [2] - In June, the month-on-month prices in second and third-tier cities remained unchanged, with new commercial residential prices declining by 0.2% and 0.3% respectively [2] - The real estate brokerage industry’s prosperity index dropped to 45.2, indicating a prolonged transaction cycle, while the possibility of price stabilization is expected in the second half of the year [3]