Core Insights - The current real estate market is experiencing a fundamental shift, with second-hand housing transactions dominating the market, accounting for 70% in first and second-tier cities and 80% nationwide, indicating a need for better understanding of consumer demands and pricing dynamics [2][3] - The traditional linear development process in real estate is leading to mismatches between products and customer needs, highlighting the importance of a customer-centric approach in housing development [2][3] Group 1: Market Dynamics - The ratio of new effective customer rooms (new customers viewing properties to new listings) has dropped significantly below 1 since 2021, indicating a challenging market environment where buyers are less urgent [2] - The average number of viewings before a purchase has increased from 10 to 16.8, reflecting a longer decision-making cycle for customers [2] Group 2: C2M Development Model - The C2M (Customer to Manufacturer) model aims to create homes that meet customer needs by utilizing data-driven insights and customer participation throughout the development process [3][4] - The ideal development scenario involves initial product positioning based on customer data before land acquisition, followed by continuous customer involvement in design and iteration [3] Group 3: Core Capabilities of Beihome - Beihome is focusing on three core capabilities: C2M product positioning, deep customer insights, and online customer engagement [4][5] - The C2M product positioning involves scientific pricing and matching of housing types to customer demographics, preventing mismatches from the outset [5] - Deep customer insights are derived from the Beike platform, allowing for detailed profiling of potential customers and their preferences [5] Group 4: Company Positioning - Beihome does not aim to be a traditional developer but rather a data-driven residential development service platform, providing comprehensive C2M solutions to partners [6] - As of October 2025, Beihome has launched 17 projects across major cities in China, with two projects serving as test cases for validating their C2M capabilities [6]

Core Insights - The real estate market in major cities is experiencing significant price declines, with a notable case in Guangzhou where a property sold for 50,284 yuan per square meter, down from a previous high of 120,000 yuan per square meter, indicating a drastic price drop of over 58% [2][4][6] - The phenomenon of "urgent sales" is impacting the price stability in core urban areas, with similar trends observed in Shanghai and Beijing, where properties that were once highly valued are now being sold at steep discounts [7][8] - The current market downturn is attributed to three main challenges: loss of buyer confidence, oversupply of housing, and financial pressure on homeowners, leading to a cycle of declining prices and increased urgency to sell [8][9] Market Dynamics - The rapid decline in property prices is not limited to suburban areas but is now affecting prime locations, indicating a shift in the real estate landscape [7] - Data shows that since September, the rate of price decline in first and second-tier cities has accelerated, with weekly adjustments becoming the norm rather than monthly fluctuations [7][8] Underlying Challenges - Buyer confidence is at a low, with many potential buyers adopting a wait-and-see approach, fearing further price drops, which exacerbates the downward pressure on prices [8] - The oversupply of housing is becoming increasingly problematic, with existing inventory exceeding actual demand, leading to a fundamental imbalance in the market [8] - Homeowners are facing financial strain due to economic pressures, prompting many to sell at a loss as a means of financial relief [9] Policy Direction - The government is actively seeking solutions to stabilize the real estate market, emphasizing the need for a scientific allocation of resources related to people, housing, land, and finance [10][11] - Future housing development will focus on population needs, with land supply and financial resources being aligned with actual housing demand to avoid waste [11][12] Recommendations for Stakeholders - For first-time homebuyers, it is suggested to proceed with purchases if there is a genuine need and financial capability, as the market is shifting towards valuing quality over speculative gains [12][13] - Investors are advised to abandon the notion of guaranteed profits from real estate, as the market is returning to its fundamental purpose of providing housing [12][13] - Sellers should avoid high pricing strategies and instead set realistic prices to attract buyers, as the market dynamics have changed significantly [13]

Core Insights - The current phase of urbanization in China is shifting from rapid growth to stable development, focusing on improving existing urban infrastructure rather than expanding new areas [1] - The Ministry of Housing and Urban-Rural Development (MOHURD) aims to implement the "14th Five-Year Plan" effectively and is preparing for the "15th Five-Year Plan" to enhance urban living conditions and promote modern city development [1] Summary by Sections Housing Market Performance - During the "14th Five-Year Plan" period, approximately 5 billion square meters of new residential properties were sold nationwide [2] - The transaction volume of second-hand housing has surpassed that of new homes in 15 provinces, regions, and municipalities [2] - Over 7 million units of unsold housing have been delivered, ensuring the rights of homebuyers are protected [3] Urban Development Initiatives - More than 240,000 old urban communities have been renovated, benefiting over 110 million residents [4] - The MOHURD has initiated 2,387 urban village renovation projects, creating over 2.3 million units of resettlement housing [4] - A total of 840,000 kilometers of underground pipelines have been upgraded, enhancing urban safety and resilience [4] Financing and Policy Support - The national "white list" project loan approval amount has exceeded 7 trillion yuan, facilitating financing for housing projects [5][6] - The MOHURD has implemented various supportive measures for homebuyers, including lowering down payment ratios and interest rates, as well as providing tax incentives for housing transactions [2][6] Future Planning - The MOHURD is actively preparing the "15th Five-Year Plan" for housing development, focusing on aligning housing supply with population changes and optimizing land and financial resource allocation [7] - The ministry aims to establish a new model for real estate development that promotes high-quality growth and a balanced supply-demand structure [7]

Core Insights - The Changsha Municipal Bureau of Natural Resources and Planning has issued a land supply plan for 2025, emphasizing the optimization of spatial layout and supply structure while controlling the total supply volume [1][2] - The total supply of state-owned construction land in Changsha is capped at 1,791.16 hectares, with significant allocations in Xiangjiang New Area, Tianxin District, and Wangcheng District [1] - The supply of residential land has decreased to 407.43 hectares, representing a drop from 30.48% to 22.75% of the total supply, while public management and transportation land categories have seen an increase [1][2] Land Supply Structure - The land supply structure has shifted, with a notable reduction in residential land and commercial land, while public service and transportation land categories have increased [1][2] - The plan includes strict adherence to regulatory policies, prohibiting the supply of polluted land for residential development and the practice of platform companies "bottoming out" land acquisition to inflate local government revenue [2] Market Implications - The 2025 land supply plan reflects three major changes: tighter total supply control, optimized supply rhythm with balanced releases of residential land, and stricter regulatory red lines [3] - The optimization of land supply may encourage real estate companies to offer products that better meet market demand, potentially leading to higher quality and lower density residential developments [3] - The recent auction in the core area of the Yanghu District attracted significant interest from nearly 30 well-known real estate companies, indicating strong market recognition of core area value despite industry adjustments [3]