Core Insights - The core viewpoint of the article indicates that in July 2025, the sales prices of commercial residential properties in 70 large and medium-sized cities in China experienced a month-on-month decline, but the year-on-year decline has narrowed overall [1]. Price Changes Overview - In July 2025, the sales prices of new commercial residential properties in first-tier cities decreased by 0.2% month-on-month, with the decline narrowing by 0.1 percentage points compared to the previous month [6]. - The sales prices of new commercial residential properties in second-tier cities fell by 0.4% month-on-month, with the decline expanding by 0.2 percentage points [6]. - The sales prices of new commercial residential properties in third-tier cities decreased by 0.3% month-on-month, with the decline remaining the same as the previous month [6]. Year-on-Year Price Changes - In July 2025, the year-on-year sales prices of new commercial residential properties in first-tier cities dropped by 1.1%, with the decline narrowing by 0.3 percentage points compared to the previous month [7]. - The year-on-year sales prices in second-tier and third-tier cities decreased by 2.8% and 4.2%, respectively, with declines narrowing by 0.2 and 0.4 percentage points [7]. - Among the 70 large and medium-sized cities, five cities saw year-on-year increases in new commercial residential property prices, an increase of two cities compared to the previous month [7]. Second-Hand Residential Prices - In July 2025, the month-on-month sales prices of second-hand residential properties in first-tier cities fell by 1.0%, with the decline expanding by 0.3 percentage points compared to the previous month [6]. - The year-on-year sales prices of second-hand residential properties in first-tier cities decreased by 3.4%, with the decline expanding by 0.4 percentage points [7]. - The year-on-year sales prices in second-tier and third-tier cities for second-hand residential properties fell by 5.6% and 6.4%, respectively, with declines narrowing by 0.2 and 0.3 percentage points [7].

| 城市 | | 环比 | 同比 | | 1-7月平均 一年同期 | | 城市 | 环比 | 同比 | 1-7月平均 上年同期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 上月=100 | 上年同月 | | | | | 上月=100 | 上年同月 | | | | | | =100 | | =100 | | | | =100 | =100 | | 北 | 京 | 100.0 | | de 4 | 95.1 | 唐 | ш | 99.6 | 93.5 | 92.7 | | ਜ | 津 | 99.7 | | 98.1 | 97.9 | | 秦皇岛 | 99.5 | 94.4 | 93.4 | | 石 家 庄 | | 99.6 | | 96.9 | 96.5 | 包 | ਜੇੱ | 99.4 | 94.4 | 93.8 | | | | 99.8 | | 101.0 | 101.1 | | | 99.8 | 95.5 | 94.5 | | 太 | 原 | | | | | ले | 东 | | | | | 呼和浩特 ...

Group 1: Housing Fund Policy - Beijing Housing Fund Management Center has announced an expansion of the pilot program for direct payment of housing rent using housing provident fund, aiming to better meet the rental housing consumption needs of contributors [1] - The number of pilot housing rental institutions has increased from 3 to 4, with the addition of Beijing Ziroom Housing Rental Co., Ltd. [1] - The pilot scope for two commercial housing rental partners has been expanded to the entire city, and the number of public rental housing pilot projects has increased to 3 [1] Group 2: Real Estate Market Trends - In June, new home prices in first-tier cities decreased by 1.4% year-on-year, with the decline narrowing by 0.3 percentage points compared to the previous month [2] - Shanghai experienced a price increase of 6%, while Beijing, Guangzhou, and Shenzhen saw declines of 4.1%, 5.1%, and 2.5% respectively [2] - Second and third-tier cities also saw year-on-year price declines of 3% and 4.6%, with reductions narrowing by 0.5 and 0.3 percentage points respectively [2] Group 3: Company Sales Performance - China Resources Land reported a total contract sales amount of approximately 23.45 billion yuan in June, with a year-on-year decrease of 26.7% [3] - Longfor Group disclosed a total contract sales amount of 4.64 billion yuan in June, with a contract sales area of 394,000 square meters [4] Group 4: Debt Restructuring - CIFI Group's three domestic bond restructuring proposals have been approved, with a total outstanding scale of approximately 3.09 billion yuan [5] - The bondholder meetings for the restructuring were held online, with approval rates of 69.92%, 65.78%, and 85.73% for the respective bonds [5]

Core Viewpoint - The real estate market in China is experiencing a decline in new and second-hand residential property prices across various cities, with the rate of decline showing signs of narrowing in some areas [1][4][9]. New Residential Property Prices - In June 2025, new residential property prices in 70 large and medium-sized cities decreased month-on-month, with Jinan and Jining showing a narrowing decline of 0.2 percentage points compared to May [4][8]. - The month-on-month price changes for new residential properties in specific cities are as follows: Jinan decreased by 0.1%, Qingdao by 0.2%, Yantai by 0.8%, and Jining by 0.2% [1][4]. - Year-on-year, Jinan's new residential prices fell by 4.2%, Qingdao by 2.1%, Yantai by 4.6%, and Jining by 4% [4][9]. Second-hand Residential Property Prices - The second-hand residential property prices in June 2025 also saw a month-on-month decline, with Jinan down by 0.5%, Qingdao by 0.5%, Yantai by 0.6%, and Jining by 1% [5][9]. - Compared to May, the month-on-month decline in second-hand prices for Yantai narrowed by 0.1 percentage points, while Jinan, Qingdao, and Jining experienced an increase in their decline rates [5][9]. Overall Market Trends - The overall trend indicates that first-tier cities experienced a month-on-month decline of 0.3% in new residential property prices, with Shanghai seeing a slight increase of 0.4% while Beijing, Guangzhou, and Shenzhen recorded declines [8][9]. - Year-on-year, first-tier cities' new residential property prices decreased by 1.4%, with Shanghai showing a significant increase of 6.0% [9].

Group 1 - In June 2025, the sales prices of new residential properties in first-tier cities decreased by 0.3% month-on-month, with Shanghai increasing by 0.4% while Beijing, Guangzhou, and Shenzhen saw declines of 0.3%, 0.5%, and 0.6% respectively [3] - The sales prices of second-hand residential properties in first-tier cities fell by 0.7% month-on-month, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing declines of 1.0%, 0.7%, 0.7%, and 0.5% respectively [3] Group 2 - Year-on-year, the sales prices of new residential properties in first-tier cities decreased by 1.4%, a reduction of 0.3 percentage points compared to the previous month, with Shanghai increasing by 6.0% and declines in Beijing, Guangzhou, and Shenzhen of 4.1%, 5.1%, and 2.5% respectively [4] - The year-on-year sales prices of second-hand residential properties in first-tier cities decreased by 3.0%, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing declines of 1.8%, 1.3%, 5.9%, and 2.8% respectively [4]

Group 1 - The core viewpoint of the article indicates that in May 2025, the sales prices of commercial residential properties in 70 large and medium-sized cities in China showed a month-on-month decline, while the year-on-year decline continued to narrow [1][4]. Group 2 - In May, the sales prices of new commercial residential properties in first-tier cities decreased by 0.2% month-on-month, with Shanghai increasing by 0.7% and Beijing, Guangzhou, and Shenzhen decreasing by 0.4%, 0.8%, and 0.4% respectively [2]. - The sales prices of second-hand residential properties in first-tier cities fell by 0.7% month-on-month, with the decline expanding by 0.5 percentage points compared to the previous month [3]. Group 3 - Year-on-year, the sales prices of new commercial residential properties in first-tier cities decreased by 1.7%, narrowing the decline by 0.4 percentage points from the previous month. Shanghai saw an increase of 5.9%, while Beijing, Guangzhou, and Shenzhen experienced declines of 4.3%, 5.8%, and 2.6% respectively [4]. - The year-on-year decline in second-hand residential property prices in first-tier cities was 2.7%, which is a narrowing of 0.5 percentage points from the previous month [4].

Economic Indicators - In May, the industrial added value of large-scale enterprises increased by 5.8% year-on-year, while the growth for January to May was 6.3% [1] - Fixed asset investment nationwide grew by 3.7% year-on-year from January to May [1] - The total retail sales of consumer goods in May rose by 6.4% year-on-year, with a growth of 5.0% for January to May [1] Real Estate Market - In May, the sales prices of commercial residential properties in 70 large and medium-sized cities showed a month-on-month decline, with the year-on-year decline continuing to narrow [2] Stock Market Updates - The Shenzhen Stock Exchange announced an adjustment to the list of Hong Kong Stock Connect eligible securities, with CATL being added effective June 16, 2025 [3] - As of the midday close, the Shanghai Composite Index rose by 0.05%, the Shenzhen Component Index increased by 0.13%, and the ChiNext Index went up by 0.37%. The Hang Seng Index fell by 0.12%, while the Hang Seng Tech Index rose by 0.15% [4]

Core Viewpoint - In April 2025, the sales prices of commercial residential properties in 70 large and medium-sized cities in China remained stable or slightly decreased month-on-month, while the year-on-year decline continued to narrow. Group 1: Month-on-Month Price Changes - In April, the sales prices of new commercial residential properties in first-tier cities remained flat, changing from a 0.1% increase in the previous month. Beijing and Shanghai saw increases of 0.1% and 0.5%, respectively, while Guangzhou and Shenzhen experienced decreases of 0.2% and 0.1% [2]. - The sales prices of second-hand residential properties in first-tier cities decreased by 0.2% month-on-month, with Shanghai increasing by 0.1%, while Beijing and Shenzhen decreased by 0.6% and 0.3%, respectively. Second and third-tier cities saw a 0.4% decrease, with the decline widening by 0.2 and 0.1 percentage points compared to the previous month [2]. Group 2: Year-on-Year Price Changes - In April, the year-on-year decline in new commercial residential property prices in first-tier cities was 2.1%, narrowing by 0.7 percentage points from the previous month. Shanghai saw an increase of 5.9%, while Beijing, Guangzhou, and Shenzhen experienced declines of 5.0%, 6.3%, and 3.0%, respectively [3]. - The year-on-year decline in second-hand residential property prices in first-tier cities was 3.2%, narrowing by 0.9 percentage points from the previous month. Beijing, Shanghai, Guangzhou, and Shenzhen saw declines of 1.0%, 0.6%, 7.4%, and 3.7%, respectively. Second and third-tier cities experienced declines of 6.5% and 7.4%, with the declines narrowing by 0.5 and 0.4 percentage points, respectively [3].

Group 1 - In April 2025, the sales prices of new residential properties in first-tier cities remained flat or slightly decreased month-on-month, while the year-on-year decline continued to narrow [1] - In first-tier cities, new residential property prices were flat month-on-month, with Beijing and Shanghai increasing by 0.1% and 0.5% respectively, while Guangzhou and Shenzhen decreased by 0.2% and 0.1% [1] - The year-on-year decline in new residential property prices in first-tier cities was 2.1%, narrowing by 0.7 percentage points compared to the previous month [1] Group 2 - The sales prices of second-hand residential properties in first-tier cities decreased by 0.2% month-on-month in April, reversing a previous increase of 0.2% [1] - Year-on-year, the prices of second-hand residential properties in first-tier cities fell by 3.2%, with a reduction in the decline of 0.9 percentage points from the previous month [2] - In second and third-tier cities, the year-on-year decline in new residential property prices was 3.9% and 5.4% respectively, with both declines narrowing by 0.5 and 0.3 percentage points [1]