Core Viewpoint - The Chinese real estate market is gradually stabilizing, with second-hand housing transactions becoming dominant due to various policy adjustments and incentives [1][2][3] Policy Adjustments - Various cities have implemented measures such as purchasing subsidies, housing consumption vouchers, and optimized land supply to support the real estate market [1][2] - Over 60 cities have introduced policies to support rigid and improved housing demand, including adjustments to housing credit policies [2][3] Market Trends - From January to October, the transaction area of second-hand houses increased by 4.7% year-on-year, with second-hand houses accounting for 44.8% of total transactions [1] - The total transaction volume of new and second-hand houses has remained stable, indicating the effectiveness of local policies [2] Land Supply - Cities are controlling new land supply while optimizing existing land use, with examples including Shenzhen and Hangzhou focusing on quality residential land [3] - Cities like Shanghai, Shenzhen, and Wuhan have seen significant year-on-year growth in second-hand housing transactions [3] Shift in Market Dynamics - The real estate market is transitioning from a focus on new housing to second-hand housing as urbanization stabilizes [3] - The demand for second-hand housing is driven by young people and new residents, who prefer properties that are well-located and ready for immediate occupancy [3][4]

Core Insights - The trading structure of new and second-hand houses has changed, with second-hand houses increasingly replacing new houses as the market enters a stock era [1] - From January to October, the total transaction volume of new and second-hand houses nationwide decreased by 1.9% year-on-year, indicating stable overall market demand despite a high base from the previous year [3] - Various policies aimed at stabilizing the market are gradually showing positive effects, contributing to a stable total transaction volume compared to last year [5] Group 1 - The transaction area of second-hand houses increased by 4.7% year-on-year, with second-hand houses accounting for 45% of the total transaction volume [7] - In several cities, including Shanghai, Shenzhen, and Chongqing, the transaction area of second-hand houses has seen a year-on-year growth of over 10% [7] - There is a continuous release of housing demand, particularly for improvement needs, supported by policies such as increased housing provident fund loan limits and purchase subsidies [9]

央视网消息：近日，国家统计局公布了2025年1—10月全国商品房销售的相关数据。数据显示，商品房销售降幅收窄，待售面积连续8个月减 少，房地产开发企业到位资金降幅也在收窄。记者近日在北京、上海、武汉等地采访发现，虽然楼市还是有所波动，但是2025年的一系列房地 产调控优化政策的效果还在继续显现。 尽管是工作日，在北京丰台的一个新房项目售楼处，大厅里坐着不少咨询买房或是办理手续的客户，沙盘上多栋楼宇已贴出了售罄标签。 销售经理介绍，以往10月过后，市场通常会进入一段平淡期。但2025年情况有所不同，客户的购房意愿比较高，周末接待客户量甚至超过了上 个月。 北京市丰台区某楼盘销售经理任菁菁表示，明显能感觉到客户对这一系列的像降息等政策的一些落地叠加，对客户的潜在的信心还是有增加 的。 不止这一个项目，2025年下半年以来，北京多个新开盘的商品房项目入市后都出现了不同程度的热销。 记者从住房城乡建设部获取的数据显示，1—10月份，全国新建商品房和二手房交易总量同比仅下降1.9%，基本保持稳定，没有出现明显收 缩。与此同时，不少大中城市交易活跃，深圳、武汉、厦门、沈阳、南昌、南宁、贵阳、昆明等城市的一二手房交易总量， ...

近日，国家统计局公布了今年1—10月全国商品房销售的相关数据。数据显示，商品房销售降幅收窄，待售面积连续八个月减少，房地产开发企业到位资金 降幅也在收窄。记者近日在北京、上海、武汉等地采访发现，虽然楼市还是有所波动，但今年的一系列房地产调控优化政策的效果还在继续显现。 尽管是工作日，在北京丰台的一个新房项目售楼处，记者看到，大厅里坐着不少咨询买房或是办理手续的客户，沙盘上多栋楼宇已贴出了售罄标签。 销售经理介绍，以往十月过后，市场通常会进入一段平淡期，但今年情况有所不同，客户的购房意愿比较高，周末接待客户量甚至超过了上个月。 丰台区某楼盘销售经理 任菁菁：明显能感觉到这一系列像降息等政策的落地叠加，对客户的潜在信心是有增加的。 不止这一个项目，记者发现，今年下半年以来，北京多个新开盘的商品房项目入市后都出现了不同程度的热销。 而记者从住房城乡建设部获取的数据也显示，1-10月份，全国新建商品房和二手房交易总量同比仅下降1.9%，基本保持稳定，没有出现明显收缩。与此同 时，不少大中城市交易活跃，深圳、武汉、厦门、沈阳、南昌、南宁、贵阳、昆明等城市的一二手房交易总量，同比都在增长。 上海市某房地产中介门店经纪人 ...

Group 1: Real Estate Market Trends - The national auction housing market in China has seen a significant decline in both volume and price, with total transaction value dropping by 22.5% year-on-year to 204.87 billion yuan, and the average transaction price decreasing by 12.3% to 4,668 yuan per square meter [2] - The total number of auctioned properties fell by 5.7% to 605,000 units, while the number of successfully auctioned properties decreased by 2.4% to 138,000 units, indicating a cooling market [2] Group 2: Land Supply in Xi'an - Xi'an has announced the release of 11 plots of development land with a total starting price of 3.84 billion yuan, covering an area of 469.368 acres and a planned construction area exceeding 1 million square meters [3] - This land supply is part of a policy aimed at stabilizing land prices and promoting investment, linking land supply to urban renewal and regional development [3] Group 3: Policy Changes in Chongqing - Chongqing has relaxed the conditions for withdrawing housing provident fund for full payment home purchases, allowing withdrawals after six months of purchase and extending the withdrawal period from two years to five years [4][5] - The policy aims to support reasonable housing demand and provide more flexible financial support for contributors while enhancing risk control [5] Group 4: Poly Developments' Financial Management - Poly Developments announced a 2 billion yuan medium-term note with a maturity of five years, with an interest rate of 3.55%, and the interest payment scheduled for November 17, 2025 [6] - This reflects the company's normal debt management practices and its financial strength to meet payment obligations [6] Group 5: Beike's Third Quarter Performance - Beike reported a total transaction value of 736.7 billion yuan in Q3 2025, remaining flat year-on-year, with total revenue increasing by 2.1% to 23.1 billion yuan [7] - However, net profit decreased by 36.1% to 747 million yuan, indicating pressure on profitability amid market adjustments, while the number of active stores and agents grew significantly [7]

Core Insights - The real estate market in Wuhan shows significant improvement, with new housing sales area reaching 749.25 million square meters, a year-on-year increase of 26.53%, and the number of signed units at 66,200, up 29.2% [1][4] - The demand for high-quality residential properties is increasing, with a notable shift towards projects that offer better living experiences and amenities [5][6] Group 1: Market Performance - In the first three quarters of the year, the total signed sales area for commercial housing in Wuhan was 924.63 million square meters, reflecting a year-on-year growth of 15.67%, with 84,800 units sold, up 21.19% [4] - The average absorption rate for newly launched projects exceeded 80%, indicating strong market demand [4] Group 2: Consumer Preferences - Buyers are increasingly focused on the quality and details of properties, with features like social kitchens and spacious living areas becoming key selling points [3][5] - The trend indicates that consumers are not just purchasing homes but are also investing in lifestyle and community [3] Group 3: Market Dynamics - The Wuhan real estate market is experiencing a "quality stratification" phenomenon, with various projects catering to different demographic needs, including smart homes and facilities for all age groups [5] - Policies have shifted from city-wide measures to more localized and targeted strategies, effectively lowering the barriers for homebuyers [5][6] Group 4: Future Outlook - The market is expected to continue its upward trend, driven by improved consumer and developer confidence, as well as a focus on high-quality residential offerings [6]

Core Insights - During the "14th Five-Year Plan" period, Sichuan Province has constructed and secured a total of 367,000 units of various types of affordable housing [1] - The government is combining public support and market allocation to enhance the housing supply system, aiming to meet both rigid and improved housing demands of residents [1] Housing Supply and Policy Measures - Sichuan is implementing a multi-faceted approach to increase the supply of affordable housing, including public rental housing, affordable rental housing, and allocated affordable housing [1] - The province is promoting a balanced and healthy development of the real estate market by adjusting and optimizing real estate policies to meet diverse housing needs [1] Real Estate Market Performance - During the "14th Five-Year Plan" period, Sichuan Province has sold a total of 420 million square meters of commercial housing [1] - Specific measures include enhancing policy support for home purchases, such as purchase subsidies and housing vouchers, and promoting the role of housing provident funds [1]

Core Viewpoint - The real estate market in China has entered a deep adjustment phase during the "14th Five-Year Plan" due to significant changes in cyclical fluctuations and supply-demand relationships, prompting timely adjustments and optimizations in real estate policies [1][3]. Policy Changes - The report highlights major changes in real estate policies, including the optimization of financial, credit, and restrictive policies to unleash growth potential in the housing market [2]. - Since 2022, approximately 3,000 real estate optimization policies have been implemented across the country [3]. - Key policies include the "Financial 16 Articles" and "Three Arrows" aimed at supporting reasonable financing needs of real estate companies [4]. Demand-side Policy Adjustments - In May 2024, several demand-side policies were optimized, including lowering the down payment ratio for first-time homebuyers to 15% and canceling the national-level interest rate policy limits for first and second homes [5]. - Major cities like Suzhou, Changsha, Chengdu, and Hangzhou have fully lifted purchase restrictions, with Guangzhou also removing such policies [5][12]. Market Trends and Predictions - The market is expected to experience a phase of recovery starting from Q4 2024, although recent policy effects have weakened, indicating that a complete halt to the decline is still some distance away [2][8]. - The report anticipates that with most cities lifting restrictive policies, the market will return to being supply-demand driven, potentially leading to further market differentiation [13]. Financial and Tax Policies - Financial policies have been adjusted to lower the cost of home purchases, including reductions in mortgage rates and adjustments to personal housing fund loan rates [9][11]. - Tax policies have also been modified to provide tax incentives for homebuyers, such as tax exemptions for home exchanges and reduced transaction tax rates [11]. Achievements During the "14th Five-Year Plan" - The real estate market has seen positive outcomes, with approximately 5 billion square meters of new residential sales recorded during this period [15]. - By Q4 2024, both the sales area and sales volume of new residential properties have shown positive growth, maintaining a trend of "stabilizing after a decline" [16]. - Over 7 million housing units that were sold but not delivered have been successfully delivered, ensuring the rights of homebuyers are protected [17]. Housing Security and Urban Development - The "14th Five-Year Plan" has also made significant progress in urban village renovations and the construction of affordable housing, with over 11 million units built or renovated [19]. - The Ministry of Housing and Urban-Rural Development has emphasized the expansion of urban village renovation policies to nearly 300 cities, promoting monetary compensation for residents [19].

Core Insights - The current real estate market is experiencing significant fluctuations, leading to confusion among potential homebuyers regarding whether to purchase now or wait [1] - The market is witnessing a shift from an "incremental market" to a "stock market," indicating a fundamental change in the real estate development model [1] Group 1: Market Trends - The first major trend is the increasing urban differentiation, with first and second-tier cities showing signs of recovery while third and fourth-tier cities remain under pressure. In June 2025, new residential prices in first-tier cities rose by 0.6%, while second-tier cities saw a 0.2% increase, and third and fourth-tier cities experienced a decline of 0.3% [3][4] - The second trend involves a shift in housing demand structure, with first-time homebuyers and those seeking improved living conditions becoming the dominant groups. In the first half of 2025, first-time buyers accounted for 45.2% of purchasers, while improvement-driven buyers made up 38.7% [4][6] - The third trend highlights the clear differentiation among real estate companies, with leading developers gaining market share. By mid-2025, the top 20 real estate companies accounted for 52.3% of total market sales, an increase of 7.6 percentage points from the previous year [6][7] - The fourth trend indicates a rise in the activity of the existing housing market, with second-hand home transactions making up 63.7% of total residential transactions in major cities by mid-2025, up 5.2 percentage points from the previous year [7][10] Group 2: Recommendations for Buyers - For first-time homebuyers, it is suggested that if they are in first or strong second-tier cities with sufficient down payment and stable repayment ability, the second half of 2025 may present a favorable time to enter the market [7][10] - Improvement-driven buyers are advised to adopt a "sell first, buy later" strategy to manage risks effectively. When selecting new homes, attention should be paid to the developer's qualifications and project details [10][11] - Investors are cautioned to be more prudent in the current market environment, focusing on core areas in cities with sustained population inflow and solid industrial foundations, prioritizing scarce resources like school district and subway properties [10][12]

Core Viewpoint - The real estate market in China has entered a deep adjustment phase during the "14th Five-Year Plan" due to significant changes in cyclical fluctuations and supply-demand relationships, prompting timely adjustments and optimizations in real estate policies [1][3][7]. Policy Changes - Recent changes in real estate policies include a shift from "housing is for living, not for speculation" to a focus on "stabilizing and stopping the decline" in the market [3][6]. - Since 2022, approximately 3,000 real estate optimization policies have been implemented across the country [3]. - Key financial policies include the introduction of the "Financial 16 Measures" and "Three Arrows" to support reasonable financing needs of real estate companies [4][11]. Market Outlook - The report anticipates a phase of market recovery starting in Q4 2024, although the effects of recent policies have weakened, and a complete halt to the decline is still distant [2][7]. - The market is expected to experience significant differentiation, with resilient cities and properties standing out [2][13]. Financial and Tax Policies - Financial policies have adjusted the down payment ratio for first-time homebuyers to 15%, eliminated the national lower limit for mortgage rates, and reduced housing provident fund loan rates [4][9]. - Tax policies have included tax incentives for homebuyers, such as tax refunds for home exchanges and reduced transaction tax rates [11]. Achievements - During the "14th Five-Year Plan," approximately 5 billion square meters of new residential properties were sold [15]. - By Q4 2024, both the sales area and sales revenue of new residential properties have shown positive growth, maintaining a trend of stabilization [16]. - Over 7 million units of previously sold but undelivered housing have been successfully delivered, ensuring the rights of homebuyers [17]. Housing Security and Urban Renewal - The government has made significant progress in urban village renovations and the construction of affordable housing, with over 11 million units of various types of affordable housing built during the "14th Five-Year Plan" [19]. - The Ministry of Housing and Urban-Rural Development has emphasized the importance of continuing urban village renovations and expanding support policies to more cities [19].