Core Viewpoint - The recent policy changes in Beijing's real estate market have led to increased interest in property viewings and consultations, but the immediate impact on transaction volumes remains limited, indicating a potential lag in market response [5][7][10]. Group 1: Policy Changes and Market Response - On August 8, Beijing relaxed housing purchase restrictions outside the Fifth Ring Road, allowing local families and non-local families with two years of social security to buy unlimited properties [5]. - The new policy is expected to stimulate demand, particularly in the outer areas of Beijing, where over 80% of new home sales occurred in the first seven months of the year [5]. - Despite the policy changes, the first week of observation showed no significant increase in transaction volumes, with new home sales at 443 units and second-hand home sales at 3,082 units [5][10]. Group 2: Market Activity and Trends - There has been a noticeable increase in consultation and viewing activity, with online inquiries for new homes rising by 24.4% compared to the first ten days of the month [8][9]. - The average price of second-hand homes in Beijing has decreased to 43,000 yuan per square meter, reflecting a downward trend in property prices [8][13]. - The overall market remains in a "sluggish" state, with a continued decline in prices, although the rate of decline appears to be slowing [13][15]. Group 3: Future Outlook - Analysts suggest that the recent policy changes signal a shift towards stimulating internal demand rather than opening the market to external buyers [9][16]. - The expectation is that the market may see a higher proportion of transactions in August, driven by increased interest and consultations [9]. - The focus for future policies will likely remain on stabilizing the market and addressing urban renewal, with potential policy adjustments anticipated in other major cities like Shanghai and Shenzhen [15][16].

Core Viewpoint - The recent auction failure of a luxury property in Longhua, Shenzhen, indicates a significant downturn in the real estate market, reflecting broader trends of declining property prices across major cities in China [1][4]. Group 1: Shenzhen Real Estate Market - The Longhua Jinmao Mansion, once priced at 10 to 11 million per square meter, saw a 156 square meter unit fail to sell at a drastically reduced price of 71,000 per square meter, highlighting a severe drop in demand [3][4]. - Nearby properties, such as Hongrongyuan Shangyun, have also seen price reductions, with a decrease of approximately 6,000 yuan per square meter compared to last year, indicating a broader trend of declining property values in the region [4]. - Homeowners in previously high-demand areas, like Nanshan Chiwan, are facing significant losses, with some properties dropping in value by at least 1 million yuan within a short period [4]. Group 2: Broader Market Trends - The overall real estate market is experiencing a downturn, with new home prices in Beijing also falling significantly, such as the price drop in Shijingshan and Chaoyang districts [4]. - The total new loans in April were only 280 billion yuan, less than half of the previous year's figures, reflecting a lack of confidence in the housing market [7]. - The previous year's buyers, who believed they were purchasing at the bottom of the market, have faced substantial losses, leading to a decrease in market confidence and a reluctance to invest further [8][10].