Group 1: Real Estate Market Trends - In September 2025, the new residential property prices in first-tier cities decreased by 0.7% year-on-year, with the decline narrowing by 0.2 percentage points compared to the previous month [1] - The second-hand residential property prices in first-tier cities fell by 3.2% year-on-year, with the decline narrowing by 0.3 percentage points compared to the previous month [2] - In second and third-tier cities, new residential property prices decreased by 2.1% and 3.4% year-on-year, respectively, with both declines narrowing by 0.3 percentage points [1] Group 2: Land Supply and Transactions - Shanghai has released the ninth batch of residential land for sale, including 9 plots across various districts, totaling an area of 29.58 hectares, with transactions expected to begin in late November [3] - Shenzhen recorded a weekly transaction of 1,696 second-hand homes, marking a 39.1% increase and setting a new six-month high, driven by policy support and seasonal demand [4] Group 3: Corporate Actions - The controlling shareholder of Shen Shen Real Estate A plans to reduce its stake by up to 1% of the total share capital, amounting to a maximum of 10.1166 million shares, within three months after 15 trading days [5]

Group 1: Real Estate Market Trends - In September 2025, the new residential property prices in first-tier cities decreased by 0.7% year-on-year, with the decline narrowing by 0.2 percentage points compared to the previous month [1] - The second-hand residential property prices in first-tier cities fell by 3.2% year-on-year, with the decline also narrowing by 0.3 percentage points from the previous month [2] - In September, Shanghai saw an increase of 5.6% in new residential property prices, while Beijing, Guangzhou, and Shenzhen experienced declines of 2.6%, 4.1%, and 1.8% respectively [1] Group 2: Land Supply and Transactions - Shanghai released its ninth batch of residential land for sale, including 9 plots across various districts, totaling an area of 29.58 hectares, with trading activities set to begin in late November [3] - Shenzhen recorded a significant increase in second-hand home transactions, with 1,696 units sold in the week of October 14-20, marking a 39.1% increase and the highest weekly total in six months [4] - The surge in transactions in Shenzhen is attributed to policy support and the release of pent-up demand during the traditional peak season [4] Group 3: Corporate Actions - The controlling shareholder of Shen Shen Real Estate A plans to reduce its stake by up to 1% of the company's total shares, amounting to a maximum of 10.12 million shares, within three months after a 15-day trading period [5]

Core Insights - The data released by the National Bureau of Statistics indicates a decline in residential sales prices across various city tiers, with a narrowing year-on-year decline, suggesting that previous policy effects are beginning to manifest and long-term downward pressure on the market is easing [1][2] Group 1: Price Trends - In September, the new residential sales prices in first-tier cities decreased by 0.3% month-on-month, with Beijing and Shanghai experiencing increases of 0.2% and 0.3% respectively, while Guangzhou and Shenzhen saw declines of 0.6% and 1.0% [1] - Year-on-year, first-tier cities' new residential sales prices fell by 0.7%, but the decline was narrower by 0.2 percentage points compared to August, with Shanghai showing a significant increase of 5.6% [2] - Second and third-tier cities also experienced declines in new residential sales prices, with year-on-year decreases of 2.1% and 3.4%, respectively, both showing a narrowing decline of 0.3 percentage points [2] Group 2: Market Dynamics - The second-hand residential sales prices in first-tier cities decreased by 1.0% month-on-month, remaining stable compared to August, while second and third-tier cities saw declines of 0.7% and 0.6%, with both experiencing an expanded decline of 0.1 percentage points [1] - The overall performance of the new housing market in September was relatively strong, particularly in Beijing and Shanghai, attributed to supportive policies such as lower mortgage rates and optimized public fund withdrawal regulations [2] - The land market continues to show a trend of reduced transaction volume, but there is an increase in the supply of quality land parcels in hot cities, with expectations of increased market supply in the fourth quarter [2][3] Group 3: Future Outlook - Confidence in the real estate market is expected to strengthen in the fourth quarter, driven by policy benefits and seasonal effects, which will likely boost transaction volumes in core cities [3] - The relaxation of purchase restrictions in peripheral areas of core cities is anticipated to stimulate both demand for first homes and improvement needs, contributing to a stable increase in new home transaction volumes in first-tier cities [3]

Group 1 - In August 2025, the sales prices of new residential properties in first-tier cities decreased by 0.1% month-on-month, with Shanghai increasing by 0.4% while Beijing, Guangzhou, and Shenzhen saw declines of 0.4%, 0.2%, and 0.4% respectively [1] - Second-tier cities experienced a month-on-month decrease of 0.3% in new residential property prices, with the decline narrowing by 0.1 percentage points [1] - Third-tier cities saw a month-on-month decrease of 0.4% in new residential property prices, with the decline widening by 0.1 percentage points [1] Group 2 - The sales prices of second-hand residential properties in first-tier cities decreased by 1.0% month-on-month, remaining unchanged from the previous month [1] - In August, second-tier cities' second-hand residential property prices decreased by 0.6% month-on-month, with the decline widening by 0.1 percentage points [1] - Third-tier cities' second-hand residential property prices decreased by 0.5% month-on-month, with the decline remaining the same as the previous month [1] Group 3 - Year-on-year, the sales prices of new residential properties in first-tier cities decreased by 0.9%, with the decline narrowing by 0.2 percentage points compared to the previous month [1] - In August, Shanghai's new residential property prices increased by 5.9%, while Beijing, Guangzhou, and Shenzhen saw year-on-year declines of 3.5%, 4.3%, and 1.7% respectively [1] - Second-tier cities experienced year-on-year decreases of 2.4% in new residential property prices, with the decline narrowing by 0.4 percentage points [2] - Third-tier cities saw a year-on-year decrease of 3.7% in new residential property prices, with the decline narrowing by 0.5 percentage points [2] Group 4 - Year-on-year, the sales prices of second-hand residential properties in first-tier cities decreased by 3.5%, with the decline widening by 0.1 percentage points [2] - In August, second-hand residential property prices in Beijing, Shanghai, Guangzhou, and Shenzhen decreased by 3.1%, 2.6%, 6.2%, and 1.9% respectively [2] - Second-tier cities' second-hand residential property prices decreased by 5.2% year-on-year, with the decline narrowing by 0.4 percentage points [2] - Third-tier cities experienced a year-on-year decrease of 6.0% in second-hand residential property prices, with the decline narrowing by 0.4 percentage points [2]