核心城市二手房市场累计销售同比微增 典型房企2月实现销售操盘金额1234.2亿元。 | | | | 2026年1-2月 ·中国房地产企业 | | Y = = 可编 | | --- | --- | --- | --- | --- | --- | | | | 操盘销售金额、 | | 销售面积 | | | 排名 | 企业简称 | 操盘金额 (亿元) | 排名 | 企业简称 | 操盘面积 (万平方米) | | 1 | 保利发展 | 236. 0 | | 保利发展 | -2111.0 | | 2 | 中海地产 | 218.4 | 2 | 绿城中国 | 90.0 | | 3 | 未润量拆 | 205.9 | 3 | 万科地产 | 79. 1 | | 4 | 绿城中国 | 183.0 | | 龙湖集团 | 78.5 | | 5 | 招商蛇口 | 145.3 | 5 | 中海地产 | 77.9 | | ୧ | 建发房产 | 138.4 | 6 | 招商蛇口 | 71.6 | | 7 | 中国金茂 | 114.6 | | 绿地控股 | 71.3 | | 8 | 万科地产 | 84.6 V | 8 | 天润量 | 63.1 | ...

Core Viewpoint - The real estate market in China is experiencing a seasonal slowdown in January 2026, but there are signs of recovery in the second-hand housing market in key cities, which may stabilize market expectations and lead to a potential "small spring" after the Spring Festival, especially with supportive policies in place [1][12]. Group 1: Sales Performance - The top 100 real estate companies achieved a total sales amount of 165.45 billion yuan in January 2026 [2][8]. - 32 companies among the top 100 reported year-on-year sales growth, with 10 companies experiencing growth rates exceeding 100% [8][10]. - Notably, companies like Junyi Holdings and Bangtai Group saw significant increases in sales, with Junyi Holdings reporting a staggering growth of 757.4% [10]. Group 2: Market Dynamics - The new housing market showed weak performance with a transaction area of approximately 8.1 million square meters, while the second-hand housing market saw a 16% month-on-month increase and a 33% year-on-year increase in transaction area [12]. - The central government has introduced various supportive policies focusing on urban renewal, financing optimization, and tax incentives to stimulate the real estate market [12][13]. Group 3: New Entrants and Rankings - In January 2026, seven new companies entered the top 100 list, with CITIC City Opening making a notable entry into the top 30 [5][6]. - The sales performance of new entrants indicates that some small and medium-sized private enterprises are managing to maintain stable operations and achieve growth despite market challenges [5][8].

消息面上，2月2日，中国建设银行支持上海市第一批收购二手住房用于保障性租赁住房项目签约活动举 办，以浦东新区、静安区、徐汇区为试点区，主要聚焦于业主有本区新房置换意愿的、房龄偏大的小户 型二手房源。中金认为，上海二手房挂牌量自2025年3季度已开始下降，带动其挂牌去化周期持续下 行；本次存量住房收储面向供给压力最为直接的二手房供给，也属对症下药的积极举措。 另据报道，在刚过去的1月份，北京二手房网签量超过1.5万套，已连续三个月稳定在1.4万套以上；上海 二手房连续三个月成交超2.2万套；深圳二手房共计录得6802套，创近10个月新高；广州二手住宅网签 8881套，市场韧性同样较强。业内专家认为，房地产市场的"小阳春"行情正提前显现，二手房市场率先 回暖，核心韧性凸显，春节后挂牌量的变化，将成为观察供需关系的关键窗口。 内房股早盘普涨，截至发稿，越秀地产(00123)涨4.01%，报4.67港元；中国海外宏洋集团(00081)涨4%， 报2.6港元；华润置地(01109)涨3.89%，报31.48港元；中国海外发展(00688)涨3.5%，报14.48港元；龙光 集团(03380)涨2.96%，报1.39港元 ...

Group 1 - The real estate stocks in China experienced a significant increase in early trading, with notable gains from companies such as Yuexiu Property (+4.01%), China Overseas Land & Investment (+4%), and China Resources Land (+3.89%) [1] - China Construction Bank is supporting the first batch of second-hand housing acquisitions in Shanghai for affordable rental housing projects, focusing on older small-sized second-hand homes in specific districts [1] - According to CICC, the listing volume of second-hand homes in Shanghai has been declining since Q3 2025, indicating a positive response to supply pressures in the housing market [1] Group 2 - In January, Beijing's second-hand housing transaction volume exceeded 15,000 units, remaining stable above 14,000 units for three consecutive months, while Shanghai's transactions surpassed 22,000 units [2] - Shenzhen recorded 6,802 second-hand homes sold, marking a nearly 10-month high, and Guangzhou saw 8,881 units, indicating strong market resilience [2] - Industry experts suggest that a "small spring" in the real estate market is emerging, with the second-hand market showing early signs of recovery, making post-Spring Festival listing changes a key observation point for supply-demand dynamics [2]

Core Insights - The second-hand housing market in first-tier cities is showing signs of independent recovery, with significant increases in transaction volumes despite the traditional off-season [1] - The market is experiencing a "small spring" ahead of the usual peak season, indicating a potential bottoming out of prices and a shift in market sentiment [1] Beijing Market - In January, Beijing's second-hand housing transaction volume reached 15,082 units, maintaining above 14,000 units for three consecutive months [5] - The market's recovery began after the introduction of new supportive policies on December 24, 2025, which included easing purchase requirements for non-local buyers and supporting families with multiple children [5] - The demand for second-hand school district homes has surged, with prices in some areas increasing by approximately 100,000 to 150,000 yuan [5] Shanghai Market - Shanghai's second-hand housing transactions also saw a rise, with January figures reaching 22,834 units, marking a five-year high [8] - The listing volume in Shanghai has decreased for nine consecutive months, dropping from around 120,000 units in April 2025 to 89,000 units in January 2026, a decline of 26% [9] - The shift in landlord mentality, with many opting to hold onto properties rather than engage in price competition, has contributed to the declining listing volume [9] Guangzhou and Shenzhen Markets - Guangzhou's second-hand housing market recorded 8,881 transactions in January, showing resilience with a slight month-on-month increase [10] - In Shenzhen, the transaction volume reached 6,802 units, a 2.9% increase month-on-month and a 45.5% increase year-on-year, marking a ten-month high [10] - The average price in Shenzhen remained stable at 50,801 yuan per square meter, with a notable increase in transactions for high-quality properties [10] Market Sentiment and Future Outlook - The overall sentiment in the first-tier cities remains positive, with a significant portion of respondents in a survey indicating expectations of stable or increasing prices [11] - The market is expected to continue its recovery, driven by strong demand and favorable policies, with predictions of good transaction volumes in the upcoming months [12] - However, the market still faces challenges, including the need for further reductions in transaction costs and improvements in consumer confidence [12]

Core Viewpoint - The real estate market is showing signs of recovery in early 2026, supported by policies and market sentiment, with a strong likelihood of a "small spring" in March, although the sustainability of this recovery depends on future policy measures [1][10] Group 1: Market Indicators - As of early March, new home transaction area in 30 cities increased by 1% year-on-year, while second-hand home transaction area surged by 39% in 16 cities, exceeding market expectations [3] - The new home subscription index has been rising since the Spring Festival, approaching the relative high point of October 2024, indicating a potential increase in March transactions [3] - The daily viewing index for second-hand homes in early March was 12% higher than the peak in October 2024, driving up transaction activity [3] Group 2: Policy Support - Systematic support from the central government is crucial for the realization of the "small spring," including tax rebates on personal income for home purchases extended to the end of 2027, saving buyers thousands on a 3 million home [4] - The optimization of capital gains tax for homes sold within two years has reduced the tax rate from 5% to 3%, significantly lowering the transaction threshold for second-hand homes [4] - Mortgage rates have reached historical lows, with some cities offering first-time home loan rates as low as 3.05%, reducing monthly payments by approximately 1200 yuan for a 1 million loan over 30 years [4] Group 3: Supply-Side Risk Management - The normalization of the real estate financing "white list" system has alleviated funding pressures for over 8000 projects, with loans exceeding 2 trillion yuan [6] - The promotion of existing home sales trials has mitigated risks of unfinished projects, ensuring funds are used specifically for their intended purposes [6] - High-quality residential properties are commanding a premium, with prices per square meter in compliant buildings in Beijing and Hangzhou exceeding ordinary units by 800-1500 yuan, highlighting the importance of quality in driving demand [6] Group 4: Market Structural Differentiation - Despite the potential for a "small spring," significant structural differentiation in the market persists, with first-tier and strong second-tier cities expected to stabilize first, while many third and fourth-tier cities face population outflows and high inventory [7] - The transaction volume for homes under 90 square meters in first-tier cities increased by 12%, while larger units over 120 square meters require price reductions of over 20% to sell [7] - The shift from "location is everything" to "quality is king" reflects changing consumer preferences in the market [7] Group 5: Consumer Confidence and Future Policy Needs - Weak consumer confidence remains a major barrier to sustained market recovery, with only 2% of surveyed individuals planning to buy a home in the next 12 months, and 67% of respondents in first-tier cities expecting price declines [9] - There is a strong expectation for policies supporting home purchase subsidies, monetary arrangements, and loan support, indicating a direction for future policy efforts [9] - The key variables for market direction in the second half of the year will be the strength and precision of policy measures aimed at stimulating demand and addressing risks [9]