资料来源：Wind、房管局、招商证券等 前瞻及佐证指标： 证券研究报告 | 行业定期报告 2025 年 09 月 28 日 二手房日均网签面积高于去年同期水平 ——样本城市周度高频数据全追踪 周期/房地产 一、核心要点 图 1：样本城市新房及二手房网签面积同比（截至 9 月 25 日） 资料来源：Wind、房管局、招商证券等；备注：考虑到今年和去年中秋节假期日期不一致 （去年为 9 月 15-17 日），若剔除中秋节假期影响，9 月以来新房日均成交面积同比减少 约 2%，二手房日均成交面积增加约 2% 表 1：样本城市新房及二手房网签面积同比（截至 9 月 25 日） | 新房（9 | 月 | 1 日-9 | 月 | 25 日） | 二手房（9 | 月 | 月 1 日-9 | 25 日） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 城市能级 | 同比 | | 较 | 8 月 | 城市能级 | 同比 | | 较 | 8 月 | | 样本城市 | +7% | | 转正 | +28 PCT | 样本城市 | +18% | 转 ...

Core Insights - The article discusses the challenges faced by Wang Sicong in selling his luxury property, highlighting a significant price drop and the current state of the luxury real estate market in Shanghai [2][3][5][15] Group 1: Property Details and Pricing - Wang Sicong's luxury property was originally purchased for 63 million yuan in 2015, with an additional 22 million yuan spent on renovations, totaling 85 million yuan [2] - The current listing price of 52 million yuan represents a drastic reduction to approximately 43% of the peak price per square meter of 350,000 yuan [5] - The property is facing difficulty in finding buyers despite its prime location and luxurious features, indicating a "bone-breaking" price drop [3] Group 2: Market Dynamics - The luxury real estate market in Shanghai is experiencing polarization, with properties priced below 30 million yuan performing well, while those above 60 million yuan struggle to sell [8] - Recent policy changes, such as the "Hushiliu" regulations, have increased the down payment ratio for high-net-worth individuals, further constraining liquidity in the luxury market [9] - There is a noticeable shift in buyer sentiment, with potential buyers adopting a "wait and see" approach, fearing further price declines [9] Group 3: Personal Factors and Market Sentiment - Wang Sicong's personal branding is heavily associated with the property, which may deter buyers due to the presence of personal items and decor that reflect his lifestyle [11] - The article suggests that renting the property for 150,000 yuan per month may be a more viable option for Wang Sicong if the sale does not materialize soon, emphasizing the importance of cash flow in the current market [13] - The overall sentiment reflects a transition from a "wealthy and reckless" market to one that values liquidity and rational investment decisions [15]