24号晚上，笔者和朋友吃饭的时候正好聊到XX小区现在二手房多钱了，然后就点开了贝壳合计看看，结果发现了一个大变化。 成交房源价格被隐藏掉了，取而代之的是"暂无成交价"、"咨询成交价"的字样。 经过了解，这波操作沈阳并不是个例，早在2025年7月开始，北京、上海、南京等28个一线及一些重点城市就已陆续落地，最近成都、苏州 也开始执行了。而且在东北，长春哈尔滨也早已执行，沈阳甚至已经算晚的了。 为二手房市场"稳预期" 近两年，不少城市二手房挂牌量居高不下，再加上大环境影响，很多业主都开始急售、置换，这就导致经常出现明显低于区域均价的价格成 交。 这类"极端"低价一旦公开，就很容易引起大家的"恐慌"，"楼市真是彻底完了"，即使是在当下新房止跌回稳的环境之下，也让大家很难提起 信心，毕竟价格就在那儿摆着呢。 前几天在网上看卖房的视频，沈阳于洪新城某小区的别墅房源，买的时候花了300万，装修花了300万，而且装修的特别不错，我看完都可相 中了，就这么一个房子，最后300万成交了，而且这种情况"屡见不鲜"，现在的市场确实陷入了"越卖越便宜"的恶性循环里了。 如今贝壳开始隐藏成交价，我认为并非掩盖房价真相，而是过滤掉这些特 ...

Core Insights - The article discusses the current state and future trends of the Chinese real estate market, highlighting significant declines in inventory value and profitability among major real estate companies [4][6]. Group 1: Inventory and Profitability - The total inventory value of 50 typical listed real estate companies in 2024 is reported at 7.98 trillion yuan, reflecting a substantial decrease of 15% compared to the end of the previous year [4]. - The industry's gross profit margin has dropped to 10%, with 72% of real estate companies reporting net profit losses [6]. - In 2024, the confirmed inventory impairment loss reached 167.7 billion yuan, marking a significant increase of 26% from 2023 [6]. Group 2: Debt and Liquidity - The liquidity pressure in the industry continues to escalate, with 84% of the 50 sample real estate companies having reduced cash holdings compared to the beginning of the period [7]. - 62% of companies have seen a deterioration in their adjusted unrestricted cash to short-term debt ratio, with the proportion of companies on the brink of default increasing by 2 percentage points to 72% [7]. Group 3: Market Trends and Recovery - The real estate market is expected to achieve a phase of "stabilizing expectations" by the first half of 2025, driven by financial policies, special bond storage, and improving indicators such as land auction enthusiasm, housing prices, and inventory reduction [9]. - The second-hand housing market in major cities like Beijing, Shanghai, Shenzhen, and Hangzhou is anticipated to continue its fluctuating trend, with stable demand for high-end and luxury properties [10]. - More than half of the monitored residential communities have seen a month-on-month increase in housing prices, indicating signs of stabilization in the second-hand housing market [11]. Group 4: International Market Insights - The UAE real estate market is analyzed as a high-growth emerging market, with favorable purchasing policies and a welcoming investment environment for global investors [14][15]. - Dubai's real estate market is characterized by active trading and a growing transaction scale, supported by a young population and a high proportion of expatriates [15]. - Abu Dhabi is emerging as a strategic investment hotspot, leveraging economic transformation, population vitality, and real estate appreciation potential [16]. Group 5: Regional Opportunities - Five key areas in Dubai (Downtown, Business Bay, Palm Jumeirah, Dubai Hills, and Al Furjan) are highlighted for their unique advantages and attractive projects [17].