Group 1 - The core viewpoint of the reports indicates a mixed outlook for the real estate financing environment in 2026, with nearly 40% of real estate companies expressing optimism for slight improvement compared to the current year [1] - Over half of the surveyed real estate companies believe there will be no significant change in the financing environment in 2026, while 44% of financial institution respondents anticipate a continued decline [1] - A significant majority of respondents support the establishment of a national credit fund to enhance the recovery of the real estate market, with over 60% of both real estate companies and financial institutions expressing strong support [1] Group 2 - Nearly 90% of real estate company respondents believe that the most critical policy for stabilizing the market is the cancellation of restrictive measures such as purchase limits [2] - More than 55% of real estate respondents advocate for lowering mortgage rates and increasing housing provident fund loan limits, while financial institutions emphasize the need for large-scale urban renewal [2] - A vast majority of respondents expect a decline in national commodity housing sales area in 2026, with 93% of real estate companies predicting a decrease, and 64% expecting a drop of over 5% year-on-year [2] Group 3 - Close to half of the real estate company respondents anticipate that the average transaction price of residential properties will decline by more than 5% in 2026, while 67% of financial institution respondents share this outlook [3] - Over 60% of real estate companies believe that the market will require one to three years to stabilize, a sentiment echoed by more than 55% of financial institution respondents [3]

Core Viewpoint - The real estate market has shifted since April, moving away from the recovery trend seen since October last year, leading to concerns about further price declines. However, the market has already undergone significant adjustments over the past 4-5 years, with many cities experiencing price drops exceeding 30%, and some over 50% from their peaks. The major risks in the market have largely been released, suggesting that substantial further declines are unlikely, especially in major cities [4][5]. Group 1: Market Trends - Since last year, the real estate market has been changing, with a potential turning point approaching. By September 2024, policies aimed at stabilizing the market have been introduced, showing significant support for the sector. Major cities are beginning to show signs of recovery due to these supportive measures [5]. - Despite a downturn since April, recent measures from cities like Beijing, Shanghai, and Shenzhen have led to signs of market rebound, indicating that confidence among buyers is crucial for market activity [5]. Group 2: City-Specific Insights - In major cities, there is no shortage of potential buyers; the main issue is market confidence. New supportive measures can easily shift market expectations and stimulate activity [5]. - For those considering purchasing in smaller cities, the supply exceeds demand significantly, suggesting that prices may continue to decline. The decision to wait should depend on individual urgency and budget considerations [6].

Core Insights - In July, new home prices in 100 Chinese cities continued to rise month-on-month, while second-hand home prices experienced a decline [1] - The average price of new residential properties was 16,877 yuan per square meter, reflecting a month-on-month increase of 0.18% and a year-on-year increase of 2.64% [1] - Conversely, the average price of second-hand homes fell to 13,585 yuan per square meter, with a month-on-month decrease of 0.77% and a year-on-year decrease of 7.32% [1] Real Estate Market Trends - The trend of "price for volume" remains dominant in the second-hand housing market, leading to increased pressure in the short term [1] - In key cities, the real estate market entered a seasonal lull in July, with a decrease in new home transaction volumes, while second-hand transactions maintained some activity [1] - From January to July, the second-hand home transaction volume in Beijing increased by 11% year-on-year, while Shenzhen and Guangzhou saw new home sales rise by 10% and 12% respectively [1] Policy and Market Outlook - The core objective of current real estate policies is to stabilize the market, with expectations for effective implementation of existing policies in the short term [2] - The central urban work conference emphasized urban renewal as a key strategy, suggesting that supporting policies may accelerate in the future [2] - High-quality land auctions in cities like Shanghai and Shenzhen indicate continued interest, suggesting resilience in the core urban real estate market [2]

Core Insights - The Canadian mortgage and housing market is expected to soften in 2025, with a recovery anticipated to begin next year [1] Group 1 - The Canadian real estate market is projected to face challenges in 2025, indicating a potential decline in housing prices and sales [1] - A recovery in the housing market is expected to start in the upcoming year, suggesting a rebound in demand and pricing [1]

Core Insights - The Chinese real estate market is experiencing a mixed performance in 2025, with a decline in second-hand housing prices and a slight increase in new housing prices driven by demand for improved housing options [4][6][13]. Market Overview - The China Real Estate Index System has been tracking market changes since 1994, providing semi-annual summaries and forecasts to guide the industry [4]. - In the first half of 2025, the average price of second-hand homes in 100 cities fell by 3.60%, while new home prices increased by 1.16% due to the release of demand for improved housing [4][13]. - Nationally, new residential sales area decreased by 2.9% year-on-year from January to May 2025, although the decline was less severe compared to the previous year [5][14]. Sales Performance - The top 100 real estate companies saw a sales revenue decline of 11.8% in the first half of 2025, indicating ongoing pressure on sales performance [5][31]. - The proportion of new homes sold in key cities remains stable, with a notable increase in the sales of larger units (120-144 square meters) [5][20]. Land Market Dynamics - In the first half of 2025, the land transfer revenue for residential land in 300 cities increased by 27.5%, despite a 5.5% decrease in transaction area [4][28]. - The top 20 cities accounted for 68% of the national land transfer revenue, indicating a concentration of land market activity in major urban centers [4][28][29]. Policy and Future Outlook - Government policies are expected to play a crucial role in stabilizing the real estate market, with initiatives aimed at activating demand and optimizing supply [6][34]. - The forecast for total new residential sales in 2025 is approximately 900 million square meters, with market differentiation expected to become more pronounced [6][39]. - Companies are advised to focus on high-quality projects and adapt to new market conditions to ensure sustainable growth [7][42].