Supply Side - In August, the number of new housing projects for sale continued to decline, with a month-on-month decrease of 1.0% in 60 cities [1] - The number of unsold new housing projects remained relatively stable, with a slight decrease of 0.6% month-on-month [1] Demand Side - The online housing search heat index for new homes in 60 key cities was 57.1, a decrease of 0.3 points compared to July [1] - The heat index for first-tier, new first-tier, second-tier, and third-fourth tier cities were 61.3, 61.6, 56.8, and 52.3 respectively [1] Price Trends - The average online asking price for new homes in 60 key cities was 19,383 yuan/m², showing a slight month-on-month decrease of 0.5% [2] - Among the 60 cities, 20 cities saw an increase in new home prices, 2 cities remained stable, and 38 cities experienced a decline [2] Policy Developments - In August, the central government emphasized the establishment of a long-term mechanism for real estate development, focusing on high-quality urban development [3] - Key policies included measures to stabilize the real estate market and promote urban renewal, with a focus on improving housing quality and meeting diverse housing needs [3] - Local policies included the relaxation of purchase restrictions and adjustments to housing fund policies in cities like Beijing and Shanghai [4][5] Market Dynamics - The supply of new housing projects continued to decline, with a month-on-month decrease of 1.0% in August, indicating a slowdown in new supply [10] - The overall inventory pressure remained controllable, with a month-on-month decrease of 0.6% in unsold projects, reflecting a stable market adjustment [13] Housing Search Trends - The housing search heat index in August showed a year-on-year decline of 11.5%, indicating ongoing adjustments in market demand [17] - The demand structure remained stable, with the 90-120 square meter unit size being the most sought after, accounting for 29.4% of the market [21] Regional Price Variations - The price trends varied across different city tiers, with first-tier cities experiencing a slight increase of 0.5%, while second and third-fourth tier cities saw a decrease of 1.2% [25] - Cities like Huizhou and Qingdao reported significant price increases, while Xiamen experienced the largest decline at 6.8% [23][33]

New Housing Market Overview - In July, the number of new housing projects for sale in 60 cities decreased by 1.4% month-on-month, with a total of 10,729 projects available, down by 151 from June [1][9] - The online search heat index for new homes in key 60 cities was 57.4, a decrease of 1.6 points from June, indicating lower demand [1][16] - The proportion of searches for small-sized units (below 70 square meters) increased from 6.1% in June to 6.5% in July, while the 70-90 square meter category rose from 9.4% to 9.6% [1] Price Trends - The average price of new homes in the key 60 cities was 19,479 yuan per square meter, showing a slight decrease of 0.2% month-on-month [2] - Among the 60 cities, 27 saw price increases while 33 experienced declines [2] Key Policies in July - The central government introduced several policies aimed at urban development, including the promotion of rental regulations and the enhancement of housing protection measures [3] - A significant meeting was held by the Central Political Bureau emphasizing stability in employment, enterprises, and markets, with a focus on high-quality urban renewal and risk mitigation in local government debt [4] Local Policy Adjustments - Local governments implemented targeted measures such as adjustments to housing provident fund policies and home purchase subsidies to stimulate the housing market [5][6] - Various cities introduced specific policies, including lowering down payment ratios and increasing loan limits for second homes [7][8] Market Dynamics - The number of unsold housing projects showed a slight decrease of 0.7% in July, indicating a relatively stable supply situation [12] - The average transaction area in key cities decreased from 31.7 million square meters in June to 27.9 million square meters in July, reflecting a downward trend in market activity [14]

Core Viewpoint - Shenyang has decided to abolish eight real estate-related documents issued between 2017 and 2022, reflecting a flexible and timely adjustment of policies in response to market conditions [1][2]. Summary by Category Tightening Policies - The abolished documents include policies that imposed strict controls on housing prices and land sales, such as "limit housing prices, bid for land prices" [3]. - Policies that required a minimum down payment of 30% for first-time homebuyers and 50% for second homes were also part of the tightening measures [3]. Loosening Policies - The documents also included policies aimed at encouraging home purchases, such as subsidies for students and easing restrictions for non-local residents buying homes [3][4]. - The current down payment requirement for second homes has been standardized to 15%, aligning with national standards, indicating that previous policies were outdated [4]. Future Policy Focus - The focus of future policies will shift towards long-term mechanisms, emphasizing supply-side reforms and increasing the supply of affordable and high-quality housing [5]. - There will be a transition from broad subsidies to more targeted support, particularly for urban renewal and specific demographics [5]. Market Trends - In June, Shenyang's new residential sales prices saw a slight month-on-month increase of 0.1%, while year-on-year prices decreased by 1% [5]. - The market is experiencing significant differentiation, with core areas showing stable transaction volumes and prices, while suburban areas face high inventory pressure [5].

Core Viewpoint - The real estate market is showing signs of stabilization and recovery due to ongoing policy adjustments and market dynamics, with both new and second-hand housing transactions increasing significantly in major cities [1][2][3]. Market Activity - In the first half of the year, major cities like Shanghai, Beijing, Shenzhen, and Guangzhou reported substantial increases in new housing transactions, with Shanghai's daily sales averaging about 10,000 square meters, a 38% year-on-year increase [2]. - The second-hand housing market is also active, with Beijing's transaction volume averaging around 35 deals per weekend in July [2][3]. - Nationally, the second-hand housing transaction volume has increased, with Chengdu reporting a 19.8% year-on-year growth in the first half of the year [3]. Policy Impact - Various local governments are implementing policies to stimulate the housing market, such as reducing down payment ratios and providing financial incentives for families [3][4]. - The introduction of "带押过户" (mortgage transfer) policies in cities like Chengdu has facilitated smoother transactions in the second-hand market [3]. Supply and Demand Balance - There is a concerted effort to increase the supply of affordable housing, with significant projects underway in cities like Ningbo and Beijing, aiming to meet the growing demand for rental properties [4]. - The construction of high-quality housing is being prioritized, with local governments providing financial support to developers to enhance housing quality [5]. Future Outlook - Experts suggest that the ongoing urbanization process and the influx of new residents will continue to drive demand in the real estate market, indicating substantial growth potential [7][8]. - The central government is advocating for a new model of real estate development that emphasizes structural reforms in land supply and housing demand forecasting [8].