Core Viewpoint - The new housing supply in November showed a temporary rebound, while transaction volume decreased month-on-month, with project de-stocking rates recovering from a decline [2][4]. Group 1: Market Overview - In November, the average de-stocking rate for new homes in 30 key cities was 34%, a slight increase of 3 percentage points month-on-month [4]. - Cities like Tianjin, Suzhou, and Ningbo had de-stocking rates exceeding 60%, primarily due to the launch of popular projects [4]. - Major cities such as Shanghai, Guangzhou, and Shenzhen showed steady recovery in de-stocking rates, while previously sluggish cities like Wuhan and Zhengzhou also exhibited significant month-on-month increases [4]. Group 2: High-End Market Performance - Benchmark luxury properties in Shanghai, Hangzhou, and Shenzhen had high de-stocking rates, with notable projects like Jinling Huating in Shanghai achieving a 95% de-stocking rate in November [6][10]. - The success of these projects is attributed to prime locations, comprehensive amenities, and high-quality products [7]. Group 3: Characteristics of Hot-Selling Projects - High-quality projects with strong product features, such as those adhering to new regulations, are favored in the market, as seen in cities like Wuhan where new projects had a first-day de-stocking rate of 59% [13]. - Projects with high space efficiency and attractive designs, like the Green City project in Xi'an, achieved de-stocking rates as high as 96% [14]. Group 4: Impact of Quality Amenities - Projects with strong educational resources and convenient transportation, such as those in Nanjing and Tianjin, have seen significant sales success [16][19]. - The Garden 19 project in Nanjing, located near a new metro line, achieved an 85% de-stocking rate due to its strategic location and amenities [18]. Group 5: Pricing Strategies in Weak Markets - In weaker second-tier cities like Suzhou and Zhengzhou, some projects have adopted discount strategies to boost sales, with over 70% of top-selling projects in Suzhou benefiting from high cost-performance ratios [22]. - In Zhengzhou, the effectiveness of price-cutting strategies is diminishing, although many top projects still offer discounts [23]. Group 6: December Market Expectations - As the year-end approaches, it is anticipated that developers will accelerate the pace of new launches and increase discount offerings, leading to a potential rise in transaction volumes [26]. - However, the overall market heat in core cities like Beijing, Shanghai, and Shenzhen is expected to decline, while cities like Wuhan and Nanjing may continue to show signs of weak recovery [26].