Core Insights - The real estate market in key cities remains active during the "Golden October" holiday, with significant increases in transaction volumes and viewings, particularly in Beijing, Shanghai, and Shenzhen [2][3][4] - Despite the positive performance in core cities, the overall national real estate market is still undergoing adjustments, with a notable divergence between first/second-tier cities and third/fourth-tier cities [11][12] Market Performance - During the holiday, Beijing's new home daily transaction volume increased by 30.8% year-on-year, while Shanghai's volume rose by 72% and Shenzhen's by 40% to 50% compared to regular days [4][11] - In Chongqing, the Longfor Group's project achieved a remarkable sales figure of 6.2 billion yuan during the holiday, marking a 256% increase compared to September [4] - The average daily transaction volume for new homes in 30 major cities during the holiday was 671 units, remaining flat compared to the same period in 2024, indicating weaker performance in third and fourth-tier cities [11][12] Policy and Financial Support - Recent policy adjustments since August have lowered purchasing thresholds, stimulating demand in core cities, with Beijing and Shanghai easing restrictions on home purchases [9][14] - Various cities have introduced support measures, such as increasing housing provident fund loan limits and providing interest subsidies for first-time homebuyers [14][16] - The expectation of further financial policy support, including potential reductions in the 5-year LPR, could lower home purchasing costs [18] Sales Strategies and Promotions - Real estate companies are employing diverse marketing strategies, including special pricing and promotional offers, to attract buyers during the holiday [5][7][8] - In Shenzhen, significant discounts and promotional activities, such as "0 down payment" offers, have been introduced to boost sales [7][8] - The trend of "price for volume" strategies is evident, particularly in second-tier cities, where quality projects are seeing increased buyer interest [12][13] Future Outlook - The real estate market is expected to continue showing a divided performance, with core cities likely to see sustained demand due to new supply entering the market [12][13] - The ongoing adjustments in policies and financial tools are anticipated to further stimulate the market, particularly in first-tier cities [18]

Core Insights - The real estate market in Shanghai is experiencing a "small spring" in 2023, with several major developers maintaining strong sales performance despite a year-on-year decline in overall sales [1][2] - The top 100 real estate companies in China reported a total sales amount of 11198.6 billion yuan in the first four months of 2023, reflecting a 10.2% year-on-year decrease [1][2] - The market is showing signs of differentiation, with core cities like Beijing, Shanghai, and Shenzhen expected to see continued demand based on high-end residential supply [3][4] Sales Performance - Poly Developments led the sales with a total of 876 billion yuan in the first four months, followed by Greentown China and China Resources Land with 710.2 billion yuan and 685 billion yuan respectively [2] - The average sales amount for the top 10 real estate companies was 542.3 billion yuan, down 9.9% year-on-year, while the second tier (ranked 11-30) saw a 12.5% decline [2] Market Dynamics - The number of companies in various sales tiers has changed, with a decrease in the number of companies in the 100 billion yuan and 50-100 billion yuan categories, while the number of companies below 30 billion yuan has increased [2] - The market is characterized by a cautious approach from developers, focusing on high-quality projects rather than just sales volume, indicating a shift towards improving profit margins [3] Future Outlook - The core cities are expected to continue their recovery, driven by favorable policies and an increase in quality project supply, although market differentiation will persist [4] - The recent "May Day" holiday saw increased interest in property viewings, with several projects experiencing high foot traffic and limited capacity at sales offices [5][6]