Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints The real estate market shows a mixed performance with both declines and growth in different segments and regions. Overall, the transaction volume of second - hand and new houses has been fluctuating, with some cities experiencing significant drops while others showing growth [1][2][3]. 3. Summary by Related Content 3.1 Second - hand Housing Transaction - **Overall Situation**: From August 1 - 7, the transaction area of second - hand housing in 15 cities was 1.82 million square meters, with a 9% week - on - week decline and a 1% year - on - year decline, having declined for nine consecutive weeks year - on - year [1]. - **By City Tier**: - **First - tier Cities**: The week - on - week decline was 13%, with Beijing, Shanghai, and Shenzhen down 20%, 11%, and 1% respectively. Year - on - year, after eight consecutive weeks of decline, there was a 1% increase, with Shenzhen and Shanghai up 4% and Beijing down 4% [1]. - **Second - tier Cities**: The transaction area declined for three consecutive weeks, with a 7% week - on - week decline this week. Some cities like Hangzhou dropped 22%, while Nanning increased 37%. Year - on - year, it declined 8% [2]. - **Third - tier Cities**: The transaction area declined for two consecutive weeks, with a 7% week - on - week decline this week. Some cities like Foshan, Jiangmen, and Dongguan had drops, while Yangzhou increased 11%. Year - on - year, it increased 27% [2]. 3.2 New Housing Transaction - **Overall Situation**: From August 1 - 7, the transaction area of new houses in 38 cities was 1.88 million square meters, with a 23% week - on - week decline and a 12% year - on - year decline, having declined for nine consecutive weeks year - on - year. The year - on - year decline in August 1 - 7 was - 12%, better than - 17% in July but weaker than - 8% in June and - 10% in May [2]. - **By City Tier**: - **First - tier Cities**: The week - on - week decline was 32%, with Beijing, Shanghai, Guangzhou, and Shenzhen down 45%, 33%, 23%, and 2% respectively. Year - on - year, it declined for nine consecutive weeks, with a 36% decline this week, and the decline in Shenzhen was the largest at 69% [3]. - **Second - tier Cities**: The week - on - week decline was 18%. Some cities like Suzhou, Hangzhou, and Wuhan had significant drops, while Chengdu and Nanning increased. Year - on - year, it declined 3% [3]. - **Third - tier Cities**: The week - on - week decline was 24%, with some cities like Wenzhou, Chizhou, etc. having large drops. Year - on - year, it increased 2% [3]. 3.3 Key City Observations - **First - tier Cities**: - **Second - hand Housing**: The week - on - week decline was 13%, and the year - on - year increase was 1%. Compared with last year's high, the transaction volumes of Beijing, Shanghai, and Shenzhen were 50%, 59%, and 44% of the high respectively [21]. - **New Housing**: The week - on - week decline was 32%, and the year - on - year decline was 12%. Compared with last year's high, the transaction volumes of Beijing, Shanghai, Guangzhou, and Shenzhen were 22%, 30%, 33%, and 15% of the high respectively [22]. - **Other Key Cities**: - **Hangzhou**: The second - hand and new housing transaction areas declined by 22% and 42% respectively compared with the previous week, and were 42% and 9% of the 2024 high respectively [23]. - **Chengdu**: The second - hand housing transaction area declined by 9%, and the new housing transaction area increased by 16% compared with the previous week, and were 48% and 41% of the 2024 high respectively [23]. 3.4 Housing Price Observation - From July 28 - August 3, the week - on - week changes in the second - hand housing listing prices in Shanghai, Beijing, and Shenzhen were + 0.10%, - 0.26%, and - 0.15% respectively. Compared with the week before the "924" policy last year, they all declined, with drops of 1.3%, 7.1%, and 6.3% respectively [49].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report In July, the year-on-year decline in property market transactions widened. Both second - hand and new home transactions showed a downward trend year - on - year, with different performance in different city - tiers [1][2]. 3. Summary based on Related Contents Second - hand Housing Transactions - **Overall Situation**: In the week from July 25 - 31, the transaction area of second - hand housing in 15 cities was 1.96 million square meters, with a 3% week - on - week decline and a 4% year - on - year decline, and the decline has continued for eight weeks. The cumulative year - on - year decline in July was 4%, slightly higher than 3% in June [1]. - **By City - Tier**: - **First - tier Cities**: The weekly transaction area was basically flat compared with last week. Beijing increased by 9%, Shanghai decreased by 1%, and Shenzhen decreased by 15%. Year - on - year, it has declined for eight weeks, with a 6% decline this week, and the decline has expanded by 3 percentage points compared with last week [1]. - **Second - tier Cities**: The weekly transaction area decreased by 7% week - on - week for two consecutive weeks. Cities like Suzhou and Chengdu had declines of 14% and 16% respectively, while Hangzhou, Xiamen and Qingdao had increases. Year - on - year, the decline was 8% [2]. - **Third - tier Cities**: The transaction area changed from an increase to a decrease, with a slight 1% decline. Dongguan and Yangzhou had declines, while Foshan and Jiangmen had increases. Year - on - year, there was a 19% increase [2]. New Home Transactions - **Overall Situation**: In the week from July 25 - 31, the transaction area of new homes in 38 cities was 2.44 million square meters, with a 25% week - on - week increase and an 18% year - on - year decline, and the decline has continued for eight weeks. The cumulative year - on - year decline in July was 17%, weaker than previous months [2]. - **By City - Tier**: - **First - tier Cities**: The week - on - week change turned from a decline to an increase, with a 31% increase this week. Shanghai, Beijing and Guangzhou had increases, while Shenzhen decreased by 13%. Year - on - year, it has declined for eight weeks, with a 24% decline this week, and the decline has expanded by 2 percentage points compared with last week [3]. - **Second - tier Cities**: The week - on - week increase continued for two weeks, with a 23% increase. Qingdao and Suzhou had relatively large increases, while some cities like Chengdu, Nanning and Jinan had declines. Year - on - year, the decline was 12% [3]. - **Third - tier Cities**: There was a 22% week - on - week increase. Cities like Jiangyin, Wenzhou and Ningbo had large increases. Year - on - year, the decline was 22% [3]. Key City Observations - **First - tier Cities**: - **Second - hand Housing**: In the week from July 25 - 31, the transaction area was basically flat compared with last week, with a 6% year - on - year decline. Shanghai and Beijing had year - on - year declines, while Shenzhen had a 10% increase [24]. - **New Homes**: The week - on - week increase was 31%, with a 24% year - on - year decline. Shenzhen had the largest decline at 60%, and other cities also had varying degrees of decline [25]. - **Hangzhou**: The second - hand and new home transaction areas increased by 8% and 27% respectively compared with the previous week, equivalent to 54% and 16% of the 2024 high points [26]. - **Chengdu**: The second - hand and new home transaction areas decreased by 16% and 5% respectively compared with the previous week, equivalent to 53% and 35% of the 2024 high points [26]. Housing Price Observation From July 21 - 27, the weekly listing prices of second - hand housing in Shanghai, Beijing and Shenzhen decreased by 0.29%, 0.21% and 0.38% respectively week - on - week. Compared with the week before the "924" policy last year, they all decreased, with declines of 1.4%, 6.9% and 6.2% respectively [52].

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core View The real - estate market shows a mixed performance with both二手房 and新房 sales experiencing consecutive year - on - year declines for seven weeks, but with some variations in different city tiers and specific cities [1][3]. 3. Detailed Summaries 3.1. Overall Second - hand Housing - This week (July 18 - 24), the second - hand housing transaction area in 15 cities was 2.11 million square meters, with a 1% week - on - week increase and a 4% year - on - year decline, having declined for seven consecutive weeks. From July 1 - 24, the cumulative year - on - year decline was 6%, higher than the 3% decline in June [1]. 3.2. Second - hand Housing by City Tier - In first - tier cities, the weekly transaction area of second - hand housing increased for two consecutive weeks, with a 4% increase this week. Year - on - year, it declined for seven weeks, with a 2% decline this week. Among them, Beijing, Shanghai, and Shenzhen had different growth and decline situations [2]. - In second - tier cities, the transaction area of second - hand housing decreased by 3% week - on - week. Year - on - year, it declined by 6% [2]. - In third - tier cities, the transaction area of second - hand housing increased by 2% week - on - week. Year - on - year, it increased by 2% [2]. 3.3. Overall New Housing - This week, the new housing transaction area in 38 cities was 2.02 million square meters, with a 7% week - on - week increase and a 6% year - on - year decline, having declined for seven weeks. From July 1 - 24, the cumulative year - on - year decline was 16% [3]. 3.4. New Housing by City Tier - In first - tier cities, the new housing transaction area decreased for three consecutive weeks, with a 3% decline this week. Year - on - year, it declined for seven weeks, with a 22% decline this week [3]. - In second - tier cities, the new housing transaction area increased by 8% week - on - week. Year - on - year, it declined by 4% [4]. - In third - tier cities, the new housing transaction area increased by 16% week - on - week. Year - on - year, it increased by 3% [4]. 3.5. Key City Observations - In first - tier cities, both second - hand and new housing weekly transactions declined year - on - year for seven weeks. For second - hand housing, Beijing, Shanghai, and Shenzhen had different week - on - week and year - on - year performance. For new housing, the same was true, with different trends in each city [25]. - In Hangzhou, the second - hand housing transaction area was flat week - on - week, and the new housing transaction area increased by 18% week - on - week [26]. - In Chengdu, the second - hand housing transaction area increased by 5% week - on - week, and the new housing transaction area was flat week - on - week [26]. 3.6. Housing Price Observation - From July 14 - 20, the weekly listed prices of second - hand houses in Shanghai, Beijing, and Shenzhen decreased by 0.10%, 0.39%, and 0.16% respectively week - on - week. Compared with the week before the "924" policy last year, they also decreased [55].

Group 1 - The Beijing Housing Provident Fund Management Center reports that the interest rate on provident fund deposits is significantly higher than current bank deposit rates [1] - Shanghai's real estate market "half-year report" shows that the transaction volume of new and second-hand houses reached 13.11 million square meters, the highest for the same period since 2022 [2] - Country Garden and others are subject to enforcement actions totaling 830 million [3] - Hefei adjusts the contribution base and ratio for the housing provident fund [4] - Zhongliang Real Estate delivered 15,026 new homes from January to June [5] - Nanjing launched 5 residential land plots with a total starting price of 2.381 billion [6] - CIFI Group delivered a total of 15,000 new homes nationwide from January to June [7] - Poly Developments plans to issue the second phase of corporate bonds for 2025, with a scale of 1.5 billion [8] - Knight Frank reports a strong performance in Hong Kong's luxury residential rental market in the first quarter, with a year-on-year rental increase of 6.5% [9] - In June, Hong Kong's existing property mortgage registrations reached a 22-month high, with pre-sale mortgage registrations increasing by 46.9% month-on-month [10]

Core Insights - Chengdu's real estate market continues to show strong performance, with the city ranking first in both new and second-hand housing transactions for three consecutive years [1] - In May, the total residential transactions in Chengdu reached 27,535 units, a decrease of 19.7% compared to April [1] - The average price of second-hand housing in two districts has exceeded 30,000 yuan/m², indicating a significant price increase in the market [1] Group 1: Transaction Data - In May, second-hand housing transactions accounted for 19,308 units, approximately 2.3 times the number of new housing transactions at 8,227 units [1] - The cumulative supply of commercial residential properties from January to May was 4.296 million m², a year-on-year decrease of 19.4% [3] - The average transaction price for new housing in May was about 19,100 yuan/m², showing a slight decline [4] Group 2: Price Trends - The average price of second-hand housing in Chengdu remained stable at 14,599 yuan/m² in May [6] - The highest transaction price for second-hand housing was recorded at 72,420 yuan/m² in the high-tech zone, with several other properties also exceeding 40,000 yuan/m² [6] - The average price in the core urban area was 26,956 yuan/m², while the new urban areas saw a slight increase to 15,457 yuan/m² [4] Group 3: Market Dynamics - The inventory of available residential properties in Chengdu stood at 16.99 million m², with a clearance cycle of 13.2 months [4] - The market is experiencing a shift towards improvement buyers, with the average area of new homes sold being 130 m², indicating a decline in first-time buyers [4] - The majority of visitors to the Chengdu housing market platform were from outside the province, with 53% of users coming from other regions [7]

Market Overview - In April, the real estate market in Zhongshan showed signs of slight cooling, with developers slowing down their sales pace, particularly with new launches scheduled towards the end of the month, coinciding with the "May Day" holiday [1][5] - The total transaction volume for Zhongshan's commodity housing in April was 1,567 units, representing a month-on-month decrease of approximately 5% [7] - The total transaction area was about 172,400 square meters, down about 4% month-on-month, and the total transaction amount was approximately 2.026 billion yuan, a decrease of about 6% [7] Supply and Demand - The supply of commodity housing also saw a significant decline, with only 545 units supplied in April, a month-on-month decrease of about 66% [7] - The total supply area was approximately 65,400 square meters, down about 61% month-on-month [7] - Throughout the first four months of the year, demand has generally exceeded supply, except for March where supply and demand were roughly balanced [8] Price Trends - The overall average transaction price in Zhongshan for April was approximately 11,800 yuan per square meter, with an average transaction price per unit of about 1.29 million yuan, showing a slight decrease compared to March [12] - Despite the overall price drop, 14 districts saw an increase in average transaction prices, with the highest being the Ma'anshan area at approximately 19,300 yuan per square meter, up about 2.73% month-on-month [12][14] Transaction Rankings - The top developers by transaction volume in April included Yuan Yang, Jinle, Huafa, and others, with Yuan Yang leading at 201 units sold [17][20] - The top-selling projects were concentrated in the southern group, with Yuan Yang's "Fan Hua Li" leading with 194 units sold, followed by Jinle's "Shang Dong Cheng" with 104 units [20][21]

Group 1 - The core viewpoint of the article highlights the active real estate market in Guangzhou during the "May Day" holiday, with increased high-quality housing supply and significant marketing promotions from developers [1][2] - From May 1 to May 5, the number of visits to major residential projects reached 31,466, with a daily average increase of 181.8% compared to the pre-holiday period; the number of subscriptions was 2,093, with a daily average increase of 244.7% [1] - Year-on-year data shows that the number of visits increased by 30% and subscriptions increased by 73% during the same holiday period compared to last year [1] Group 2 - The total net signed area for new residential properties during the holiday was 79,900 m², a 4.6% increase from last year's 76,400 m²; the net signed area for residential properties alone was 70,100 m², reflecting a year-on-year growth of 35.9% [1] - Several new projects launched in late April achieved high sales rates, including the Greentown project in Haizhu District and the Longfor project in Panyu District, indicating strong market demand [2] - The average registration price of new residential properties in April was 47% higher than the market average, demonstrating developers' confidence in pricing during the holiday sales period [2]

Group 1 - The overall property transaction volume in Hong Kong for April 2025 reached 7,229 contracts, totaling HKD 501.08 billion, marking an increase of 8.5% in volume and 9.8% in value compared to March [1] - The residential property transactions recorded 5,694 contracts and HKD 421.97 billion in April, up 6.1% in volume and 8.7% in value from March, achieving the highest levels in five months [3] - The secondary residential market saw 3,830 transactions totaling HKD 292.6 billion in April, reflecting a significant increase of 29.9% in volume and 34.0% in value compared to March, reaching a new high in 12 months [4] Group 2 - The increase in property transactions is attributed to the easing of stamp duty regulations, which has positively influenced market sentiment, leading to a 67.8% rise in overall registration volume over two months [1] - The first-hand private residential market experienced a decline in April, with 1,598 transactions and HKD 136.2 billion, down 28.1% in volume and 16.8% in value from March, indicating a slowdown in new project sales [3] - The market is expected to face challenges in May, with projections indicating a drop in registration numbers to around 5,000, a decrease of approximately 30% from April [1]