这个国庆假期，人们的消费天平发生了重要倾斜：8.88亿人次、8090亿元，投给了诗和远方。 大家"出游"的意愿明显大于"买房"。 表现在数据层面，"银十"开局可以用"平淡"来概括：CRIC监测的重点22个城市国庆假期认购面积同环比下降超3成。 不过，这份"平淡"的成绩单中也有几个亮点城市，比如成都、杭州等城市市场热度依然延续，广州、武汉、郑州等维持弱修复行情。 二手房成交同比"腰斩"，跌幅大于新房。重点8城假期期间二手房成交了5029套，环比下降43%，同比下降55%，预期10月整体成交延续低位徘徊。 22城新房认购同比降33% 杭蓉等短期内市场热度延续 假期期间楼市表现较为平淡，回暖动力略显不足。 结合克而瑞城市机构调研数据，十一中秋双节假期（2025年10月1日-10月8日，下同）22个重点城市认购面积为160.9万平方米，环比下降38%，同比下降 33%。 | 城市 | 2025年十 中秋双节假期 | 环比 | 同比 | | --- | --- | --- | --- | | | 认购面积 | (2025.9.23-9.30) | (2024.10.1-10.7) | | 北京 | 7.6 | -54% ...

【环球网财经综合报道】中指研究院最新统计数据显示，9月份国内百强房企销售总额环比增长11.9%。另据克而瑞研 究中心统计，9月份百强房企实现销售操盘金额2527.8亿元，环比增长22.1%，同比增长0.4%。在此之前，国家统计局 于9月15日公布，8月70个大中城市新房和二手房均价较7月分别下跌0.3%和0.58%；其中新房价格已是连续四个月环比 下降，二手房价连续五个月下滑。 《联合早报》近日撰文提到，戴德梁行研究院副院长张晓端在接受采访时表示，房价下行、成交量处于低位，显示当 前市场更多依赖以价换量策略；投资降幅扩大，则意味着后续增量供应规模收缩，供应端对市场仍欠缺信心。 他还指出，近期楼市限购松绑，"市场面看到一些积极反馈，但总体来说，动作尺度还比较保守，提振整体市场信心 还不够有力。" FT中文网则发文提到，中国房地产市场正处于止跌回稳的关键阶段。2025年1-8月，全国百强（TOP100）房企销售额 23270.5亿元，同比下降13.3%（中指研究院数据），于是政策层面上，为了促进楼市止跌回稳，国内对楼市的种种限 购、限售、限贷等等举措几乎已经全部取消了，这就为刚需族新买房或是置换改善提供了便利。 ...

Core Viewpoint - The company is experiencing a significant decline in contract sales and profitability, with a focus on maintaining financial safety and reducing debt levels amidst a challenging real estate market [2][5][22]. Sales Performance - Contract sales decreased by 32% to 35 billion, with a total sales area of 2.61 million square meters, down 28% year-on-year [6][8]. - The average sales price was 13,393 per square meter, a decline of 4% compared to the same period last year [6]. - The company expects to release approximately 125 billion in inventory in the second half of the year, with 90% located in first and second-tier cities [2][6]. Land Acquisition and Financial Strategy - The company acquired four plots of land in Guizhou, Chongqing, Shanghai, and Suzhou, with a total land reserve of 24.9 million square meters, a decrease of 57% year-on-year [10][12]. - Financial safety is prioritized over new investments, with a focus on debt security and project completion [10][12]. - The total land reserve is 28.4 million square meters, with a significant portion located in first and second-tier cities [12][13]. Operational Performance - The operating business achieved a gross profit margin of 77.7%, with rental income of 7.01 billion, a year-on-year increase of 2.5% [3][16]. - The service business generated 6.26 billion in revenue, with a gross profit margin of approximately 30% [3][16]. - The company plans to open about 10 shopping malls in the second half of the year and aims for over 10% growth in the commercial sector for 2025 [17][19]. Profitability and Financial Health - The net profit margin decreased to 6.72%, with a net profit of 3.9 billion, down 43% year-on-year [19][22]. - The development business reported a gross profit margin of only 0.2%, leading to a loss of 1.18 billion in this segment [19][22]. - The company aims to reduce interest-bearing debt by over 30 billion in 2025, with a target to stabilize at around 100 billion [4][26]. Debt Management - As of mid-2025, the company held cash reserves of 44.7 billion, with a net debt ratio of 51.2% [4][25]. - The average financing cost decreased to 3.58%, and the average loan term extended to nearly 11 years [4][25]. - The company has a plan to manage its debt effectively, with a focus on maintaining a green status under the "three red lines" policy [28].

Core Viewpoint - Longfor Group reported a revenue of 58.75 billion yuan for the first half of 2025, marking a 25% year-on-year increase, with a strong performance in real estate development and stable growth in operational services [2][3]. Real Estate Development - The real estate development segment generated revenue of 45.48 billion yuan, reflecting a 34.7% year-on-year growth, although the gross profit margin was impacted by lower sales prices [3]. - The total sales for the first half reached 35.01 billion yuan, with a collection rate exceeding 100%, and approximately 90% of sales came from first- and second-tier cities [3]. Delivery and Market Outlook - Longfor delivered around 40,000 housing units across 36 cities, achieving a customer satisfaction rate exceeding 90% [4]. - The company remains optimistic about the core first- and second-tier city markets, despite recent downward pressures in the housing market [4]. Investment Strategy - Longfor continues to focus on acquiring quality land in core cities, having secured four prime land parcels with a total building area of 249,000 square meters and a projected value exceeding 5 billion yuan [4]. - As of June 30, the total land bank stood at 28.4 million square meters, with over 70% located in first- and second-tier cities [4]. Operational and Service Business Growth - The operational and service business generated 13.27 billion yuan in revenue, a 1.3% increase year-on-year, contributing 22.6% to total revenue [7]. - The commercial investment segment reported a rental income of 7.01 billion yuan, up 2.5% year-on-year, with a high occupancy rate of 97% [8]. Debt Management - Longfor aims to reduce its debt by over 30 billion yuan this year, with a target to lower total debt to around 140 billion yuan by year-end [10][11]. - The company has successfully repaid 10 billion yuan of overseas loans ahead of schedule and plans to continue optimizing its debt structure [11].

Core Viewpoint - The real estate market in Guangzhou is experiencing a decline in transactions and heightened anxiety among stakeholders due to negative media coverage and seasonal fluctuations in demand [1][4][6]. Market Trends - Recent statistics indicate a month-on-month decrease in both the sales area and prices of residential properties in July [4]. - The traditional off-peak season for the market in July and August has led to a seasonal drop in transaction volumes, which is considered normal [4]. - Despite the downturn, high-quality land auctions in core cities remain competitive, indicating ongoing demand for premium properties [4][9]. Stakeholder Sentiment - Real estate agents are exhibiting heightened activity online, with some spreading misleading information to stimulate transactions, reflecting a divided sentiment among market participants [5]. - Homeowners are feeling anxious about selling their properties, with some making hasty decisions influenced by negative news [5]. - Developers, while under pressure, are adopting a more stable and mature approach, focusing on long-term business strategies rather than reacting impulsively to market fluctuations [5]. Policy and Market Response - The government has initiated measures to stabilize the real estate market, with a focus on managing the supply and demand of both new and second-hand homes [7][8]. - Experts suggest that the market is in a phase of bottoming out, with new home sales dropping to levels not seen since 2010, and the sales decline now in single digits [7][9]. - There is a call for clearer policies regarding price management for second-hand homes to prevent chaotic price competition among developers [8]. Future Outlook - The market is expected to continue facing fluctuations, but the long-term outlook remains positive due to ongoing demand driven by urbanization and housing upgrades [9]. - The focus on improving living conditions through supportive policies in education, employment, and social welfare is anticipated to restore consumer confidence in housing [9].

Group 1 - The recent narrative of the real estate market "stabilizing after a decline" is becoming more prevalent, but skepticism remains due to a lack of transparency and trust in developers [2] - Many cities are no longer displaying historical transaction prices, which raises concerns about market transparency and leads to increased skepticism among potential buyers [2] - The core issue in the current real estate market is the public's distrust in developers' ability to deliver on promises, which has been exacerbated by high prices, interest rates, and quality issues [2] Group 2 - There are hopes pinned on "special bond repurchases" and "old community renovations," but the effectiveness of these measures in stabilizing the market is questionable due to high eligibility criteria [3] - The conditions set for these measures are so stringent that it is likely that suitable properties have already been sold, indicating limited impact on the market [3] - The issuance of special bonds by the government to take over previous debts of city investment companies may not provide substantial benefits to the market, as it essentially redistributes funds without real market impact [3] Group 3 - The focus on "renovation" rather than "demolition" in old community projects signifies a shift in approach, but the limited scope of these renovations may not significantly stimulate the real estate market [5] - Government-funded renovations are seen as pure expenditures without profit generation, which raises doubts about their ability to drive market recovery [5] - The challenge of rebuilding trust in the real estate sector is compounded by policies that favor certain parties, making it difficult to establish a reliable market environment [5]

Core Viewpoint - In July, new home prices in Shenyang decreased by 0.20% month-on-month, while second-hand home prices fell by 0.30%. Over the past year, Shenyang's new home prices have seen five months of increases and seven months of declines, while second-hand home prices have increased once and declined eleven times [1][5]. Price Trends - The National Bureau of Statistics reported that among 70 large and medium-sized cities, the overall year-on-year decline in home prices has narrowed. First-tier cities showed a reduction in both new home price declines and second-hand home price declines in second and third-tier cities [5][6]. - In July, the number of cities with year-on-year increases in new home prices rose by two, with Shanghai leading in price growth. Month-on-month, Shanghai and Urumqi had the highest increases in new home prices, while Taiyuan saw a rise in second-hand home prices [6][5]. Market Outlook - Industry experts suggest that July and August are typically off-peak seasons for the real estate market, which is still in an adjustment phase. Notably, the new home market in first-tier cities is showing signs of stabilization, while second and third-tier cities are beginning to show marginal improvements in the second-hand home market [6][5].

Core Viewpoint - The real estate market is showing signs of stabilization, but short-term fluctuations are expected, with ongoing pressures on prices and the need for supportive policies to ensure recovery [3][5][9]. Group 1: Market Trends - In July, housing prices in 70 major cities generally decreased month-on-month, with first-tier cities seeing a 0.2% decline in new home prices and a 1.0% drop in second-hand home prices [3]. - Only 6 out of 70 cities experienced a month-on-month increase in housing prices, indicating a significant reduction from 14 cities in June 2025 [3]. - The traditional off-peak season for real estate in July and August is contributing to the ongoing market adjustments, with July data showing a decline compared to June [3][5]. Group 2: Policy Implications - Previous real estate policies are beginning to show effects, but there is a need for continued implementation of measures such as lowering down payment ratios and mortgage rates to stimulate demand [5][7]. - The market's recovery is contingent on restoring buyer confidence, which is currently hindered by a "buy high, sell low" mentality among potential purchasers [5][7]. - Local governments are introducing incentives for multi-child families and talent to enhance home-buying enthusiasm [7]. Group 3: Economic Context - The real estate sector accounts for approximately 6.3% of GDP, and when combined with related industries, this figure could reach around 15%, highlighting the sector's importance to overall economic growth [5]. - The government remains committed to stabilizing the real estate market, with expectations for more robust policies to be introduced in August and September [9]. - Economic forecasts suggest that while challenges remain, the underlying conditions for long-term growth are still favorable, which could eventually bolster confidence in the housing market [7][9].

Core Viewpoint - The real estate market in China is showing signs of stabilization, particularly in first-tier cities, while second and third-tier cities are beginning to show marginal improvements in the second-hand housing market [2][5][6]. Group 1: Price Trends - In July, the year-on-year decline in new home prices in first-tier cities narrowed to 1.1%, with Shanghai experiencing a significant increase of 6.1% [4][5]. - The month-on-month decline in new home prices for first-tier cities was 0.2%, a reduction of 0.1 percentage points from the previous month [3][5]. - Second and third-tier cities saw new home prices decline by 2.8% and 4.2% year-on-year, with declines narrowing by 0.2 and 0.4 percentage points respectively [4][5]. Group 2: Market Dynamics - The real estate market is currently in a seasonal adjustment phase, with July and August typically being slow months [2][5]. - First-tier cities are showing signs of price stabilization in the new home market, while second and third-tier cities are beginning to see improvements in the second-hand market [5][6]. - The number of cities with rising new home prices increased to 6 in July, with Shanghai and Urumqi leading with a 0.3% increase [3][4]. Group 3: Future Outlook - Experts believe the trend of stabilization in the real estate market will continue, supported by policy adjustments aimed at restoring the housing market's fundamentals [6][7]. - The ongoing supply-side reforms are expected to shift focus towards affordable housing and urban renewal, which could drive demand for new homes [7]. - The increasing proportion of second-hand home transactions indicates a shift towards a "stock era," with significant potential for young and new urban residents to enter the market [7].

Core Viewpoint - The real estate market is showing signs of stabilization after a period of decline, with a trend towards recovery expected to continue in the future [1][4][5]. Group 1: Price Trends - In July, new home prices in first-tier cities saw a narrowing decline both year-on-year and month-on-month, with a 0.2% month-on-month decrease, which is a 0.1 percentage point improvement from the previous month [2][3]. - Year-on-year, first-tier cities experienced a 1.1% drop in new home prices, a reduction of 0.3 percentage points compared to the previous month, with Shanghai showing a significant increase of 6.1% [3][4]. - The number of cities with rising new home prices increased to 5 in July, with Shanghai and Urumqi both seeing a 0.3% increase, indicating a slight recovery in certain markets [2][3]. Group 2: Market Dynamics - The real estate market is currently in a seasonal adjustment phase, with July and August typically being slower months, but first-tier cities are showing signs of stabilization in the new home market [1][4]. - The second-hand housing market in first-tier cities is under pressure, with high listing volumes leading to a buyer's market, particularly in cities like Beijing where listings exceeded 160,000 [4][5]. - The demand for second-hand homes is increasing, especially among young people and new urban residents, as affordability improves due to falling prices [6]. Group 3: Future Outlook - Experts predict that the trend of price stabilization will continue, supported by a narrowing year-on-year price index across 70 cities and a reduction in new home sales to levels not seen since 2010 [5]. - Policy adjustments aimed at restoring the housing market's fundamentals, including support for education and employment, are expected to bolster housing consumption and mitigate panic selling in the second-hand market [5]. - The shift towards affordable and quality housing, along with urban renewal initiatives, is anticipated to drive future demand and stabilize new home prices [5][6].