随着楼市调控的深入，许多购房者对商务公寓等非住宅房源的看法似乎发生了改变。 广东省住房政策研究中心首席研究员李宇嘉认为，租赁市场进入存量时代，存在供应量大、租客主导市 场等特性。目前，市场上确实有一些房产由于前期价格超跌，租金回报率还不错，但购买这类房产，最 好是一次性付款，而且必须是中短期内不用且没有稳定投资渠道的资金。在区位选择上，重点关注中心 城区、地铁站一公里范围内以及就业集中的区域；物业选择上，最好是小面积的次新房，或者楼龄虽 长、卖相虽差，但可以通过"少投入"的装修来提高溢价率。 此外，深圳贝壳研究院公布的数据显示，2025年深圳租房市场租金呈现小幅回升态势，套均租金达 5609.70元，同比上涨1.1%。 1月7日，深圳贝壳研究院最新发布的监测数据显示，深圳新房、二手房两大板块的非住宅成交占比呈现 同步提升态势。据调查，自用或收租导向的小户型公寓购置群体，成为拉动非住宅成交增长的关键支 撑。 数据显示，2025年深圳新房非住宅成交占比为31.4%，同比扩大3.8%，不仅增幅进一步扩大，而且连续 两年增长；二手房方面，2025年深圳二手房非住宅成交占比为17.5%，同比扩大2%，达到2012年以来 ...

Core Insights - The Beijing real estate market is showing a clear trend where luxury homes and entry-level properties are performing well, while mid-range improvement housing is struggling to find its footing [1][4][13] - The market is characterized by a "two extremes hot, middle cold" phenomenon, indicating a significant divide in buyer interest and sales performance [4][5][13] Luxury Market - High-end properties are thriving, with unique resources and quality allowing them to maintain a separate market dynamic [6][8] - In November, luxury properties priced above 100,000 yuan per square meter frequently appeared on sales charts, with notable sales such as Jianfa Haiyan in Haidian district achieving a price of 137,036 yuan per square meter and generating over 600 million yuan in sales [7][9] - Buyers in the luxury segment are less sensitive to price changes, focusing instead on scarcity and exclusive resources [7][8] Entry-Level Market - Entry-level properties are gaining traction due to their affordability, with several units priced below 60,000 yuan per square meter making it to the top sales rankings [11] - Key factors driving the success of entry-level homes include proximity to subway lines, low total prices, and high usable area ratios [12] - For instance, the Zhongjian Yunhe Jiuyuan in Tongzhou sold nearly 70 units at just over 60,000 yuan per square meter, highlighting the appeal of affordable housing options [11][12] Mid-Range Market - The mid-range improvement housing market is facing challenges, caught in a difficult position without the allure of luxury or the price appeal of entry-level homes [13][14] - Properties priced between 6 million to just over 10 million yuan are struggling, with some previously popular projects now seeing price declines in the secondary market [13][14] - The disparity in costs within the same project could pose risks for future transactions, as buyers who purchased at higher prices may face losses if market conditions worsen [14] Market Outlook - The real estate market is expected to continue seeking balance between policy support and self-correction, with a persistent trend of "two extremes stable, middle fluctuating" likely to endure [15][16]

Summary of Key Points from Conference Call Industry Overview: Chinese Real Estate Market Current Market Conditions - The Chinese real estate market is experiencing a rapid decline, particularly in first-tier cities, with 70% of second-hand housing prices showing accelerated month-on-month declines since May 2023, marking the third such downturn since the second half of 2021 [1][4] - Beijing has seen the most significant drop in second-hand housing prices, with a consistent month-on-month decline of over 1% for five consecutive months starting from April 2023 [1][4] Market Sentiment - The market sentiment towards the real estate sector is predominantly pessimistic, with most institutions predicting a further decline of over 30% in the next three years [1][7] - Historical data suggests that first-tier cities may require a 4 to 5-year adjustment period, while second and third-tier cities may need 7 to 9 years [1][9] Rental Yield and Housing Demand - Current rental yields across major cities are approximately 2.38% to 2.4%, which is below actual mortgage rates. A 10% drop in housing prices could push rental yields above public housing loan rates, potentially stimulating home-buying demand [1][10][11] - Signs of market stabilization include renters transitioning to buyers, sellers opting to rent instead of sell, and an increase in investment buyers [1][14] Developer Challenges - Frequent crises among real estate companies, such as the Evergrande incident, may indicate the end of the current downturn cycle, as many firms have either cleared their debts or shifted their business models [1][17] - The inability of developers to reduce inventory will hinder cash flow, affecting their ability to acquire land, which in turn impacts land premiums and the Producer Price Index (PPI) [1][16] Policy Implications - The government is shifting its focus from stimulating price increases to improving housing quality, indicating a low likelihood of large-scale stimulus policies [1][18][19] - Future economic policies will emphasize reforms in the household registration system and marketization of factors, aiming to enhance public service levels and stimulate demand through improved supply [1][29] Economic Outlook - The economic policy direction for 2026 will prioritize consumer demand and investment in human capital, with a growth target of around 5% [1][21][22][23] - The government aims to balance fiscal and monetary policies to promote economic development, focusing on direct fiscal measures to increase residents' income [1][27][28] Comparative Analysis - Compared to international cities, China's real estate market remains relatively stable, with first-tier cities showing an average rental yield of 1.8% and a national average of 2.4% [1][13] Conclusion - The Chinese real estate market is currently in a challenging phase, with significant price declines and a pessimistic outlook. However, potential signs of stabilization and government policy shifts may provide a foundation for future recovery. The focus on quality over quantity in housing, along with broader economic reforms, will be crucial in shaping the market's trajectory moving forward [1][29]

Core Viewpoint - The article highlights a significant shift in the real estate market of first-tier cities in China, where low-priced second-hand homes are becoming the mainstay of transactions, driven by young buyers seeking affordable housing options amidst ongoing price adjustments [3][5][6]. Market Trends - In 2025, the total transaction area of new and second-hand homes in 30 key cities remained stable at 27,443 million square meters, with new home transactions down by 7% year-on-year, while second-hand home transactions increased by 6% [4]. - In October 2025, the proportion of transactions for second-hand homes priced below 2 million yuan reached 57.19% in Beijing and 48.72% in Shanghai, indicating a growing trend towards lower-priced properties [5][6]. Buyer Demographics - The primary buyers in the second-hand market are young professionals and families with children, who are increasingly opting for smaller, more affordable homes due to financial constraints and the need for convenient living arrangements [6][7]. - The demand for low-priced homes is further supported by the convenience of location, with many properties situated near public transport and essential amenities [6]. Rental Market Dynamics - The article notes a rising interest in rental yields from second-hand homes, with some properties offering rental returns exceeding 3%, making them more attractive compared to traditional savings [10][11]. - The average rental yield across 50 key cities was reported at 2.08% in the first half of 2025, slightly up from the previous year, indicating a potential shift in investment focus towards rental income [11]. Investment Considerations - While rental yields are becoming a more critical factor in property valuation, the article emphasizes the importance of considering various costs associated with property investment, including taxes and maintenance fees [13]. - Properties with high rental yields are often older and may not appreciate in value as much as newer developments, suggesting a need for cautious investment strategies [12][13].

Core Insights - Young individuals who once advocated for "escaping from Beijing and Shanghai" are now finding alternative ways to settle down in these cities, particularly through the purchase of low-priced second-hand homes [1] Group 1: Market Trends - In major cities like Beijing and Shanghai, low-priced properties (under 2 million yuan) are becoming the mainstay of transactions, with Beijing seeing a transaction share of 57.19% and Shanghai at 48.72% [1][3] - The second-hand housing market is experiencing a shift, with a 6% year-on-year increase in transactions, contrasting with a 7% decline in new home sales [3] - The demand for low-priced "old and small" homes is rising, driven by young first-time buyers and families seeking affordable housing options [4] Group 2: Buyer Demographics - The primary buyers in the low-priced segment are young professionals with limited financial resources, as well as families who are adjusting their housing plans due to high total prices [4] - Many buyers are transitioning from renting to owning, motivated by the recent price adjustments in the housing market [5] Group 3: Rental Yield Considerations - The rental yield for some low-priced properties is appealing, with rates exceeding 3%, making them attractive for investment compared to traditional savings [7][8] - However, the availability of properties with high rental yields is limited, and many are older units with potential market risks [9] Group 4: Market Dynamics - The overall rental yield in major cities has seen a slight increase, with the average for 50 key cities at 2.08%, indicating a market adjustment where rental prices are not rising as fast as property prices [8] - The transition of properties from investment assets to consumer goods is influencing how rental yields are perceived in the market [10]

Core Insights - Rental yields in key cities are on the rise, with annual returns generally surpassing 2%, indicating a significant shift in the rental market dynamics [1][2][4] Group 1: Rental Yield Trends - In Guangzhou, the rental yield for popular properties has notably increased, with over 50% of monitored properties exceeding a 2% yield in October, compared to only 1 property in January [1][2] - The rental yield for specific properties, such as Guangzhou Yajule Garden, has nearly doubled from 1.12%-1.32% in January to 2.04%-2.24% in October [1] Group 2: Market Dynamics - The rental price adjustment has been less severe than that of property prices, leading to improved rental yields. The average rental price decline across 100 cities was 1.80%, while the average property price fell by 3.83% [5] - The rental market is experiencing a structural shift, with demand moving from low-income renters to middle and high-income groups, as more individuals are willing to pay higher rents for quality housing [5][6] Group 3: Supply-Side Changes - The supply of rental properties is also changing, with a rise in newer, higher-quality properties available for rent, as opposed to older, less maintained units [6] - The proportion of rental transactions for properties priced at 3,500 yuan and above has increased, indicating a shift towards higher-end rental options [5] Group 4: Notable Properties - Certain "popular communities" in Guangzhou have shown particularly high rental yields, with properties like Lijiang Garden and Jinbi Garden yielding between 2.35% and 2.65% [9] - The demand for smaller units is decreasing, while larger units (60-144 square meters) are becoming more popular, reflecting a shift in tenant preferences towards more spacious and quality living environments [9]

Core Viewpoint - The Hong Kong residential market is showing signs of recovery in 2023, with increased transaction volumes and rising prices after a period of decline [2][3]. Group 1: Market Performance - From January to October 2023, the transaction volume of private residential properties in Hong Kong increased by 21% year-on-year [2]. - The private residential price index in Hong Kong saw a year-on-year increase of 1.6% in September 2023, marking the first positive change since 2022 [2]. - The Hong Kong City Leading Index is improving, indicating a continued trend of rising transaction volumes and prices in the residential market [2]. Group 2: Factors Influencing Price Recovery - The recovery in residential prices is attributed to rental yields surpassing mortgage rates, with the difference exceeding 4% at its peak [3]. - Following the Federal Reserve's interest rate cuts and a decline in Hibor rates, new residential mortgage rates fell below rental yields for the first time since 2022 [3]. - As of August 2023, the new mortgage rate was 3.4%, still lower than the current rental yield of 3.7%, enhancing the attractiveness of purchasing homes [3]. Group 3: Supply and Demand Dynamics - The change in supply and demand dynamics is fundamental to the stabilization of the Hong Kong property market, driven by an influx of talent and international students [4]. - Over 270,000 talent visas were issued in 2023 and 2024, doubling the annual issuance compared to 2021, with 90% of applicants from mainland China [4]. - The number of international students in Hong Kong increased by nearly 80% for the 2024 academic year compared to 2022, contributing to housing demand [4]. - The rental index for private residential properties has risen over 15% since its low in January 2023, indicating a shift towards a supply-demand imbalance [4].

Core Viewpoint - The rental yield in major cities is rising, surpassing bank deposit rates and approaching mortgage rates, prompting property owners to reconsider their strategies regarding renting versus selling [1][2][4]. Rental Yield Trends - The rental yield in key cities has reached 2.08% in the first half of 2025, with first-tier cities like Beijing, Shanghai, Guangzhou, and Shenzhen showing yields of 1.52%, 1.73%, 1.68%, and 1.52% respectively as of October 2025, up from lower figures earlier in the year [1][2]. - In Shenzhen, a property owner reported a rental yield of approximately 2.6% for a two-bedroom apartment, indicating a shift in market dynamics where rental income may be more favorable than selling [2][3]. Market Dynamics - The proportion of transactions involving properties priced below 3 million yuan has remained high, exceeding 25% for four consecutive months, suggesting sustained interest in lower-priced housing [3]. - Industry experts indicate that the current rental yields exceeding bank deposit rates signal a potential stabilization in the real estate market, particularly in first-tier and core second-tier cities [4][6]. Investment Considerations - Analysts suggest that while some properties may offer attractive rental yields, buyers should consider various factors such as market conditions, rental income, and property prices before making investment decisions [6][7]. - Recommendations for potential investors include focusing on properties in central urban areas, near public transport, and considering smaller, newer units or older properties that can be renovated to increase value [7].

Core Insights - The rental yield in major cities is rising, with some residential properties approaching mortgage rates, prompting homeowners to consider renting instead of selling [1][2][3] Rental Yield Trends - The rental yield in key cities has reached 2.08% in the first half of 2025, with first-tier cities showing yields of 1.52% in Beijing, 1.73% in Shanghai, 1.68% in Guangzhou, and 1.52% in Shenzhen as of October 2025, up from lower figures earlier in the year [1][2] - The rental yields in these cities now exceed the interest rates of major banks' one-year and three-year fixed deposits, indicating a shift in investment attractiveness [2] Market Dynamics - There is a notable trend of lower-priced second-hand residential properties maintaining transaction volume, with properties priced below 3 million yuan accounting for over 25% of transactions for four consecutive months [3] - The current market conditions suggest that rental yields are becoming a significant factor for buyers, with some small units achieving yields as high as 3% [3] Investment Considerations - Analysts suggest that while the real estate market has not fully stabilized, buyers should closely monitor the relationship between market prices and rental rates [4] - The rental-to-price ratio is influenced by both rental income and property prices, which are affected by demographic and income changes in the market [4][5] - Recommendations for potential investors include focusing on properties in central urban areas, near public transport, and considering the potential for rental income against costs such as taxes and fees [5]

在存贷利率"双降"的背景下，租金回报率一直是市场热议的话题。 近日，记者走访发现，除了传统的商务公寓，一些普通住宅的租金回报率也持续上升，甚至直逼房贷利率。越来越多手里有房的业主和购房者都在思考：继续当房 东收租金还是将房子降价出手？"买房收租"是否划算？ 租金回报率不断回升 近日，国家统计局发布的《2025年10月份70个大中城市商品住宅销售价格变动情况》数据显示，四大一线城市的新房市场只有上海保持同比增长，涨幅为0.3%，北 京、广州和深圳分别下降0.1%、0.8%和0.7%。二手房市场方面，全国70个大中城市无一城环比、同比出现价格上涨。 与房价的表现不同，麟评居住大数据研究院监测数据显示，2025年上半年重点50城租金回报率已经达到2.08%。中指研究院提供的数据显示，截至今年10月北上广 深四个一线城市的租金回报率分别为1.52%、1.73%、1.68%、1.52%。而在今年4月，上述数据分别为1.49%、1.68%、1.63%、1.49%。 由此可见，目前一线城市和其他重点城市的租金回报率已经超过大型银行1年期甚至3年期的定期存款利率。此外，记者在深圳市场走访时发现，不仅是传统的商务 公寓，越来越 ...