Core Viewpoint - The official platform for debunking rumors in Shenzhen has issued a notice regarding false information about the "lifting of purchase restrictions in the core area of Shenzhen" [1] Summary by Relevant Sections - **Rumor Details** - There were circulating WeChat chat screenshots claiming that projects could apply for special channels to resolve purchase qualification restrictions for clients [1] - **Official Response** - The Shenzhen government confirmed that there is no truth to the rumors, as a real estate regulation policy was enacted on September 5, 2023, which does not include any lifting of purchase restrictions in the core area [1] - **Public Advisory** - Citizens are advised to refrain from believing unofficial sources of false information [1]

Core Viewpoint - The news clarifies that there is no truth to the rumors regarding the relaxation of housing purchase restrictions in Shenzhen's core area, emphasizing the importance of relying on official sources for information [1] Summary by Relevant Sections - **Real Estate Policy**: Shenzhen implemented real estate regulation policies on September 5, 2023, which do not include any measures to lift purchase restrictions in the core area [1] - **Public Awareness**: Citizens are advised to be cautious and not to believe in false information circulating through unofficial channels [1]

Summary of Conference Call Records Industry Overview - The records primarily discuss the real estate markets in Beijing, Shanghai, and Shenzhen, focusing on inventory levels, policy changes, and market dynamics. Key Points Beijing Real Estate Market - **Inventory Pressure**: Beijing's new home inventory increased from 69,000 units at the beginning of 2025 to 85,000 units by mid-year, with total inventory reaching 210,000 to 220,000 units, prompting government policy relaxation to alleviate pressure [1][6][9]. - **Second-Hand Market Activity**: Following new policies, the viewing volume for second-hand homes surged, with increases of 65%-70% in Chaoyang and 88% in Daxing, indicating heightened market activity [1][4][3]. - **Price Premiums**: The average price premium for second-hand homes in various districts increased by 3-6 percentage points, with Chaoyang's premium dropping from 19% to 14% [5][1]. - **Policy Impact**: The new policies led to a slight increase in transactions in the second-hand market and some growth in the new home market, aimed at preventing significant price drops in unsold projects [9][10]. Shanghai Real Estate Market - **Inventory Management**: Shanghai's total inventory is approximately 190,000 units, with a focus on reducing inventory through demolition and compensation strategies [12][18]. - **High Compensation Rates**: The compensation ratio for demolition in Xuhui district is between 1:1.53 and 1.67, significantly encouraging resident participation [18]. - **Market Stability**: Shanghai is implementing a three-times-a-year demolition plan to ensure a steady supply and maintain market stability [17][18]. Shenzhen Real Estate Market - **Challenges**: Shenzhen faces high total prices and low usable area rates, with inventory at 98,000 units. The market requires increased demolition efforts to convert purchasing power and reduce inventory [13][1]. - **Price Trends**: The market is currently experiencing a price decline, with a 196% increase from 2017 to 2022, leading to a need for policy adjustments [12][13]. Policy and Market Dynamics - **Future Policies**: The effectiveness of recent policies will determine if further measures are introduced in Beijing and Shanghai. Both cities are trialing relaxed residency policies for high-level talent as a means to stimulate the market [10][12]. - **Investment Trends**: Investors are increasingly looking for properties in suburban areas, particularly in new developments and school districts outside the city center [11][1]. Additional Insights - **Transparency Issues**: Both Beijing and Shenzhen struggle with transparency in demolition processes, leading to public dissatisfaction and delays [20][16]. - **Old Inventory Management**: The current inventory includes existing homes and projects under construction, with expectations of only 35%-40% being sold by year-end 2025 [23][24]. - **Market Balance**: The equilibrium price-volume lines for second-hand homes are 96,000 to 100,000 units in Beijing and 115,000 to 127,000 units in Shanghai, crucial for stabilizing prices [2][27]. Conclusion - The real estate markets in Beijing, Shanghai, and Shenzhen are undergoing significant changes driven by inventory pressures, policy adjustments, and shifting buyer behaviors. The effectiveness of these policies and market responses will be critical in shaping future market dynamics.

Core Insights - Recent changes in real estate policies, including purchase restrictions, loan limits, and resale limitations, are causing uncertainty among potential buyers and sellers [2][3][4] - The relaxation of purchase restrictions in some cities allows buyers with sufficient funds to purchase multiple properties, although conditions vary by location [2] - Loan policies have seen a reduction in down payment requirements and interest rates, benefiting some buyers, but access still depends on individual creditworthiness [2][3] - Resale restrictions aim to stabilize the market by preventing rapid flipping of properties, but they can create challenges for homeowners needing to sell quickly [3][4] - The fluctuating nature of these policies leaves consumers confused about the optimal timing for buying or selling properties [4] Purchase Restrictions - Some cities have eased restrictions, allowing buyers with financial means to purchase multiple properties [2] - Variability in local regulations means that potential buyers must check with local housing authorities for accurate information [2] Loan Policies - Banks are reportedly lowering down payment ratios and interest rates, making it easier for some buyers to secure loans [2] - Individual circumstances, such as credit history and income, still play a significant role in loan approval [2] Resale Limitations - The introduction of resale restrictions aims to curb speculative buying and stabilize property prices [3] - Homeowners may face difficulties if they need to sell their property before the end of the resale restriction period [3] Market Stability - The government is attempting to balance the real estate market by implementing policies that both cool down rapid price increases and stimulate demand when prices decline [3][4] - Consumers are advised to be cautious and consider factors beyond price, such as property quality and location, when making purchasing decisions [4]