Core Insights - The high-end residential market in China is showing strong resilience and vitality amidst a slowing macroeconomic growth, changing policy environment, and diversified asset allocation needs of residents [1][17] - The market is characterized by significant stratification and differentiation, with distinct segments including super luxury, luxury, and improved high-end residences [2][27] Market Performance - The market exhibits a three-tier structure: super luxury (total price above 30 million yuan), luxury (price above 120,000 yuan per square meter), and improved high-end residences (total price around 20 million yuan) [2][27] - In 2024, Shanghai accounted for 60.4% of new home transactions above 30 million yuan, with 2,600 units sold, reflecting a 141% year-on-year increase in transactions over 100 million yuan [2][27] - First-tier cities, particularly Shanghai, lead in transaction volume and value, while second-tier cities like Hangzhou and Chengdu also show strong performance [2][30] Product Innovation - The high-end residential market is experiencing multi-dimensional innovations, including design concepts, technical applications, and functional configurations [3][36] - The adoption of fourth-generation residential designs is becoming widespread, enhancing living quality through innovative features like tiered terraces and improved usable area [3][37] - Smart home systems and sustainable materials are increasingly integrated into high-end residential projects, improving overall living experience and environmental sustainability [3][36] High-Net-Worth Individual Behavior - High-net-worth individuals are diversifying their asset allocation, with a growing focus on scarce assets and overseas investments [4][5] - The motivations for purchasing high-end residences include asset preservation, social status, and enhanced living quality [4][5] Future Trends - Continuous policy support and product differentiation are expected to drive the development of the high-end residential market [5][18] - Rental yield is projected to exceed 3% as product innovation and market maturity enhance investment value and living quality [5][26]