Core Insights - The real estate market in China has shown significant declines in transaction volumes during the "Golden Week" of October, with 23 cities experiencing a year-on-year drop of 49% in sales [3] - Major cities like Beijing, Shanghai, and Shenzhen have seen contrasting trends, with new home sales increasing despite overall market weakness [6][9] Market Performance - Transaction volumes in cities such as Shenzhen (-76%), Xiamen (-71%), Hangzhou (-61%), and Dongguan (-60%) have seen substantial declines compared to last year [3] - The average daily transaction volume for new homes in Beijing increased by 52% during the holiday period, while Shanghai's new home sales saw a slight increase of 3% [6][7] Policy Impact - Recent policy adjustments in major cities have led to a reduction in purchasing thresholds, which has positively influenced new home sales in core cities [4][5] - The "9.26 new policy" introduced last year aimed to stabilize the market, but this year's high base from last year's performance has contributed to the current decline in transaction volumes [3] City-Specific Trends - In Beijing, new home sales reached 0.61 million square meters daily during the holiday, marking a 52% increase year-on-year [6] - Shanghai's second-hand home market has seen a significant drop, with a 53% decrease in transactions compared to the previous year [7] - Shenzhen's new home sales increased by 22% during the holiday, attributed to relaxed purchasing policies and promotional activities by developers [9] Future Outlook - The market is expected to continue showing a divided performance, with core cities likely to see better sales due to new projects entering the market [10] - Analysts predict that the fourth quarter will see improved transaction activity compared to the third quarter, driven by developers' efforts to meet annual sales targets and potential policy support [11]