Core Viewpoint - The "Anju Furong · Chang Gou Hao Fang" promotional event for the real estate market in Changsha has been launched, aiming to promote stable and healthy development in the sector [1][3]. Group 1: Event Overview - The event marks the start of a new round of initiatives to support the real estate market, with a focus on enhancing the quality of housing and promoting sales [1][3]. - The event includes a detailed introduction of the specific content, support policies, and participation methods for the 2026 Q1 promotional activities [3]. Group 2: Achievements and Recognition - The event summarized the achievements of the 2025 "Good Houses" promotion and introduced the list of the "Top Ten Good Houses" projects for 2025, showcasing the excellent results in Changsha's real estate sector [3]. - Representatives from various companies shared their experiences and commitments in building and promoting "Good Houses," reflecting the industry's confidence and collaborative efforts to stabilize the market [3]. Group 3: Strategic Initiatives - This initiative is part of Changsha's implementation of central and provincial policies regarding real estate, aiming to establish a new model for real estate development [3]. - The approach focuses on precise actions on both supply and demand sides, optimizing services and the public opinion environment to ensure the sustainable and high-quality development of the real estate market [3].

Investment Rating - The report indicates a negative trend in the primary property market, with a weighted average property price decline of 2.4% month-over-month annualized in May, following a decline of 1.8% in April [2][10]. Core Insights - The National Bureau of Statistics (NBS) data shows that the primary market experienced a broad-based decline in property prices across all city tiers, with year-on-year changes reflecting a decrease of 3.5% in May compared to 4.0% in April [1][7]. - Despite ongoing easing policies, the number of cities with sequentially higher property prices has decreased in both primary and secondary markets [7][15]. - The report highlights that Tier-1 and Tier-2 cities saw declines of 0.8% and 2.2% month-over-month annualized in May, while Tier-3 cities experienced a decline of 3.5% [7][14]. - Local housing easing measures have been implemented, but challenges remain, particularly in lower-tier cities due to weaker growth fundamentals and oversupply issues [8][7]. Summary by Sections Primary Market Performance - The weighted average property price in the primary market fell by 2.4% month-over-month annualized in May, with a year-on-year decline of 3.5% [2][10]. - The sequential decline was observed across all city tiers, with Tier-1 and Tier-2 cities showing declines of 0.8% and 2.2% respectively, and Tier-3 cities declining by 3.5% [7][14]. Market Dynamics - The report notes an 8% year-on-year increase in new home transaction volume in June month-to-date, indicating some recovery in major cities [8]. - Inventory months in major cities decreased slightly, primarily driven by Tier-3 cities [8]. Policy Response - Policymakers have intensified housing easing efforts, including a focus on a new real estate development model and the "good housing initiative" [8]. - Continued measures are expected to stabilize home prices and support the delivery of pre-sold homes, including potential cuts to mortgage rates and expanded bank lending for specific property projects [8].