资讯编辑：周小燕 021-26096760 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 从成交面积区间构成方面来看，90至120平方米、120至144平方米和144平方米及以上中大户型单位的成 交占比环比均有增长，60平方米以下和60至90平方米成交占比环比有所下降。 该协会分析，1月广州二手市场成交整体呈现稳中有升的态势，显示市场需求韧性较强；市场增长动能 主要聚焦于核心区域高端物业以及外围区域刚需房源。随着春节假期临近，市场逐渐步入节前传统休整 周期，预计各类购房需求预计将在春节后逐步释放。 据广州市房地产中介协会29日发布的《1月广州市二手住宅市场交易月报》，虽然有元旦假期影响，但 2026年1月（2025年12月26日至 ...

Summary of Conference Call Notes on China Property Market Industry Overview - **Industry**: China Property - **Period**: National Day Holiday (1st - 7th October 2025) Key Points Secondary Property Sales - Real-time secondary property sales volume in major five cities (Beijing, Shenzhen, Guangzhou, Hangzhou, Chengdu) totaled **6,819 units**, a **61% decrease YoY** compared to 2024, but a **19% increase** compared to 2023 [2][4] - The decline in 2025 is attributed to a high base from policy stimulus in September 2024 [2] - Hangzhou and Chengdu showed stronger transaction support, indicating regional variations in demand [2] Primary Property Sales - New home sales during the same period recorded **413,000 sqm**, down **19% YoY** compared to 2024 and **38% YoY** compared to 2023 [3][9] - This trend confirms a subdued market for primary home sales during the National Day Holiday [3] Transaction Trends - Weekly secondary transactions for major six cities decreased **56% YoY** during the week of 29 September to 5 October 2025 [6][11] - The 40th week of 2025 saw lower real-time secondary home transactions compared to both 2023 and 2024 [7][12] Market Indicators - Secondary transactions are viewed as a better demand indicator than new home sales due to their independence from project launches [2] - The overall market sentiment remains cautious, with both primary and secondary sales reflecting a downward trend [3][9] Risks and Opportunities - **Downside Risks**: - Government policies restricting demand and mortgage lending - Tight financing conditions for developers - Lower-than-expected residential growth in the economy [14] - **Upside Risks**: - Potential policy loosening that could boost residential property sales and prices - Large-scale asset disposals by developers to ease liquidity pressures [14] Conclusion - The China property market is currently facing significant challenges, with both secondary and primary sales declining sharply during the National Day Holiday. The data suggests a cautious outlook, with potential risks outweighing opportunities in the near term.