房地产市场呈现出新的特点。 近日，住建部在广东、浙江两省调研时表示，上半年全国新房和二手房交易总量同比增长，二手房交易占比逐步提高，多个省份二手房交易超过新房。 但进一步细分会发现一些微妙的变化，总价1000万元以上各价格段二手高端住宅成交增速基本呈现普涨态势，且140平米以上大面积段成交占比持增。 上半年重点城市有六成 二手房成交占比提升 今年上半年楼市正在向二手房市场倾斜。 从具体城市的角度来看，19个城市中有12个城市二手房成交占比较去年同期有所上涨，比例超过六成。西安、杭州和佛山二手房成交占比较去年均提升5 个百分点以上。 不过也有例外。武汉、广州、佛山、深圳、南宁和郑州这些城市二手房成交占比较去年同期均有所下降。新房市场正以较强的产品力抢占市场份额，以广 州为例，上半年二手房成交了5.6万套，新房成交了3.3万套，二手房市场份额较去年上半年减少0.52个百分点，这意味着选择新房的购房者比重在悄然上 涨。 上半年二手房成交占比最高的是上海，比重达到了82.33%，较去年同期上涨0.58个百分点。北京次之，二手房成交占比也达到了82.18%，与上海不同的 是，北京二手房成交占比较去年同期有所下降。 上海 ...

Core Viewpoint - The Hong Kong real estate market is experiencing a significant recovery, with transaction volumes reaching new highs, particularly in the luxury segment, as the overall market sentiment improves following recent economic changes [1][2][4]. Group 1: Market Performance - The overall number of property transactions in Hong Kong for the first half of 2025 reached 36,848, with a total value of 277.03 billion, marking a 12.0% increase in volume and a 9.4% increase in value compared to the second half of 2024 [3]. - In June 2025, the total number of property transactions was 7,271, with a total value of 66.41 billion, representing increases of 12.9% in volume and 33.2% in value from May 2025 [2]. Group 2: Luxury Segment Insights - Transactions for private residential properties valued over 20 million reached 1,269, with a total value of 73.45 billion, reflecting a 3.9% increase in volume and a 4.9% increase in value compared to the second half of 2024 [4]. - The number of transactions for second-hand luxury properties valued over 50 million increased by 32.4% to 135, with a total value of 15.69 billion, achieving new highs in both volume and value [4]. Group 3: Market Dynamics - The decline in interest rates and a favorable stock market have contributed to a nearly 30% drop in Hong Kong property prices from their peak, attracting investment back into the luxury market [5]. - The first half of 2025 saw a decrease in transactions for new luxury properties, with a drop of 8.3% in volume compared to the second half of 2024, indicating a shift in buyer preference towards second-hand properties [5].

Core Insights - The Shenzhen real estate market is experiencing a significant increase in second-hand housing supply, with over 75,000 effective listings as of July 7, marking a rise of more than 3,000 units in two weeks, primarily driven by the Longgang, Baoan, and Futian districts contributing over 60% of the new supply [1] - Despite 71.8% of monitored areas seeing average prices decline, there are positive signals emerging, with the proportion of declining properties narrowing to 51.9% and the percentage of rising properties increasing to 36.2% [2] - Structural opportunities are becoming apparent, with resilient core area assets and significant price differentiation in peripheral regions, indicating a potential new phase of value discovery in the market [4] Market Dynamics - The market is characterized by three main features: enhanced resilience of core area assets, increased differentiation in peripheral regions, and a rising trend in the proportion of larger unit sales (over 120㎡) [4] - The policy environment continues to influence market expectations, with adjustments in second-hand housing reference prices and an increase in affordable housing construction, which is gradually diverting market demand [5] - The financial landscape shows a shift in funding preferences, with a notable increase in long-term loans and a high auction failure rate for luxury properties, indicating liquidity risks in high-value assets [5] Price Trends - The price increase leaderboard for July shows significant gains in various districts, with the highest increase of 19% in the Shuanglong Garden of Baoan district, reflecting a "low-price rebound" logic [3] - The market is expected to maintain a dual structure of stability in core areas and adjustments in peripheral regions as the traditional peak season approaches [5] - The overall market dynamics suggest that buyers should focus on specific district characteristics, such as industrial support and transportation planning, rather than solely on price [5]

Group 1 - The Central Plains City Leading Index (CCL) reported at 136.68 points, with a slight weekly increase of 0.09%, marking a total rise of 0.82% over four consecutive weeks, although the growth rate has significantly narrowed compared to previous weeks [1] - The CCL remains at an 8.5-year low, hovering around levels seen in September 2016, with a projected cumulative decline of 0.70% in property prices by 2025 [1] - The index has increased by 1.33% from the low of 134.89 points before the March 2024 financial report, but it has decreased by 28.57% from the historical high of 191.34 points in August 2021 [1] Group 2 - The CCL Mass index stands at 137.74 points, reflecting a weekly decline of 0.11%, while the CCL for small units is at 136.49 points, down 0.02% [2] - The CCL for large units is at 137.61 points, with a weekly increase of 0.60%, continuing a three-week upward trend [2] - Among the four districts, prices showed mixed results, with the CCL Mass for Hong Kong Island rising by 2.22%, the largest increase in 14 weeks, while New Territories East and West experienced declines [2]

Group 1 - The second-hand housing market in Shenzhen has seen an increase in available listings, with a total of 75,169 effective second-hand housing units for sale as of July 7, marking a week-on-week increase of 1,311 units, reaching a new high [1] - The transaction volume for second-hand homes recorded 1,436 units last week, representing a week-on-week growth of 4.2%, indicating a sustained high level of market activity [1] - The average transaction price for second-hand homes has decreased to 54,600 yuan per square meter, reflecting a market trend of "trading price for volume" [1] Group 2 - In the first half of the year, the demand for larger residential units has increased, with 42.6% of second-hand home transactions being for units larger than 90 square meters, a year-on-year increase of 5.6% [2] - The financial policies in Shenzhen have been favorable, with reductions in public housing loan rates and an increase in loan limits, contributing to a more active market [2] - The overall market activity is expected to improve in the second half of the year due to a combination of favorable policies and the traditional peak sales season [2]

Core Viewpoint - The Shenzhen real estate market showed a positive recovery in the first half of 2025, driven by favorable policies and seasonal demand, with a significant increase in both new and second-hand residential transactions [1][3]. Group 1: Market Performance - In the first half of 2025, a total of 51,104 residential units were signed in Shenzhen, representing a year-on-year increase of 38.8% [3]. - New residential sales reached 21,873 units, up 41.8% year-on-year, while second-hand residential sales increased by 36.6% to 29,231 units [3]. - The overall supply of new homes decreased significantly, with only 17,232 new units supplied, a drop of over 44% year-on-year [3]. Group 2: Sales Dynamics - The new home transaction volume increased by nearly 80% year-on-year, with 31,074 new homes sold, and the average price for quality improvement projects ranged from 50,000 to 80,000 yuan per square meter [5][6]. - The proportion of existing homes in transactions is rising, with 30.9% of new homes sold being completed units, indicating a shift towards a "ready-to-move-in" market [5][6]. Group 3: Second-hand Market Trends - The second-hand housing market recorded 35,106 transactions, a 30.7% increase compared to the same period in 2024, with a notable dominance of small-sized units under 90 square meters, accounting for 55.9% of total transactions [7][8]. - The number of available second-hand homes increased to 73,858 units by the end of June, reflecting a 2.9% rise, indicating a growing willingness among homeowners to sell [8]. Group 4: Future Outlook - The market is expected to maintain stability in the second half of 2025, supported by strong demand from first-time buyers and the availability of high-quality new homes [10]. - The overall sentiment in the market remains cautious, with a need for continued supportive policies to bolster consumer confidence [9].

Core Insights - Shenzhen's new housing de-stocking cycle has decreased to a record low of 7.5 months, indicating a significant improvement in the real estate market [3][4][6] - In the first half of 2025, the total number of new and second-hand residential transactions in Shenzhen reached 51,104 units, a year-on-year increase of 38.8% [2][4] - The market is expected to remain active in the second half of 2025, driven by favorable policies and traditional peak sales seasons [1][6] Group 1: Market Performance - In the first half of 2025, new residential transactions totaled 31,074 units, representing a nearly 80% year-on-year increase, with new residential sales at 21,867 units, up 49.3% [2][3] - The supply of new homes has decreased significantly, with only 17,232 new units launched in the first half, a drop of over 44% year-on-year [2][4] - The number of second-hand residential transactions recorded 35,106 units, a 30.7% increase compared to the same period in 2024 [4][5] Group 2: Buyer Behavior and Preferences - The demand for smaller residential units remains strong, with properties under 90 square meters accounting for 55.9% of total transactions in the second-hand market [4][5] - The proportion of completed homes in transactions is increasing, with 30.9% of new residential sales being completed units, up 6.3 percentage points from the second half of 2024 [3][4] - The average transaction price for second-hand homes in June was 60,300 yuan per square meter, reflecting a slight month-on-month decline of 1.5% [5][6] Group 3: Future Outlook - The market is anticipated to maintain a stable trajectory in the second half of 2025, supported by ongoing favorable policies and strong demand from first-time buyers [6] - The focus on high-quality properties is expected to drive new home transactions, with a notable increase in interest for well-priced, quality developments [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The second - hand housing transaction in 15 cities increased slightly week - on - week but decreased year - on - year, and the year - on - year growth rate has narrowed since June. The new housing transaction in 38 cities increased week - on - week but the year - on - year decline widened [1][2]. - The second - hand housing in first - tier cities decreased week - on - week for five consecutive weeks, while the new housing increased week - on - week. The second - hand and new housing in second - and third - tier cities showed different trends [1][2][3]. - In key cities, the second - hand and new housing transactions in first - tier cities had different performance in terms of week - on - week and year - on - year changes. The housing prices in first - tier cities also showed a downward trend in May [24][50]. 3. Summary by Relevant Catalogs 3.1 Transaction Volume Observation 3.1.1 Second - hand Housing - In the week of June 13 - 19, the transaction area of second - hand housing in 15 cities was 2.34 million square meters, with a week - on - week increase of 3% and a year - on - year decrease of 5%. The year - on - year growth rate since June narrowed to 1% [1]. - First - tier cities' second - hand housing decreased week - on - week for five consecutive weeks, with a 2% decline. Among them, Shenzhen and Shanghai decreased by 10% and 4% respectively, while Beijing increased by 5%. Second - and third - tier cities' second - hand housing increased week - on - week for two consecutive weeks, with growth rates of 4% and 14% respectively [1][2]. 3.1.2 New Housing - In the week of June 13 - 19, the transaction area of new housing in 38 cities was 2.68 million square meters, with a week - on - week increase of about 5% and a year - on - year decrease of 14%. The year - on - year decline was larger than that in previous months [2]. - First - tier cities' new housing increased week - on - week by 2%, with Beijing, Guangzhou, and Shenzhen increasing by 32%, 8%, and 8% respectively, while Shanghai decreased by 16%. Second - tier cities' new housing decreased week - on - week by 1%, and third - tier cities' new housing increased week - on - week by 18% [2][3]. 3.2 Key City Observation 3.2.1 First - tier Cities - Second - hand housing: In the week of June 13 - 19, the transaction area of second - hand housing in Beijing, Shanghai, and Shenzhen decreased week - on - week by 2%. Shanghai and Shenzhen decreased year - on - week, while Beijing increased. In June 1 - 19, Beijing and Shenzhen increased year - on - month, while Shanghai decreased [24]. - New housing: In the week of June 13 - 19, the transaction area of new housing in first - tier cities increased week - on - week by 2%. Beijing, Guangzhou, and Shenzhen increased, while Shanghai decreased. In June 1 - 19, Beijing and Shanghai increased year - on - month, while Shenzhen and Guangzhou decreased [24][25]. 3.2.2 Other Key Cities - In Hangzhou, the second - hand and new housing transaction areas decreased week - on - week by 7% and 1% respectively in the week of June 13 - 19. In Chengdu, the second - hand housing transaction area increased week - on - week by 5%, and the new housing transaction area decreased week - on - week by 17% [24][25]. 3.3 Price Observation - In May, the second - hand housing price index in first - tier cities decreased both month - on - month and year - on - year. The month - on - month decline was 0.7%, and the year - on - year decline was 2.7%. The new housing price index in first - tier cities also showed a downward trend, with a month - on - month decline of 0.2% and a year - on - year decline of 1.7% [50].

智通财经APP获悉，利嘉阁地产总裁廖伟强表示，对下半年香港楼市继续乐观，一、二手私宅合计买卖 登记料增至3万宗，当中包括受惠东升西降，资金流入香港及预期进一步减息，带动置业及投资需求。 面对上半年关税战，但香港本地楼市总体交投量不跌反升，只是楼价仍较受压，但月环比有所缓和。廖 伟强对下半年住宅市道感乐观，有信心可实现量价齐升。 廖伟强预期，下半年在各项利好因素持续发酵下，香港中小型住宅楼价料涨3-5%；豪宅楼价也看升 2%，全年料平稳微升。租金表现方面，在新增人才及内地和海外留学生进驻下，预期下半年中小型住 宅租金料提速再涨3%，即全年料升逾 5%；而豪宅租金下半年也看升2%，全年料涨约3.5%。 在二手市场方面，相信在下半年经济持续好转，股市及零售消费市道都向好及进一步的减息预期，也能 带动二手交投造好，料下半年二手私宅登记量将较上半年的1.8万宗再升11%，至2万宗水平；全年累 计，二手买卖料录3.8万宗水平，将较2024年约3.22万宗增加 18%。综合预计，在下半年一、二手齐步 向好下，香港整体私宅登记量料升12%，最终料达3万宗水平。 利嘉阁地产董事胡栢荣指出，2025年上半年，香港楼市呈"量升价跌 ...

Core Viewpoint - The real estate market in Tianhe East has experienced a significant price drop, with some properties losing nearly half their value compared to peak prices, driven by a combination of market panic and manipulative practices by certain investors [10][11][20]. Group 1: Market Trends - A colleague's property listing received immediate pressure to lower the asking price due to a significant drop in comparable property values in the area [1][3]. - Properties in Tianhe East have seen drastic price reductions, with some units dropping from over 4.2 million to around 3.5 million per unit [5][8]. - The average price for properties in certain neighborhoods has plummeted, with examples showing prices halved from peak levels, such as from 10 million to 4.09 million per unit [8][10]. Group 2: Manipulative Practices - Certain investors, referred to as "financial players," are engaging in practices that artificially depress property prices through fake transactions, creating a false narrative of declining values [11][13]. - These financial players utilize a strategy of conducting fake sales at lower prices, which are then used to pressure actual sellers into lowering their prices [15][17]. - The process involves creating a series of fake transactions to manipulate market perception, allowing these investors to secure loans based on inflated valuations [18][20]. Group 3: Market Dynamics - The current market dynamics are characterized by a high inventory of second-hand properties, exceeding 180,000 units, which exacerbates the downward pressure on prices [10][20]. - The combination of investor manipulation and a lack of timely updates in bank evaluations contributes to the ongoing price decline [20][21]. - The overall sentiment in the market has shifted from optimism to fear, impacting both sellers and buyers significantly [10][21].