Core Insights - The residential property inventory in Hong Kong has decreased to 269 units as of September 2025, marking a reduction of 31 units or 10% from the previous quarter, ending a five-quarter increase but still remaining the second highest in 12 quarters [1][2] - The decline in inventory is primarily attributed to a significant drop in private residential units, which fell by 33 units or 15% to 193 units, while public housing inventory saw a slight increase of 2 units or 3% to 76 units [1] Inventory Breakdown - The inventory of private residential properties priced at or below HKD 20 million has decreased across all categories, with the most significant drop occurring in the 700 to 1,000 million HKD range, which saw a 35% decline [2] - For properties priced at HKD 5 million or below, HKD 500,000 to HKD 700,000, and HKD 1 million to HKD 2 million, the inventory fell by 13% to 15% due to higher sales volumes compared to new listings [2] Regional Analysis - In the third quarter, the inventory of private residential properties in the Kowloon, Hong Kong Island, and New Territories all experienced declines, with Kowloon seeing the largest drop of nearly 30%, while Hong Kong Island's inventory decreased by over 10% [2] - Specifically, Kowloon had 60 units, down 29% quarter-on-quarter; Hong Kong Island had 36 units, down 12%; and New Territories had 97 units, with a slight decrease of 3% [2]

Core Insights - Hong Kong property prices continue to rise, with the latest Midland property price index at 132.11 points, marking a weekly increase of 0.09% and a 15-month high since mid-July last year [1] - Year-to-date, property prices have increased by 3.11%, reflecting a rise of approximately 4.62% from the year's low [1] - Market confidence in property prices has strengthened, despite recent trade disputes between China and the U.S., as indicated by the Midland confidence index at 76.1 points, which has remained above 75 points for 12 consecutive weeks [1] Price Trends by District - The Midland Kowloon property price index is at 137.65 points, with a weekly increase of 0.67%, while the Hong Kong Island index is at 135.62 points, down 0.35%, and the New Territories index is at 121.28 points, down 0.26% [2] - Compared to four weeks ago, all three districts have seen price increases, with Hong Kong Island, Kowloon, and New Territories rising by 0.13%, 2.08%, and 1.57% respectively [2] - Year-to-date changes show Kowloon and New Territories up by 5.05% and 2.62%, while Hong Kong Island has decreased by 0.22% [2] Discounted Listings - The highest rate of discounted listings is in Kowloon, with specific areas like Tsuen Wan, Ma Wan/Pearl Bay, and the Four Little Dragons/Lai Chi Kok having the most significant discount ratios [2] - In terms of unit area, the highest discount rates are for E-class units (approximately 1722 square feet or larger), followed by B-class units (431 to 752 square feet) and C-class units (753 to 1,075 square feet) [2]

Investment Rating - The report initiates coverage on Beike with a "Buy" rating and a target price of HKD 65.64, based on a 26x adjusted PE for 2026 [2][10]. Core Insights - Beike is positioned as a leading O2O real estate transaction platform in China, benefiting from supportive policies that are expected to facilitate a moderate market recovery. The company is anticipated to improve its profitability through enhanced operational efficiency and AI integration in its services [6][19]. - The real estate market is stabilizing, with signs of recovery in sales, particularly in second-hand housing, although challenges remain in new housing sales and inventory management [7][10]. - Beike's brokerage business is expected to gain market share, driven by its extensive network and the integration of third-party stores, which will enhance its revenue contribution [8][10]. Summary by Sections Business Overview - Beike has restructured into four main business lines: brokerage, home decoration, rental services, and data-driven residential development, aiming for a synergistic growth model [23]. - The company operates over 60,000 stores and employs nearly 568,000 agents, significantly outpacing competitors in terms of scale and market coverage [24][29]. Financial Projections - Revenue is projected to grow from RMB 93.46 billion in 2024 to RMB 125.93 billion by 2027, with a compound annual growth rate (CAGR) of approximately 11% [5][10]. - Adjusted net profit is expected to improve significantly, reaching RMB 9.82 billion by 2027, supported by operational leverage and a turnaround in the home decoration segment [10][21]. Market Dynamics - The real estate sector is gradually stabilizing, with government policies aimed at supporting the market. The demand for second-hand homes is expected to increase, while new home sales face ongoing pressure [7][10]. - Beike's home decoration business is projected to achieve a revenue of RMB 204 billion by 2027, with a net profit margin of around 10% [21][22]. Competitive Advantages - Beike's competitive edge lies in its channel advantages and the ACN network, which enhances transaction efficiency and transparency [19]. - The company is leveraging AI tools to improve customer experience and operational efficiency across its service offerings [20][21].

行业点评 本周 A 股地产、港股地产、港股物业均上涨。本周（10.18-10.24）申万 A 股房地产板块涨跌幅为+1.5%，在各板 块中位列第 18；恒生港股房地产板块涨跌幅为+1.2%，在各板块中位列第 8。本周恒生物业服务及管理指数涨跌幅为 +2.2%，恒生中国企业指数涨跌幅为+3.9%，沪深 300 指数涨跌幅为+3.2%；物业指数对恒生中国企业指数和沪深 300 的相对收益分别为-1.7%和-1%。 土地市场溢价率处于低位。本周（10.18-10.24）全国 300 城宅地成交建面 1521 万㎡，单周环比 52%，单周同比 -14%，平均溢价率 4%。2025 年初至今，全国 300 城累计宅地成交建面 33812 万㎡，累计同比-9.9%；年初至今，中海 地产、绿城中国、保利发展、建发房产、招商蛇口的权益拿地金额位居行业前五。 本周(10.18-10.24)47 个城市商品房销售 429 万方，成交量环比+4%，同比-13%，整体处于季节性低位；9 月新房 售价环比-0.4%，环比跌幅略有扩大，同比-2.7%，同比降幅持续收窄；结合量价，景气度下行趋缓。本周分能级来看： 一线城市周环比+10%， ...

Core Viewpoint - The real estate brokerage industry is facing significant challenges due to a slowdown in transaction volumes, leading many agents to seek additional income through part-time jobs such as food delivery [3][6][14]. Group 1: Real Estate Brokerage Industry - In the rising phase of the real estate market, new agents in first-tier cities earned between 100,000 to 200,000 yuan annually, while experienced agents made over 500,000 yuan, and some luxury property specialists earned millions [3][5]. - The income of real estate agents has generally declined in recent years due to a slowdown in transaction volumes, with some agents reporting annual earnings dropping below 200,000 yuan [6][12][14]. - The commission structure varies significantly among different brokerage firms, with top agents earning around 30,000 yuan from a 100,000 yuan commission, while newcomers may only take home a few thousand yuan [14]. Group 2: Part-Time Work Trends - Many real estate agents, like Zhang Biao, have taken on part-time jobs such as food delivery to supplement their income, especially when their primary business is slow [5][9][10]. - The part-time food delivery work is seen as a stable but low-paying option, with agents earning around 3,000 to 4,000 yuan monthly from this side job [8][9]. - The trend of agents taking on part-time work has become common, with some opting for delivery services due to their familiarity with local neighborhoods, which provides a competitive advantage [6][9]. Group 3: Market Dynamics and Future Outlook - The real estate market is experiencing a significant downturn, with transaction volumes and agent commissions decreasing, leading to a more competitive environment where only the most experienced agents thrive [12][14]. - The industry is witnessing a division where top firms are capturing market share from smaller companies, and experienced agents are better positioned to succeed in the current climate [14][15]. - The integration of AI and digital tools in the brokerage industry may provide new opportunities for agents, particularly in stable segments like second-hand housing and rental markets [15].

Core Insights - The income of real estate agents in first-tier cities has significantly decreased due to a slowdown in property transactions, with many agents now taking on part-time jobs to supplement their income [1][4][15]. Group 1: Real Estate Agent Income Trends - During the real estate upturn, new agents earned between 100,000 to 200,000 yuan annually, while experienced agents made over 500,000 yuan, and luxury property specialists could earn millions [1][3]. - The decline in transaction volume has led to a general decrease in income for real estate agents, with some agents reporting earnings dropping to below 200,000 yuan annually [4][12][15]. - The commission structure varies by agency, with top agents earning around 30% of the commission, while new agents may only take home a few thousand yuan [15]. Group 2: Part-Time Work Among Agents - Many agents, like Zhang Biao, have turned to part-time jobs such as food delivery to maintain a stable income amidst the real estate market downturn [2][4][8]. - The flexibility of part-time work allows agents to adapt their schedules based on their real estate business, with some working 4-6 hours delivering food when real estate transactions are slow [4][6]. - The experience of working as a delivery rider has been described as challenging, requiring adaptability and quick learning to navigate the demands of the job [6][7]. Group 3: Market Dynamics and Future Outlook - The real estate market is experiencing a significant shift, with a move from new home transactions to second-hand properties, impacting agents' earnings [12][15]. - The industry is seeing a division where top agencies are capturing market share from smaller firms, leading to increased competition and pressure on less experienced agents [15][16]. - Despite the challenges, there are opportunities for agents to leverage AI and digital tools to enhance efficiency and adapt to changing market conditions [16].

再者，部分投资者青睐二手房，是看中了其潜在的拆迁价值。一旦房屋遇上城市改造，获得一笔可观的拆迁补偿款，无疑能带来丰厚的回报，实现超额的投 资收益。 近年来，二手房市场悄然升温，成为许多刚需家庭置业的首选。究其原因，二手房的吸引力体现在多方面。 首先，成熟的配套设施是二手房的一大优势。许多二手房坐落于生活便利的区域，周边学校、商业、医疗等资源一应俱全，甚至不乏优质学区房，这使得它 们无论是作为自住物业还是投资项目，都显得颇具价值。 其次，相对亲民的价格为资金有限的家庭提供了可能。与价格日渐高企的新房相比，二手房的性价比优势尤为突出，能够有效缓解购房者的经济压力。 最后，鉴于当前新房市场时有"烂尾楼"的出现，许多家庭转而选择可见可触的二手房现房。实地考察房屋状况，能够有效规避开发商延期交付甚至烂尾的风 险，让购房者心中更加踏实。 老旧房屋的居住体验欠佳 然而，在二手房的选择过程中，一个关键的问题常常困扰着刚需家庭：房龄多少才算合适？带着这个疑问，我们咨询了一位拥有十五年从业经验的资深房产 中介老朱。起初，老朱显得颇为谨慎，但在我们耐心沟通之下，他终于透露了自己的看法。在他看来，房龄超过二十年的老房子，购买价值已大 ...

Core Insights - The 2025 Responsibility China ESG Annual Ceremony was held in Guangzhou, focusing on corporate social responsibility and ESG development pathways [2] - Hou Wenjing, Secretary-General of the Beike Public Welfare Foundation, emphasized the foundation's commitment to "business for good" and integrating public welfare into corporate strategy [2] Group 1: Community Support for the Elderly - Beike Public Welfare has developed a systematic approach to community support for the elderly, highlighted by the "I Teach You to Use a Mobile Phone" project, which has engaged over 445,000 active agents and served approximately 1.3 million elderly individuals across over 130 cities [3][5] - The "I Teach You to Prevent Falls" project, launched in 2023, has reached over 144,000 elderly individuals through health classes and materials [5] - The "Independent Guardian Plan," initiated in 2024, aims to provide smart home solutions for elderly individuals living alone, with plans to serve 2,000 households in three cities [5] Group 2: Community Building Initiatives - The "Beike Medical Love Home" project has provided temporary housing and support for families of critically ill children, serving 1,848 families with over 19,000 nights of accommodation [6] - Beike's offline store network has been transformed into community service nodes, exemplified by the "Neighbor Home" and "Rider Station" projects in Guangzhou, which integrate various community services [8] - The foundation's approach combines business resources, store networks, and technology to address key community needs, reinforcing its commitment to creating value for consumers and society [8]

Core Insights - The Shenzhen real estate market has shown a "initial explosion, followed by sustained heat" after the new policy was implemented on September 5, with a significant increase in second-hand housing transactions [1] - The first phase of the policy has led to a 31% increase in second-hand housing transaction volume compared to the average in July and August, indicating a rapid activation of market vitality [1] - Post-holiday, the average daily signing volume of second-hand houses from October 9 to October 22 increased by 26% compared to the daily average in July and August, reflecting a quick recovery in market heat [1] Market Dynamics - Two key new buyer groups have emerged post-holiday: those who successfully sold their homes under the new policy and first-time buyers who recently realized their eligibility to purchase [1] - These new demands, combined with traditional first-time buyers and those seeking asset preservation, have strengthened the market's demand foundation and injected new momentum into the second-hand housing market in Shenzhen [1] - The Shenzhen Real Estate Intermediary Association reported 1,696 second-hand housing transactions last week, a 39.1% increase week-on-week, setting a new record for weekly transactions in the past six months [1] Price Trends - Despite the recovery in transaction volume, the market is still experiencing "price for volume" dynamics, with prices remaining relatively stable or even slightly declining [2] - According to the China Real Estate Index System, the average price of second-hand residential properties in 100 cities fell by 0.74% month-on-month and 7.38% year-on-year in September, marking 41 consecutive months of month-on-month price declines [2] - The market confidence index for 50 key cities was recorded at -0.85 in September, indicating a stagnant market confidence level that has remained in a low zone for two consecutive years, suggesting short-term challenges in improving market sentiment [2]

Core Insights - The article highlights the challenges faced by real estate agents in first-tier cities, particularly in light of declining transaction volumes and income instability, leading many to seek additional income through part-time jobs like food delivery [2][3][11]. Group 1: Real Estate Industry Challenges - The income of real estate agents has significantly decreased due to a slowdown in property transactions, with some agents experiencing a drop in earnings by about 50% compared to two years ago [11][12]. - The market has become increasingly competitive, with larger agencies capturing market share from smaller firms, resulting in a disparity in income among agents [11][12]. - The current economic environment has made it difficult for agents to achieve high sales volumes, with some offices struggling to complete even one transaction per month [9][12]. Group 2: Part-Time Work as a Solution - Many real estate agents, like Zhang Biao, have turned to part-time jobs such as food delivery to supplement their income, finding it a more stable source of earnings during slow periods in real estate [3][4][10]. - The flexibility of food delivery allows agents to work around their real estate commitments, with some agents reporting monthly earnings of around 3,000 to 4,000 yuan from part-time delivery work [5][6]. - The experience of working as a delivery rider has provided agents with additional skills and insights, although it is viewed as a temporary solution rather than a long-term career path [10][12]. Group 3: Future Outlook for Real Estate Agents - Despite the current downturn, there are opportunities for agents to adapt by embracing technology, such as AI for property matching and virtual viewings, which could enhance their efficiency and marketability [12]. - Younger agents or those willing to transition to new industries may find better opportunities in emerging sectors, although this comes with the risk of starting over [12].