Core Insights - The Central Plains City Leading Index (CCL) reached 141.92 points, marking a week-on-week increase of 1.18%, the highest in 68 weeks since June 2024, following the first week after the interest rate cut on September 18 [1] - All eight major indices have risen, marking the first time since July 2025 that all indices have recovered from their declines this year, with a cumulative increase of 1.41% over two weeks [1] - The CCL is projected to reach 143.02 points in Q4, only 1.10 points or 0.78% away from the current level [1] Price Trends - The CCL has increased by 3.11%, with the CCL Mass up by 3.90%, CCL for small units up by 3.64%, and CCL for large units up by 0.53% [1] - Price increases were observed across various regions, with Hong Kong Island up by 4.26%, Kowloon by 5.22%, New Territories East by 5.53%, and New Territories West by 0.36% [1] Historical Context - Since May, the CCL has risen 5.00% from a low of 135.16 points, and 5.21% from a low of 134.89 points before the 2025 budget announcement [2] - The index is down 25.83% from its historical high of 191.34 points in August 2021 [2] Recent Developments - The CCL Mass index reported 143.52 points, with a week-on-week increase of 1.06%, and the CCL for small units at 141.99 points, up 1.03% [3] - The CCL for large units reached 141.59 points, marking a 1.97% increase and the highest in 35 weeks since February 2025 [3] - Regional indices showed significant increases, with Hong Kong Island CCL Mass at 144.48 points (up 0.43%), Kowloon at 140.80 points (up 2.02%), New Territories East at 156.59 points (up 0.10%), and New Territories West at 128.82 points (up 1.05%) [3]

Core Insights - The transaction volume in Hong Kong's second-hand market for subsidized housing and public housing in Q3 recorded 691 transactions, a decrease of approximately 26.6% from 941 transactions in Q2, marking a seven-quarter low [1] Market Performance - The second-hand market for subsidized housing accounted for 520 transactions (approximately 75.3%) in Q3, with the highest transaction volume in Tin Shui Wai's Tin Shing Court, recording 18 transactions at an average price of about HKD 3.57 million [1] - The public housing segment recorded 171 transactions (approximately 24.7%) in Q3, with the highest volume in Sham Shui Po's Lee Cheng Uk Village, which had 13 transactions at an average price of about HKD 1.71 million [1] Future Outlook - Analysts expect a significant increase in transactions in the second-hand market in Q4, driven by the recent approvals sent to successful applicants of the "White Form Secondary Market Scheme 2024," potentially surpassing 1,000 transactions [1]

Core Insights - The overall property registration in Hong Kong for the first ten months of this year reached 60,095, marking a 9.7% increase from 54,780 registrations in the same period last year, achieving a four-year high [1][2] Group 1: Residential Property - The registration of residential properties, including both new private homes and second-hand residences, totaled 50,483, which is an 8.3% increase from 46,603 registrations in the same period last year [1] Group 2: Non-Residential Property - The registration of commercial properties reached 3,565, reflecting a significant increase of 30.7% compared to 2,728 registrations last year [2] - Conversely, the registration of parking spaces and other properties totaled 4,037, showing a slight decrease of 1.9% from 4,114 registrations in the same period last year [2] Group 3: Market Influences - Positive factors for the Hong Kong property market this year include the adjustment of stamp duty thresholds and the relaxation of investment thresholds for new capital investors, alongside a reduction in the prime interest rate by major banks [1] - However, fluctuating Sino-American relations pose uncertainties for the market outlook [1]

Core Insights - The Shenzhen second-hand housing market has seen a rapid recovery in activity following the National Day and Mid-Autumn Festival holidays, with significant increases in transaction volumes reported by various research institutions [1][2]. Group 1: Market Activity - According to Beike Research Institute, the number of second-hand home transactions on October 12 reached a new daily high since the implementation of the "905 New Policy," showing a 12% increase compared to the first Sunday after the policy was introduced on September 7 [1]. - The total number of second-hand home transactions in Shenzhen for the week of October 6 to October 12 increased by 44% compared to the previous week, marking the highest growth rate since late February [1]. - The LeYoujia Research Center reported a 26% increase in viewing activity and a 17% increase in transaction volume for second-hand homes, with weekly viewing numbers reaching their highest since March [1]. Group 2: Policy Impact - The Shenzhen Real Estate Brokerage Association noted that the rapid recovery in second-hand home transactions is attributed to the effective implementation of the new policy in September, which has improved market expectations and activated demand [2]. - The association anticipates that the continued release of policy effects, combined with the traditional sales peak in the fourth quarter, will sustain high transaction volumes in the Shenzhen housing market [2]. Group 3: Market Sentiment - Despite the increase in transaction volumes, real estate agents reported that decision-making speed and confidence among buyers have improved, although the market is still characterized by "price for volume" dynamics, with little change in prices [2]. - Analysts from Zhongyuan Real Estate and China Index Academy indicated that the second-hand housing market remains cautious, with prices under downward pressure due to high listing volumes, suggesting that a full recovery in market confidence will require both policy support and improvements in the economic fundamentals [2][3].

Core Insights - The Shenzhen second-hand housing market has seen a rapid recovery in activity following the National Day and Mid-Autumn Festival holidays, with significant increases in transaction volumes reported by various research institutions [1][2]. Group 1: Market Activity - According to Beike Research Institute, the number of second-hand home transactions on October 12 reached a new daily high since the implementation of the "905 New Policy," showing a 12% increase compared to the first Sunday after the policy was introduced on September 7 [1]. - The total number of second-hand home transactions in Shenzhen for the week of October 6 to October 12 increased by 44% compared to the previous week, marking the highest growth rate since February of this year [1]. - The LeYoujia Research Center reported a 26% increase in viewing activity and a 17% increase in transaction volume for second-hand homes, with viewing numbers reaching their highest level since March [1]. Group 2: Policy Impact - The Shenzhen Real Estate Brokerage Association noted that the rapid recovery in transaction volumes is attributed to the effective implementation of the new policy in September, which has improved market expectations and activated demand [2]. - The association anticipates that the continued release of policy effects, combined with the traditional sales peak in the fourth quarter, will maintain high transaction volumes in the Shenzhen housing market [2]. Group 3: Market Sentiment - Despite the increase in transaction volumes, real estate agents indicated that the market is still characterized by "price for volume," with little change in prices [2]. - Analysts from Zhongyuan Real Estate and China Index Academy suggest that the second-hand housing market remains cautious, with prices under downward pressure due to high listing volumes, indicating that a full recovery in market confidence will require both policy support and improvements in the economic fundamentals [2][3].

Group 1 - The core viewpoint of the articles indicates a significant rebound in the Shenzhen second-hand housing market following the National Day and Mid-Autumn Festival holidays, driven by the effects of new policies and seasonal demand [1][2]. - According to Beike Research Institute, the second-hand housing transaction volume in Shenzhen reached a daily high of 905 units on October 12, marking a 12% increase compared to the first week after the new policy was implemented [1]. - The transaction volume for the week of October 6 to October 12 increased by 44% compared to the previous week, representing the highest growth rate since February of this year [1][2]. Group 2 - The Shenzhen Real Estate Brokerage Association reported a total of 1,219 second-hand housing transactions last week, reflecting a remarkable 233.1% increase week-on-week, with daily transactions exceeding 300 units in the first two days after the holiday [2]. - The market is experiencing a "price-for-volume" trend, where prices remain stable despite increased transaction volumes, indicating a cautious buyer sentiment [2][3]. - Analysts suggest that while the market is showing signs of recovery, the overall confidence remains low, with the market confidence index for September at -0.85, indicating a prolonged period of market stagnation [3].

Core Insights - The Meilun Property Price Index has risen for five consecutive weeks, currently at 130.96 points, reflecting a weekly increase of 0.28% and a year-to-date increase of 2.21%, reaching a new high since August of the previous year [1] - The recent increase in the property price index is influenced by the resumption of interest rate cuts in mid-September and the effects of Hong Kong's Policy Address [1] - The impact of the new round of tariff wars, which began last Friday, on the property market remains to be observed, but analysts believe the effects will be temporary due to both China and the U.S. leaving room for easing tensions [1] Property Market Analysis - The Meilun Confidence Index, which reflects the selling attitude of property owners, has risen to 76.7 points, increasing by 1.5% week-on-week and remaining above 75 points for ten consecutive weeks, indicating a stable market [1] - The Confidence Index has been above the average value for 45 weeks, suggesting that property prices are likely to continue rising, with an expected increase of approximately 2% this quarter [1]

Core Insights - The demand for old and small second-hand houses in urban areas is surging, with multiple buyers competing for properties due to their low total prices and strategic locations [1][5][9] Group 1: Market Dynamics - A recent observation noted that a second-hand house priced at 500,000 yuan attracted over 10 groups of buyers, indicating a strong interest in affordable housing options [1] - The trend of purchasing old and small properties is driven by their low total prices and proximity to essential amenities like subways, making them attractive to buyers [6][9] Group 2: Buyer Profiles - Young buyers are increasingly targeting old and small properties for their favorable locations, low prices, and potential for renovation [9][11] - Investors are also drawn to these properties due to their high rental yields, with some properties achieving rental returns of around 5.8% [12][23] Group 3: Price Trends - The price of old and small properties has stabilized, with many buyers perceiving current prices as a bottoming out, making them a viable investment option [8][23] - Data indicates that in 2025, 90% of the top-performing neighborhoods in terms of price growth in Chengdu were old neighborhoods, highlighting a shift in market dynamics [8][23] Group 4: Investment Opportunities - The potential for urban renewal and the installation of elevators in older buildings presents additional growth opportunities for these properties [23] - The market for old and small properties is not limited to Chengdu, as similar trends are observed in major cities like Beijing, Shanghai, and Guangzhou, where affordable housing options are gaining traction [23]

行业点评 本周 A 股地产下跌、港股地产、港股物业均上涨。本周（10.4-10.10）申万 A 股房地产板块涨跌幅为-0.8%，在 各板块中位列第 23；恒生港股房地产板块涨跌幅为+1.3%，在各板块中位列第 4。本周恒生物业服务及管理指数涨跌 幅为+0.7%，恒生中国企业指数涨跌幅为-3.1%，沪深 300 指数涨跌幅为-0.5%；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+3.8%和+1.2%。 土地市场溢价率处于低位。本周（10.4-10.10）全国 300 城宅地成交建面 333 万㎡，单周环比-56%，单周同比- 82%，平均溢价率 4%。2025 年初至今，全国 300 城累计宅地成交建面 30756 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、滨江集团的权益拿地金额位居行业前五。 本周(10.4-10.10)47 个城市商品房销售 151 万方，成交量环比-57%，同比-33%，整体处于季节性低位；8 月新房 售价环比-0.3%，环比跌幅持平，同比-3.0%，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-72%，周 ...

近期，社交平台一则"东北房价153块/平方米"的视频引起广泛关注，转发量迅速超过10万次。 该视频博主在黑龙江省鸡西市恒山区看房了解到，一套65平方米的二手房挂牌总价1.2万元，还可以接受2000元让价。 视频发出后，有网友称自己老家是鸡西的，没见过总价1万多元的房子，鸡西房价每平方米还是四五千元。 东北小城的房价果真如视频所展示的一样吗？ 10月11日，鸡西市当地一位房产中介通过电话向《每日经济新闻》记者介绍，只是少数现象，主要受小区地段和个别房东资金需求的影响。 每平方米几百块 从社交平台的视频内容来看，上述房源在一处步梯小区顶楼，总高6层，小区内部环境较为整洁，设有可供休闲运动的小广场，也配备有健身器材，旁边 有医院。 每平方米单价几百元的房子。图片来源：安居客 鸡西市位于黑龙江省东南侧，公开资料显示，其与鹤岗、双鸭山等同属于东北地区欠发达城市。 鸡西市因市区地处鸡冠山西麓而得名，截至2023年末，全市户籍人口160.96万人。鸡西市地形以山地、丘陵、平原为主体，是国家重要的能源基地，有百 年煤炭开采历史，也被称为"煤城""石墨之都"。 每经记者查询安居客、房天下、58同城等平台了解到，鸡西市恒山区的确 ...