Core Viewpoint - Beike (BEKE.US) saw a pre-market increase of over 1%, reaching $18.55, amid positive sales data from the top 100 real estate companies in China for the first nine months of 2025, indicating a narrowing decline in sales compared to previous months [1] Industry Summary - According to data from the China Index Academy, the total sales of the top 100 real estate companies amounted to 26,065.9 billion yuan, reflecting a year-on-year decrease of 12.2%, which is a 1.1 percentage point improvement from the decline observed in the first eight months of 2025 [1] - In September alone, the sales of the top 100 real estate companies experienced a month-on-month growth of 11.9%, with 72 out of the 100 companies reporting month-on-month performance increases, and 45 of these companies achieving growth rates exceeding 30% [1] - Guosheng Securities reported that the month-on-month sales increase in September was primarily driven by seasonal factors, the relaxation of purchase restrictions in core cities, and the introduction of new products by real estate companies [1] - The firm maintains an "overweight" rating for the industry, suggesting that 2025 will continue to be dominated by policy-driven factors, with a positive outlook for Beike in the intermediary sector [1]

Core Insights - The National Day and Mid-Autumn Festival holiday saw a peak in real estate promotions across various cities, with developers actively pushing sales and increasing new home supply in core cities, leading to a rebound in market activity [1][5][16] Group 1: Market Activity - In Beijing, new home transactions from September 1 to 29 reached 0.32 million units, marking a year-on-year increase of 12.6% and a month-on-month increase of 21.6% [3] - The holiday period saw increased foot traffic and sales volume in many properties, driven by favorable policies and the traditional peak sales season [3][5] - In Wuhan, the real estate sales area during the holiday increased by 12.9% year-on-year, with significant growth in cities like Wuhan, Huangshi, and Xianning [5] Group 2: Promotional Strategies - Major developers in cities like Shanghai, Guangzhou, and Shenzhen employed strategies such as discounted properties and purchase subsidies to stimulate sales during the holiday [5][17] - Various cities implemented new real estate policies, including optimizing housing fund policies and relaxing purchase restrictions, to enhance market confidence and stimulate demand [5][15] Group 3: Buyer Behavior - Buyers showed increased interest in property details such as sound insulation and community greenery, indicating a shift in focus towards quality and suitability for different family needs [7] - In Guangzhou, many buyers arrived with clear purchase intentions, leading to faster decision-making and improved sales efficiency [11] Group 4: Second-Hand Market - The second-hand housing market also experienced heightened activity, with policies reducing purchase barriers leading to faster transaction speeds [9][15] - In Shenzhen, the number of second-hand residential transactions reached 3,699 units, a year-on-year increase of 32.63% since the new policy was introduced [13] Group 5: Events and Promotions - Various cities organized real estate exhibitions and promotional events to invigorate the market, with Wuhan's autumn housing festival attracting around 23,000 visitors and resulting in 1,652 intended transactions [22] - In Hubei, initiatives included a digital platform for home buying and a one-stop service for home furnishing, enhancing the overall buying experience [24]

莱坊最新全球超级豪宅报告指出，香港第2季录得约53宗超级豪宅成交，位列全球统计城市的第四多， 按季亦增长约26.2%，涉及成交金额约9.97亿元，较首季劲升约43.9%。不过，较去年第2季约61宗及约 11.91亿元，仍减少约13.1%与下跌约16.3%。 莱坊高级董事及住宅物业代理部主管刘文华表示，香港豪宅市场于2025年第2季展现显著增长，不论交 易量或金额均按季上升，反映尽管面对宏观挑战，市场积压需求仍具韧性，预期复苏趋势将延续至下半 年，进一步巩固香港作为国际超级豪宅枢纽的地位。 根据报告内容，今年第2季全球12个市场涉及金额超过1,000万美元(折合约7,800万港元)的豪宅成交，多 达590宗，总成交金额达约118.48亿美元，较今年首季分别增长约12.1%及上升约26.5%；比较2024年同 期，更增长约18.7%及上涨约33.6%。 报告又指，第2季纽约的超级豪宅成交金额约28.58亿元，为全球首位，按季大幅上涨约1倍；而迪拜期 间成交量高达143宗，稳占榜首，按季上升约28.8%。 该公司全球研究部主管Liam Bailey表示，全球超级豪宅市场持续展现强劲表现。迪拜仍然维持领先地 位，纽约 ...

Core Viewpoint - The Beijing Real Estate Brokerage Industry Association has issued a set of ten initiatives aimed at regulating the real estate brokerage sector to stabilize the market during a critical recovery phase [2][5]. Group 1: Market Stability and Information Disclosure - The association emphasizes the importance of real estate brokerage services and market information services in stabilizing the real estate market [2]. - It calls for maintaining a correct public opinion direction and objectively disclosing market information, avoiding exaggerated claims about market risks [5]. - The initiatives discourage the use of misleading headlines and ensure that market data is accurate and reliable [5][6]. Group 2: Business Operations and Ethical Practices - The initiatives prohibit false property viewings and enticing homeowners to list at lower prices, aiming to eliminate unethical practices [6][7]. - It is stated that brokers should scientifically assess property values and avoid using manipulative tactics to pressure homeowners into lowering prices [7] - The association insists on accurately reflecting market prices and not artificially lowering quotes to disrupt market order [7][8]. Group 3: Consumer Rights and Fee Transparency - The initiatives require clear pricing for services, ensuring that all fees are publicly displayed and no undisclosed charges are applied [8]. - It prohibits improper competition through promises of rebates or commissions to buyers and demands that brokers maintain normal financial order [8][9]. Group 4: Fair Competition and Market Ecology - The association calls for the prohibition of exclusive agreements that could harm fair competition in the market [9]. - It encourages reasonable fee determination based on the quality of brokerage services and discourages low-price competition that undermines industry standards [9].

Core Insights - Hong Kong's secondary property prices showed signs of stabilization in Q2 2025, with the Centaline City Leading Index dropping 0.2% week-on-week to 139.94 during the week of September 22-28 [1] - Small units (under 100 square meters) saw a 0.2% month-on-month price increase, while large units (100 square meters and above) experienced a 2.7% decline [1] - Year-on-year declines narrowed to -3.8% for small units and -5.8% for large units, indicating an improvement compared to Q4 2024 [1] Property Market Trends - In 2025, low-priced new properties in the New Territories (such as Shatin, Tuen Mun, and Tseung Kwan O) gained popularity, accounting for 50% of transaction volume, while central urban areas still face inventory pressure [1] - The stamp duty policy was adjusted for residential units priced at HKD 4 million and below, reducing the stamp duty from HKD 60,000 to HKD 100, which is less aggressive than the comprehensive measures taken in 2023-2024 [1] - Despite the weaker policy measures, the proportion of mainland buyers increased to 17.74% in the first half of 2025, up from 5.90% in 2020, injecting new demand into the market [1] Economic Context - The recovery of Hong Kong's economy has led to improved income expectations, combined with a temporary easing of interest rates (such as a short-term decline in HIBOR), supporting the initial stabilization of the property market [1] - From January to August 2025, the private residential price index only slightly decreased by 0.24%, indicating signs of price stabilization after a bottoming out [1]

Core Viewpoint - The article reveals unethical practices by real estate agents in Shanghai, including hiring actors to pressure homeowners into lowering property prices, which raises concerns about transparency and fairness in the real estate market [1][3][5]. Group 1: Unethical Practices - Real estate agents are training actors to create scenarios that pressure homeowners into reducing their asking prices, with significant price reductions observed, such as a property listed at 3.39 million yuan being negotiated down to 2.8 million yuan [1][3]. - The actors are instructed to highlight property advantages while downplaying disadvantages to manipulate homeowners' perceptions [1]. - A structured approach is used where actors feign discussions with family to create urgency, leading homeowners to lower their prices under psychological pressure [3]. Group 2: Market Dynamics - Following new regulatory measures in Shanghai, including relaxed purchase restrictions and lower down payment requirements, the new home market saw a short-term increase in transaction volume, particularly in areas outside the city’s outer ring [5]. - The second-hand housing market is experiencing intensified negotiations between buyers and sellers, with agents facing strict performance metrics that drive them to engage in deceptive practices [5][7]. - The exposure of these practices has led to a loss of trust in the real estate industry, increasing transaction costs and potentially exacerbating market volatility [7]. Group 3: Legal and Ethical Implications - The tactics employed by agents may constitute civil fraud, as they mislead homeowners into making erroneous decisions regarding property pricing [5]. - Legal experts indicate that homeowners could seek to annul contracts based on these deceptive practices, which would also require the return of agent fees [5]. Group 4: Industry Reputation - The incident has severely damaged the credibility of the real estate industry, with calls for greater transparency in property transactions, including the disclosure of actual transaction prices [7]. - The majority of second-hand property transactions in Shanghai are facilitated by agents, who are expected to provide accurate market information and ensure fair dealings [7].

Core Viewpoint - The property market is expected to improve in the fourth quarter, driven by a reduction in interest rates and the release of purchasing power [1] Group 1: Market Activity - On the first weekend of October (October 4-5), there were approximately 537 viewings of 15 key housing estates, representing a week-on-week increase of about 1.7% from approximately 528 viewings [1] - The absence of large new property launches this weekend has shifted focus back to the secondary market, although the secondary viewing activity remains active and stable [1] Group 2: Future Expectations - The Chief Executive of the Residential Department at Midland Realty, Mr. Bu, anticipates a lively new property market in October due to multiple new project launches [1] - The festive activities during the Mid-Autumn Festival may have slightly hindered secondary viewing activities, but overall demand remains robust [1]

Core Viewpoint - The real estate industry in Beijing is experiencing a significant increase in transaction volume, driven by policy adjustments and market dynamics, while facing challenges related to high listing volumes and pricing pressures [3][6][8]. Group 1: Market Dynamics - The Beijing real estate market saw a notable increase in second-hand housing transactions, with September recording an average of 525 daily transactions, a 22% increase from August and a 27% increase year-on-year [3]. - In September, the total number of second-hand residential contracts reached 15,843, marking a 19.4% year-on-year increase and a 20.5% month-on-month increase [6]. - The "Golden September and Silver October" period traditionally boosts real estate sales, with both buyers and developers actively participating in the market [7]. Group 2: Policy Impact - Recent policy changes, including the relaxation of purchase restrictions outside the Fifth Ring Road, have allowed previously ineligible buyers to enter the market, thus increasing overall transaction volumes [6]. - The Beijing Municipal Housing and Urban-Rural Development Committee issued 25 new pre-sale permits in September, providing nearly 6,000 new housing units, which has stimulated market activity [6]. Group 3: Pricing and Supply Issues - Despite the increase in transaction volume, the high number of listings (14.1 million as of October 2) indicates a supply-demand imbalance, leading to continued downward pressure on prices [3][7]. - Analysts suggest that the current market conditions reflect a "price for volume" strategy, where sellers are compelled to lower prices to attract buyers, particularly in a high-supply environment [7][9]. - The introduction of new housing products with higher usable area ratios has further complicated the market, impacting the pricing dynamics of second-hand homes [8][9]. Group 4: Industry Practices - The Beijing Real Estate Brokerage Industry Association has issued guidelines to curb unethical practices among real estate agents, including false showings and price manipulation tactics [3][8]. - Reports of agents hiring individuals to create artificial demand and pressure sellers to lower prices highlight the complexities and challenges within the current market environment [8][9].

Core Viewpoint - The real estate industry in Beijing is experiencing a significant shift with new regulations aimed at curbing unethical practices among real estate agents, coinciding with a notable increase in transaction volumes during the traditional peak season of "Golden September and Silver October" [1][4]. Group 1: Regulatory Changes - The Beijing Real Estate Brokerage Industry Association issued ten initiatives to regulate real estate brokerage behavior, prohibiting false showings, price manipulation, and unethical practices that harm homeowners' rights [1]. - The new regulations aim to address the high listing volumes and supply pressures in the second-hand housing market, emphasizing the need for fair pricing and ethical conduct among agents [2][7]. Group 2: Market Performance - In September, Beijing's second-hand housing market saw a daily average transaction of 525 units, a 22% increase from August and a 27% year-on-year growth [1]. - The total number of second-hand residential contracts signed in September reached 15,843, marking a 19.4% year-on-year increase and a 20.5% month-on-month increase [4]. - The increase in transactions is attributed to policy adjustments, an uptick in new housing supply, and a market trend of "price for volume" [4][5]. Group 3: Supply and Demand Dynamics - The high listing volume in the second-hand market is creating supply-side pressure, with 14.1 million units listed as of October 2 [1]. - The introduction of new housing projects, with nearly 6,000 units approved for sale in September, is providing buyers with more options and stimulating market activity [5]. - Analysts suggest that as supply continues to rise alongside demand, the market may stabilize, but prices are likely to remain under pressure due to competitive pricing strategies among sellers [5][6]. Group 4: Future Outlook - The real estate market is expected to maintain a high level of listing activity, with a moderate recovery in transaction volumes anticipated in the fourth quarter [6]. - The ongoing trend of "price for volume" is likely to persist in the short term, influenced by the high inventory levels and market expectations [6][7].

倡议提出规范信息发布，杜绝采用"标题党"手法，不以"房价大跌""暴跌"等夸大其词的表述吸引关注， 确保发布的市场价格、解读的市场行情真实、准确、全面，数据来源真实可靠且言之有据。 北京商报讯（记者 王寅浩 李晗）近日，北京房地产中介行业协会发布《关于规范房地产经纪行为、助 力市场健康发展的倡议》（以下简称"倡议"）。倡议围绕舆论导向、业务操作、收费行为及市场竞争四 大核心领域，提出了十项具体规范要求，涉及禁止虚假带看及引诱业主低价挂牌、不得采用PUA手段损 害房主合法权益、不得做局砸盘等方式对房主施加降价压力等。 在客观全面披露市场信息方面，倡议强调不唱衰做空市场，不得发布、传播夸大房地产市场风险、制造 市场恐慌的言论，应客观理性地解读市场数据。同时，要真实反映市场信息，不得故意选取存在明显硬 伤的低价房源作为市场代表性案例，避免以偏概全、以点带面片面解读市场行情。 在规范业务操作方面，倡议书提出，禁止虚假带看及引诱业主低价挂牌。不得为满足公司KPI考核雇佣 人员制造虚假带看量，更不得为取得"热销房源"等标签引诱房主低价挂牌。 在维护消费者权益与规范收费方面，倡议重申收费明码标价以及规范佣金收取，具体包括严格 ...