Core Viewpoint - In May, the Shanghai real estate market showed a year-on-year growth of 14.5%, marking the eighth consecutive month of surpassing the transaction volume threshold, influenced by policies such as the central bank's reserve requirement ratio cut and lower public housing fund interest rates [1][4]. Market Performance - The total transaction volume in May was 21,400 units, although it experienced a decline of approximately 2,000 units compared to April due to the impact of holidays [1][5]. - The transaction volume in May was the second highest in the past five years, only behind 2021, indicating market resilience despite the traditional peak season having passed [4]. Market Dynamics - There was a noticeable decrease in the number of listings in the second-hand housing market, with both buyer and seller decision-making becoming more cautious due to market and policy uncertainties [5]. - The average transaction price for second-hand homes in May decreased by 0.09% compared to April, with some sellers adopting a "price for volume" strategy [7]. Buyer Behavior - The demand for "just-needed" housing has increased significantly, particularly in the 70-90㎡ and 90-120㎡ categories, which saw a month-on-month growth of 5.79% and 3.96%, respectively [8]. - The structure of transaction prices shifted, with a decrease in the proportion of properties priced between 8 million to 15 million, while the share of properties below 2.3 million and between 4.5 million to 8 million increased significantly [10]. Overall Market Condition - The Shanghai real estate market from January to May has maintained a stable volume and price, with May's second-hand housing market experiencing a slight pullback but remaining above the 20,000 unit threshold, showing significant improvement compared to last year [12].

十年磨一剑，一朝试锋芒。6月7日，牵动万千家庭心弦的高考正式启幕。社会各界积极行动，助力实现"暖心高考"。 随着考生进入考场，不少陪考家长陆续走进服务站纳凉。"孩子在里面考试，我在外面干着急，正好看到中介的服务站，就进来坐坐。这里有空调，还有水 喝，很贴心，也没有在太阳下晒着那么焦躁了。"家长王女士说，仅皂君庙一店，一上午就服务了数十位家长。 像皂君庙一店这样的"高考服务站"，在北京链家还有近200个，分布在东城、西城、海淀等各区重点考点附近。其实，这已是北京链家连续第12年参与高考 护航。自2014年依托门店推出"高考休息站"以来，其助考内涵不断深化。从最初简单的休息空间，发展到如今集"纳凉休憩、物资补给、应急打印、应急接 送"于一体的综合性"高考服务站"。而链家的12年坚守，不仅为考生和家长提供了便利，更传递了社会的关爱与善意，让这个紧张的高考季充满温情。 作为长期投身公益助考的践行者，北京链家连续第12年启动"高考服务站"公益行动。考点周边近200家北京链家门店化身"高考服务站"，为考生及家长提供 乘凉休憩、考试文具、消暑物资、应急打复印等贴心服务。此外，251辆应急车随时待命，为有应急需求的考生和家长 ...

Core Viewpoint - The Beijing Housing Provident Fund Management Center has announced a new policy to enhance the efficiency and convenience of personal housing loans, introducing a "telephone loan" model and streamlining processes to ensure an average loan disbursement time of 10 working days [1][2][4]. Group 1: Service Upgrades - The new policy includes the introduction of a "telephone loan" service, allowing borrowers to apply for provident fund loans by calling a dedicated hotline, which will facilitate the application process without the need for in-person visits [2][3]. - The number of banks authorized to provide these enhanced services has increased from 5 to 11, ensuring a broader range of options for borrowers [3]. - The policy aims to integrate the handling of various processes related to second-hand home loans, significantly improving efficiency by providing guidance on necessary materials and procedures during the loan application process [2][4]. Group 2: Loan Disbursement Efficiency - The new policy eliminates the previous restrictions on property evaluations related to existing mortgages, allowing for quicker assessments and approvals [4][6]. - The average time for loan disbursement has been reduced to approximately 10 working days, with some cases achieving disbursement in as little as 3 working days [4][5]. - The efficiency improvements not only benefit buyers and sellers but also aid real estate developers in recovering funds more rapidly, thereby stimulating the second-hand housing market [5][6].

Group 1 - The core initiative is the "2025 Graduation Season Rental Service into Campus" series, launched by the Beijing Real Estate Brokerage Industry Association, aimed at assisting graduates and new citizens in finding housing in Beijing [1] - Beijing Lianjia offers a "66% commission discount + exclusive cleaning service discount + graduation housing selection guide" as part of its support for graduates [1] - The initiative encourages real estate agencies and housing rental companies to provide suitable housing resources and quality services to enhance graduates' sense of security and satisfaction in renting [1] Group 2 - From June 12 to September 30, graduates renting through Beijing Lianjia can enjoy a rental service fee discount of up to 66%, "zero deposit monthly payment," and "exchange rental rights," along with a complimentary full-house cleaning service before moving in [2] - In addition to commission discounts, Beijing Lianjia will offer an 88% discount on deep cleaning services for graduates renting within the Fifth Ring Road, addressing the high-quality rental needs of young people [2] - The company will also launch a "Graduates Subway Housing Selection Guide" to help young renters navigate the rental process and avoid common pitfalls [2]

香港置业：5月二手住宅注册量按月下跌 仍创半年次高 金十数据6月5日讯，香港置业研究部董事王品弟表示，据土地注册处资料显示，5月二手住宅（包括二 手私人住宅及二手公营房屋）录3795宗注册，较4月的4427宗减少约14.3%；5月注册量主要反映4月份 市况，当时环球股市受关税战冲击，连带影响本港楼市交投放缓。尽管如此，宗数仍创半年次高。随着 5月关税战降温，加上近期按息回落，带动楼市气氛回暖，预计主要反映5月市况的6月注册量将会回 升。 ...

Investment Rating - The report maintains a "Recommendation" rating for the real estate industry [4] Core Insights - The relationship between housing prices and consumption has changed significantly since 2018, with a notable weakening of correlation post-2018 [9][14] - The report identifies two layers of analysis regarding the relationship between housing prices and consumption: a shallow layer influenced by income and a deeper layer concerning the ability of housing prices to shift the demand curve [22][62] - The efficiency of the real estate sector's impact on economic growth has decreased since 2018, primarily due to the diminishing effectiveness of land finance and land fiscal policies [10][62] Summary by Sections Industry Basic Data - The real estate sector comprises 107 listed companies with a total market value of 1,111.02 billion and a circulating market value of 1,060.27 billion [4] Relative Index Performance - The absolute performance over 1 month, 6 months, and 12 months is -0.3%, -16.7%, and -4.7% respectively, while the relative performance is -2.1%, -14.7%, and -11.5% [5] Research Findings - Prior to 2018, housing prices were positively correlated with consumption, but this correlation has weakened significantly since then [9][14] - The report emphasizes that the real estate sector's early-cycle characteristics were driven by land finance and fiscal policies rather than the real estate industry chain itself [27][62] - After controlling for income, the report finds that rising housing prices tend to have a negative impact on consumption [47][62] Investment Recommendations - The report suggests that investment opportunities in residential development companies lie in two main areas: policy maneuvering and companies with competitive advantages in niche markets, such as Greentown China and China Resources Land [10][62] - It also highlights potential opportunities in commercial real estate companies, including Swire Properties and China Resources Vientiane Life, as well as in intermediary businesses with strong competitive advantages like Beike-W [10][62]

Core Viewpoint - The Beijing real estate market has entered a stable phase after a brief surge, with a notable trend of "price for volume" emerging as sellers face pressure to lower prices to facilitate sales [1][8][12]. Market Performance - In May, the number of second-hand residential transactions in Beijing was 14,277, representing a year-on-year increase of 6.7% but a month-on-month decrease of 8.3% [2][5]. - The overall transaction volume in May is considered a normal decline following a peak in March, with an increase in the number of listings compared to pre-Spring Festival levels [5][10]. Pricing Trends - The average listing price for second-hand homes in Beijing decreased by 0.3% month-on-month in May, indicating a slight downward trend in the market [7]. - The bargaining space for transactions has expanded, increasing by 0.68 percentage points from April, reaching a new high for the year, suggesting that more sellers are willing to negotiate on price [7][8]. Buyer Behavior - There is a noticeable increase in buyer hesitation, with many potential buyers adopting a "look but not buy" approach, reflecting a lack of confidence in the market [7][10]. - Some buyers are finding that prices have reached their psychological thresholds, leading to quicker transactions for desirable properties, although sellers still need to make concessions to close deals [10][11]. Future Outlook - The market is expected to continue the "price for volume" trend into June, with a slight anticipated decrease in prices as the demand from new school year buyers has ended [11][12]. - Analysts suggest that if supportive policies are introduced, such as relaxed credit policies or home purchase subsidies, it could stimulate demand and potentially revive prices and transaction volumes [13].

在如今的房地产市场中，法拍房以其相对较低的价格和多样的选择，吸引了不少购房者的目光。然而， 一个摆在众多买家面前的问题是：购买法拍房，需要通过中介吗？今天咱们就来好好唠唠这个事儿。 法拍房的"水"有多深 法拍房，简单来说就是被法院强制执行拍卖的房屋。这些房子背后的情况可谓是错综复杂。有的可能存 在产权纠纷，比如原房主与他人有债务纠纷，导致房子被拍卖，但可能存在一些潜在的权益问题没有解 决；有的房子可能有人居住，也就是所谓的"交吉难"，即便你拍下了房子，也无法顺利入住。据相关数 据显示，在法拍房交易中，大约有 20%的房子存在不同程度的产权或交付问题。 中介的"神通广大" 专业知识与经验 中介公司通常有专业的团队，他们对法拍房的流程了如指掌。从前期的房源筛选，到竞拍过程中的指 导，再到后期的过户、交房等环节，他们都能提供全方位的服务。比如，他们知道如何查询房屋的产权 情况、是否存在抵押等问题，能够帮助买家避免陷入一些潜在的陷阱。有一位买家李先生，原本自己看 中了一套法拍房，准备竞拍时，咨询了中介。中介通过专业渠道查询到该房屋存在高额的物业费未缴 纳，而且还有一个长期的租赁协议，这可能导致李先生即便拍下房子也无法 ...

这是房产经纪人麦克斯的工作日记，他在伦敦的豪宅交易市场浸淫了15年，而今他选择将自己亲身经历 的故事以非虚构的方式讲述出来。 而今，诺丁山已经成为对冲基金经理，以及科技公司、金融公司、独角兽公司的CEO热衷居住的地区。 伦敦高端房产中介麦克斯几年前曾帮他的客户斯宾塞和萨拉夫妇在这里选购了一套房产。然而，随着他 们婚姻出现危机，诺丁山的房产需要估价出售，麦克斯也需要为萨拉寻找新的住处，新居所的位置、风 格、价值与她对于未来生活的畅想休戚相关。 本书是房产经纪人麦克斯的工作日记，他在伦敦的豪宅交易市场浸淫了15年，近年开始为《金融时报》 撰写"秘密中介"专栏，并攻读创意写作硕士学位，让他得以将自己亲身经历的故事以非虚构的方式讲述 出来。 他服务的客户包括奥斯卡奖得主、亿万富翁、基金经理、隐居贵族……为了保护客户隐私，他对书中的 人物细节均做了虚化处理，但将他们的交易心理真实展现，也呈现了作为交易中介如何与性格各异的客 户打交道——在充分了解其需求的基础上，如何与他们沟通、谈判，为他们找到合适的交易对象并最终 促成交易的过程。 在书中，麦克斯会分享他在房产市场促成交易的一些技术性手段，比如，他在一位买家出价之后，会 ...

更具迷惑性的是，谣言内容刻意模糊政策边界，声称"网债不用还，直接置换月供"，将"债务置换"包装成"债务清零"。这种表述对背负网贷、消费贷的群体 极具吸引力——既能解决债务压力，又能实现购房需求，看似"双赢"的方案，让不少人放下了警惕。然而，当人们试图通过官方渠道验证时，却发现这些账 号既未提供政策文件原文，也无法说明具体操作流程，所谓的"政策"更像是一场精心策划的"话术表演"。 官方紧急核实："以债换房"从未落地 面对谣言的快速扩散，南京市相关部门第一时间启动核实程序。经南京市房产部门和人行江苏省分行联合查证，明确表示：南京市从未出台过"以债换房"相 关政策。网传的"网债置换月供""零首付购房"等内容，均为不实信息。 这一结论并非空穴来风。从房地产政策的底层逻辑来看，"以债换房"涉及金融风险防控、信贷政策合规性等多重监管红线。我国一直严格规范个人住房贷款 管理，要求借款人具备稳定的收入来源和还款能力，"零首付""债务置换"等操作不仅违反现行信贷政策，更可能引发金融风险。若真如谣言所说"网债不用 还"，则可能鼓励恶意逃废债行为，破坏社会信用体系，这显然与金融监管的核心目标背道而驰。 谣言为何屡禁不止？警惕"流量 ...