Market Analysis - The Beijing second-hand housing market has recently shown a mild correction, with transactions of 2,845 units in the week of August 11-17, 2025, reflecting a week-on-week decrease of 3.9% [4][6]. - The total transaction area was 260,048.82 square meters, down 5.1% from the previous week, indicating a trend of declining sales after reaching a peak of 2,997 units at the end of July [4][6]. - The average unit area remains stable at 91-93 square meters, suggesting that demand for essential housing products continues to dominate the market [4]. Shanghai Market - The Shanghai second-hand housing market has shown a mild recovery, with 4,233 transactions in the same week, marking a week-on-week increase of 1.9% [9][10]. - The average transaction area decreased slightly to 82 square meters, indicating a rise in demand for essential housing [9][11]. - The market is characterized by stable volume and flat prices, with expectations of continued fluctuations in the short term [9]. Shenzhen Market - The Shenzhen second-hand housing market has shown signs of stabilization and recovery, with 979 transactions, up 8.1% week-on-week, ending a four-week downward trend [14][16]. - The average transaction area has increased to 102 square meters, reflecting a rebound in demand for larger units [14][16]. - The total transaction area rose by 9.2%, indicating heightened activity in larger unit sales [14]. Hangzhou Market - The Hangzhou second-hand housing market has shown stability, with 1,159 transactions, a slight increase of 1.5% week-on-week [19][20]. - The average unit area has narrowed to 102 square meters, suggesting a higher proportion of essential housing transactions [19][20]. - The total transaction area increased by 1.9%, indicating a slight recovery in demand for improved housing [19]. Chengdu Market - The Chengdu second-hand housing market has shown signs of a rebound, with 3,157 transactions, reflecting a week-on-week increase of 5.4% [22][24]. - The total transaction area was 302,399.65 square meters, up 6.5%, indicating a strong market resilience [22][24]. - The average unit area has stabilized at 96 square meters, suggesting an increase in demand for improved housing options [22].

Core Insights - The real estate market in China is experiencing a "price-for-volume" phenomenon, with the average price of second-hand residential properties in 100 cities at 13,585 yuan per square meter in July 2025, reflecting a month-on-month decline of 0.77% and a year-on-year decline of 7.32% [1][3] - Rental demand remains supported by graduation season, leading to a slight narrowing of the rental price decline in key cities, with an average rental price of 34.93 yuan per square meter per month, down 0.07% month-on-month and 3.81% year-on-year [1][3] - Core cities show some transaction activity in the second-hand housing market, but prices are under short-term pressure, with first-tier cities experiencing a month-on-month price drop of 0.61% [1][3] Price Trends - In July 2025, the average price of second-hand residential properties in the top ten cities decreased by 0.64% month-on-month and 5.10% year-on-year, with a slight narrowing of the year-on-year decline by 0.2 percentage points [3] - Specific cities like Wuhan and Nanjing saw significant month-on-month declines of 1.17% and 0.95%, respectively, while Chengdu had the smallest decline at 0.20% [3][5] - Year-on-year, Wuhan and Nanjing experienced the largest declines at 9.66% and 9.52%, while Chengdu had the smallest decline at 1.46% [3][5] Transaction Volume - In July 2025, several cities reported significant year-on-year increases in transaction volume, with Hefei leading at 42.6%, followed by Xiamen at 23.4% and Jinan at 23.3% [8] - Conversely, cities like Fuzhou and Nanjing saw substantial declines in transaction volume, with Fuzhou down 24.9% and Nanjing down 29.9% [10]

Core Viewpoint - The real estate market in China is undergoing significant structural changes, characterized by a divergence in the second-hand housing market, with first-tier cities experiencing price declines but increased transaction volumes, while lower-tier cities face price corrections and high inventory levels [1][4][6]. Group 1: First-tier Cities - In first-tier cities like Beijing and Shanghai, second-hand housing prices have seen a month-on-month decline of 0.6% to 1.1%, yet transaction volumes have increased, with Beijing's second-hand residential contract volume up by 20.4% year-on-year [4][5]. - The recent policy changes in Beijing, allowing families to purchase unlimited properties outside the Fifth Ring Road, have led to a 40% increase in property viewings in suburban areas, indicating a shift in market dynamics [4][6]. - The "price drop for volume" strategy is reshaping the market landscape in first-tier cities, reflecting the effects of policy relaxation and demand release [4][7]. Group 2: Second and Third-tier Cities - In cities like Hegang and Yumen, second-hand housing prices have plummeted to extremely low levels, yet the time to sell remains over two years, highlighting the severe inventory pressure with 680 million square meters of unsold properties [6][8]. - Developers are resorting to aggressive promotional strategies, such as low down payments and extended payment plans, to alleviate financial pressures, although this may further depress market confidence [6][7]. - The central government's recent policies aim to transition the real estate market from "scale expansion" to "quality improvement," with local governments implementing measures to stimulate demand and enhance housing quality [6][8]. Group 3: Market Outlook - As the traditional sales peak season approaches, there is a potential for increased demand, with reports of a 30% increase in sales speed for projects outside the Fifth Ring Road in Beijing following policy changes [8]. - The competition in the second-hand housing market is evolving, with new standards for desirable properties emerging, such as higher usable areas and smart home features [8][9]. - The ongoing transformation of the second-hand housing market is indicative of broader changes in urbanization, financial stability, and wealth distribution in China, marking a significant turning point in the industry [8][9].

Core Viewpoint - The high-end real estate market in Beijing, Shanghai, and Shenzhen is expected to experience a steady decline in heat, driven by increased supply and competition from new high-quality properties in the new housing market [15]. Group 1: Market Trends - In July 2025, the second-hand housing market continued to show a gradual decline, with a 14% month-on-month decrease and a 9% year-on-year decrease in transaction volume across 30 key cities [2]. - The new listing volume in key cities such as Beijing, Shanghai, Shenzhen, and Hangzhou showed a seasonal decline in July, with only Shanghai maintaining the same level as the previous month [3][4]. - The overall new listing volume in July 2025 for Beijing, Shanghai, and Shenzhen was significantly higher than the same period last year, with year-on-year increases exceeding 20% [4]. Group 2: Listing Structure - The listing activity in the mid-price segment (300-800 million) has decreased, while the low-end (below 300 million) and high-end (above 600 million) segments have seen an increase in listing activity [6][7]. - In Beijing, the proportion of listings in the 300-500 million range dropped by 0.98 percentage points, while the lower and higher price segments saw increases of 0.42 and 0.63 percentage points, respectively [6][7]. - In Hangzhou, the high-end listings (above 600 million) have shown a structural increase, with the proportion of listings in the 100-300 million range declining by 1.06 percentage points [10]. Group 3: Area Segment Changes - The most significant increases in listing proportions were observed in smaller area segments, particularly in Beijing (below 70 sqm), Shanghai (50-90 sqm), and Shenzhen (50-70 sqm) [8]. - Larger area segments (above 140 sqm) also showed a steady increase in listing proportions, with notable rises in Beijing (140-160 sqm), Shanghai (above 140 sqm), and Shenzhen (above 160 sqm) [8][13]. Group 4: Market Outlook - The current changes in listing behavior among homeowners in different cities suggest a mixed market outlook, with both pressures and opportunities present [15]. - The high-end market in Beijing, Shanghai, and Shenzhen is likely to face steady declines due to increased supply and competition from new high-quality products, while the performance of the entry-level market will depend on the willingness of homeowners to reduce prices [15].

Core Insights - The recent increase in transaction volume of previously unpopular second-hand housing complexes in Hangzhou indicates a shift in the market dynamics, driven by lower prices and a high proportion of new residents purchasing homes [1][4]. Group 1: Market Trends - Several second-hand housing complexes, such as Jishen New Village and Urban Harbor, have seen significant sales, characterized by low prices around 10,000 to 20,000 yuan per square meter [1]. - The proportion of new residents among buyers has exceeded 80%, many of whom have lived in Hangzhou for several years but previously could not afford to buy due to high prices [1][4]. Group 2: Price Dynamics - A notable transaction involved a property sold for 1.72 million yuan, significantly lower than the previous purchase price of 2.73 million yuan, reflecting a loss of over 1 million yuan for the seller [2]. - In July, properties priced under 3 million yuan accounted for 71% of transactions, while those under 2 million yuan made up 47% [4]. Group 3: Buyer Demographics - The majority of recent buyers are long-term renters in Hangzhou, indicating a shift towards first-time homeownership among this demographic [5]. - The price reductions have made it feasible for new residents to enter the market, with many properties now priced at levels comparable to 2016 [5].

Core Viewpoint - The article highlights that the average price of second-hand homes in the 23 wards of Tokyo has reached a new high, with a 70 square meter property priced at approximately 5.02 million yuan [1] Group 1 - The average price of second-hand homes in Tokyo's 23 wards has set a new record [1] - A 70 square meter second-hand home is now valued at around 5.02 million yuan [1]

Core Insights - In June, the second-hand housing transactions in Hangzhou (including Fuyang and Lin'an) totaled 7,335 units, representing a month-on-month decline of 4.9% and a year-on-year decline of 17% [1] - The market activity has shown a significant drop compared to the "golden three silver four" period, indicating a cooling trend in the real estate market [1] - The proportion of price-reducing communities among active second-hand housing projects in Hangzhou has increased, with the highest ratio found in the Shangcheng District, where the number of price-reducing communities is twice that of price-increasing ones [1] Transaction Data Summary - In June, the average transaction prices of various active communities in Shangcheng District showed mixed results, with some properties experiencing price increases while others saw declines. For example, Xinda Binjiang Yipin increased by 4.26% to 112,311 yuan/m², while Poly Binjiang Shangpin decreased by 5.74% to 108,726 yuan/m² [2][3] - The overall trend indicates a market correction, with many properties in different districts experiencing price drops, such as the average price in Xihu District for Green City Xixi Yunlu dropping by 8.83% to 108,972 yuan/m² [13] - In Yuhang District, the average price for Green City Peach Blossom Source rose by 8.32% to 136,830 yuan/m², indicating some pockets of resilience in the market [21]

Core Viewpoint - The second-hand housing market shows signs of stabilization in June, with an increase in the proportion of price-increasing communities, particularly in core cities, indicating a potential recovery trend in the market [2][20]. Group 1: Price Trends - In June, 48.3% of second-hand housing communities experienced a month-on-month price increase, up 3.4 percentage points from the previous month, while the number of high-frequency trading communities slightly decreased to 4,412, remaining above the average level since 2025 [2][20]. - The average listing price continues to decline, with 71.6% of communities seeing a drop in listing prices, an increase of 5.7 percentage points from May, indicating a persistent willingness among sellers to lower prices [3][20]. Group 2: City Performance - Nanjing and Suzhou lead with 56% of communities experiencing price increases, primarily due to recovery in previously underpriced areas, although transaction volumes in Nanjing still fell over 20% year-on-year [5][20]. - In contrast, Hangzhou saw only 47% of communities with price increases, failing to maintain a streak of over 50% for five consecutive months, largely due to price corrections in higher-end properties [5][20]. Group 3: Bargaining Space - The average bargaining space for second-hand homes in typical cities decreased to 15.1%, down 0.3 percentage points, marking a three-month low, suggesting that buyer and seller price expectations are converging [11][20]. - High-end communities have the lowest average bargaining space at 11%, indicating a more significant adjustment in prices for high-value properties compared to other segments [14][20]. Group 4: Product Type Differentiation - Among different community types, 49% of first-time buyer communities saw price increases, the highest among all categories, while improvement and high-end communities lagged behind due to increased competition from the new housing market [17][20]. - The overall transaction volume for second-hand homes remained flat year-on-year, with a noticeable slowdown in growth momentum compared to the average 12% increase in the first half of the year [17][20]. Group 5: Market Outlook - The second-hand housing market is expected to stabilize gradually in the second half of the year, supported by various policy measures aimed at increasing urban housing demand and improving the livability of existing residential areas [23][20].

表2: 2025年6月70个大中城市二手住宅销售价格指数 | 城市 | | 环比 | 同比 | 1-6月平均 | | | 环比 | 同比 | 1-6月平均 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 上年同 | 上年目 | 城市 | | | 上年同 | 上年同 | | | | 上月=100 | 月=100 | 期=100 | | | 上月=100 | 月=100 | 期=100 | | 北 | 京 | 99.0 | 98.2 | 97.9 | 唐 | ш | 99.1 | 89.8 | 89.0 | | ਜ | 津 | 99.5 | 96.5 | 95.6 | 享 | 로 필 | 99.3 | 90.5 | 89.6 | | 石 家 庄 | | 99.4 | 94.5 | 93.4 | 包 | ਜੇੱ | 99.3 | 90.9 | 89.8 | | 太 | 原 | વે ર | 95.0 | 95.2 | ਦੇ | 东 | 99.1 | 92.0 | 90.8 | | 呼和浩特 | | 99.6 | 90.9 ...

Group 1 - The core point of the article indicates that the second-hand residential prices in Shenzhen decreased by 0.5% month-on-month in June, consistent with the previous month's decline of 0.5% [1] - Year-on-year, the prices fell by 2.8%, an improvement from the previous year's decline of 3.2% [1]