Core Viewpoint - The new housing market in second-tier cities shows signs of price stabilization, with a narrowing decline in sales prices in January 2026 compared to previous months, indicating a potential recovery phase in the real estate market [1][2]. Group 1: New Housing Market Trends - In January 2026, first-tier cities saw a 0.3% month-on-month decline in new residential sales prices, while second-tier cities experienced a 0.3% decline, narrowing by 0.1 percentage points [1]. - Year-on-year, first-tier cities' new housing prices fell by 2.1%, with the decline expanding by 0.4 percentage points compared to the previous month; second and third-tier cities saw declines of 2.9% and 3.9%, respectively, with both declines also widening [1]. - The easing of price declines in second-tier cities reflects a gradual stabilization, supported by existing housing demand and improved market expectations [1]. Group 2: Second-Hand Housing Market Insights - The second-hand housing market shows a notable narrowing of price declines, with first-tier cities experiencing a 0.5% month-on-month decrease, a reduction of 0.4 percentage points from the previous month [3]. - The 70-city second-hand housing price index fell by 0.5% in January, marking the lowest decline since August of the previous year, indicating a potential stabilization in the market [3]. - Core cities are witnessing a shift in landlord attitudes, with a decrease in listing volumes and improved transaction efficiency, suggesting a healthier market dynamic [3][4]. Group 3: Market Outlook and Policy Implications - The overall real estate policy direction is expected to remain focused on stabilizing the market and expectations, with a continued emphasis on targeted measures based on local conditions [4]. - The first quarter of 2026 is seen as a critical period for market trends, with expectations that new housing prices in first-tier cities may gradually stabilize and year-on-year declines may continue to narrow [4][5]. - Despite a rebound in transaction volumes, the stability of the market remains uncertain, with the sustainability of policy effects post-Spring Festival being a key factor for future demand [5].

Group 1 - In January 2026, the sales prices of new residential properties in 70 large and medium-sized cities in China showed a narrowing decline month-on-month, with year-on-year decreases observed [1][2] - The month-on-month decline in new residential property prices for first-tier cities was 0.3%, consistent with the previous month, while second-tier cities saw a decline of 0.3%, narrowing by 0.1 percentage points, and third-tier cities experienced a decline of 0.4%, unchanged from the previous month [1] - The decline in second-hand housing prices showed a more pronounced narrowing trend, with month-on-month declines in first, second, and third-tier cities reducing by 0.4, 0.2, and 0.1 percentage points respectively [1] Group 2 - Year-on-year, both new and second-hand residential property prices in first, second, and third-tier cities experienced varying degrees of decline in January [2] - Notably, several second-tier cities saw a slight month-on-month increase in new home prices, including Dalian, Hefei, Xiamen, Wuhan, and Nanchong, attributed to their strong industrial foundations and previous significant price adjustments [2] - The real estate market is transitioning towards stabilization and recovery, supported by both policy measures and market confidence, with a notable recovery in the second-hand housing market in core cities [2]

Core Viewpoint - The real estate market in Beijing shows signs of recovery with a notable decrease in the rate of decline in second-hand housing prices, indicating a potential stabilization in the market [1][4]. Price Changes - In January, Beijing's second-hand housing prices decreased by 0.2% month-on-month, a significant improvement from a 1.3% decline in December [4]. - Among the four first-tier cities, Beijing had the smallest month-on-month decline in second-hand housing prices, while Shanghai, Guangzhou, and Shenzhen experienced declines of 0.4%, 0.7%, and 0.6% respectively [4][6]. Market Activity - The overall transaction volume in the real estate market has increased, with nearly 5,000 second-hand homes sold in early February, averaging about 500 transactions per day [6]. - There are reports of certain areas or communities experiencing price stabilization or even increases, suggesting a positive sentiment among buyers [6]. Future Outlook - The market's performance in March will be crucial for assessing the sustainability of the current recovery trend, as the upcoming month is expected to provide more reliable data [7].

Core Viewpoint - In January 2026, the sales prices of new and second-hand residential properties in major cities showed a general trend of decline year-on-year, while the month-on-month decline narrowed overall [10]. Group 1: Month-on-Month Changes - In January, the sales prices of new residential properties in first-tier cities decreased by 0.3%, consistent with the previous month. Shanghai remained stable, while Beijing, Guangzhou, and Shenzhen saw declines of 0.3%, 0.6%, and 0.4% respectively [11] - Second-hand residential property prices in first-tier cities fell by 0.5%, with the decline narrowing by 0.4 percentage points compared to the previous month. Specifically, Beijing, Shanghai, Guangzhou, and Shenzhen experienced decreases of 0.2%, 0.4%, 0.7%, and 0.6% respectively [12] - Second-tier cities saw new residential property prices decrease by 0.3%, with the decline narrowing by 0.1 percentage points, while third-tier cities experienced a 0.4% decrease, consistent with the previous month [11] Group 2: Year-on-Year Changes - Year-on-year, new residential property prices in first-tier cities dropped by 2.1%, with the decline expanding by 0.4 percentage points compared to the previous month. Notably, Shanghai saw an increase of 4.2%, while Beijing, Guangzhou, and Shenzhen experienced declines of 2.4%, 5.3%, and 4.9% respectively [13] - Second-hand residential property prices in first-tier cities fell by 7.6% year-on-year, with the decline widening by 0.6 percentage points compared to the previous month. The specific declines for Beijing, Shanghai, Guangzhou, and Shenzhen were 8.7%, 6.8%, 8.3%, and 6.5% respectively [13] - Year-on-year, new residential property prices in second-tier and third-tier cities decreased by 2.9% and 3.9%, with declines expanding by 0.4 and 0.2 percentage points respectively [13]

Core Insights - The Shanghai second-hand housing market showed significant growth in January 2026, with transaction volume reaching 22,834 units, a year-on-year increase of 24.18%, marking the highest level for the same period in five years [1] - The market's activity is reflected in daily transaction data, with over 1,000 units sold on multiple days, indicating a rare high-frequency transaction pattern for January in recent years [1] - Inventory reduction is accelerating, with the number of second-hand homes listed for sale decreasing for nine consecutive months, down approximately 20% compared to January 2025, reaching a historical low of 140,000 units [1] Market Dynamics - The improvement in market circulation efficiency is leading to a more balanced supply-demand relationship, primarily driven by the entry of first-time homebuyers as housing prices return to rational levels [4] - The threshold for purchasing homes in many areas of Shanghai has decreased, activating long-term observers in the market, with nearly half of the transactions in January being for properties priced below 3 million yuan [4] - The distribution of transactions shows a clear differentiation, with outer ring areas seeing the highest and growing transaction share, indicating active demand in suburban and emerging regions [4] Structural Changes - The core logic of the Shanghai housing market has shifted from a "one-size-fits-all" trend to a "structural reconstruction," indicating that the bright data for second-hand homes does not signal a comprehensive recovery but rather a phase of stabilization following a return to rational buyer sentiment [5][6] - Factors such as the later timing of the 2026 Spring Festival and the residual effects of policy changes, like reduced value-added tax and continued housing tax refunds, have contributed to the increased transaction volume in January [7] - The new housing market in Shanghai saw 14,988 units sold in January, a year-on-year increase of 36.68%, but a month-on-month decrease of 23.31%, returning to a normal seasonal rhythm [7] Future Outlook - The second-hand housing market is expected to maintain a "steady rise with localized fluctuations" in prices, with limited room for significant increases due to slow release of improvement demand and weak high-priced property sales [7] - Continuous inventory reduction could further solidify supply-demand balance, gradually restoring market confidence to normal levels [7] - Buyers are advised to focus on low-priced, high-liquidity properties in well-equipped and accessible areas, while improvement buyers should consider waiting for suitable prices and properties in core regions [8]

Group 1 - On February 7, 2026, Beijing recorded 165 new home registrations with a total area of 13,375.32 square meters, including 49 residential units covering 6,708.02 square meters [1] - The second-hand housing market saw 208 registrations, with a total area of 17,051.39 square meters, of which 196 were residential units covering 16,549.08 square meters [1] Group 2 - As of February 7, 2026, there are 91,877 available pre-sale units in Beijing, with a total area of approximately 7,714,352.29 square meters [2] - The approved pre-sale permits for the same date include 7 permits covering an area of 104,566.18 square meters [2] - The total number of unsold units stands at 209,474, with an area of approximately 11,488,016.77 square meters [2] Group 3 - In January 2026, the online signing for existing homes reached 16,912 units, covering an area of 1,456,848.50 square meters, with 15,082 of these being residential units covering 1,349,072.25 square meters [3]

Group 1 - The core viewpoint of the articles highlights the current state of the real estate market in Beijing, focusing on new and second-hand housing transactions as of February 4, 2026 [1][2][3] Group 2 - On February 4, 2026, Beijing recorded 173 new housing transactions with a total area of 13,813.58 square meters, including 65 residential transactions covering 8,513.15 square meters [1] - The second-hand housing market saw 648 transactions, totaling 53,842.36 square meters, with 559 of these being residential transactions amounting to 47,921.12 square meters [1] - As of February 4, 2026, there are 91,597 units available for sale, with a total area of approximately 7,688,208 square meters, including 15,151 residential units covering about 5,415,659 square meters [2] - The total number of unsold units stands at 210,017, with a total area of approximately 11,545,620 square meters, including 30,598 residential units covering about 3,470,789 square meters [2] - In January 2026, the online signing for existing homes reached 16,912 units, with a total area of approximately 1,456,848.5 square meters, including 15,082 residential units covering about 1,349,072.25 square meters [3]

Group 1 - On February 3, 2026, Beijing's new housing market recorded 314 new home registrations, covering an area of 17,554.51 square meters, with 65 residential registrations accounting for 9,433.86 square meters [1] - The second-hand housing market saw 625 registrations, with residential properties making up 537 registrations and an area of 46,881.92 square meters [1] - The total number of available new homes for sale is 91,077, with a total area of approximately 7,657,495.63 square meters [2] Group 2 - As of February 3, 2026, there are 210,177 unsold units, with a total area of 11,559,269.45 square meters, including 30,705 residential units [2] - The online registration for existing homes shows 19,132 contracts, covering an area of 1,659,092.40 square meters, with 17,200 of these being residential [3]

Core Viewpoint - The "New Spring Home Purchase Month" event in Yangzhou aims to boost the real estate market with various promotional policies and activities scheduled from February 7 to March 6, 2026 [1][4] Group 1: Housing Policies - Two universal housing purchase subsidy policies will expire on June 30, 2026, with the last issuance of talent vouchers occurring during the National Day holiday, providing up to 1.5% subsidy for college graduates purchasing new homes [3] - Special policies for housing "trade-in," multi-child families, and housing tickets will continue to be optimized, with future integration of youth talent housing assistance policies [3] Group 2: Public Fund Policies - Yangzhou has launched nationwide inter-city public housing loan services without restrictions on residency or contribution locations, allowing workers with six months of continuous contributions to access the same loan rates and rights as local residents [3] - The maximum loan amounts are set at 900,000 yuan for individuals and 1.5 million yuan for couples, with additional support available for green buildings, multi-child families, and trade-in options [3] Group 3: Event Details - The "New Spring Home Purchase Month" will feature four special sessions focused on youth talent, returning home buyers, and direct viewing of properties, along with two scheduled property viewing trips [4] - The event will also include interactive activities such as lantern riddles during the Lantern Festival, and a green channel for public fund and loan consultations for returning home buyers [4] Group 4: Future Market Outlook - Yangzhou plans to continue optimizing real estate market regulation policies in 2026, focusing on meeting public housing needs and enhancing purchasing services to provide more convenience and benefits for buyers [5]

Core Viewpoint - In January 2026, Hong Kong's land registry reported a total of 7,631 property sale agreements, reflecting a 15.2% decrease from December 2025 but a 54.5% increase compared to January 2025 [1] Group 1: Overall Market Performance - The total value of property sale agreements in January was HKD 57.2 billion, which is a 12.0% decrease from December 2025 but a 55.8% increase from January 2025 [1] - The twelve-month moving average for property sale agreements in January was 6,950, showing a 3.3% increase from December 2025 and a 21.7% increase from January 2025 [1] Group 2: Residential Property Market - Residential property sale agreements accounted for 5,669 of the total agreements, which is a 3.6% decrease from December 2025 but a 56.3% increase from January 2025 [1] - The total value of residential property sale agreements in January was HKD 49.2 billion, reflecting a 3.9% decrease from December 2025 but an 84.1% increase from January 2025 [1]