Group 1 - Shanghai Lianjia's website no longer displays historical transaction prices for second-hand properties, a change also reflected on the Beike platform, with agents stating that buyers can inquire directly for the latest prices [1] - Lianjia has previously removed the display of transaction prices in several cities including Beijing, Wuhan, Hefei, Nanjing, and Hangzhou [1] - Other real estate agencies in Shanghai, such as Pacific Housing and Zhongyuan Real Estate, have varying policies on displaying transaction prices, with some listings showing "no price available" [1] Group 2 - In July, Shanghai's second-hand housing transactions totaled 19,337 units, showing a month-on-month decline [2] - The Shanghai Zhongyuan Real Estate second-hand housing price index fell by 1.82% in July, marking three consecutive months of decline [2] - Despite a relatively stable transaction volume, the high number of listings provides buyers with ample choices, particularly affecting pricing dynamics in the market [2]

2021年，房产经纪人小夏向购房者小雨推荐了一套房屋，并通过微信告知小雨："这套在3号楼25层，总 高26层。"小雨查看该中介公司网上出售信息，该房屋标注的是"高层"。看房后，小雨和原房主小张签 订《房屋买卖合同》，合同载明该房屋所在楼栋总层数28层，其中地上26层，地下2层，该房屋位于25 层。小雨向中介公司支付居间代理费9万余元。 可不久后，小雨入住新家却发现，自己家是顶层，楼上没有26层。小夏回复："你这个房子不是完全的 顶层，当时跟你说了，就客厅上面没有住户，其他房子上边都有26层。"小雨仔细观察后，发现所购房 屋就是纯顶层。小雨认为自己举全家之力购房，所购房屋却是夏热冬凉的顶层，中介公司提供不实房源 信息，侵害其合法权益。双方多次交涉未果，小雨诉至法院，要求该中介公司全额返还中介费并赔偿房 屋差价损失。 办案法官赴房屋现场勘验，小雨家楼栋电梯按钮共有26层，乘坐电梯到达25层后，楼道里有一排窗户， 从窗户看向小雨房屋，上面没有任何建筑物。 法官介绍，中介合同是中介人向委托人报告订立合同的机会或者提供订立合同的媒介服务，委托人为此 支付报酬的合同。根据民法典第九百六十二条规定，中介人应当就有关订立合同 ...

智通财经APP获悉，据美联物业研究中心综合土地注册处资料显示，香港7月份逾2,000万港元二手住宅注册量录121宗，较6月份108宗环比上升 约12%，除创3个月新高外，亦是今年的第二高位。 鉴于签署买卖合约至递交到土地注册处注册登记需时，7月注册个案一般主要反映6月市况;至于7月港股持续向好，拆息仍处较低水平，料逾 2,000万港元二手交投有望企稳逾百宗水平，并于8月注册量反映出来。 美联物业分析师岑颂谦指出，随着今年金融市场表现向好，年内恒指显著回升，加上近数月拆息低企，吸引部份资金流入豪宅物业，推高逾 2,000万港元二手住宅注册量。 若以屋苑排名，7月份逾2,000万港元二手住宅注册量最多的屋苑为一号银海，月内共有5宗相关银码的个案;贝沙湾、阳明山庄、君临天下、天玺 及帝峯.皇殿齐录3宗紧随其后。 7月亦录得多宗逾亿港元的超级豪宅注册登记，当中山顶TWELVE PEAKS单号屋以2.8亿港元转售;山顶GOUGH HILL RESIDENCES单号屋则以 2.6亿港元易手;至于九龙塘衡州道双号屋亦以1.35亿港元转售。 ...

7月逾500万至1,000万港元二手住宅注册量屋苑排名方面，日出康城以46宗注册居榜首，较6月的60宗减 少约23.3%；黄埔花园以31宗注册排第二，较6月的17宗则增加约82.4%；太古城以25宗逾500万至1,000 万港元二手住宅注册排第三，较6月的16宗亦增加约56.3%。 鉴于签署买卖合约至递交到土地注册处注册登记需时，7月注册个案一般主要反映6月市况。 若以港岛、九龙及新界三区划分7月逾500万至1,000万港元二手住宅注册量环比表现，其中九龙区录359 宗注册，较6月的367宗减少约2.2%；港岛区录263宗注册，较6月的293宗减少约10.2%；相反，新界区 录714宗注册，较6月的709宗增加约0.7%。 智通财经APP获悉，香港置业研究部董事王品弟表示，据土地注册处资料显示，7月香港逾500万至 1,000万港元二手住宅(包括二手私人住宅及二手公营房屋)录1,336宗注册，虽较6月的1,369宗减少约 2.4%，但仍较今年首7个月平均每月约1,188宗高出逾1成。 ...

Group 1 - The summer vacation period is a peak season for school district housing transactions in Shenzhen, particularly after the high school and middle school entrance exams [1] - There has been a nearly 30% month-on-month increase in viewing volume and a rise in transaction volume for school district housing since the beginning of summer [1] - The price of older properties in school districts, such as the Yutian community, has decreased significantly from a peak of around 150,000 yuan per square meter in 2021 to over 80,000 yuan currently, yet some buyers are still purchasing due to the educational environment [1] Group 2 - Despite July and August being traditionally slow months for the real estate market, Shenzhen's second-hand housing market has shown a positive start in August, with a 6.4% increase in average daily signings compared to July and a 32.5% increase year-on-year [2] - The price of second-hand homes has remained relatively stable, with "price for volume" being the prevailing trend, although some quality school district properties maintain firm prices while experiencing longer transaction cycles [2] - The bubble in school district housing is gradually being removed due to policy and market adjustments, and while there is still some demand, the overall heat has diminished compared to four or five years ago [2]

尽管2月份居民中长期贷款出现负增长，但《证券日报》记者注意到，近期，在部分城市，银行对 于个人住房贷款的额度有所增加，放贷速度也在加快。 从诸葛找房数据研究中心重点监测的10城周度数据来看，3月7日至3月13日，包括北京、深圳、苏 州、南京、厦门、宁波等在内的10城二手住宅成交量为13208套，比前一周增长11.22%。其中，北京二 手房成交4329套，环比上涨29.07%，二手房成交规模自春节后逐周攀升，市场修复迹象较为明显。 但需要指出的是，目前楼市分化仍较为明显，热点城市二手房市场热度回升，购房需求较强，但也 有部分城市成交仍较为低迷，整体上"以稳为主"。 对此，光大证券金融业首席分析师王一峰对《证券日报》记者表示，从投放节奏上看，2月份信贷 投放呈现"前低后高"的特点。一般而言，春节期间会产生较强的信贷摊还特征，"春节效应"会导致信贷 出现较大幅度负增长。因此，按揭贷款呈现出增量萎缩态势也在情理之中。在供求压力下，后续按揭贷 款利率仍有下行空间，通过需求端的进一步松绑，居民购房需求将逐步升温，进而起到稳定房地产市场 销售的作用。 热点城市购房需求较强 记者调查发现，虽然受春节假期影响，2月份二手房市场 ...

Core Viewpoint - A real estate agent from Nanjing has publicly accused a local Beike brand of engaging in unfair competition by posting fake listings online to attract clients, leading to customer dissatisfaction and complaints against legitimate agents [1] Group 1: Unfair Competition Allegations - The agent claims that some intermediaries under the Beike brand are advertising properties at significantly lower prices than their actual transaction values, misleading potential buyers [1] - For instance, a property that sells for 2 million yuan is being advertised for 1.5 million yuan, which is a tactic to collect customer contact information without actually facilitating property viewings [1] - This practice has resulted in clients feeling misled after purchasing properties at higher prices, leading them to demand refunds based on the false listings [1] Group 2: Company Response - The local Beike operations center has intervened in the situation, with personnel dispatched to the involved store to conduct interviews with the store owner and the agents responsible for the misleading listings [1] - Beike has stated that if any violations are confirmed, appropriate actions will be taken in accordance with their management regulations [1]

Core Viewpoint - The Shanghai second-hand housing market is experiencing stable transaction volumes but declining prices, with a notable drop in the price index for three consecutive months [1][2]. Group 1: Market Performance - In July, Shanghai's second-hand residential transactions reached 16,900 units, showing better performance compared to the same period in 2023, attributed to new policies stimulating trading growth [1]. - The price index for second-hand homes fell by 1.82% month-on-month in July, continuing a downward trend [1]. - Despite the price decline, the absolute transaction volume remained above 15,000 units, indicating market resilience [1]. Group 2: Price Trends - Only five districts in Shanghai saw an increase in second-hand home listing prices in July, with Changning District rising by 3.4% and Songjiang District by 2% [2]. - Central districts like Jing'an, Hongkou, and Xuhui experienced varying degrees of price declines, highlighting ongoing regional and product differentiation [2]. - The overall second-hand home prices are at their lowest since 2015, with some properties nearing prices from 2016 [2][3]. Group 3: Buyer Behavior - The market demand is primarily driven by first-time homebuyers and young families, particularly for properties priced below 3 million yuan, showing a preference for suburban areas with better value [1]. - Buyers are increasingly practical, opting to trade older homes for newer ones, often sacrificing location for larger living spaces within budget constraints [3]. - The price drop for older properties, such as those in the Hongkou District, has exceeded 30% compared to three years ago, with current listing prices allowing for further negotiation [3].

Core Viewpoint - The recent policy adjustment in Beijing's real estate market aims to stimulate activity by lifting restrictions on home purchases for certain non-local residents and optimizing housing fund policies, leading to increased market engagement and potential sales growth [1][2][12]. Group 1: Policy Changes - On August 8, Beijing's housing authority announced a significant policy change allowing non-local residents who have paid social insurance or income tax for over two years to purchase unlimited properties outside the Fifth Ring Road [1][5]. - This policy marks a major shift after 10 months of stagnant regulations, indicating a proactive approach to revitalize the real estate market during a traditionally slow season [2][12]. Group 2: Market Response - Following the policy announcement, there was a notable increase in market activity, with some new housing projects reporting visitor numbers up by 200% compared to previous weekends [1][9]. - Real estate agents observed a rise in inquiries from both buyers and sellers, with some homeowners looking to capitalize on the renewed interest by listing their properties [1][6]. Group 3: Sales Dynamics - The new policy is expected to benefit the new housing market significantly, as over 80% of new residential sales in the first seven months of the year were located outside the Fifth Ring Road [8]. - Low-priced housing options are becoming increasingly attractive, with buyers able to enter the market with lower down payments, particularly in areas with good transportation and school districts [8][9]. Group 4: Future Outlook - Analysts suggest that while the immediate effects of the policy are positive, the true impact on sales will take time to materialize, as many potential buyers may still require a longer decision-making period [11][12]. - The policy is seen as a step towards stabilizing the market, with expectations for further adjustments depending on market conditions in the coming months [12].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 3.49 CNY per share based on a 40.0x PE valuation for 2026 [3]. Core Insights - The company is positioned to benefit from the ongoing recovery in the real estate market, with expectations of steady growth in net profit from 150 million CNY in 2025 to 262 million CNY in 2027, reflecting year-on-year growth rates of 105.0%, 36.7%, and 27.4% respectively [3]. - The report highlights the favorable industry trends, including a shift towards the secondary housing market and an expanding rental market driven by demographic changes and increasing institutionalization [2][3]. Summary by Sections Company Overview - The company operates as a leading digital residential service platform, focusing on housing transaction services and asset management, with a strong emphasis on user value and community engagement [12][17]. Industry Trends - The real estate market is experiencing a transition to a "stock housing" era, with secondary housing transactions expected to increase from 30% in 2021 to 46% by 2024, driven by declining new housing supply and consumer preferences for established properties [2][49]. - The rental market is anticipated to grow significantly due to the influx of mobile populations and a low current institutionalization rate of 4.5% compared to over 50% in developed countries [2][59]. Company Advantages - The company has a strong market presence in key cities such as Beijing, Shanghai, and Hangzhou, with over 20,000 agents, representing more than 70% of its workforce [2][64]. - The company has demonstrated superior performance in secondary housing transactions, with year-on-year increases in major cities significantly outpacing national averages [2][66]. Short-term Trading Opportunities - The report identifies potential short-term trading opportunities linked to favorable real estate policies, noting that the company's stock typically outperforms the market within 5-10 trading days following policy announcements [2][4]. Profit Forecast and Valuation - The company is projected to achieve a net profit of 1.5 billion CNY in 2025, with a robust growth trajectory expected through 2027, supported by a stable increase in revenue and a recovery in the housing market [3][26].