【导读】住建部、央行联合印发《房地产从业机构反洗钱工作管理办法》 中国基金报记者 晨曦 事涉房地产从业机构，重磅消息来了！ 8 月 26 日，住房城乡建设部官网显示，住房城乡建设部、中国人民银行联合印发《房地产从 业机构反洗钱工作管理办法》（以下简称《办法》）。 来看此次《办法》的重点内容： ·在境内依法设立，提供房屋销售、房屋买卖经纪服务的房地产开发企业或者房地产中介机 构，应当依据《办法》规定履行反洗钱义务。住房城乡建设部会同中国人民银行制定房地产 从业机构反洗钱管理规定，对全国房地产行业反洗钱工作进行监督管理。 ·房地产从业机构应当接受反洗钱监督管理和自律管理，配合中国人民银行及其派出机构开展 的反洗钱调查。房地产从业机构及其工作人员不得从事洗钱活动，或者为洗钱活动提供便 利。 ·房地产从业机构不得向身份不明的客户销售房屋或者提供经纪服务。客户拒不配合提供身份 证明材料等信息的，可以拒绝向其销售房屋或者提供经纪服务，并根据情况向中国反洗钱监 测分析中心提交可疑交易报告。 ·房地产从业机构发现或者有合理理由怀疑客户拟进行的房屋交易与洗钱等犯罪活动相关的， 应当及时向中国反洗钱监测分析中心提交可疑交易报告。 ...

【导读】住建部、央行联合印发《房地产从业机构反洗钱工作管理办法》 事涉房地产从业机构，重磅消息来了！ 8月26日，住房城乡建设部官网显示，住房城乡建设部、中国人民银行联合印发《房地产从业机构反洗钱工作管理办法》（以下简称《办法》）。 来看此次《办法》的重点内容： ·在境内依法设立，提供房屋销售、房屋买卖经纪服务的房地产开发企业或者房地产中介机构，应当依据《办法》规定履行反洗钱义务。住房城乡建设部 会同中国人民银行制定房地产从业机构反洗钱管理规定，对全国房地产行业反洗钱工作进行监督管理。 ·房地产从业机构应当接受反洗钱监督管理和自律管理，配合中国人民银行及其派出机构开展的反洗钱调查。房地产从业机构及其工作人员不得从事洗钱 活动，或者为洗钱活动提供便利。 ·房地产从业机构不得向身份不明的客户销售房屋或者提供经纪服务。客户拒不配合提供身份证明材料等信息的，可以拒绝向其销售房屋或者提供经纪服 务，并根据情况向中国反洗钱监测分析中心提交可疑交易报告。 ·房地产从业机构发现或者有合理理由怀疑客户拟进行的房屋交易与洗钱等犯罪活动相关的，应当及时向中国反洗钱监测分析中心提交可疑交易报告。 ·房地产从业机构应当采取妥善措施，完 ...

Core Insights - Beike reported its Q2 2025 financial performance, showing a total transaction value (GTV) of 878.7 billion yuan, a year-on-year increase of 4.7% [1] - The company's net revenue reached 26 billion yuan, reflecting an 11.3% year-on-year growth, while net profit stood at 1.307 billion yuan, with adjusted net profit at 1.821 billion yuan [1] Business Segments - The existing home business GTV reached 583.5 billion yuan, marking a 2.2% year-on-year increase [1] - The new home business GTV was 255.4 billion yuan, showing an 8.5% year-on-year growth [1] - The home decoration and furnishing business generated net revenue of 4.6 billion yuan, up 13% year-on-year [1] - The housing rental service net revenue was 5.7 billion yuan, with a significant year-on-year increase of 78% [1] - Non-real estate transaction service net revenue accounted for 41% of total net revenue in Q2 [1]

Core Viewpoint - The Ministry of Housing and Urban-Rural Development and the People's Bank of China have issued the "Management Measures for Anti-Money Laundering Work of Real Estate Practitioners," which mandates real estate institutions to report suspicious transactions related to money laundering and to establish internal controls for anti-money laundering efforts [1][3]. Group 1: Regulatory Framework - The measures aim to prevent money laundering and terrorist financing activities within the real estate sector, based on relevant laws such as the Anti-Money Laundering Law and the Anti-Terrorism Law of the People's Republic of China [3]. - Real estate institutions must comply with these measures and are subject to supervision by housing and urban-rural development authorities [3][4]. Group 2: Responsibilities of Real Estate Institutions - Real estate institutions are required to assess and manage money laundering risks, implement preventive measures, and establish internal control systems [7][8]. - Institutions must verify the identity of clients and the purpose of transactions, especially when there are reasonable grounds to suspect money laundering activities [10][11]. Group 3: Reporting and Confidentiality - Real estate institutions must submit suspicious transaction reports to the Anti-Money Laundering Monitoring and Analysis Center when they suspect transactions related to money laundering [13]. - Information obtained during the anti-money laundering process must be kept confidential and can only be disclosed as required by law [6]. Group 4: Supervision and Self-Regulation - The housing and urban-rural development authorities will supervise the compliance of real estate institutions with anti-money laundering obligations, while industry self-regulatory organizations will also play a role in managing compliance [11][12]. - Self-regulatory organizations are tasked with developing guidelines, conducting training, and monitoring compliance within the industry [12]. Group 5: Legal Consequences - Violations of the anti-money laundering measures can result in penalties from local government authorities, and self-regulatory organizations may impose disciplinary actions on non-compliant institutions [14][15].

Core Viewpoint - The company "I Love My Home" reported a slight decline in revenue for the first half of 2025, but achieved significant growth in net profit, indicating a resilient performance amidst market challenges [1] Financial Performance - The company's revenue for the first half of 2025 was 5.658 billion yuan, a year-on-year decrease of 2.69% [1] - The net profit attributable to shareholders was 38.4 million yuan, reflecting a year-on-year increase of 30.8% [1] - Basic earnings per share were reported at 0.0163 yuan [1] Business Segments - All business segments of the company showed steady improvement, with the slight revenue decline attributed to the new asset management product "Xiangyu Youxuan" using the "net method" for revenue recognition [1] - The company's non-recurring profit turned from loss to profit, primarily due to the relaxation of domestic real estate market policies, which positively impacted the second-hand housing transaction volumes in key cities like Beijing, Shanghai, and Hangzhou [1]

Group 1: Real Estate Market Changes - The company Beike has ceased updating transaction prices for second-hand houses in Hefei, leading to a lack of public visibility on transaction conditions [1] - Previously, Beike had hidden transaction information, but users could still access it through the "Good Selection of Houses" mini-program, which is no longer the case [1] - In Shanghai, Beike's platform has hidden all second-hand house transaction prices since August 14, 2025, to reduce landlord panic and market anxiety caused by price fluctuations [3] Group 2: Information Access and Market Implications - Users can still obtain approximate transaction prices by consulting with corresponding agents or using price filtering methods on the Beike app [3] - Relying on third-party platforms for information may lead to delays or incomplete data [4] - The concealment of transaction prices may increase information asymmetry and transaction costs, prompting buyers to use multiple information channels for cautious decision-making [5] Group 3: Transportation Infrastructure Development - The Hefei New Bridge Airport S1 line has successfully obtained single-vehicle certification, marking a transition from construction to testing phase [7] - The S1 line spans approximately 47.5 kilometers, connecting various regions including Hefei's main urban area and the New Bridge International Airport, characterized by long distances and high speeds (maximum speed of 120 km/h) [9] - The line employs a fully automated operation solution based on train-to-train communication (TACS), enhancing the intelligence and safety of the operation [11] - Future steps include testing TACS functionality and conducting trial runs, which will significantly improve connectivity between major transportation hubs and support urban integration and development [12]

行业点评 本周 A 股地产、港股物业均上涨，港股地产下跌。本周（8.16-8.22）本周申万 A 股房地产板块涨跌幅为+0.5%， 在各板块中位列第 31；恒生港股房地产板块涨跌幅为-0.6%，在各板块中位列第 9。本周恒生物业服务及管理指数涨 跌幅为+1.1%，恒生中国企业指数涨跌幅为+0.5%，沪深 300 指数涨跌幅为+4.2%；物业指数对恒生中国企业指数和沪 深 300 的相对收益分别为+0.7%和-3.1%。 土地市场溢价率有所回落。本周（8.16-8.22）全国 300 城宅地成交建面 553 万㎡，单周环比-14%，单周同比-52%， 平均溢价率 5%。2025 年初至今，全国 300 城累计宅地成交建面 23666 万㎡，累计同比-5.4%；年初至今，绿城中国、 中海地产、保利发展、建发房产、滨江集团的权益拿地金额位居行业前五。 本周(8.16-8.22)47 个城市商品房销售 285 万方，成交量环比+8%，同比-11%，整体维持季节性低位；7 月新房售 价环比-0.3%，环比跌幅持平，同比-3.4%，同比降幅持续收窄；结合量价，景气度下行趋缓。本周分能级来看：一线 城市周环比+5%，周同比 ...

Core Viewpoint - The article discusses the career transition of a young analyst from the securities industry to real estate, highlighting the motivations behind this shift and the changing landscape of job satisfaction and industry dynamics in China [2][4][11]. Group 1: Career Transition - A former automotive industry analyst, born in 1999, left the securities sector to become a real estate consultant at Lianjia in Shanghai, seeking a more fulfilling career [2][3]. - The analyst experienced challenges in the financial industry, including layoffs and a lack of job security, which contributed to the decision to switch careers [4][5]. - The transition was influenced by a realization that personal interests in real estate could be turned into a career, contrasting with the pressures and dissatisfaction faced in the securities field [6][10]. Group 2: Industry Dynamics - The article notes a trend of analysts leaving the securities industry for various fields, including education and hospitality, indicating a broader shift in career preferences among young professionals [14][18]. - The real estate sector is evolving, with a demand for knowledgeable agents who understand market dynamics and client needs, moving away from traditional models based on information asymmetry [10][11]. - The current real estate market in Shanghai is characterized by higher client expectations regarding property value retention and suitability, necessitating a more skilled workforce [10][11]. Group 3: Personal Insights and Reflections - The analyst emphasizes the importance of finding meaningful work over financial success, stating that happiness and fulfillment are more valuable than high salaries or property ownership [12][11]. - The article concludes with the analyst's perspective that pursuing a career aligned with personal interests is a fortunate position, regardless of industry challenges [12].

Core Viewpoint - The Hong Kong residential property market has shown strong trading activity this year, with prices recovering from their lows and expected to rise by approximately 3% to 5% [1] Group 1: Market Performance - The overall residential property transactions are projected to increase by about 13% year-on-year, reaching a four-year high [1] - In the first seven months of the year, local individual buyers accounted for approximately 66.8% of the registered transactions for new private residential properties, marking a recovery since 2022 and surpassing the 50% threshold [1] - The forecast for second-hand residential transactions has been raised to 45,000 units, representing a year-on-year increase of over 9%, also a four-year high [2] Group 2: Economic Factors - The anticipated reduction in U.S. interest rates in the second half of the year is expected to sustain a low-interest environment, encouraging local buyers to enter the market [1] - The government’s removal of cooling measures, relaxation of mortgage rules, and reduction of stamp duty for properties priced at or below 4 million HKD are seen as positive factors for the market [2] - The overall property transaction volume is expected to reach 76,000 units, with a transaction value of approximately 570 billion HKD, reflecting an 11% year-on-year increase [2] Group 3: Challenges and Outlook - Despite the positive market trends, potential negative factors such as rising unemployment and sufficient short-term housing supply may exert pressure on prices [2] - The local economy's recovery in sectors like retail, dining, and tourism is crucial for sustained support of the property market [2] - The company reported a revenue of 2.518 billion HKD for the six months ending June 30, 2025, a decrease of 24.1% year-on-year, with a net profit of 151 million HKD, down 13% [2]

Core Insights - The second-hand housing market is experiencing significant changes, with a new commission model introduced by a local intermediary platform in Guangzhou, offering buyers zero commission and sellers only 0.8% [1][3] Group 1: New Commission Model - The new commission structure allows buyers to avoid paying the typical commission fee, which can be substantial, while sellers benefit from a reduced fee [1][4] - For example, on a property priced at 1 million, traditional platforms like Lianjia would charge 10,000 from both buyer and seller, whereas the new platform allows the buyer to save 10,000 and the seller to pay only 2,000 [4] Group 2: Market Dynamics - The second-hand housing market is largely dominated by major platforms like Lianjia and Beike, with Beike projected to surpass 2.2 trillion yuan in transaction volume in 2024, accounting for two-thirds of total transactions [4][6] - Recent data from the Guangzhou Real Estate Intermediary Association indicates a significant decline in second-hand residential transactions, with July's net signed contracts falling below 9,000, a decrease of nearly 10% from the previous month and over 10% year-on-year [6] Group 3: Competitive Landscape - The current market conditions, characterized by a high number of unsold properties and reduced buyer activity, have prompted intermediaries to adopt aggressive pricing strategies to attract clients [6][9] - The competitive environment is forcing intermediaries to innovate and provide better value to both buyers and sellers, as the market dynamics shift towards cost-saving measures [9]