Core Viewpoint - The high-end real estate market in Beijing, Shanghai, and Shenzhen is expected to stabilize but may decline slightly, driven by increased supply and changing buyer preferences [21][22]. Group 1: Market Overview - As of June 2025, the second-hand housing market in 30 key cities remains stable, with transaction volumes unchanged month-on-month but showing a slight year-on-year decline of 3% [3]. - The new listing volume in Beijing, Shanghai, Shenzhen, and Hangzhou shows a mixed trend, with Beijing, Shenzhen, and Hangzhou experiencing slight increases, while Shanghai saw a significant drop of 18% month-on-month [3][4]. Group 2: Listing Structure Analysis - In Beijing, the proportion of listings priced over 600 million yuan is increasing, particularly in the 600-800 million yuan segment, which rose from 10.40% to 11.27% [4]. - In Shanghai and Shenzhen, there is a notable decline in the mid-price segment (300-1000 million yuan), with the most significant drop in the 300-500 million yuan range, which decreased by 0.73 percentage points [9][10]. Group 3: Price and Area Segmentation - In Hangzhou, low-priced and small-sized properties remain the primary listings, with the 100-300 million yuan segment increasing by 0.75 percentage points [15][16]. - The listing volume for properties under 90 square meters is increasing, while larger properties (over 180 square meters) are seeing a significant decline [18][19]. Group 4: Market Sentiment and Future Outlook - The overall sentiment in the second-hand housing market is characterized by a "stable overall, differentiated internal" pattern, with Beijing showing positive signals and increased listings in the high-end segment [21]. - The future market dynamics will depend on the willingness of sellers to reduce prices, as the large base of listings may lead to extended transaction cycles if no significant price advantages are offered [22].

Core Viewpoint - The rise of "串串房" (quickly renovated houses) in Huizhou's real estate market presents both opportunities and significant risks for buyers, particularly concerning renovation quality, transaction processes, and property rights [1][8]. Group 1: Definition and Market Dynamics - "串串房" refers to second-hand houses that are quickly renovated and resold at a high price, often found in older neighborhoods with good transportation and amenities [2]. - Investors or agencies typically purchase these properties at 70%-85% of market value, renovate them, and then sell them for substantial profits, sometimes earning tens of thousands of yuan in the process [2]. Group 2: Renovation Quality and Safety Concerns - Many "串串房" are superficially appealing but are renovated with low-cost materials, leading to potential safety hazards [4]. - Common issues include the use of unbranded materials, poor-quality paints, and skipping essential processes like electrical upgrades and waterproofing [4][5]. - The rapid turnaround time for these properties often results in lingering harmful substances, such as formaldehyde, posing health risks to residents, especially vulnerable groups like children and the elderly [5]. Group 3: Legal and Transactional Risks - The transaction process for "串串房" is often complicated, with discrepancies between the property owner and the signing party, leading to potential legal disputes [7]. - Issues such as multiple sales of the same property or undisclosed property liens can result in contracts being deemed invalid by courts, leaving buyers unable to complete transactions [7]. Group 4: Market Impact and Consumer Caution - The surge in "串串房" sales may temporarily boost transaction numbers, but it also leads to increased complaints regarding renovations, property rights disputes, and quality issues, ultimately undermining market confidence [8]. - Real estate agencies may face reputational damage as issues arise, with sellers often disappearing when problems occur, making accountability difficult [8]. Group 5: Buyer Precautions - Buyers are advised to scrutinize renovation details, check for unpleasant odors indicating poor materials, look for signs of previous occupancy, verify the quality of appliances and furniture, and ensure clear property rights to mitigate risks [9][10].

在商品房买卖市场，房屋的"年龄"通常以"竣工验收合格之日"为起始时间。 房龄的长短，关系到房屋的损耗、配套等，进而会影响到贷款和价值评估。 今天我们就来详细聊一聊，不同房龄二手房的优缺点。 在二手房市场，人们挑选房屋时，其中一个要考虑的元素就是：房龄。由此还延伸出：老破小，次新房 等概念，都是跟房子的使用时间有关的。 那么，房龄是怎么计算的呢？从哪天算起呢？ 老房龄的二手房价格相对较低，对于预算有限的家庭来说是一个不错的选择。而且，一些老房子位于城 市核心区域，周边的交通、商业等配套非常完善。 一、新房龄（0-5年） 5年内房龄的二手房，最大的优势就是：新。 因为新，所以房子的外观新，质量有保障，很多处于保修期。同时房子的配套比较新，小区的规划布局 更符合现代人生活需求，比如人车分流，绿化景观优美等。 而缺点呢，一是价格较高，二是因为房龄短，如果是新开发区，可能周边的商业还没做起来，配套没那 么成熟。 二、中等房龄（5-15年） 中等房龄的二手房性价比相对较高。 价格比新房龄的房子低一些，但房屋的质量和配套设施仍然能够满足大部分家庭的需求。 房子周边的生活配套一般已经比较成熟，交通、商业、教育等资源相对丰富。 ...

Core Viewpoint - The second-hand housing transaction scale has slowed down since the second quarter of 2025, but the cumulative year-on-year growth is significantly better than that of new homes, remaining in a high-level fluctuation market [3][13]. Group 1: Transaction Volume and Structure - In the first half of 2025, the cumulative year-on-year growth of second-hand housing transactions in 30 key cities was 12%, contrasting sharply with the new housing market [3]. - The demand for luxury homes priced above 30 million in Beijing, Shanghai, and Shenzhen remains stable, while the transaction proportion for homes priced between 3-6 million has significantly declined, indicating increased buyer hesitation [4][5]. - The ultra-low price segment (under 2 million) shows a serious downgrade in consumption among extreme first-time buyers, with transaction concentration in low-priced properties in Shanghai, Shenzhen, and Hangzhou continuing to rise [5]. Group 2: Area and Size of Transactions - The transaction concentration for small-sized properties (under 90 square meters) has decreased, while the proportion of transactions for larger properties (over 140 square meters) has increased, driven by the demand for more functional living spaces [6][7]. - In major cities, the transaction concentration is shifting towards medium-value areas, with notable declines in transaction concentration in primary areas of Shanghai and Shenzhen [10][11]. Group 3: Market Outlook - The second-hand housing market in Beijing, Shanghai, Shenzhen, and Hangzhou is expected to continue a stable but declining trend in the short term, influenced by new listings and the quality of new housing products entering the market [13]. - The current market is transitioning to a buyer's market, where buyers are increasingly considering location, amenities, and price, leading to longer transaction cycles for older properties in less desirable areas [13].

Core Insights - The second-hand housing market in Shenzhen recorded 5,546 transactions in June 2025, representing a month-on-month decrease of 3.2% but a year-on-year increase of 4.5% [1] - The market exhibited a "convex" trend in the first half of the year, with a rapid recovery post-Spring Festival, leading to a strong performance in March and April, followed by seasonal fluctuations [1] - Despite a recent slight decline, the overall market remains robust, with an average of over 5,000 transactions per month in the first half of the year, indicating a recovery in consumer confidence, albeit still insufficient [1] - A total of 35,106 second-hand housing contracts were recorded in the first half of 2025, marking a significant increase of 30.7% compared to the same period in 2024 [1]

Core Viewpoint - The second-hand housing market in major cities like Beijing, Shanghai, Shenzhen, and Hangzhou is expected to continue a trend of stabilization with a slight decline in the short term, as evidenced by a 10% month-on-month decrease in transactions in May 2025 compared to the new housing market which saw an increase [1][22]. Group 1: Market Trends - The transaction volume of second-hand homes has been steadily declining, with a notable 10% decrease in May 2025 across 30 key cities [1]. - The proportion of transactions in the price range of 3-6 million yuan has significantly adjusted downwards, indicating a trend of consumption downgrade among first-time and upgrading buyers [2][3]. - The low-price segment continues to see an upward trend in transaction concentration, with 34.4% of transactions in Shenzhen being for properties priced under 3 million yuan, reflecting a 1.2 percentage point increase month-on-month [3]. Group 2: Transaction Characteristics - In terms of area, the 90-120 square meter segment has seen an increase in transaction share, primarily due to its suitability for family needs, while smaller units (80 square meters and below) have experienced a decline in market share [5]. - The transaction concentration in mid-value areas is increasing, with notable growth in districts like Fengtai and Changping in Beijing, and Longgang and Longhua in Shenzhen [8][10]. Group 3: Price Adjustments - The proportion of second-hand homes with price reductions has increased in Beijing, Shenzhen, and Hangzhou, while Shanghai remains stable at a high level of 56% [12][16]. - The price reduction strategy has been particularly effective for budget-friendly properties, with over half of the transactions in affordable segments in Beijing and Shanghai reflecting price cuts [16]. Group 4: Future Outlook - The second-hand housing market is expected to face a seasonal decline, influenced by a slowdown in demand following the peak of school district purchases and a lack of new listings, especially in the luxury segment [21][22]. - The market is transitioning to a buyer's market, where buyers are increasingly considering location, amenities, and price, leading to longer transaction cycles for less desirable properties [22].

Core Viewpoint - The short-term outlook for the second-hand housing market in Beijing, Shanghai, Shenzhen, and Hangzhou is expected to remain stable with a downward trend [21] Group 1: Market Trends - In May 2025, the transaction volume of second-hand houses in 30 key cities decreased by 10% month-on-month, while year-on-year growth was marginal at 4%, indicating a slowdown in growth momentum [3] - The new listing volume in Beijing, Shanghai, Shenzhen, and Hangzhou showed a high-level retreat in the second quarter of 2025, with May's month-on-month decline narrowing compared to April [3][4] - The proportion of listings priced between 1 million to 5 million yuan remains around 60%, with a notable increase in the 1 million to 3 million yuan segment in Beijing, Shenzhen, and Hangzhou [5][8] Group 2: Listing Dynamics - The listing enthusiasm among high-end property owners in Beijing, Shanghai, and Shenzhen has shown a steady decline, particularly in the 10 million to 30 million yuan price range, while Hangzhou has seen an increase in high-end listings [10][11] - The middle-tier market in Beijing, Shenzhen, and Hangzhou has experienced a significant drop in listing demand, with the proportion of listings priced between 6 million to 8 million yuan reaching a low for 2025 [15][17] - The overall market is characterized by a "growing pressure from first-time buyers, shrinking demand from mid-tier buyers, and a differentiated high-end market" [21]

Group 1 - The concept of "good housing" has been officially recognized in government work reports, indicating a shift in housing construction from "having a place to live" to "having quality housing" in China [1] - The Ministry of Housing and Urban-Rural Development's new regulations and various local housing development plans for 2025 are driving the improvement of "good housing" across the country [1][2] - Leading institutional housing rental companies like Ziroom are focusing on the "good housing" concept, expanding their services to include buying, renting, smart home decoration, and lifestyle services [1][2] Group 2 - The rental population in China has reached nearly 260 million, with almost 50% of the population in first-tier cities relying on rental housing [2] - Ziroom has introduced the "Stable and Four Good" model to meet the diverse needs of tenants and landlords, enhancing property value through renovations and professional asset management [2][3] - The "Gain Rent" model allows landlords to improve the quality of their properties, leading to increased rental income and tenant satisfaction [2][3] Group 3 - Ziroom's "Heart House 3.0" product line addresses specific tenant needs, such as pet-friendly spaces and family-oriented living environments [3] - The company offers a variety of high-quality rental products, including scattered whole rentals, shared housing, luxury apartments, and rental communities, catering to different tenant demographics [3] - The "Stable" aspect of the model provides a transparent and stable cooperation mechanism for both landlords and tenants, while the "Four Good" focuses on product quality, service quality, technological efficiency, and team support [3] Group 4 - In the second-hand housing market, there is a growing demand for higher quality "good housing," with outdated properties becoming less attractive to buyers [4] - Ziroom has extended its experience in rental housing to the second-hand market with its Ziroom Home service, offering renovated and smart homes to enhance the selling experience [4][5] - The company aims to address traditional market pain points such as outdated listings, long transaction cycles, and high commissions through its new business model [4] Group 5 - The implementation of national standards for "good housing" emphasizes safety, comfort, sustainability, and intelligence in residential projects [6] - Ziroom's smart home brand, Ziroom Smart Home, integrates technology into housing, providing features like voice control and remote management of home appliances [6] - The company's approach to creating "smart homes" aligns with the broader goal of enhancing the quality of living environments through technological innovation [6][7] Group 6 - Ziroom's comprehensive service ecosystem encompasses rental housing, family services, smart home solutions, artistic decoration, and second-hand property transactions [7] - The company's efforts in promoting "good housing" reflect a response to government policies aimed at improving living standards and transforming the real estate market [7][8] - By focusing on quality housing, Ziroom aims to enhance user satisfaction and contribute to urban vitality, shaping a better future for living environments [8]

Core Viewpoint - The tightening of high usage rates in Guangzhou is expected to impact both new and second-hand housing markets, with mixed implications for developers and homeowners [2][4]. Summary by Sections New Regulations and Developer Impact - New regulations will still allow certain housing types but will eliminate methods that exploit "extra area" such as bay windows and flower beds [2]. - Developers with existing high usage rate inventory may benefit, while those who recently acquired land without exploiting these methods may face challenges [2][4]. Current State of Second-Hand Housing - The current state of second-hand housing in Guangzhou is described as "quite miserable, but not as bad as before," with over 146,000 listings on platforms like Beike, marking a historical peak [2][12]. - Transaction volumes have shown some improvement compared to last year, with April and March seeing over 10,000 transactions, although May saw a decline to 9,228 [2][12]. Impact of High Usage Rate on Second-Hand Housing - The previous high usage rates widened the gap between new and second-hand housing in terms of product quality and price-performance ratio [5][12]. - For example, a new 91㎡ unit can offer superior features compared to a 95㎡ second-hand unit, making it difficult for second-hand homeowners to compete [6][8]. Buyer Preferences and Market Dynamics - Many new home buyers are looking to upgrade from second-hand homes, which complicates the market dynamics as they struggle to sell their existing properties [9][10]. - The current buyer demographic favors smaller units, with 90㎡ and below accounting for half of the second-hand transactions in May [12][14]. Future Outlook for Second-Hand Housing - The tightening of usage rates may stop the widening gap between new and second-hand homes, but it does not eliminate the existing disparity [12][13]. - To revitalize the second-hand market, two strategies are suggested: waiting for new supply to diminish in prime areas to highlight second-hand scarcity, and maintaining competitive pricing against new homes [15][17].

Core Insights - The report by Goldman Sachs highlights the transition of China's real estate market from new development to existing property management, driven by policy and housing upgrade demands, predicting a total addressable market (TAM) of 5.7 trillion RMB by 2035, a 70% increase from 2024 [1] Group 1: Key Conclusions for the Real Estate Industry by 2035 - Housing demand is expected to reach 60% of the peak level in 2017, with necessity, improvement, and renewal demands contributing equally. The share of demand from first and second-tier cities will rise from 60% in 2024 to approximately 70% [4] - Government and developers will adjust land supply based on demand, leading to further consolidation in the developer industry. The top ten developers are projected to capture about 50% of the national market share by sales by 2035, with new housing market size significantly shrinking, averaging 40% lower than 2024 levels [5] - The second-hand housing market will account for 66% of total sales volume and 64% of total value due to reduced new housing supply, aligning with levels seen in developed markets [6] - Renovation will emerge as a key driver, with an expected renovation rate of about 1% by 2035, leading to a total building area of over 110 billion square meters, with renovated areas nearly doubling to represent about 60% of total building area [7] Group 2: Four Core Trends Reshaping the Industry Landscape - A structural shift in housing demand is anticipated, with total demand expected to fall to 60% of the 2017 peak, but with a significant change in demand structure, where improvement and old housing renewal demands will rise, contributing to 70% of the demand from first-tier and new first-tier cities [8] - Both land supply and developer concentration are expected to increase, with government land supply favoring high-demand areas and leading developers accelerating expansion into T-1/2 cities. The market share of the top ten developers is projected to rise from 21% in 2024 to 50% by 2035 [10] - The rise of the second-hand housing market will counterbalance the decline in new housing, with second-hand transactions expected to account for 66% of total transactions and 64% of total transaction value by 2035, aligning with developed market standards [11] - Renovation will become a core driver, with an annual renovation rate increasing to 1%, leading to a demand for the renovation of over 20 billion square meters by 2035, driven by policies promoting upgrades and quality of living [12] Group 3: Opportunities and Challenges in the Industry Chain - Demand for construction products will diversify, with strong cyclical categories like glass and ceramics facing short-term pressure, while demand for energy-saving materials and aging-friendly renovations will partially offset declines, with market size expected to decrease by 10%-15% by 2035 [14] - The renovation market is projected to experience explosive growth, driven by existing property renovations and second-hand transactions, with the home decoration industry expected to exceed 3 trillion RMB, accounting for 32% of the total industry chain [14] - The expansion of property management and brokerage services is anticipated, with active second-hand transactions and asset preservation needs leading to an expected revenue scale of 2.7 trillion RMB in property management and brokerage, representing 30% of the industry chain [14]