Core Viewpoint - The Shanghai second-hand housing market shows a decline in transaction volume and prices, with July 2023 seeing a 1.69 million units sold, down 8.67% month-on-month and 7.01% year-on-year, while the price index fell 1.82% for three consecutive months [1][2]. Group 1: Transaction Volume and Price Trends - July's transaction volume is better than the same period in 2023, attributed to new policies stimulating growth, despite a downward price trend that has not stabilized [2]. - The total number of second-hand homes listed in Shanghai remains high, leading to increased price competition [2]. - The absolute transaction volume in July did not fall below 1.5 million units, indicating market resilience [3]. Group 2: Market Demand Characteristics - The market demand is primarily driven by first-time homebuyers and young families, with a significant portion of transactions occurring in properties priced below 3 million yuan [3]. - There is a noticeable increase in the proportion of high-priced property transactions, but it has not yet formed a significant trend due to the ongoing popularity of high-end new properties [3]. Group 3: Price Changes by District - In July, only five districts in Shanghai saw an increase in second-hand housing prices, with Changning District up 3.4% and Songjiang District up 2% [5]. - Central districts like Jing'an, Hongkou, Xuhui, and Yangpu experienced varying degrees of price declines, highlighting ongoing regional and product differentiation [6]. Group 4: Price Comparisons and Market Sentiment - Current prices for some second-hand homes are approaching levels seen in 2016, with structural differences noted in property conditions and locations [7]. - The overall housing prices are reported to be the lowest since 2015, with significant price drops observed in older properties [10][11]. - Recent price declines have slowed, suggesting that panic selling is not expected to recur [12].

Core Insights - The Wuhan real estate market shows signs of recovery, with July 2025 second-hand housing transactions reaching 7,605 units, a month-on-month increase of 3.43% and stable compared to the same period last year [1] Group 1: Market Trends - The data indicates a continuation of the recovery trend observed since the second quarter of 2025 [1] - The influx of customers into real estate agencies has increased significantly, with one agency reporting a 55% year-on-year increase in visitor numbers, totaling 45 groups in July [5] - The transaction volume for the agency reached 8 units in July, marking a 200% increase compared to the previous year [5] Group 2: Buyer Preferences - First-time buyers constitute 45% of the market, primarily interested in small to medium-sized units and transportation accessibility [5] - Improvement-oriented buyers focus on larger spaces and community environments, with some prioritizing areas near planned metro lines or commercial centers [5] - The shift in buyer focus from "school district-driven" to "residential attributes" is noted, with increasing confidence among buyers as transportation and commercial facilities improve [6] Group 3: Property Characteristics - The most sought-after properties are those less than 10 years old and conveniently located, which are perceived to offer better quality and comfort [5] - The demand for school district properties has decreased due to policy changes and demographic shifts, leading to increased difficulty in reselling such properties [6] - Areas like Hongshan District and Hanyang District are highlighted for their active transaction volumes, with 100 square meter three-bedroom units near metro lines being the mainstream choice [6]

Investment Rating - The report indicates a positive outlook for the second-hand housing market in major cities, with a cumulative year-on-year increase of 12% in transaction volume for the first half of 2025, outperforming the new housing market [3]. Core Insights - The demand for luxury properties priced above 30 million yuan remains stable, while the transaction share for properties priced between 3-6 million yuan has significantly decreased, indicating a shift in buyer sentiment [3][4]. - The ultra-low price segment (under 2 million yuan) shows a notable increase in transaction concentration, with Shenzhen reporting a 14.69% share in the first half of 2025, reflecting a trend of consumption downgrade among first-time buyers [4]. - The transaction concentration for properties under 90 square meters is declining, while the share of larger properties (over 140 square meters) is increasing, driven by a preference for more functional living spaces [6]. - The transaction share in mid-value areas is increasing, while the concentration in major districts of cities like Shanghai and Shenzhen is decreasing, indicating a shift in buyer focus [8]. Summary by Sections Transaction Volume and Price Segments - In the first half of 2025, the luxury market (over 10 million yuan) in Beijing and Shanghai shows a steady increase, with significant growth in the 10-30 million yuan segment [3]. - The share of transactions in the 3-6 million yuan range has decreased, with a notable decline in the number of transactions in this segment across major cities [3][4]. Buyer Preferences and Market Dynamics - The ultra-low price segment remains a stronghold for first-time buyers, with significant shares in cities like Shanghai and Hangzhou [4]. - The report highlights a trend where buyers are increasingly considering location, amenities, and price, leading to longer transaction cycles for less desirable properties [11]. Regional Trends - The report notes that transaction shares are increasing in mid-value districts, such as Haidian and Mentougou in Beijing, and various districts in Shanghai and Shenzhen, while major districts are experiencing a decline in transaction concentration [8][9].

Core Insights - In July, the second-hand housing market in Hangzhou experienced a simultaneous decline in both transaction volume and prices, with a total of 7,163 units sold, a 2.3% decrease from June and a 14.1% drop year-on-year [1] - The average transaction price for second-hand residential properties in July was 28,128 yuan per square meter, down 1.6% from June and 3.7% from July of the previous year [1] - Despite being a traditional off-season for the second-hand market, the transaction volume remained relatively stable, indicating a "not-so-slow" off-season, with a notable performance from demand-driven properties and school district homes [1] Transaction Structure - Properties priced under 2 million yuan accounted for 47% of total transactions, an increase of 1% from the previous month, while the 2-3 million yuan segment represented 24%, up 0.5% [1] - The share of properties priced between 5-8 million yuan was 6.9%, up 0.1%, while the segments of 4-5 million yuan and 8-10 million yuan saw a decline of 5% each [1] Area and School District Performance - In terms of area, properties under 60 square meters accounted for 12.9% of transactions, a significant increase of 2.3%, while the 60-90 square meter segment represented 38.4%, up 1% [2] - Notable performance was observed in demand-driven areas such as Lin'an and Linping, with the top-selling property being Yuexiu Xinghui City, which sold 29 units at an average price of 9,315 yuan per square meter, a 1% year-on-year increase [2] - School district properties showed exceptional performance, with significant sales driven by the timing of school enrollment and recent exam results, such as Xinshi Dongfang Jun, which sold 16 units at an average price of 48,174 yuan per square meter, a 9% year-on-year increase [2][3]

Core Insights - The Shanghai second-hand housing market has seen a significant decline in transactions, with July 2025 recording 19,337 signed contracts, a decrease of 1,437 from the previous month, marking the first time since the "929 New Policy" that monthly transactions fell below 20,000 units, excluding the holiday-affected months of January and February [1] Transaction Volume - The transaction volume in Shanghai's second-hand housing market has dropped to below 20,000 units for the first time since the implementation of the "929 New Policy" [1] - The market is currently experiencing a seasonal downturn without any new policy incentives to stimulate demand [1] Buyer Demographics - The proportion of transactions for homes priced below 3 million yuan has been increasing over the past three months, with shares of 52.48%, 53.23%, and 54.86% respectively, indicating a reliance on first-time homebuyers [1] - Conversely, the transaction volume for mid-tier improvement buyers has contracted compared to the previous month, suggesting ongoing challenges in the housing replacement chain [1] Price Trends - The average listing price for second-hand homes in Shanghai in July was approximately 48,169 yuan per square meter, reflecting a month-on-month decrease of 0.57%, with some areas experiencing declines exceeding 2% [1] - Since February of this year, the average listing price for second-hand homes in Shanghai has been on a downward trend for five consecutive months [1]

Core Insights - In July, Guangzhou's second-hand residential market experienced a traditional off-season with nearly 9,000 units signed, showing a decline both month-on-month and year-on-year [1] - Despite the overall decline, certain popular districts and properties saw significant month-on-month increases in transaction volumes, driven by factors such as accelerated old property renovations [1] Group 1: Market Performance - In July, Guangzhou's second-hand residential net signing reached 8,962 units and 88.84 million square meters, representing month-on-month declines of 9.39% and 10.84%, and year-on-year declines of 10.68% and 12.25% respectively [1] - The Panyu and Haizhu districts led in net signing volumes, each exceeding 1,000 units, while Baiyun, Zengcheng, and Liwan districts approached 1,000 units [1] - From a month-on-month perspective, Conghua and Liwan districts saw increases of 12.46% and 7.23% respectively, while year-on-year growth was maintained in Liwan, Baiyun, Nansha, and Conghua districts [1] Group 2: Area Composition - The proportion of units below 60 square meters and those between 90 to 120 square meters increased by 1.97 percentage points and 0.54 percentage points respectively, while the proportions for units between 60 to 90 square meters, 144 square meters and above, and 120 to 144 square meters decreased [1] - Several districts, including Fangcun Avenue, saw notable month-on-month growth in net signing volumes, with Fangcun Avenue leading at a 22.88% increase, followed by Jiangnan West-Baogang, Guihuagang-Sanyuanli, and Xiguan with increases of 13.68%, 11.88%, and 9.91% respectively [1] Group 3: Year-to-Date Performance - From January to July 2025, Guangzhou's second-hand residential market recorded a total of 65,575 units signed and 657.91 million square meters, reflecting significant year-on-year growth of 9.03% and 9.02% respectively [2]

Market Analysis - The Beijing second-hand housing market has shown a rebound trend recently, with 2,949 transactions in the latest week (July 21-27), a week-on-week increase of 4.4%, but still 39.6% lower than the peak in June (4,880 transactions) [4][5] - The average unit area has decreased to 91 square meters, the lowest in the past six weeks, indicating an increase in the proportion of small-sized units sold [4] - The transaction volume has shown a "high rebound - bottoming out" trend over the past six weeks, with a cumulative increase of 35.7% in the last two weeks of July, suggesting a gradual recovery in market activity [4] Shanghai Market - The Shanghai second-hand housing market has recently stabilized, with 4,478 transactions in the week of July 21-27, reflecting a week-on-week increase of 1.3%, although the transaction area slightly decreased by 0.5% [8][9] - The average unit area remains stable at 83 square meters, with transaction volumes fluctuating between 4,100 and 5,100 units over the past six weeks [8] - The market is in the late adjustment phase, with moderate recovery in transaction volume but not yet forming a trend of significant increase [8] Shenzhen Market - The Shenzhen second-hand housing market is experiencing a continuous cooling trend, with 1,039 transactions in the week of July 21-27, a week-on-week decrease of 6.0%, marking three consecutive weeks of decline [12][14] - The transaction area was 103,134.36 square meters, down 7.5% week-on-week, with a notable drop in transaction volume from a high of 1,222 units [12] - The average unit area has decreased from 102 square meters to 99 square meters, indicating an increase in the proportion of medium and small-sized units sold [12] Hangzhou Market - The Hangzhou second-hand housing market is showing a mild adjustment trend, with 1,231 transactions in the week of July 21-27, reflecting a slight week-on-week decrease of 0.2% [16][18] - The average unit area has compressed to 104 square meters, down 3.7% from mid-June, indicating an increase in demand for affordable housing [16] - The market is currently in a seasonal adjustment period, with transaction volumes stabilizing around 1,230 units [16] Chengdu Market - The Chengdu second-hand housing market has shown a stable trend, with 3,806 transactions in the week of July 21-27, a slight week-on-week increase of 0.8% [21][23] - The transaction area decreased by 0.7%, with the average unit area remaining at 94 square meters, reflecting an increase in the proportion of small-sized units sold [21] - The market has shown significant fluctuations, with transaction volumes stabilizing around 3,700 units since July, down approximately 18% from the June peak [21]

Group 1 - The importance of thorough preparation before purchasing a second-hand house, including understanding market trends and recent transaction prices in the same area [2][3] - Gathering information about the seller's urgency and reasons for selling can provide leverage in negotiations [4][5][6][7] Group 2 - Identifying defects in the property during viewings can serve as a basis for price negotiations [8] - The sequence of negotiation is crucial, suggesting that the agent should initiate the first round of price discussions [8] Group 3 - The timing of the offer can impact negotiation outcomes, with specific periods such as year-end or during market adjustments providing better opportunities [10] - Tax and fee negotiations can also be a form of price reduction, as can requests for included furniture and appliances [12] Group 4 - Caution against "fishing prices" that are significantly below market value, as they may indicate underlying issues [14] - Avoid excessive bargaining that could lead to losing the opportunity to purchase the property [14]

Core Viewpoint - The real estate market is experiencing a significant decline in second-hand housing prices, but the overall trend is shifting towards stabilization, with opportunities for potential buyers emerging in the latter half of 2025 [1][3][4]. Group 1: Market Trends - The second-hand housing prices in major cities have been declining both year-on-year and month-on-month, with "price for volume" being the prevailing market strategy [3]. - Chengdu leads in second-hand housing transactions with 19,214 units sold in June, followed by Shanghai with 18,028 units and Beijing with 15,139 units [3]. - Since July 2020, second-hand housing prices have reached a low point, and while further declines are expected, the pace of decline is anticipated to stabilize under current policy guidance [3][4]. Group 2: Buyer Insights - For potential homebuyers who have been waiting for years, the latter half of this year presents a favorable opportunity to purchase homes [4]. - The market is showing a significant divide, with 41.9% of the market consisting of homes priced below 3 million, while buyers of upgraded housing face considerable pressure due to lack of negotiation [7]. Group 3: Legal Auction Market - The volume of auctioned properties has increased, with 32,000 properties available in June, indicating sustained market confidence [9]. - Buyers are finding better deals in auctioned properties compared to regular second-hand homes, as these often sell below appraisal values, providing financial advantages [9]. - Caution is advised when participating in property auctions, and it is recommended to engage professional services for due diligence to avoid potential pitfalls [11].

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].