在成交面积上，90平方米以下房源成交占比下滑1.5%。90平方米以上不同面积段都出现了环比上涨的 情况，其中，140平方米以上的大户型涨幅最高，达到了0.6%，整体占比12.2%。 商报讯（记者 周坚洪）杭州二手房，迎来新年开门红。 据杭州贝壳研究院的数据，2026年1月，杭州市区一共成交了6987套二手房，环比去年12月的6862套小 幅上涨1.8%，同比去年1月的6064套大幅上涨15%。 杭州二手房量价齐涨 6987套的成交量，不仅是杭州连续第3个月成交上涨，而且创下了最近6个月的最高月成交值。在经历了 去年3月以来连续7个月的下跌后，杭州二手房成交明显企稳。 价格也迎来了久违的上涨。1月二手住宅成交均价25096元/平方米，相比去年12月的24845元/平方米小 幅上涨1%。 "1月成交量上涨，反映楼市在悄然回暖。一方面是因为今年春节较晚，另外也有增值税、购房个税等利 好政策和持续以价换量的效果助力。"杭州贝壳研究院院长上官剑分析道。 "从贝壳平台的各项数据来看，开年以来潜在客户量在增加，客户下手更加果断，结合当前的挂牌量， 都为春节后小阳春的市场热度奠定了坚实基础。"上官剑说道。 从成交结构来看，进 ...

Core Viewpoint - The Shanghai branch of China Construction Bank announced full-cycle financial support for the acquisition of second-hand housing for affordable rental housing projects, focusing on new citizens, young people, and university graduates' rental needs [1][6]. Group 1: Policy Implementation - The pilot program for acquiring second-hand housing is being implemented in three districts: Pudong New Area, Jing'an District, and Xuhui District, with a focus on housing that meets specific criteria such as size and price [1][2]. - Jing'an District has initiated a targeted acquisition of second-hand homes under 70 square meters and priced below 4 million yuan, facilitating owners' transition to new homes [1][2]. - Pudong New Area prioritizes the acquisition of second-hand homes built before 2000, with a similar price cap, but owners will receive housing vouchers instead of cash [2][3]. Group 2: Financial Mechanisms - Xuhui District employs a cash acquisition model, utilizing fiscal injections and bank loans to fund the purchases [3]. - The acquired second-hand homes will undergo renovation and be included in the affordable rental housing system, with rents set at 70%-80% of market rates [3][4]. Group 3: Market Impact - Analysts suggest that the acquisition of second-hand homes will enhance market liquidity and support new home sales, addressing the disconnect between the first and second-hand markets [4][6]. - The initiative is expected to activate the housing market by providing a safe exit for owners of older properties and stimulating new home transactions [6][7]. Group 4: Broader Context - The pilot program aligns with Shanghai's long-term planning for increasing affordable housing supply, with a target of constructing 74,000 affordable rental units by 2025 [6][8]. - The initiative reflects a national trend, as over 30 cities have started similar programs to acquire existing housing for affordable purposes since 2022 [7][8].

Core Viewpoint - The article emphasizes that the stability and high-quality development of the real estate sector is crucial for the economy, people's livelihoods, and urban futures, with a focus on long-term sustainable growth rather than short-term stimulus measures [1]. Group 1: Real Estate Market Stability - Multiple provinces have highlighted the importance of stabilizing the real estate market in their government work reports, with specific measures proposed to control supply, reduce inventory, and improve the quality of housing supply [5][6]. - The government aims to enhance the construction and collection of affordable housing and encourage the acquisition of existing commercial properties for affordable housing use [5]. - Analysts suggest that policies focusing on the acquisition of existing homes and the "old-for-new" housing exchange will be key areas of attention this year [6]. Group 2: Housing Provident Fund Reform - Several provinces, including Shandong, Hainan, and Qinghai, have mentioned the need to deepen reforms of the housing provident fund system, which is expected to play a significant role in the real estate market [3]. - The reforms are anticipated to include increasing loan limits, adjusting loan recognition criteria, and expanding the use of provident funds for various expenses [3]. - The central government has reiterated the importance of these reforms in recent meetings, indicating a strong push towards enhancing the effectiveness of the housing provident fund [3]. Group 3: Urban Renewal - Urban renewal has emerged as a frequent topic in government reports, with many regions committing to high-quality urban renewal initiatives, including the renovation of old neighborhoods and infrastructure [7][9]. - Specific targets have been set for the renovation of old buildings and the improvement of urban infrastructure, such as the renovation of 300 old neighborhoods and 3,500 kilometers of old pipelines in Liaoning province [8]. - The article notes that urban renewal is seen as a strategic approach to enhance urban quality and stimulate investment, with a focus on multi-modal innovation and participation from various stakeholders [9]. Group 4: Current Housing Sales Reform - The article discusses the potential for gradual reforms in the current housing sales system, particularly in third and fourth-tier cities with significant inventory [10]. - The concept of "good housing" has been frequently mentioned in government reports, indicating a systematic approach to housing quality improvement alongside community development [11]. - There is an expectation of substantial policy actions in support of "good housing" initiatives, including technical standards and support in land and financing policies [11].

Core Viewpoint - Honghui Group (00183.HK) announced the sale of a property in Japan for 280 million yen, equivalent to approximately HKD 14.14 million [1] Group 1 - The seller, Wealth Tool Limited, is a wholly-owned subsidiary of the company [1] - The buyer includes Lee Kok Kwan and Rosemary Yvonne Fong, along with their agent [1] - The property is a serviced apartment located in Skye Niseko, Hokkaido, Japan, with a total area of approximately 127.56 square meters [1]

Core Insights - The Shenzhen real estate market demonstrated resilience in 2025, with total residential transactions exceeding 94,000 units, indicating signs of self-recovery [1] - The second-hand housing market showed a slight year-on-year increase of 3%, while the new housing market experienced structural differentiation, with a focus on existing homes and quality properties [1] - A survey conducted by LeYouJia Research Center revealed that 53% of respondents expect transaction volumes to rise in 2026, reflecting growing confidence in the market [1] Transaction Volume Expectations - 53% of survey participants believe transaction volumes will increase, with 18% expecting a significant rise and 35% anticipating a slight increase; 31% expect stability, while 16% foresee a decline [1] - The second-hand housing market recorded over 5,000 transactions for ten consecutive months in 2025, indicating stable trading activity [6] Price Expectations - 43% of respondents expect prices to stabilize, with 15% anticipating a slight increase and 28% expecting steady prices; 30% predict price increases, while 27% foresee declines [3] - The average transaction price for new homes in 2025 was 53,100 yuan per square meter, down 1.7% year-on-year, while second-hand homes averaged 59,000 yuan per square meter, down 6% year-on-year, with a narrowing decline [6] Market Trends - The preference for existing homes has increased due to their ability to mitigate delivery risks, making them a choice for risk-averse buyers [7] - Buyers are now prioritizing higher living standards, focusing on practical layouts, community amenities, and quality property management [8] - The market is witnessing a quicker release of demand, with first-time buyers entering the market early due to fears of rising prices, while upgrade buyers target quality assets in core areas [7] Buyer Sentiment and Expectations - The survey reflects a shift in buyer mindset from basic housing needs to a pursuit of quality living [8] - Buyers are looking for properties that ensure asset safety, practical and comfortable layouts, comprehensive living amenities, and reputable developers [8] - Key expectations from buyers include clearer signals for market stabilization, cost reductions for first-time and upgrade buyers, and enhanced delivery guarantees [9] Future Outlook - The Shenzhen real estate market is expected to move towards a more stable phase, aligning with the public's desire for secure and comfortable housing [10]

Core Viewpoint - Hang Lung Properties has reported its 2025 annual performance, showing a decline in total revenue but an increase in net profit attributable to shareholders, indicating resilience in core profitability despite revenue contraction [1]. Revenue Performance - Total revenue decreased by 11% year-on-year to HKD 9.95 billion, primarily due to a drop in property sales [1]. - Rental income from properties, which remains the core pillar, slightly declined by 1% to HKD 9.389 billion, accounting for 94.36% of total revenue [2]. - Rental income from mainland China and Hong Kong was HKD 6.414 billion and HKD 2.975 billion, reflecting year-on-year declines of 1% and 2%, respectively [2]. Regional Performance - Mainland shopping mall business showed strong resilience, with overall rental income increasing by 1% year-on-year to RMB 4.871 billion, while tenant sales rose by 4% [2]. - Key projects in Shanghai, such as Shanghai Hang Lung Plaza and Shanghai Port International Hang Lung Plaza, contributed significantly to rental income, achieving revenues of RMB 1.661 billion and RMB 1.197 billion, respectively [2]. - Other cities like Wuxi, Dalian, and Kunming also experienced notable revenue growth, with increases of 10%, 12%, and 9% respectively [2]. Challenges in Certain Markets - Some city projects faced significant revenue declines, particularly Wuhan and Shenyang, with income dropping by over 30% [3]. - Hong Kong retail property income fell by 4% to HKD 1.742 billion, indicating weaker operational vitality compared to mainland malls [4]. Office Leasing Performance - Office leasing faced considerable pressure, with total revenue from this segment declining by 8% in mainland China to RMB 1.005 billion, while Hong Kong saw a slight decrease of 1% to HKD 1.004 billion [4]. - The occupancy rate for Hong Kong office properties was 90%, while mainland properties maintained around 80% [5]. Strategic Adjustments - In response to market adjustments and regional business disparities, Hang Lung Properties has adopted the "Hang Lung V.3" strategy, focusing on existing projects rather than expanding into new cities [6]. - The strategy includes acquiring adjacent properties for expansion and upgrading, with significant projects signed in Shanghai and Wuxi to enhance retail space [7]. - The company aims to leverage existing project efficiencies and operational upgrades, although reliance on current market demand poses potential long-term growth risks [7].

Group 1 - Beijing's new housing market saw 166 new homes registered on February 2, with a total area of 10,935.42 square meters, including 48 residential units covering 6,970.77 square meters [1] - The second-hand housing market recorded 671 transactions, with a total area of 59,428.97 square meters, of which 586 were residential units covering 53,413.45 square meters [1] Group 2 - As of February 2, 2026, there are 91,145 units available for sale, with a total area of 7,662,037.09 square meters, including 38,826 residential units covering 5,404,276.08 square meters [2] - The total number of unsold units stands at 210,370, with an area of 11,561,826.98 square meters, including 30,736 residential units covering 3,486,036.66 square meters [2] - The online signing for existing homes as of December 2025 reached 19,132 units, with a total area of 1,659,092.40 square meters, including 17,200 residential units covering 1,549,550.80 square meters [3]

北京二手房回暖解读及趋势研判 20260202 摘要 北京二手房市场低总价小户型房源价格已回落至 2015 年末水平，东城、 西城部分老旧小区出现破价，但主城区低总价房源溢价空间收窄至 5.9%-7.2%，中等总价房源溢价空间仍在 7.4%-8.8%并持续收缩。 北京各区域市场表现分化，主城区四环内低总价房源消耗快，溢价空间 小，郊区成交占比提升至 36%，业主撤盘导致库存减少，政府约谈机构 禁止压价。 上海 1 月网签数据维持高位，广州成交量恢复至 9,000 多套，深圳逐步 回升至 6,900 多套，一线城市均呈现刚性回调特征，即价格下降后需求 增加。 春节前北京主城区房价溢价空间预计回归正常水平，总价 890 万以下刚 需房源议价空间小，部分热门板块可能出现房源稀缺，3-4 月小阳春期 间价格趋于稳定。 四环到五环间挂牌量集中在 600 万-1,300 万，部分板块因拆迁消息导 致低总价小户型虚高上涨，整体成交量向好，节后拆迁带动临近板块成 交。 Q&A 近期北京二手房市场的整体情况如何？ 近期北京二手房市场呈现出明显的回暖迹象。1 月份，北京整体成交量维持在 1.5 万套左右，具体网签数据为 15,0 ...

当下楼市慢慢透出回暖的信号，可网上的氛围却格外反常，不是盼着市场变好的声音，反倒满是喊着房价还会跌的叫嚷。让人纳闷的是，最急眼的既不是攥 着钱等抄底的观望者，也不是手握房产的房东，而是另一群人，逮着任何楼市回暖的消息就使劲唱空，话术翻来覆去就那几套，这背后到底藏着啥心思？今 天就好好唠唠，扒一扒这群极端唱空者的真实心态，也说说普通人该怎么看清当下的楼市现状。 最近不管是房产交易数据，还是各地的楼市政策落地效果，都能看出市场在慢慢止跌回稳，核心城市的核心板块，二手房成交量甚至悄悄涨了不少，这是实 实在在的楼市回暖信号。可在网上，只要有相关新闻，评论区必然被一群人占领，张口就是人口负增长房子没人要，闭口就是房价还得腰斩，谁要是说刚需 可以看看房，立马就被怼得狗血淋头，仿佛说楼市回暖就是犯了错。 反观大家以为会着急的两类人，状态却截然相反。那些被称作 "等等党" 的观望者，手里有首付、收入也稳定，前两年等着房价降是想捡实惠，现在楼市有 了回暖迹象，他们只是更谨慎地去看房、对比房源，琢磨着什么时候下手最合适，心态稳得很，毕竟有真实的购房需求，也有上车的能力，不过是在等一个 最优时机。而房东们，尤其是手握核心区域房产的 ...

房地产 2026 年 02 月 02 日 恒隆地产 (00101) ——零售快速改善，核心利润稳增、分红表现稳定 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2026 年 02 月 02 日 | | --- | --- | | 收盘价（港币） | 9.24 | | 恒生中国企业指数 | 9080.19 | | 52 周最高/最低（港币） | 9.76/5.58 | | H 股市值（亿港币） | 467.23 | | 流通 H 股（百万股） | 5,056.65 | | 汇率（港币/人民币） | 0.8925 | 上 市 公 司 一年内股价与基准指数对比走势： -4% 46% 96% 02/03 03/03 04/03 05/03 06/03 07/03 08/03 09/03 10/03 11/03 12/03 01/03 HSCEI 恒隆地产 资料来源：Bloomberg 相关研究 - 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 联系人 陈鹏 A023 ...