Group 1 - On September 23, 2025, Beijing recorded 310 new home online contracts with a total area of 30,808.3 square meters, including 179 residential contracts covering 23,419.7 square meters [1] - The second-hand housing market saw 701 online contracts with a total area of 59,362.69 square meters, of which 632 were residential contracts covering 56,000.84 square meters [1] Group 2 - As of September 23, 2025, there are 101,535 available pre-sale units with a total area of 8,354,009 square meters, including 44,218 residential units covering 5,921,285.99 square meters [2] - The number of unsold units stands at 224,029 with a total area of 12,309,591.52 square meters, including 30,785 residential units covering 3,693,031.56 square meters [2] Group 3 - In August 2025, there were 15,007 online contracts for existing homes, covering a total area of 1,328,728.1 square meters, with 13,331 of these being residential contracts covering 1,228,780.99 square meters [3]

Core Viewpoint - The second-hand housing prices in Shenyang, including traditionally strong "school district houses," are experiencing a downward trend, making housing prices more affordable in various regions, including Huanggu and emerging areas like Changbai Island [1] Group 1: Housing Market Trends - The prices of second-hand houses have declined significantly, with even the once-stable "school district houses" being affected [1] - In the Huanggu district, known for its educational resources, the housing prices remain attractive despite a less impressive middle school admission rate [1] Group 2: School District Housing - The area around Hongqiao Middle School offers a wide selection of housing options at relatively low prices, leading to increased enrollment numbers [3] - The availability of older residential buildings, particularly "tube buildings," has drawn attention due to their low total prices, making them appealing to parents [4][7] Group 3: Pricing and Comparisons - Recent transactions show that a 23.1 square meter unit in the area sold for only 175,000 yuan, with some units priced below 200,000 yuan, marking a significant price drop compared to 2022 when similar units sold for around 330,000 yuan [7][11] - The price per square meter for these units has decreased to approximately 13,000 yuan, indicating a substantial decline in value over recent years [7] Group 4: Investment Considerations - The small size and poor condition of these units raise concerns about their suitability for living, renting, or resale, suggesting that potential buyers should proceed with caution [8][9] - The difficulty in renting out these properties and the potential for depreciation in value pose risks for investors, although the low total price may still attract budget-conscious buyers [11]

Core Viewpoint - A property near Du Fu's Thatched Cottage in Chengdu is listed for an unprecedented price of 400 million yuan, potentially setting a record for second-hand residential sales in the city, sparking debate about its true value and market perception [3][12]. Property Details - The property, known as "Zhuo Yuan," spans approximately 3 acres and features a traditional Chinese courtyard constructed with around 700 tons of precious woods, including golden silk nanmu and ebony [8][10]. - It consists of a three-story building with a total height of 15 meters, including three living rooms, two dining rooms, and seven bedrooms, with a usable area of about 1,200 square meters [8][10]. Market Context - The property has not yet been verified through official channels, raising questions about its legitimacy and whether it is genuinely for sale [11][12]. - Industry experts suggest that even if the property passes verification, the final sale price is likely to be significantly lower than the listed 400 million yuan, as buyers in the area typically prioritize location over the property itself [15][17]. Comparative Analysis - Recent sales in the vicinity indicate that the market for high-end properties is cautious, with a notable example being a nearby property listed at 39.8 million yuan for approximately 471 square meters, translating to a unit price of about 74,000 yuan per square meter [15][16]. - The highest recorded price in the area was around 4.74 million yuan for a villa, which was auctioned at a starting price of approximately 95,000 yuan per square meter, ultimately selling for 76,000 yuan per square meter [17].

Group 1 - The core point of the article highlights the recent real estate transaction data in Beijing, indicating a total of 1,009 new and second-hand homes signed in mid-September 2025, with a significant portion being second-hand homes [1][2] - On September 15, 2025, Beijing recorded 223 new home registrations, covering an area of 17,339.73 square meters, with residential registrations accounting for 79 units and 11,080.47 square meters [1] - The second-hand home market showed stronger activity, with 786 units registered, totaling 66,653.13 square meters, of which 700 units were residential, covering 62,244.31 square meters [1] Group 2 - As of September 15, 2025, there are 98,339 available new homes for sale, with a total area of 8,254,758.16 square meters, including 44,364 residential units [2] - The data also indicates that there are 224,566 unsold units, with a total area of 12,312,339.94 square meters, including 30,705 residential units [2] - The online signing data for August 2025 shows a total of 15,007 units signed, with a total area of 1,328,728.10 square meters, of which 13,331 units were residential, covering 1,228,780.99 square meters [3]

Core Insights - Shenzhen's real estate market has shown significant growth in both new and second-hand housing transactions following the "9.5 New Policy" implemented on September 5, with notable increases in transaction volumes across various districts [2][3][6]. Group 1: Market Performance - The second-hand housing transaction volume in Shenzhen increased by 27.8% from September 6 to September 14, with districts like Bao'an and Luohu leading the growth at 67.6% and 48.1% respectively [2][3]. - New housing transactions also saw a rise, with 589 units sold in the week of September 8 to September 14, marking a 17.1% increase compared to the previous week and a 37.6% increase year-on-year [6][10]. - The overall second-hand housing market recorded 1,177 transactions during the same week, reflecting an 18.6% week-on-week increase and a 27.0% year-on-year increase [6][10]. Group 2: Price Adjustments - The increase in transaction volumes is attributed not only to policy incentives but also to significant price corrections in the second-hand housing market, making properties more affordable for potential buyers [4][10]. - For instance, a property in Bao'an that was previously priced at over 600 million yuan is now listed at approximately 328 million yuan, indicating a substantial price drop [4]. Group 3: Market Dynamics - The "9.5 New Policy" has effectively expanded the buyer pool by removing purchase restrictions in certain areas, particularly in Luohu, which has seen a surge in demand due to its favorable pricing and mature infrastructure [7][10]. - Despite the current positive trends, there are concerns regarding the sustainability of this demand, as the market is characterized by a high volume of listings and a greater number of price reductions compared to increases [12][11]. Group 4: Future Outlook - Analysts suggest that for the market to stabilize, monthly transactions in the second-hand sector need to consistently exceed 5,000 units, a threshold that has been met sporadically over the past year [13][16]. - The overall sentiment remains cautious, with fluctuations in transaction volumes indicating potential volatility in the market moving forward [16].

Group 1 - In August 2025, the sales prices of new residential properties in first-tier cities decreased by 0.1% month-on-month, with Shanghai increasing by 0.4% while Beijing, Guangzhou, and Shenzhen saw declines of 0.4%, 0.2%, and 0.4% respectively [2] - The sales prices of new residential properties in second-tier cities decreased by 0.3% month-on-month, and in third-tier cities, the decrease was 0.4% [2] - The sales prices of second-hand residential properties in first-tier cities decreased by 1.0% month-on-month, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing declines of 1.2%, 1.0%, 0.9%, and 0.8% respectively [2] Group 2 - Year-on-year, the sales prices of new residential properties in first-tier cities decreased by 0.9%, with Shanghai increasing by 5.9% while Beijing, Guangzhou, and Shenzhen saw declines of 3.5%, 4.3%, and 1.7% respectively [2] - The year-on-year sales prices of new residential properties in second-tier and third-tier cities decreased by 2.4% and 3.7% respectively, with the declines narrowing by 0.4 and 0.5 percentage points [2] - Year-on-year, the sales prices of second-hand residential properties in first-tier cities decreased by 3.5%, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing declines of 3.1%, 2.6%, 6.2%, and 1.9% respectively [3]

Group 1 - In August 2025, the sales prices of new residential properties in first-tier cities decreased by 0.1% month-on-month, with a narrowing decline compared to the previous month [2][3] - The month-on-month decline in new residential property prices for second-tier cities was 0.3%, showing a narrowing of 0.1 percentage points, while third-tier cities saw a decline of 0.4%, which is an increase of 0.1 percentage points [3] - The sales prices of second-hand residential properties in first-tier cities decreased by 1.0% month-on-month, remaining unchanged from the previous month [3] Group 2 - Year-on-year, the sales prices of new residential properties in first-tier cities fell by 0.9%, with a narrowing decline of 0.2 percentage points compared to the previous month [4] - In August, the year-on-year decline for new residential property prices in second-tier and third-tier cities was 2.4% and 3.7%, respectively, with declines narrowing by 0.4 and 0.5 percentage points [4] - The year-on-year decline in second-hand residential property prices in first-tier cities was 3.5%, which is an increase of 0.1 percentage points compared to the previous month [4]

Core Insights - The article highlights the contrasting pricing behaviors between new and second-hand homes in the real estate market, with new homes experiencing significant price reductions while second-hand homes remain relatively stable in price [1][2][3] Market Dynamics - New home prices have decreased by 8% to 15%, while second-hand home prices have only seen a slight decline of 2% to 5% despite a 31% drop in transaction volume for second-hand homes [1][2] - Developers face substantial financial pressure due to high costs associated with land, materials, labor, and interest on loans, leading them to reduce prices to stimulate sales [1][3][6] - In contrast, second-hand homeowners have lower holding costs and are less pressured to sell quickly, allowing them to maintain higher asking prices [2][5] Psychological Factors - The "anchoring effect" influences second-hand homeowners, who are reluctant to sell below their purchase price, often viewing their homes as emotional investments [2][9] - Many second-hand homeowners hold onto the belief that property values will rise again, leading to a reluctance to lower prices [7][12] Information Asymmetry - Developers have access to professional market research, enabling them to adjust strategies quickly, while most second-hand homeowners lack timely market information [3][12] - The speed of information dissemination favors new home price adjustments, while second-hand price changes are often less visible to potential buyers [12][13] Financial Considerations - Developers operate under high leverage and face significant costs if sales are delayed, while second-hand homeowners typically have lower financial burdens, allowing them to wait for better offers [5][6] - The holding costs for developers include various fees and interest, which accumulate rapidly, contrasting with the relatively low costs for second-hand homeowners [9][10] Market Segmentation - The real estate market is characterized by a buyer's market, where buyers have more options, making it crucial for second-hand homeowners to remain competitive in pricing [12] - The disparity in pricing strategies between new and second-hand homes is influenced by differing market conditions across various cities, with first-tier cities showing more resilience in second-hand home prices compared to lower-tier cities [10][12] Long-term Outlook - The sustainability of the current pricing gap between new and second-hand homes is questionable, as market forces will eventually seek equilibrium [12][13] - The article suggests that both developers and second-hand homeowners need to adjust their expectations to align with the evolving real estate landscape [12][13]

Core Viewpoint - The Central City Leading Index (CCL) has shown a weekly increase of 1.2%, reaching 138.74 points, driven by rising expectations of interest rate cuts and fluctuating housing prices [1] Group 1: CCL Performance - The CCL is currently at its third highest level of 2025, just 0.51 points or 0.37% below the year's peak of 139.25 points [1] - Over the past 15 weeks, the CCL has recorded ten increases and five decreases, rising 2.65% from the low of 135.16 points [2] - The CCL Mass index reached 140.77 points, marking a weekly increase of 1.38% and a 57-week high since early August 2024 [2] Group 2: Regional Price Trends - In the New Territories West, the CCL Mass index rose 2.36% to 128.17 points, while Kowloon saw a 2.19% increase to 139.72 points, both reaching their third highest levels of the year [3] - The CCL Mass index for Hong Kong Island decreased by 1.01%, marking a cumulative drop of 2.65% over two weeks [3] - Year-to-date, the CCL has increased by 0.80%, with the CCL Mass up 1.91% and the CCL for large units down 2.73% [3]

Core Insights - The new policy in Shenzhen has effectively stimulated the real estate market, leading to a significant increase in both second-hand and new home transactions [1][9]. Group 1: Second-hand Housing Market - The transaction volume of second-hand homes reached 1,347 units in the week of September 1-7, marking an 8.2% increase compared to the previous week [1]. - The first weekend after the new policy (September 7-8) saw a 37% surge in transaction volume compared to the previous weekend, indicating a direct impact of the policy [1][5]. - The new listings for second-hand homes increased by 15.6%, reaching a three-month high, reflecting enhanced owner confidence [7]. Group 2: New Housing Market - New home registrations rose to 359 units, a 35.5% increase week-on-week, with Bao'an District leading with 108 registrations [4]. - The overall increase in new home registrations varied by district, with some areas benefiting from supply increases or location advantages [4]. Group 3: Market Sentiment and Price Expectations - The market sentiment is stabilizing, with a notable increase in owner confidence and a rational pricing structure, where 22.8% of listings saw price increases while 83.9% saw price reductions [7]. - The overall market is moving towards a "volume increase and price stability" cycle, supported by the new policy's ongoing effects [9].