Core Viewpoint - Meilun Group (01200.HK) anticipates a significant increase in profit for the fiscal year ending December 31, 2025, with a preliminary review indicating a profit before tax of approximately HKD 460 million for the 11 months ending November 30, 2025, which is over 20% higher than the profit of approximately HKD 371 million for the full year ending December 31, 2024 [1] Group Performance - The expected profit increase is primarily attributed to strong performance across all business units, particularly in "Meilun Property" and "Hong Kong Property" [1] - The growth is driven by several factors: - Successful implementation of management measures during the ongoing recovery of the residential market [1] - Increased market share in both primary and secondary residential markets [1] - Continuous efforts to enhance operational efficiency and focus on retaining and attracting top talent to provide quality service to clients [1]

数据显示，截至1月27日，上海全市二手住宅挂牌量约为33.68万套，连续4个月下降。第一财经记者走 访徐汇、浦东等区域的中介门店了解到，近期门店交易量明显增长，成交结构也出现变化，有中介透 露，千万级改善型房源成交占比有所提升。此外，当前市场议价空间也大幅收窄，此前砍价10%的情况 已难再现。随着供需趋于平衡，上海二手房市场正进一步企稳。更现场、更财经，一探究竟！ 数据显示，截至1月27日，上海全市二手住宅挂牌量约为33.68万套，连续4个月下降。第一财经记者走 访徐汇、浦东等区域的中介门店了解到，近期门店交易量明显增长，成交结构也出现变化，有中介透 露，千万级改善型房源成交占比有所提升。此外，当前市场议价空间也大幅收窄，此前砍价10%的情况 已难再现。随着供需趋于平衡，上海二手房市场正进一步企稳。更现场、更财经，一探究竟！ ...

Core Viewpoint - The second-hand housing market in major cities, particularly Shanghai and Beijing, is experiencing a significant decline in listing volumes, indicating a shift in market dynamics and potential stabilization in prices [4][5][6]. Group 1: Market Trends - Shanghai's second-hand housing listings have decreased to approximately 336,800 units as of January 27, 2026, marking a continuous decline over four months and returning to levels seen in February 2025 [4]. - The Shanghai Lianjia platform reports a 20% reduction in second-hand housing inventory compared to January 2025, with transaction volumes increasing by 15% month-on-month as of January 20, 2026 [5]. - In Beijing, the second-hand housing listings have dropped from 143,200 units in September 2025 to 125,300 units, reflecting a broader trend of declining new listings across major cities [6]. Group 2: Seller Behavior Changes - Many homeowners are opting to withdraw their listings or convert sales to rentals due to persistent price pressures and market uncertainty, with some reporting that rental yields can reach 3.3% to 3.5% [8][11]. - A notable case involves a homeowner who, after multiple price reductions, chose to withdraw her property from the market, indicating a shift in mindset among sellers who are now more reluctant to sell at lower prices [8][11]. Group 3: Factors Influencing Listing Decline - Analysts attribute the decline in listings to a combination of factors, including a slowdown in new listings and an acceleration in transaction speeds, leading to a gradual consumption of existing inventory [11]. - The market is witnessing a transition where sellers are less willing to accept significant price cuts, suggesting a potential stabilization in housing prices as the downward pressure eases [11][12]. - The overall transaction volume in Shanghai reached a four-year high of 254,000 units in 2025, with expectations for continued strong performance in early 2026, driven by high-value properties entering the market [12].

近期，国家金融监管总局、公安部披露的典型案例显示，一条以"代购买房"为掩护、实则从事变相高息放 贷的灰色产业链逐渐浮出水面。 该模式通过"垫资购房、抵押套贷"的复杂流程，向借款人收取远超法定红线的综合费用，实际年化利率普 遍超过36%。 2026.01. 27 本文字数：3600，阅读时长大约6分钟 作者 | 第一财经 王方然 业内分析认为，"高评高贷"是该模式的核心操作手法。随着市场变化，这类业务已从早期的房产销售辅助 手段，逐渐演化为有组织的金融套利链条。部分中介机构通过操控评估流程、包装贷款材料与调度资金路 径，形成一条完整的非法牟利通道。 尽管在持续高压监管下，公开宣传此类业务的中介机构明显减少，但第一财经记者近日调查发现，仍有部分 中介机构通过隐蔽渠道，承诺可办理"零首付""超贷"等业务，违法违规操作依然存在。 值得关注的是，司法实践已取得突破性进展。在最新案例中，法院首次将中介在"垫资""助贷"等环节收取 的各类浮动费用，统一纳入"非法放贷利息"范畴，并以非法经营罪对涉案机构及人员进行定罪量刑。 利用"代购买房"变相放贷 国家金融监管总局近期通报了多起金融"黑灰产"典型案例，其中曝光一种以"代购买 ...

二手房挂牌量出现新趋势 北京上海变化显著 随着核心城市二手房市场成交持续回暖，部分城市二手房挂牌量正在悄然下降。 以上海为例，随着新增挂牌量放缓、成交速度加快，上海的二手房总体挂牌量已基本回归至去年2月份 水平，前期堆积的库存正在逐步消化。上海链家称，该平台二手房库存挂牌量已连续9个月下降。 "尽管各家中介机构对于'净下降'的绝对值统计数据略有不同，但大家对于'挂牌量迎来下行趋势'已经达 成共识。"上海中原地产资深分析师卢文曦表示。 在经历了长达数年的价格博弈后，越来越多房东开始拒绝继续"拼低价出货"，他们或是撤牌，或是由售 转租，这些心态与行为的变化，正在改变二手房市场的供求关系与价格趋势。 京沪二手房挂牌量同步回落 作为房地产市场的"风向标"，上海二手房市场挂牌量已经出现持续性回落。 根据"网上房地产"(由上海市房地产交易中心主办)数据，截至2026年1月27日，上海全市二手住宅挂牌 量约为33.68万套(含"一房多挂"，即同一套房源在多个平台重复统计)，这一数字已连续4个月下降，目 前已基本回归至去年2月份水平，前期高位堆积的库存正在逐步消化。 上海链家平台的监测数据也印证了这一趋势。上海链家近日披露， ...

随着核心城市二手房市场成交持续回暖，部分城市二手房挂牌量正在悄然下降。 以上海为例，随着新增挂牌量放缓、成交速度加快，上海的二手房总体挂牌量已基本回归至去年2月份 水平，前期堆积的库存正在逐步消化。上海链家称，该平台二手房库存挂牌量已连续9个月下降。 上海链家称其平台上的二手房库存挂牌量已连续9个月下降。 "尽管各家中介机构对于'净下降'的绝对值统计数据略有不同，但大家对于'挂牌量迎来下行趋势'已经达 成共识。"上海中原地产资深分析师卢文曦表示。 在经历了长达数年的价格博弈后，越来越多房东开始拒绝继续"拼低价出货"，他们或是撤牌，或是由售 转租，这些心态与行为的变化，正在改变二手房市场的供求关系与价格趋势。 京沪二手房挂牌量同步回落 作为房地产市场的"风向标"，上海二手房市场挂牌量已经出现持续性回落。 根据"网上房地产"（由上海市房地产交易中心主办）数据，截至2026年1月27日，上海全市二手住宅挂 牌量约为33.68万套（含"一房多挂"，即同一套房源在多个平台重复统计），这一数字已连续4个月下 降，目前已基本回归至去年2月份水平，前期高位堆积的库存正在逐步消化。 上海链家平台的监测数据也印证了这一趋势。上海 ...

近日，惠州市住房和城乡建设局在官网发布《关于2025年度查处第四批违法违规房地产开发企业、中介 机构名单的公告》，对2025年度第四批惠州各县（区）住建部门组织查处的房地产开发企业、中介机构 违法违规及行业乱象行为向社会进行公告。 具体到违法违规行为上，开发企业惠东县宝安金岸房地产开发有限公司，开发的虹海湾花园项目未在规 定时间内为业主办理商品房买卖合同网签备案。惠州市升平营销策划有限公司等四家公司存在未按规定 在房地产主管部门备案的违规违法行为。东莞市铺先生网络科技有限公司惠州淡水分公司等三家公司， 备案证书过期。惠州市华梦房地产经纪有限公司，未在其门店醒目位置公示房地产经纪机构备案证书。 此次惠州住建局通报9家违法违规企业中，包括1家开发企业，8家中介机构。整改处理情况显示，5家已 整改完毕，4家被责令限期整改。 | 序号 | 企业机构名称 | 具体违法违规及行业乱象行为(含主要问题,涉及人数、 | 整改处理情况 | | --- | --- | --- | --- | | | | 涉及金额等内容) | | | 1 | 惠东县宝安金岸房地产开 | 核公司开发的虹海湾花园项目未在规定时间内为业主办理 | 已整 ...

Summary of Conference Call Notes Company and Industry - The conference call discusses the real estate market performance of "我爱我家" (Woya Home) in January 2026, focusing on the second-hand housing market in five core cities in China [1][2]. Key Points and Arguments - **Beijing Market Performance**: - Transaction volume and viewings increased by approximately 10-15% compared to December 2025 [1][2]. - The top two real estate agencies in Beijing also reported a similar increase in transaction volume [1]. - **Shanghai Market Performance**: - Transaction volume rose by approximately 25-30%, while viewings increased by about 10-15% [1][2]. - **Hangzhou Market Performance**: - Transaction volume increased by approximately 10-15%, with viewings rising by 5-10% [1][2]. - **Nanjing Market Performance**: - Transaction volume grew by approximately 20-25%, and viewings increased by 10-15% [1][2]. - **Suzhou Market Performance**: - Transaction volume rose by approximately 15-20%, with viewings also increasing by 15-20% [1][2]. - **Year-on-Year Comparison**: - Compared to January 2025, Beijing's transaction volume increased by approximately 40-45%, and viewings rose by 30-35% [2]. - Shanghai's transaction volume increased by approximately 35-40%, with viewings rising by 45-50% [2]. - Hangzhou's transaction volume increased by approximately 5-10%, while viewings rose by 45-50% [2]. - Nanjing's transaction volume increased by approximately 30-35%, and viewings rose by 40-45% [2]. - Suzhou's transaction volume saw a significant increase of approximately 35-40%, with viewings skyrocketing by 110-120% [2]. - **Listing Volume**: - Compared to the end of December 2025, listing volumes in Beijing and Shanghai decreased by about 3%, while Hangzhou remained stable [2]. Other Important Information - The data reflects a strong recovery in the second-hand housing market across major cities, indicating potential growth opportunities in the real estate sector [1][2]. - The significant year-on-year increases, especially in Suzhou, suggest a robust demand and possibly a shift in market dynamics [2].

Core Viewpoint - The recent policy adjustments in Beijing's real estate market have led to a significant increase in transaction volumes and market activity, although disparities between regions and projects remain evident [1][2][4]. Policy Changes - The new policies include lowering social security requirements, supporting multi-child families in purchasing additional homes, eliminating distinctions between first and second home mortgage rates, reducing down payment ratios for public housing loans, and optimizing the business environment [2]. Market Performance - After one month of the new policies, the transaction volume for second-hand homes increased by 33% compared to the previous month, with new home market activity also showing signs of stabilization, as evidenced by an average of 96 daily registrations for new residential properties [2][5]. - The market's active engagement is reflected in a 14% increase in new customer inquiries and an 18% rise in property viewings [2]. Factors Influencing Market Trends - Three main factors contributing to the market's warming include improved market expectations due to recent policy announcements, concentrated signing of contracts following the policy changes, and seasonal trends that typically see a natural uptick in activity during the first quarter [3]. - The current market is primarily driven by first-time buyers, with a notable focus on entry-level housing, particularly in suburban areas and secondary centers [3]. Regional Disparities - There is a structural differentiation in market performance, with premium projects in core areas benefiting significantly from the new policies, while suburban and non-core projects show relatively flat performance [4]. - The recent decline in the number of second-hand homes listed for sale indicates a stabilization in owner expectations, suggesting early signs of market bottoming [4]. Long-term Market Outlook - The overall market is expected to continue a slow recovery, with second-hand homes dominating the market, accounting for 81% of total transactions in 2025 [5]. - The price structure is showing a downward trend for second-hand homes while new homes are becoming more expensive, indicating a growing financial barrier for "selling old to buy new" transactions [6]. - The policy environment is anticipated to remain supportive, with ongoing adjustments in purchasing qualifications and financial support, which may gradually improve market demand expectations [6].

Core Viewpoint - The recent policy adjustments in Beijing's real estate market have led to a significant increase in transaction volumes and market activity, particularly in the second-hand housing sector, although regional and project-level disparities remain evident [1][2][4]. Policy Changes - The new policies include lowering social security requirements, supporting multi-child families in purchasing additional homes, eliminating distinctions between first and second home mortgage rates, reducing down payment ratios for public housing loans, and optimizing the business environment [2][3]. Market Performance - After one month of the new policy implementation, the transaction volume for second-hand homes increased by 33% compared to the previous month, with new customer inquiries and property viewings rising by 14% and 18%, respectively [2][3]. - The average daily registration of new residential properties reached 96 units, marking a 4.3% increase from the period before the policy change [2]. Market Dynamics - The warming market is attributed to improved market expectations, concentrated signing of contracts post-policy, and seasonal trends that typically see a natural uptick in activity during the first quarter [3][4]. - First-time buyers are currently the dominant force in the market, with a notable preference for entry-level housing, particularly in suburban areas and secondary centers [3][4]. Regional Disparities - There is a structural differentiation in market performance, with premium projects in core areas benefiting significantly from the new policies, while suburban and non-core projects show relatively flat performance [4][5]. - The number of second-hand residential listings has decreased, indicating a stabilization of owner expectations and early signs of market bottoming [4]. Future Outlook - The overall market is expected to continue its slow recovery, with second-hand homes dominating the market, accounting for 81% of total transactions in 2025 [5][6]. - The market is characterized by a significant divide between new and second-hand homes, with new properties targeting higher-end buyers while second-hand homes are trending towards lower price points [5][6]. - The policy environment is anticipated to remain supportive, with ongoing adjustments in purchasing qualifications and financial support, which may gradually improve market demand expectations [6].