Core Viewpoint - The Hong Kong property market has shown signs of stabilization, with the "Mei Lun Property Price Index" indicating a year-to-date increase of approximately 0.44% in property prices, marking a shift from decline to growth [1] Group 1: Market Performance - Among the top ten housing estates, seven have seen an increase in average practical price per square foot compared to the end of last year, with the largest increase observed in Huangpu Garden at approximately 8% [1] - The average practical price per square foot for the top ten estates is expected to rise further if favorable measures are introduced in the upcoming Policy Address and if the U.S. implements interest rate cuts [1] Group 2: Price Changes in Specific Estates - The other estates with notable price increases include: - Ocean Park with an increase of about 5.3% - Shatin First City and Lai King City with increases of approximately 2.8% and 2.2% respectively - Mei Foo Sun Chuen, New Town Plaza, and 嘉湖山庄 with increases ranging from about 0.5% to 1.8% [1] - Conversely, three estates experienced price declines, with Ying Wan Garden down approximately 2.9%, and Taikoo Shing and 康怡花园 down about 1.5% and 1.3% respectively [1] Group 3: Price Levels of Specific Estates - Three estates still have average practical prices below HKD 10,000, specifically: - Mei Foo Sun Chuen at approximately HKD 9,630 - Ying Wan Garden at about HKD 9,403 - 嘉湖山庄 at around HKD 8,146 [2] - Newer estates have also performed well, with Park Yoho seeing an average price increase of about 4.6%, surpassing HKD 10,000 [2]

Core Viewpoint - Shenzhen has introduced significant real estate policy changes aimed at optimizing housing purchase restrictions, enhancing corporate purchasing policies, and adjusting personal housing credit policies, reflecting a combination of urban governance and public welfare [1][6]. Group 1: Policy Changes - The new policy allows eligible resident families, including both local and non-local families with certain qualifications, to purchase an unlimited number of properties in specific districts such as Luohu and Baoan [2][3]. - Non-local families without proof of continuous social insurance or income tax payments in Shenzhen can still purchase up to two properties in the same districts [2]. Group 2: Market Reactions - Following the announcement of the new policy, there was a noticeable increase in property viewings and consultations, indicating heightened interest from potential buyers [2][3]. - The number of inquiries at real estate agencies surged, with some agencies reporting the highest consultation levels in nearly 90 days, particularly in the Luohu district [3]. Group 3: Future Expectations - The release of pent-up demand may not be fully realized until the upcoming National Day holiday, suggesting a gradual market recovery [5]. - Analysts believe that the new policies will stimulate market activity, particularly in areas with a high concentration of industrial enterprises, thereby enhancing overall demand [5][6]. Group 4: Strategic Implications - The policy reflects a strategic approach to real estate governance, aiming to stabilize market expectations and boost confidence among buyers [6]. - The timing of the policy rollout aligns with the traditional peak sales period in September and October, which may further enhance its effectiveness [6].

Core Viewpoint - Shenzhen has introduced significant real estate policies aimed at optimizing housing purchase restrictions, corporate purchasing policies, and personal housing credit policies, reflecting a combination of urban governance and public welfare [1][6]. Policy Changes - The new policies allow eligible residents, including local and certain non-local families, to purchase an unlimited number of homes in specific districts such as Luohu and Baoan, while non-local families without proof of continuous social insurance or tax payments can buy up to two homes [2][3]. - The relaxation of purchase restrictions is expected to stimulate market activity, particularly in areas with high rental yields and quality school districts [3][5]. Market Response - Following the announcement of the new policies, there was a noticeable increase in inquiries and property viewings, with some real estate agents reporting a significant rise in client consultations and property showings [2][3]. - The number of consultations for second-hand homes reached the highest level in nearly 90 days, with a 15% increase in viewing numbers compared to the previous eight weeks, particularly in Luohu where viewings surged by 38% [3][4]. Future Expectations - The release of new demand may be more evident during the upcoming National Day holiday, with experts suggesting that the market will not experience drastic fluctuations even with the lifting of restrictions [5][6]. - The policies are expected to enhance market confidence and stabilize expectations, particularly during the traditional peak sales period of "Golden September and Silver October" [6][7]. Broader Implications - The relaxation of corporate purchasing restrictions is anticipated to activate demand in industrial areas, benefiting regions with a high concentration of enterprises [5][6]. - The overall strategy reflects a proactive approach to real estate governance, aiming for targeted and effective policy implementation rather than broad, indiscriminate measures [6][7].

Core Viewpoint - Shenzhen has introduced significant real estate policy changes aimed at optimizing housing purchase restrictions, corporate purchasing policies, and personal housing credit policies, reflecting a combination of urban governance and public welfare [1][6] Group 1: Policy Changes - The new policy allows eligible residents, including both local and non-local families who have paid social insurance or income tax in Shenzhen for over a year, to purchase an unlimited number of homes in specific districts [2][3] - Non-local families without the required proof can still buy up to two homes in the same districts, which include Luohu, Baoan, Longgang, Longhua, Pingshan, and Guangming [2][3] Group 2: Market Reactions - Following the announcement of the new policy, there was a noticeable increase in property viewings and consultations, with some real estate agents reporting a significant rise in client inquiries [2][3] - The number of consultations for second-hand homes reached the highest level in nearly 90 days, with a 15% increase in viewing volume compared to the previous eight weeks, particularly in Luohu where the viewing volume surged by 38% [3][4] Group 3: Future Expectations - The release of new demand may be more evident during the upcoming National Day holiday, with expectations that the policy will stimulate market activity without causing drastic fluctuations [5][6] - The policy is expected to enhance market confidence and stabilize expectations, particularly during the "Golden September and Silver October" period, which is traditionally a peak season for real estate transactions [6]

Core Viewpoint - Shenzhen has introduced significant policy adjustments to its real estate market, aimed at optimizing housing purchase regulations and personal housing credit policies, which are expected to stimulate market activity and meet diverse housing needs [2][3][4]. Policy Adjustments - The new policy reduces the scope of housing purchase restrictions, allowing eligible households in specified districts to purchase an unlimited number of homes, while non-residents with less than one year of social insurance or tax payments can buy up to two homes [2][4]. - The policy will take effect on September 6, 2025, and applies to various districts, with specific rules for different areas [2][4]. Market Response - Following the announcement, there was an increase in inquiries and viewings in the Luohu district, although the growth was not explosive, and some sellers in the secondary market were adjusting their prices [3][4]. - The policy aims to better meet the rigid and diverse housing demands of residents and promote stable development in the real estate market [3][4]. Financial Institutions - Banks are instructed to set mortgage rates without differentiating between first and second homes, allowing for more flexible pricing based on market conditions and client risk profiles [5][6]. Broader Market Context - The real estate market is entering a traditional peak sales season, with expectations of increased activity due to the new policies and upcoming market dynamics [7][9]. - In August, the market showed signs of resilience, with new home sales declining but still maintaining a significant volume, indicating potential for recovery in the following months [8][9].

Core Viewpoint - Shenzhen's recent policy adjustments, particularly the relaxation of purchase restrictions, have exceeded market expectations and are expected to significantly boost market confidence and transaction volumes [1][7][9]. Policy Changes - The new policy has narrowed the purchase restriction areas, with only Futian, Nanshan, and Bao'an's Xin'an Street remaining under restrictions, while areas like Luohu and Bao'an's Xixiang Street are no longer restricted [7][8]. - In other districts, local residents can purchase unlimited properties, while non-residents can buy up to two properties, and certain areas have completely lifted purchase qualification reviews [8]. Market Response - Following the announcement, there was an immediate increase in buyer inquiries and visits to properties, with some projects reporting visitor numbers doubling compared to previous weeks [3][4]. - Specific projects noted a significant uptick in sales, with some reporting multiple transactions within a single morning after the policy announcement [3][4]. Market Sentiment - Industry experts believe that the new policy will enhance market sentiment, encouraging developers to increase supply and buyers to enter the market, thus stimulating demand [9][10]. - The upcoming "Golden September and Silver October" period is anticipated to further amplify market activity, with expectations of a transaction volume increase of over 50% in September [11]. Long-term Implications - The policy is seen as a strategic move to attract buyers from surrounding regions and to stabilize prices in non-core areas, while still maintaining some restrictions in core districts to prevent speculation [9][10]. - The reduction in mortgage rates for second homes is also expected to support demand, particularly from buyers looking for improved living conditions [10].

Core Viewpoint - The implementation of the "Six Policies" in Shanghai has led to a significant increase in buyer interest and market activity in both new and second-hand housing sectors, with expectations for a more stable pricing environment and increased transaction volumes during the traditional peak season of "Golden September and Silver October" [1][12][14]. Group 1: New Housing Market - Following the introduction of the "Six Policies," there has been a notable increase in visitor numbers and sales at new housing projects, with some projects reporting a doubling of weekend viewings [5][9]. - A specific new housing project has seen its sales approach 90% completion, attributed to the removal of purchase restrictions and the ability to use housing provident funds for down payments [6][11]. - The overall visitor volume for key projects increased by over 40%, and the number of contracts signed surged by more than 120% compared to the period before the policy announcement [9][10]. Group 2: Second-Hand Housing Market - The second-hand housing market has also experienced a significant uptick, with daily registrations reaching a three-month high of 1,103 units on August 30, and total transactions for August exceeding 19,900 units, marking a year-on-year increase of approximately 12% [11][12]. - Despite the increase in viewing and consultation volumes, the second-hand market remains competitive, with buyers having more negotiation power due to a surplus of listings [11][12]. - The "Six Policies" have effectively boosted market confidence, leading to increased activity even during what is typically a slower season [11][12]. Group 3: Policy Impact on Financing - The adjustment of the commercial housing loan interest rate mechanism, which no longer differentiates between first and second homes, is expected to alleviate financial burdens for buyers and stimulate demand for improved housing options [13][14]. - Current interest rates for first and second homes in Shanghai are 3.05% and 3.09%, respectively, with the policy change potentially reducing monthly mortgage costs by over 200 yuan for a loan of 1 million yuan [13][14]. - The overall sentiment in the market is optimistic, with expectations for increased activity and stable prices as the market enters the peak season [12][14].

Group 1 - On September 1, 2025, Beijing recorded 356 new home online contracts with a total area of 30,198.09 square meters, including 62 residential contracts covering 8,209.72 square meters [1] - The second-hand housing market saw 488 online contracts with a total area of 43,684.29 square meters, of which 426 were residential contracts covering 40,219.38 square meters [1] Group 2 - As of September 1, 2025, there are 95,996 available pre-sale units with a total area of 8,134,944.61 square meters, including 43,537 residential units covering 5,819,925.93 square meters [2] - The total number of unsold units is 228,781, with an area of 12,410,866.06 square meters, including 31,151 residential units covering 3,728,424.76 square meters [2] Group 3 - In July 2025, there were 14,526 online contracts for existing homes, covering a total area of 1,279,896.03 square meters, with 12,784 of these being residential contracts covering 1,180,633.80 square meters [3]

Core Insights - The average new home price in 65 major cities has increased by 1.51% month-on-month, reaching 7,807 yuan/m² [3][7] - The housing search activity in August 2025 has shown a slight increase of 0.16% compared to the previous month, with first-tier cities seeing a 1.05% rise [5][7] New Home Prices - The average new home prices in major cities are as follows: - Beijing: 56,248 yuan/m² - Shanghai: 27,354 yuan/m² - Guangzhou: 36,480 yuan/m² - Shenzhen: 26,183 yuan/m² - Chengdu: 16,236 yuan/m² - Hangzhou: 27,083 yuan/m² - Chongqing: 11,835 yuan/m² - Xi'an: 18,028 yuan/m² - Suzhou: 55,619 yuan/m² [3][4][23] Housing Search Activity - The housing search activity in first-tier cities increased by 1.05%, with Beijing leading at a 2.61% increase [7][8] - Second-tier cities saw a 0.11% increase, while third-tier cities experienced a 0.20% rise in housing search activity [7][8] Buyer Confidence Index - The buyer confidence index for August 2025 is reported at 86.8, with 27.0% of buyers planning to purchase a home within the next year [16][32] - A significant portion of buyers (58.0%) are looking to purchase their first home, while 24.0% are considering upgrading to a second home [16][32] Price Expectations - Over 56% of buyers anticipate a decline in home prices in September, with 32.0% expecting a decrease of more than 10% [16][15] - The expectations for September's home price trends indicate that 37.0% of real estate agents believe prices will remain stable [32][30] Second-Hand Housing Market - The average listing price for second-hand homes across 65 cities has decreased by 1.66% month-on-month, with an average of 13,185 yuan/m² [19][24] - Major cities' second-hand home prices include: - Beijing: 42,410 yuan/m² - Shanghai: 45,159 yuan/m² - Guangzhou: 32,488 yuan/m² - Shenzhen: 55,407 yuan/m² [21][23] New Listings - The number of new listings in the housing market has decreased by 1.33% month-on-month, with significant declines in major cities such as Beijing (-0.35%) and Shenzhen (-2.60%) [25][26]

Group 1 - The "Six Policies" in Shanghai have led to a significant increase in second-hand housing transactions, with 1,103 units sold on August 30, marking the first time sales exceeded 1,000 in August [1] - The new policies have encouraged improvement-oriented buyers to enter the market, with many properties in the outer ring of Shanghai promoting the removal of purchase restrictions [1][2] - The first weekend after the policy implementation saw a notable increase in buyer activity, with some sales offices reporting a doubling of transaction volumes compared to previous weekends [1][2] Group 2 - The new policies have alleviated the previously heavy wait-and-see sentiment among buyers, leading to a more active market and easing transaction bottlenecks [3] - Some sellers have begun to raise prices following the policy changes, but this may not be well-received by buyers due to the abundance of available listings and increased market transparency [4]