Group 1 - On December 13, 2025, Beijing recorded 178 new home registrations with a total area of 13,927.38 square meters, including 80 residential registrations covering 10,728.95 square meters [1] - The second-hand housing market saw 198 registrations, with 183 being residential, totaling 17,775.99 square meters, of which 16,879.19 square meters were residential [1] Group 2 - As of December 13, 2025, there are 94,132 units of available pre-sale properties, with a total area of 7,924,562.11 square meters, including 41,570 residential units covering 5,711,672.80 square meters [2] - The number of unsold new homes stands at 211,504 units, with a total area of 11,647,897.58 square meters, including 28,984 residential units covering 3,439,284.67 square meters [2] Group 3 - In November 2025, the online signing for existing homes reached 16,217 units, with a total area of 1,405,566.77 square meters, including 14,446 residential units covering 1,295,484.96 square meters [3]

Core Viewpoint - The Central City Leading Index (CCL) has reached 143.45 points, marking a weekly increase of 0.29%, the highest level in 78 weeks since early June 2024, driven by recent property sales in various districts [1] Group 1: CCL Performance - The CCL has been stable around the 143-point level for three consecutive weeks, indicating a competitive market between sellers and buyers [1] - The CCL Mass index is reported at 144.31 points, with a weekly increase of 0.19%, while the CCL for small units is at 143.10 points, up 0.22% [2] - The CCL for large units stands at 145.24 points, reflecting a weekly rise of 0.64%, marking a 71-week high since late July 2024 [2] Group 2: Regional Price Trends - Among four districts, three have seen price increases while one has decreased; specifically, the CCL Mass for Hong Kong Island rose by 2.17%, New Territories East by 0.83%, and New Territories West by 0.62%, while Kowloon fell by 1.70% [3] - The cumulative increase in the CCL for 2025 is 4.22%, with the CCL Mass up 4.47%, CCL for small units up 4.45%, and CCL for large units up 3.12% [3]

Group 1 - Beijing's new housing market saw 221 new homes signed on December 10, with a total area of 43,947.9 square meters, including 89 residential units covering 12,558.95 square meters [1] - The second-hand housing market recorded 757 transactions on the same day, with a total area of 64,576.88 square meters, of which 685 were residential units covering 60,947.75 square meters [1] - As of December 10, 2025, there are 94,497 available new homes, with a total area of approximately 7,991,190.07 square meters, including 42,034 residential units covering 5,777,887.50 square meters [2] Group 2 - The total number of unsold homes stands at 211,789, with an area of approximately 11,671,440.76 square meters, including 29,063 residential units covering 3,450,350.17 square meters [2] - In November 2025, the online signing of existing homes reached 16,217 units, with a total area of 1,405,566.77 square meters, including 14,446 residential units covering 1,295,484.96 square meters [3]

Group 1 - The Hong Kong government's decision to raise the stamp duty threshold from HKD 100 to HKD 4 million has led to a surge in demand for properties priced below HKD 4 million, resulting in a significant increase in market transactions [1][3] - In the first 11 months of this year, there were 12,620 transactions for private residential properties priced below HKD 4 million, representing a 20% increase compared to the total of 10,480 transactions in the previous year, marking the highest level since 2016 [1][4] - The proportion of transactions for properties priced below HKD 4 million has risen to 24% of total transactions, a significant rebound from the low of 3,949 transactions in 2020 and a stark contrast to the less than 10% share during the peak market years of 2019 to 2021 [1][3] Group 2 - In the primary market, developers have launched 17,545 new registrations this year, with 1,873 transactions for properties priced below HKD 4 million, reflecting a 65% year-on-year increase [3] - The secondary market recorded 33,753 transactions this year, with 10,747 transactions (31%) for properties priced below HKD 4 million, a 15% increase compared to the previous year [3][4] - The average price per square foot for properties in Tsuen Wan Center, which has a high concentration of transactions below HKD 4 million, is approximately HKD 9,300, indicating strong demand in this segment [3][4] Group 3 - The current market conditions, including the low stamp duty and recent interest rate cuts, have made rental yields for many properties exceed the interest rate level of 3.25%, creating an attractive investment environment [4] - The market for smaller units (Class A to C) has shown stronger growth, with a 1.8% increase in the first ten months of the year, compared to a 0.9% increase for larger units, highlighting the popularity of lower-priced properties [4] - The total number of transactions for properties priced below HKD 4 million is expected to reach 13,000 by the end of the year, the highest level in 11 years since 2014 [4]

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints - The new - home market shows signs of marginal repair with four consecutive weeks of环比 growth, but the year - on - year readings are under pressure due to high - base effects. The second - hand housing market has certain resilience, though it also experiences fluctuations [1][2]. - There are significant structural differences in the real - estate market across different city tiers. First - tier cities have a mixed performance in new - and second - hand housing, while second - and third - tier cities also show different trends in new - and second - hand housing transactions [3][6]. - The second - hand housing listing prices show a differentiated trend among different city tiers, with first - tier cities stabilizing, and second - and third - tier cities continuing to decline [7]. 3. Summary by Relevant Catalogs 3.1 Weekly Data - **New Homes**: In the week from November 28 to December 4, the transaction area of new homes in 38 cities reached 2.92 million square meters, a 5%环比 increase, and the absolute scale is higher than the past four weeks, indicating a gradual recovery [1]. - **Second - hand Homes**: The transaction area of second - hand homes in 15 cities was 2.14 million square meters, a 3%环比 decline after two weeks of high - level consolidation. However, the trading volume in the past four weeks remained relatively stable [1]. - **Year - on - year**: Affected by high - base effects, both new - and second - hand home transactions declined year - on - year, with the decline in second - hand homes expanding significantly [1]. 3.2 Monthly Data - **New Homes**: In November, the transaction area of new homes in 38 cities decreased by 35% year - on - year, a further decline from the 27% drop in October, mainly due to the high - base effect of the same period last year [2]. - **Second - hand Homes**: In November, the transaction area of second - hand homes in 15 cities decreased by 20% year - on - year, the same as in October, showing stronger resilience compared to the new - home market [2]. 3.3 First - tier City Performance - **New Homes**: The new - home market in first - tier cities continued to recover, with a 7%环比 increase in weekly transactions, but the growth rate narrowed. There was significant differentiation among cities, with Beijing showing a large increase due to a low - base effect, while Guangzhou and Shenzhen declined [3]. - **Second - hand Homes**: The second - hand housing market cooled down, with a 4%环比 decline in the combined transactions of Beijing, Shanghai, and Shenzhen. All three cities experienced declines [3]. - **Year - on - year**: Both new - and second - hand home transactions in first - tier cities declined year - on - year, with the decline in second - hand homes expanding significantly. Shenzhen was particularly affected by the high - base effect [4]. 3.4 Second - and Third - tier City Performance - **Second - tier Cities**: New - home transactions increased slightly by 6%环比, but the recovery momentum was weak. Second - hand home transactions decreased by 7%环比 [6]. - **Third - tier Cities**: New - home transactions increased for three consecutive weeks, with a 3%环比 increase this week. Second - hand home transactions increased by 11%环比, approaching the annual high [6]. - **Year - on - year**: In second - tier cities, the decline in both new - and second - hand home transactions expanded. In third - tier cities, the decline in new - home transactions narrowed marginally [6]. 3.5 Housing Price Observation - **Overall**: From November 24 to December 1, the listing prices of second - hand homes in first - tier cities stabilized, while those in second - and third - tier cities continued to decline [7]. - **First - tier Cities**: Shenzhen's listing price rebounded, while other first - tier cities declined. Guangzhou had the deepest year - on - year decline [7]. - **Second - tier Cities**: Xi'an and Wuhan had relatively strong环比 performance, but their long - term prices were still in a downward adjustment channel. Hangzhou was relatively resistant to decline [7].

Core Insights - The second-hand housing market in Hangzhou has ended a seven-month decline with a 10.6% month-on-month increase in transactions, totaling 6,561 units in November, although it still represents a 37.1% year-on-year decrease [2] - The average transaction price for second-hand residential properties in November was 26,114 yuan per square meter, reflecting a 2.5% decrease from October and a 13.8% decrease compared to the same month last year [2] - The increase in transactions is attributed to a low base effect from the October holiday, indicating that the market remains relatively cold [2] Transaction Structure - The proportion of transactions for properties priced below 2 million yuan increased by 2% to 53.3%, marking a seven-year high [2] - The share of transactions for properties sized between 60-90 square meters rose by 0.6%, while those sized between 120-140 square meters increased by 0.8%, with other price ranges seeing declines [2] Market Performance by District - Among the top 20 communities by transaction volume, 16 had average prices below 30,000 yuan per square meter, with 11 below 20,000 yuan per square meter [3] - The top-selling community, Zhongtian Lufu in Lin'an, sold 22 units at an average price of 10,520 yuan per square meter [3] - The community Jiangxiang Yunlu in Xiaoshan sold 19 units at an average price of 15,084 yuan per square meter, despite a month-on-month decline of 8.2% [3] Notable Trends - School district properties showed significant performance, with the Wuhua Xiaokang residential area achieving 13 transactions, a 550% increase, at an average price of 32,702 yuan per square meter [4] - The well-known "Mengmu Pan" community, Wendingyuan, recorded 12 transactions with a notable price drop from 50,000 yuan per square meter to 46,000 yuan per square meter, indicating a shift in buyer sentiment [4][5] Market Outlook - Despite the uptick in transactions for affordable and school district properties, the overall market sentiment remains cautious, with expectations of continued low transaction volumes in December [5]

Core Insights - Hangzhou's second-hand housing market shows signs of recovery in November after seven consecutive months of decline, with a transaction volume of 6,561 units, representing a month-on-month increase of 10.6%, but still down 37.1% year-on-year [1][2] Group 1: Market Performance - The average transaction price for residential properties in Hangzhou in November was 26,114 yuan per square meter, down 2.5% month-on-month and 13.8% year-on-year [2] - The top 20 communities by transaction volume saw a significant reshuffle, with many previously low-profile, affordable housing projects gaining attention due to price adjustments, leading to a resurgence in transaction volumes [4] Group 2: Buyer Preferences - First-time homebuyers dominate the market, with properties priced below 3 million yuan accounting for 71.6% of transactions, an increase of 0.4 percentage points from October [4] - The trend indicates a preference for larger units within lower total price brackets, as buyers seek to enhance living quality [4] Group 3: School District Properties - School district properties experienced unexpected popularity in November, typically a peak season from March to May, with significant sales in communities like Jindi Zizai City, which sold 32 units at an average price of 29,232 yuan per square meter [5][6] - The price characteristics of school district properties show that larger units tend to have lower per-square-meter prices, appealing to families with specific educational needs [5][6]

Core Insights - The Shenzhen real estate market has shown significant growth in both new and second-hand housing transactions in 2025, with total transactions reaching 111,519 units from January to November, marking a 12% year-on-year increase and the highest level in five years [1][3] Group 1: Market Performance - New housing transactions in November reached 3,624 units, representing an 8.1% month-on-month increase, while second-hand housing transactions exceeded 5,000 units, indicating a steady recovery in market confidence and activity [1][3] - The continuous increase in transaction volume for second-hand homes has been observed for nine consecutive months, with November's volume rising to 5,762 units, suggesting a stabilization phase for the market [5] Group 2: Factors Influencing Market Growth - The increase in transaction volume is attributed to a combination of policy support, urban development benefits, and seasonal market dynamics. Recent policy adjustments, such as the relaxation of purchase restrictions, have lowered entry barriers for buyers [3] - The announcement of the 2026 APEC conference to be held in Shenzhen has boosted market confidence regarding the city's development potential and core asset values, particularly in high-demand areas like Shenzhen Bay and Houhai [3] - The traditional peak season for property transactions at the end of the year has also contributed to the uptick in activity, as buyers aim to finalize purchases before the year-end and developers offer incentives to boost sales [3] Group 3: Market Segmentation - The transaction volume is heavily concentrated in core districts such as Longgang, Futian, and Nanshan, which account for 92.3% of total transactions, while peripheral areas face pressure [7] - There is a notable demand pattern emerging, characterized by strong interest in both entry-level and luxury properties, with the Longgang Central City area leading in transaction volume for affordable housing, while high-end segments in Nanshan also show robust performance [7]

Core Viewpoint - The emergence of low-priced housing along Youth Street in Shenyang reflects a significant shift in the real estate market, indicating that the era where properties could rely solely on prime locations for value is over. Future property values will depend on a combination of location scarcity, product quality, and lifestyle integration [11][18]. Group 1: Market Trends - Recently, there has been a surge in low-priced housing listings in Shenyang, with properties near Youth Street being advertised for as low as 10,000 to 20,000 yuan [3][5]. - The average transaction prices for older properties in the area have dropped significantly, with some units selling for as low as 3,545 yuan per square meter [5][11]. Group 2: Property Characteristics - Many of the low-priced listings are for older properties, often over 20 years old, which face challenges such as lack of elevators, outdated layouts, and poor property management [11][13]. - Properties like those in Guangchang Community have been sold at prices that reflect their age and condition, with some units being sold for as low as 13,000 yuan total [5][11]. Group 3: Market Dynamics - The overall second-hand housing market in Shenyang has seen a decline, with a 0.2% decrease in prices in October, ranking third in terms of price drop among 70 cities [11][12]. - The trend of low-priced housing is a response to the market's downward adjustment, as homeowners seek to liquidate assets in a challenging economic environment [11][15]. Group 4: Future Outlook - The future value of properties in prime locations like Youth Street will be closely tied to urban renewal plans and infrastructure upgrades expected to be completed by 2030 [16]. - Buyers are now faced with a choice between investing in older properties in established areas for potential renovation benefits or opting for newer developments in emerging districts [18].

Group 1 - On December 1, 2025, Beijing recorded 289 new home online signings with a total area of 16,024.73 square meters, including 64 residential signings covering 9,050.34 square meters [1] - The second-hand housing market saw 531 online signings, with a total area of 45,752.41 square meters, of which 452 were residential signings covering 42,129.62 square meters [1] - The total number of available new homes for sale is 96,961 units, with a total area of 8,070,241.24 square meters, including 42,102 residential units covering 5,803,678.63 square meters [2] Group 2 - As of December 1, 2025, there are 208,898 unsold units with a total area of 11,534,818.72 square meters, including 29,055 residential units covering 3,423,566.73 square meters [2] - The online signing for existing homes in October 2025 reached 13,595 units, with a total area of 1,167,466.88 square meters, including 12,087 residential units covering 1,083,486.46 square meters [3]