Investment Rating - The report suggests a low valuation in the real estate sector, recommending to accumulate real estate stocks on dips [5]. Core Viewpoints - The real estate market is experiencing a downturn, with A-share real estate down by 2.3% and Hong Kong real estate down by 2.8% in the week of October 11-17 [1]. - The land market's premium rate is at a low level, with an average premium rate of 3% for residential land transactions in 300 cities [1]. - New housing sales in 47 cities totaled 402 million square meters, showing a week-on-week increase of 165% but a year-on-year decrease of 20% [2]. - The average opening sales rate for projects in September increased by 10 percentage points year-on-year to 39% [3]. - The new long-term loans for residents in September increased by 250 billion yuan, indicating a rebound in financing [4]. Summary by Sections Market Performance - A-share real estate sector ranked 15th with a decline of 2.3%, while Hong Kong real estate ranked 8th with a decline of 2.8% [1][17]. - The property service and management index in Hong Kong fell by 2.4%, while the Hang Seng China Enterprises Index dropped by 3.7% [22]. Land Market - In the week of October 11-17, 2025, the total area of residential land sold in 300 cities was 859 million square meters, a week-on-week increase of 26% but a year-on-year decrease of 46% [25]. - The cumulative area of residential land sold from the beginning of 2025 to now is 32,117 million square meters, down 10.2% year-on-year [25]. New Housing Sales - In the week of October 11-17, 2025, new housing sales in 47 cities totaled 402 million square meters, with a week-on-week increase of 165% but a year-on-year decrease of 20% [32]. - Sales in first-tier cities increased by 182% week-on-week but decreased by 31% year-on-year [35]. Second-hand Housing Sales - In the same week, second-hand housing sales in 22 cities totaled 266 million square meters, with a week-on-week increase of 182% but a year-on-year decrease of 18% [41]. - First-tier cities saw a week-on-week increase of 181% but a year-on-year decrease of 21% [41]. Financing Trends - The new long-term loans for residents in September amounted to 250 billion yuan, reflecting a year-on-year increase of 200 billion yuan [4][14]. - The cumulative new long-term loans from January to September decreased by 13.6% year-on-year, but the decline has narrowed compared to previous months [15].

Market Overview - The real estate market has transitioned from a "supply-demand imbalance" to a "value-oriented" phase, emphasizing careful selection of properties [1] - There is a clear market differentiation: properties in core cities with quality locations, educational resources, and convenient transportation maintain strong resilience, while suburban areas with oversupply face challenges [1] Policy Implications - The policy stance of "housing is for living, not for speculation" remains unchanged, but measures such as "recognizing houses, not loans," lowering down payments, and relaxing interest rates are gradually releasing reasonable demand [1] Investment Strategy - Future real estate investments should focus on the dual attributes of "self-occupation and value preservation" [1] - Buyers are encouraged to assess their needs and repayment capabilities rationally to avoid excessive leverage [1] - For clients looking to upgrade, the current low-interest rate environment presents an opportunity for strategic property exchanges [1] Rental Market Trends - The rental market is gaining attention due to population mobility and changing living concepts, with increasing demand for long-term and quality rental housing [1] - Professional institutional management is expected to become a trend in the rental market [1] Professional Commitment - The industry emphasizes the importance of integrity and professional empowerment to build long-term trust with clients [1] - The belief is that while the real estate market may not always rise, professionalism and responsibility will always hold value [1]

近期，惠州市住建局在官网发布《关于2025年度查处第三批违法违规房地产开发企业、中介机构名单的 公告》（下称"公告"）。对2025年度第三批惠州各县（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进行公告。 此次，惠州住建局通报10家违法违规企业中，包括开发企业5家，中介机构5家，整改处理情况显示，有 8家被通报的企业已经整改，2家企业被责令限期整改。 | 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、 | 整改处理情况 | | --- | --- | --- | --- | | | | 涉及人数、涉及金额等内容) | | | | 惠州阳光新都房地 | 该公司开发的星河丹堤花园项目销售现场公示 | | | 1 | 产开发有限公司 | 资料不规范,未按规定要求公示商品房销售进 已整改 | | | | | 度控制表,签署销售流程监督表不规范。 | | | | | 该公司开发的新祺园项目销售现场公示资料不 规范,未按规定要求公示2025年度惠阳区义 | | | 2 | 惠州市惠百川实业 | 务教育学习招生工作方案及学区划分分布图、 | 已整改 | | | 发展有限公司 ...

Core Viewpoint - The Hong Kong property market has benefited from interest rate cuts and rising rents, leading to increased willingness among "rent-to-buy" users and long-term investors to enter the market. The first ten months of this year saw a significant increase in residential property registrations, reaching a four-year high [1]. Summary by Category Overall Market Performance - In the first ten months of this year (up to October 16), Hong Kong recorded 51,353 residential property registrations, a 10.2% increase from 46,603 registrations during the same period last year, marking the highest number for this timeframe in four years [1][4]. Registration by Price Segment - Residential properties priced at HKD 5 million or below recorded 24,645 registrations, up 16.9% from 21,080 last year, making it the most registered category and showing the most significant growth. This increase is attributed to the adjustment in the stamp duty threshold in February [3][4]. - Properties priced between HKD 5 million and HKD 10 million saw 19,182 registrations, a 6.3% increase from 18,052 last year [4]. - Properties priced over HKD 10 million recorded 7,526 registrations, a slight increase of 0.7% from 7,471 last year [4]. Performance by District - The New Territories recorded the highest number of registrations at 26,419, a 15% increase from 22,966 last year [5]. - The Hong Kong Island district saw a significant increase of 21.6%, with 9,850 registrations compared to 8,100 last year, marking the highest growth among the three districts [5]. - In contrast, the Kowloon district experienced a decline, with 15,084 registrations, down 2.9% from 15,537 last year [5].

Core Insights - The Central Plains City Leading Index (CCL) reached 141.92 points, marking a week-on-week increase of 1.18%, the highest in 68 weeks since June 2024, following the first week after the interest rate cut on September 18 [1] - All eight major indices have risen, marking the first time since July 2025 that all indices have recovered from their declines this year, with a cumulative increase of 1.41% over two weeks [1] - The CCL is projected to reach 143.02 points in Q4, only 1.10 points or 0.78% away from the current level [1] Price Trends - The CCL has increased by 3.11%, with the CCL Mass up by 3.90%, CCL for small units up by 3.64%, and CCL for large units up by 0.53% [1] - Price increases were observed across various regions, with Hong Kong Island up by 4.26%, Kowloon by 5.22%, New Territories East by 5.53%, and New Territories West by 0.36% [1] Historical Context - Since May, the CCL has risen 5.00% from a low of 135.16 points, and 5.21% from a low of 134.89 points before the 2025 budget announcement [2] - The index is down 25.83% from its historical high of 191.34 points in August 2021 [2] Recent Developments - The CCL Mass index reported 143.52 points, with a week-on-week increase of 1.06%, and the CCL for small units at 141.99 points, up 1.03% [3] - The CCL for large units reached 141.59 points, marking a 1.97% increase and the highest in 35 weeks since February 2025 [3] - Regional indices showed significant increases, with Hong Kong Island CCL Mass at 144.48 points (up 0.43%), Kowloon at 140.80 points (up 2.02%), New Territories East at 156.59 points (up 0.10%), and New Territories West at 128.82 points (up 1.05%) [3]

Core Insights - The transaction volume in Hong Kong's second-hand market for subsidized housing and public housing in Q3 recorded 691 transactions, a decrease of approximately 26.6% from 941 transactions in Q2, marking a seven-quarter low [1] Market Performance - The second-hand market for subsidized housing accounted for 520 transactions (approximately 75.3%) in Q3, with the highest transaction volume in Tin Shui Wai's Tin Shing Court, recording 18 transactions at an average price of about HKD 3.57 million [1] - The public housing segment recorded 171 transactions (approximately 24.7%) in Q3, with the highest volume in Sham Shui Po's Lee Cheng Uk Village, which had 13 transactions at an average price of about HKD 1.71 million [1] Future Outlook - Analysts expect a significant increase in transactions in the second-hand market in Q4, driven by the recent approvals sent to successful applicants of the "White Form Secondary Market Scheme 2024," potentially surpassing 1,000 transactions [1]

Core Insights - The overall property registration in Hong Kong for the first ten months of this year reached 60,095, marking a 9.7% increase from 54,780 registrations in the same period last year, achieving a four-year high [1][2] Group 1: Residential Property - The registration of residential properties, including both new private homes and second-hand residences, totaled 50,483, which is an 8.3% increase from 46,603 registrations in the same period last year [1] Group 2: Non-Residential Property - The registration of commercial properties reached 3,565, reflecting a significant increase of 30.7% compared to 2,728 registrations last year [2] - Conversely, the registration of parking spaces and other properties totaled 4,037, showing a slight decrease of 1.9% from 4,114 registrations in the same period last year [2] Group 3: Market Influences - Positive factors for the Hong Kong property market this year include the adjustment of stamp duty thresholds and the relaxation of investment thresholds for new capital investors, alongside a reduction in the prime interest rate by major banks [1] - However, fluctuating Sino-American relations pose uncertainties for the market outlook [1]

记者查询多家机构发布的最新统计数据发现，国庆中秋长假后，深圳二手房市场的活跃度快速回升。 深圳贝壳研究院最新监测的数据显示，10月12日贝壳深圳合作门店二手房签约量创下"905新政"以来的 单日新高，与新政出台首周周日（9月7日）相比增长12%。上周，深圳二手房市场回归常态，买卖双方 入市意愿同步增强，直接推动成交快速回升。据深圳贝壳研究院数据统计，上周（10月6日至10月12 日）贝壳深圳合作门店二手房签约量较前一周（9月29日至10月5日）增长44%，这一增幅创下今年2月 底以来的最高水平。 乐有家研究中心的数据也显示，上周深圳楼市活跃度明显提升，乐有家门店二手住宅看房量环比上涨 26%，签约量环比上涨17%，周度看房量达到3月底以来的最高值，签约量也处于高位。新政效应叠加 年底购房旺季，有望迎来翘尾行情。 编辑：王菁 不过，尽管成交量迅速回升，但记者在多家二手房中介门店采访时，多位房产中介经理表示，对于需求 相对明确的客户，决策速度和信心都有明显提升，与此同时，目前深圳二手房市场还是"以价换量"，价 格变化不大。 中原地产首席分析师张大伟分析称，今年以来全国新房市场整体平稳，但二手房市场仍以"以价换量" ...

Core Insights - The Shenzhen second-hand housing market has seen a rapid recovery in activity following the National Day and Mid-Autumn Festival holidays, with significant increases in transaction volumes reported by various research institutions [1][2]. Group 1: Market Activity - According to Beike Research Institute, the number of second-hand home transactions on October 12 reached a new daily high since the implementation of the "905 New Policy," showing a 12% increase compared to the first Sunday after the policy was introduced on September 7 [1]. - The total number of second-hand home transactions in Shenzhen for the week of October 6 to October 12 increased by 44% compared to the previous week, marking the highest growth rate since February of this year [1]. - The LeYoujia Research Center reported a 26% increase in viewing activity and a 17% increase in transaction volume for second-hand homes, with viewing numbers reaching their highest level since March [1]. Group 2: Policy Impact - The Shenzhen Real Estate Brokerage Association noted that the rapid recovery in transaction volumes is attributed to the effective implementation of the new policy in September, which has improved market expectations and activated demand [2]. - The association anticipates that the continued release of policy effects, combined with the traditional sales peak in the fourth quarter, will maintain high transaction volumes in the Shenzhen housing market [2]. Group 3: Market Sentiment - Despite the increase in transaction volumes, real estate agents indicated that the market is still characterized by "price for volume," with little change in prices [2]. - Analysts from Zhongyuan Real Estate and China Index Academy suggest that the second-hand housing market remains cautious, with prices under downward pressure due to high listing volumes, indicating that a full recovery in market confidence will require both policy support and improvements in the economic fundamentals [2][3].

Group 1 - The core viewpoint of the articles indicates a significant rebound in the Shenzhen second-hand housing market following the National Day and Mid-Autumn Festival holidays, driven by the effects of new policies and seasonal demand [1][2]. - According to Beike Research Institute, the second-hand housing transaction volume in Shenzhen reached a daily high of 905 units on October 12, marking a 12% increase compared to the first week after the new policy was implemented [1]. - The transaction volume for the week of October 6 to October 12 increased by 44% compared to the previous week, representing the highest growth rate since February of this year [1][2]. Group 2 - The Shenzhen Real Estate Brokerage Association reported a total of 1,219 second-hand housing transactions last week, reflecting a remarkable 233.1% increase week-on-week, with daily transactions exceeding 300 units in the first two days after the holiday [2]. - The market is experiencing a "price-for-volume" trend, where prices remain stable despite increased transaction volumes, indicating a cautious buyer sentiment [2][3]. - Analysts suggest that while the market is showing signs of recovery, the overall confidence remains low, with the market confidence index for September at -0.85, indicating a prolonged period of market stagnation [3].