Core Viewpoint - The recent National Day holiday in Shenzhen saw a temporary boost in the real estate market due to the "9·5 housing policy" implemented a month prior, but overall transactions remain under pressure compared to last year [2][6][8] Market Performance - From October 1 to 8, Shenzhen recorded 183 new residential registrations, a year-on-year increase of 25.34%, but a month-on-month decrease of 52.09% [2] - The second-hand housing market showed significant weakness, with only 73 registrations during the same period, reflecting a month-on-month drop of 93.71% and a year-on-year decline of 71.71% [2][6] - Various real estate agencies reported increases in viewing and signing activities during the holiday, with some agencies noting a 22% rise in second-hand housing contracts and a 131% increase in new housing contracts [3][4] Sales Data - Popular new projects achieved significant sales during the holiday, with the Pengchen Yunzhu project selling over 120 units for a total of 800 million yuan, and other projects also reporting strong sales figures [5] - The Beike Research Institute noted a 49% year-on-year increase in second-hand housing contracts during the holiday, with a 96% increase on the last day of the holiday compared to the average of the previous days [4][5] Market Challenges - Analysts attribute the underperformance of the market to last year's high base effect, tourist distractions during the holiday, and a general wait-and-see attitude among buyers [2][6][8] - The market is expected to face significant downward pressure in the fourth quarter, with a potential narrowing of growth rates due to the pre-released demand from September [6][8] Future Outlook - The overall sentiment in the market remains cautious, with buyers preferring leisure activities over house hunting during the holiday [8] - Despite the challenges, core cities like Shenzhen are expected to see some support in new home sales due to the introduction of quality land parcels by major developers [8]

Core Insights - The Central Plains City Leading Index (CCL) is currently at 139.94 points, reflecting a weekly decline of 0.22%, influenced by the government's policy report and the upcoming U.S. interest rate decision [1] - Despite a slight retreat in second-hand property prices after three weeks of increases, the CCL remains at a high level not seen since early August 2024, indicating a positive short-term outlook for property prices [1] - The CCL's target for the fourth quarter is set at 143.02 points, with a current gap of 3.08 points or 2.20% [1] Summary by Category CCL Performance - The CCL has shown a recovery since May, with a 3.54% increase from the low of 135.16 points, and a 1.67% cumulative increase in property prices for 2025 [2] - The CCL Mass index is at 141.24 points, down 0.45% weekly, while the CCL for small units is at 139.90 points, down 0.43% [2] - The CCL for large units has risen to 140.14 points, marking a 0.89% weekly increase and reaching a new high since February 2025 [2] Regional Price Trends - Among four regions, three experienced price declines while one saw an increase; the CCL Mass for Hong Kong Island dropped 3.08%, the largest decline in eight weeks [3] - The New Territories East CCL Mass index increased by 3.05%, the highest rise since June 2021, after two weeks of decline [3] - In the third quarter of 2025, all major price indices showed increases, marking the first occurrence since the first quarter of 2023, with the CCL rising 2.48% [3]

Core Insights - The new property market in Hong Kong has seen robust trading activity, with monthly transactions exceeding 1,000 units for eight consecutive months, breaking the previous record set in 2021 [1] - The recent U.S. interest rate cuts are expected to positively impact the Hong Kong stock market and real estate sector, with predictions of increased investment in physical assets [1] - The upcoming Fourth Plenary Session in mainland China may introduce favorable policies for the economy and real estate, potentially stimulating the Hong Kong market further [1] Group 1 - The one-hand residential property sales have consistently surpassed 1,000 units monthly since February, marking the longest streak since 2019 [1] - The market is anticipated to maintain a strong atmosphere, with expectations of one-hand transaction volumes reaching 2,000 units in October [1] - The secondary residential market is projected to see transaction volumes exceed 4,000 units in October, reflecting a 5% increase from September's estimated 3,800 units [1] Group 2 - The latest property price index from Midland reports a value of 130.1, marking a 0.77% weekly increase and reaching a new high since August of the previous year [2] - Year-to-date, property prices have risen by 1.54%, with expectations for further increases of approximately 1% in October due to positive market factors [2] - The current price index does not yet reflect the effects of U.S. interest rate cuts and the upcoming policy report, suggesting a continued upward trend in property prices [2]

Core Viewpoint - The second-hand housing market is experiencing a significant decline in both volume and price due to a sluggish real estate market, leading to an increase in listings across various cities in China [1][3]. Group 1: Market Trends - The surge in second-hand housing listings has resulted in a supply-demand imbalance, making it increasingly difficult to sell these properties [3]. - Major cities such as Beijing, Shenzhen, and Chongqing have seen listings exceed 100,000 to 200,000 units, indicating a substantial increase in market supply [1]. Group 2: Comparative Analysis - Despite the challenges in selling second-hand homes, they are still considered a better investment compared to new homes due to lower prices and established infrastructure [3][4]. - Many second-hand homes are now priced below new constructions, making them more attractive to buyers [3]. Group 3: Purchase Recommendations - It is advised to avoid purchasing second-hand homes that are over 20 years old due to various issues such as poor living conditions, inadequate property management, and difficulties in securing loans [4][6]. - Older properties often suffer from significant wear and tear, leading to a decline in living quality and potential safety hazards [6][8].

Core Insights - The real estate market in China is experiencing a significant downturn, characterized by a surge in mortgage defaults and a corresponding increase in property listings, particularly in major cities [1][8] - The decline in property values is exacerbated by changing educational policies and demographic shifts, leading to a decrease in demand for certain types of properties [3][5] - Economic factors, including stagnant income growth and rising mortgage pressures, are contributing to a lack of buyer confidence, further complicating the market situation [8] Group 1: Mortgage Defaults and Property Listings - In September 2025, a bank in Hangzhou reported a 300% increase in mortgage defaults compared to the previous year, with 70% of the defaulted properties remaining unsold after three months [1] - The Beike Research Institute noted that in the first half of 2025, the number of second-hand homes listed for sale in 50 major cities exceeded 8.5 million, with 32% classified as "urgent sales" (price reductions over 15%), doubling from 2024 [1] Group 2: Property Types Facing Decline - "Old and dilapidated" properties are facing a dual threat, with prices for key school district homes dropping by 28% and non-school district "old and dilapidated" homes declining by 42% since their peak in 2021 [3] - Properties in suburban areas are experiencing a "death spiral," with a 12% population decline in areas like Tianjin Wuqing and a 35% increase in new housing supply, leading to a significant mismatch in demand and supply [5] Group 3: Economic and Policy Influences - The second quarter of 2025 saw a 4.7% year-on-year increase in China's GDP, but real disposable income growth slowed to 4.1%, indicating a growing gap between income growth and housing costs [8] - Despite policy measures to relax purchase restrictions and lower down payment ratios, the lack of buyer confidence remains a significant barrier to market recovery [8] Group 4: Market Dynamics and Risks - The average transaction cycle for second-hand homes extended to 120 days in the first half of 2025, doubling from 2024, indicating a market in stagnation [8] - The current market is characterized as a "buyer's market," where sellers may face significant price reductions if they rush to sell [9]

Core Insights - The implementation of new real estate policies in Shanghai has led to a noticeable increase in market activity, particularly in areas outside the outer ring road, with both first-time and upgrade buyers showing increased demand [1][2]. Market Performance - The easing of purchase restrictions outside the outer ring has significantly boosted transaction volumes in various districts, with some areas seeing a rise in second-hand home transactions from 15-16 units to around 60 units post-policy [2]. - Data from multiple platforms indicates a clear upward trend in market activity, with new listings increasing by 14% overall, and by 19% in areas outside the outer ring [2][3]. - The proportion of transactions for properties priced below 3 million and between 5-7 million has also increased, indicating a stimulated replacement chain [3]. Buyer Behavior - The new policies have accelerated buyer entry and improved transaction conversion rates, with fewer viewings required to finalize sales [4]. - There is a notable increase in the number of external buyers entering the market, particularly for entry-level properties [4][5]. Regional Variations - The impact of the new policies varies across different regions, with areas like Qingpu, Songjiang, and Jiading experiencing significant increases in market activity, while others like Jinshan and Fengxian show declining interest [5]. - The real estate industry sentiment index has risen by 2.8 to 47.26, marking the largest increase this year, suggesting a positive outlook for the market [5].

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]