事实上，这起压价事件并非偶然，"表演经济学"在二手房交易领域早已不是零星现象，而是演变成了一 套分工明确、利益绑定的成熟链条。部分中介为完成日均带看的考核指标，专门招募"看房演员"，对其 进行话术培训——先夸赞房屋优点以降低房东戒备，再抛出数个"致命缺点"击溃房东心理防线，从而实 现压价目的。更令人震惊的是，有中介老板直言，通过此类操作月入可超50万元。在高额利润的驱动 下，中介的盈利逻辑已从"促成合理高价交易"转向"以量换价"，他们不再关注交易的公平性与合理性， 而是将房产交易变成了一场精心策划的"表演秀"。 "表演经济学"的泛滥，不仅制造了市场焦虑，更直接扭曲了二手房市场的定价机制。房东在"虚假需 求"的轮番轰炸下，被迫接受远低于房屋实际价值的报价；真实买家则被中介的误导性报价干扰，难以 判断市场真实行情，陷入"不敢买""买贵了"的困境。最终，市场将形成"中介定价、买卖双方买单"的畸 形格局，市场活力被严重抑制。 追根溯源，"表演经济学"能长期存在，核心症结在于二手房市场透明度的严重缺失，这种缺失主要体现 在三个层面：成交价隐匿、信息不对称加剧、监管体系滞后。 每经评论员 陈梦妤 近日，上海某中介机构的相 ...

话题"中介雇人看房砍价60万搞崩房东心态"日前冲上微博热搜，引发网友关注。媒体报道，有记者假扮 被雇者，中介指导记者对挂牌339万元房屋报280万元低价，砍价近60万元，导致卖家愤然离场。另一场 砍价中，记者咬住470万元的出价不放，让卖家在538万元的挂牌价上一路狂降，最后，卖家泛着泪花， 报出了510万元的价格。 这就引发了一个透明度的问题。2024年上海二手房成交21.6万套，多数经中介完成，而链家近期隐藏成 交价的行为引发市民对市场透明度的担忧。 隐藏价格，本来是为了避免市场恐慌，但在中介这个机制的作用下，一些中介为了促进成交，有动机虚 构市场情况，反而会因为价格不透明造成市场在信息误导之下恐慌性抛售。最终，遮蔽价格信息的行 为，不但不能维护房地产市场，反而会更进一步地拖累房地产市场。 （文章来源：南方都市报） 对中介的这种行为当然应该谴责，但更需要关注的是中介这种行为背后的问题。 以前中介不是这样的。以往的新闻中，都是卖家不断跳价，中介不断给买房的人做思想工作，劝其接受 提价，以促成交易。为什么发生了这种变化？还得从中介获得收入的机制说起。 中介卖房，一般是按比例提成，一套200万元的房，中介一般能 ...

Summary of Conference Call on Shanghai Real Estate Policy Industry Overview - The conference call focuses on the real estate industry in Shanghai and its recent policy changes, comparing them with similar policies in Beijing [1][3][21]. Key Points and Arguments Shanghai Real Estate Policy - Shanghai's new real estate policy is expected to significantly boost new home sales, potentially doubling transaction volumes in the first week post-implementation [1][5]. - The policy includes relaxed household registration restrictions and increased public housing fund loan limits, which are anticipated to enhance market activity [3][10]. - The expected duration of the policy's positive effects is at least one quarter, likely maintaining high transaction volumes through the "Golden September and Silver October" period [1][12]. Comparison with Beijing Policy - The new policy in Shanghai is similar to Beijing's, with both cities relaxing purchase restrictions and increasing public housing fund loan limits [3][9]. - However, Shanghai's policy is more favorable for non-local residents, as it exempts the first home purchase from property tax [3][10]. Market Performance and Predictions - The real estate sector is currently in a bullish phase, with expectations of a continued upward trend driven by policy catalysts and positive corporate earnings reports [2][6][17]. - New home sales in Beijing saw a 50%-60% increase following the last policy change, with expectations that Shanghai will outperform this [5][21]. Investment Opportunities - Recommended investment areas include commercial real estate, property management, and second-hand housing intermediaries, with specific companies highlighted such as New Town Holdings, China Resources Land, and I Love My Home [2][6][20]. - New Town Holdings is particularly favored, with a conservative valuation range of 50-75 billion, based on its strong commercial real estate performance [18][19]. Future Catalysts - Future catalysts for the real estate sector include potential policy changes in Shenzhen and macroeconomic factors such as interest rate cuts by the Federal Reserve, which could create a favorable environment for domestic rate reductions [13][16]. - Urban renewal and village reconstruction projects are expected to accelerate in the latter half of the year, further stimulating the market [14][15]. Additional Insights - The recovery of idle land and land storage has shown significant progress, with expectations of increased issuance of special bonds for land recovery [15]. - The overall sentiment is optimistic, with a strong belief that the real estate market will continue to see positive developments and investment opportunities in the coming months [21]. Conclusion - The Shanghai real estate policy is set to create substantial market activity and investment opportunities, particularly in commercial real estate and property management sectors. The overall outlook for the real estate market remains positive, with several catalysts expected to drive growth in the near future [21].

Core Viewpoint - The rise of second-hand housing "valuation" live streaming on social media platforms is seen as a new way to expose properties, but it is accompanied by various "tricks" that can mislead consumers [2][10]. Group 1: Live Streaming Dynamics - A new trend of second-hand housing valuation live streams has emerged, where homeowners and hosts negotiate property prices in front of an audience [2][4]. - Some homeowners are reportedly "water army" actors, using scripted dialogues to create conflict and attract viewers, which raises concerns about the authenticity of the valuations presented [2][6]. - The interaction often involves the host suggesting lower prices, which aligns with the current buyer's market, where sellers are pressured to reduce their asking prices [6][10]. Group 2: Market Environment - The second-hand housing market is currently characterized by high listing volumes and a trend of "price for volume," with significant year-on-year price declines reported in major cities [9][10]. - Data from the China Index Academy indicates that the average price of second-hand residential properties in 100 cities fell by 0.75% month-on-month and 7.26% year-on-year as of June 2025 [9]. - The market is sensitive to pricing, and drastic price cuts in one property can trigger a chain reaction, leading to further price reductions in the area [10]. Group 3: Industry Concerns - Industry associations have raised alarms about the lack of scientific and standardized valuation processes in these live streams, which can mislead consumers and disrupt the normal order of the real estate market [10][11]. - The real estate valuation is a highly specialized field, and the current practices in some live streams do not meet the necessary professional standards [10][11]. - There is a growing trend of regulatory oversight in various cities regarding real estate self-media, emphasizing the need for professionalism and adherence to legal standards in property valuation [11].

Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for the industry [6]. Core Insights - The recent State Council meeting emphasized the importance of constructing a new development model for real estate to promote stable, healthy, and high-quality market growth. The focus is on long-term strategies, maintaining stability while progressing, and establishing foundational systems in an orderly manner [4][8]. - The term "stop the decline and stabilize" has been reiterated, suggesting that further supportive policies may be introduced to enhance market stability. This reflects the central government's ongoing commitment to stabilizing housing prices and addressing the current market challenges [6]. - The "Good Housing" initiative is gaining traction, with increased support from various provinces and a shift in policy focus from mere housing availability to creating livable environments. This initiative is expected to accelerate development and improve the quality of housing [6][8]. Summary by Sections Policy Insights - The report highlights the need for a comprehensive approach to stabilize expectations, activate demand, optimize supply, and mitigate risks in the real estate market. This includes a thorough assessment of existing land and ongoing projects to refine current policies [4][6]. - The new development model aims to be a long-term mechanism rather than a short-term fix, with an emphasis on gradual implementation and avoiding abrupt changes in policy [6][8]. Market Analysis - The report notes that while transaction volumes in the primary and secondary housing markets have stabilized over the past three years, price and volume have not entered a positive cycle as expected. Therefore, it is deemed necessary to enhance policy support [6]. - The anticipated new round of supportive policies may include measures such as mortgage rate reductions, increased "Good Housing" initiatives, and optimized land storage policies, which are expected to benefit quality real estate companies [6][8]. Investment Recommendations - The report recommends focusing on quality real estate companies that are likely to lead the market recovery, including firms like China Resources Land, China Overseas Land & Investment, and Poly Developments. It also suggests monitoring second-hand housing intermediaries and property management companies for potential investment opportunities [6][11][12].