Core Viewpoint - The article highlights the systemic issues in the second-hand housing market, particularly the lack of transparency in pricing mechanisms, which has led to the emergence of "performance economics" among real estate agents [1][2]. Group 1: Performance Economics in Real Estate - "Performance economics" has evolved into a well-defined chain of interests, where agents employ "viewing actors" trained to manipulate sellers' perceptions to achieve significant price reductions [1][2]. - Some agents reportedly earn over 500,000 yuan monthly through these tactics, shifting their focus from facilitating fair transactions to maximizing volume-based profits [1]. Group 2: Market Distortion and Buyer Impact - The prevalence of "performance economics" creates market anxiety and distorts the pricing mechanism, forcing sellers to accept offers significantly below actual property values [2][3]. - Genuine buyers face confusion due to misleading quotes from agents, leading to a fear of overpaying or hesitance to purchase altogether, resulting in a dysfunctional market dynamic [2]. Group 3: Lack of Transparency - The core issue of "performance economics" is rooted in the severe lack of transparency in the second-hand housing market, characterized by hidden transaction prices, increased information asymmetry, and outdated regulatory frameworks [2][3]. - Buyers struggle to access historical transaction data, making it easy for agents to manipulate perceived market values, as previous attempts to implement government-guided pricing have largely failed [2][3]. Group 4: Regulatory Challenges - Current regulations lack clear definitions for manipulative practices like "psychological price pressure" and "scripted marketing," leaving buyers vulnerable when seeking redress for unfair treatment [3][4]. - Some large agencies have monopolized listings in certain areas, gaining the ability to manipulate local prices, which poses a greater threat to market fairness than isolated fraudulent activities [3]. Group 5: Consumer Trust and Market Health - The transformation of property transactions into a "performance stage" for agents undermines public trust in asset safety and disrupts normal market order [4]. - The market requires comprehensive transparency in transaction prices, processes, and fee structures to eliminate "performance economics" and restore public confidence in the second-hand housing market [4].

Group 1 - The core issue revolves around real estate agents hiring individuals to pose as buyers to negotiate lower prices, which undermines market integrity and trust between buyers and sellers [1][2] - The practice of hiring "shills" by agents serves three main purposes: meeting company viewing quotas, applying psychological pressure on sellers, and altering sellers' price expectations to facilitate transactions [1][2] - This behavior reflects a shift in the real estate market dynamics, where agents now work to lower prices in a buyer's market, contrasting with previous practices where they encouraged sellers to raise prices [2] Group 2 - The commission structure for real estate agents is typically a percentage of the sale price, which incentivizes them to manipulate price information to maximize their earnings [2] - The transparency issue in the market is highlighted by the recent actions of certain agencies, such as hiding transaction prices, which raises concerns about market integrity and can lead to panic selling among consumers [3] - The lack of price transparency, intended to prevent market panic, may instead exacerbate market issues by misleading participants about actual market conditions [3]

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].