Core Viewpoint - The article discusses the current state of the second-hand housing market in Shanghai, highlighting a significant increase in the number of landlords reducing prices, indicating a shift in market sentiment and the challenges faced by sellers in achieving sales at desired prices [3][4][12]. Group 1: Market Data Analysis - Recent second-hand transaction data shows a total of 19,000 units sold, which is considered a relatively good figure compared to the past five years, yet it does not evoke strong market enthusiasm [3][4]. - In May, among 110,000 listings, 76% of landlords kept their prices unchanged, 22% reduced prices, and less than 1% increased prices, resulting in an average price adjustment of -3.86% [9][11]. - The increase in landlords reducing prices began in January, reflecting a growing concern about market downturns and a shift in sentiment since the new policies introduced in September [14][12]. Group 2: Pricing Strategies - To sell properties, sellers may need to reduce their asking prices significantly; for example, properties that were initially listed at 5 million yuan may require a reduction of 12.1% to achieve a sale [19][20]. - The average price reduction for properties that eventually sold was -6.1%, indicating that sellers must be prepared for substantial negotiations [18][19]. - For properties priced below 5 million yuan, a strategy of small, frequent price adjustments is recommended to attract buyers without significantly impacting the overall price [29][27]. Group 3: Market Sentiment and Future Outlook - The article emphasizes that despite recent positive transaction data, the overall market sentiment remains subdued, with a need for careful planning based on individual circumstances and market conditions [36]. - The demand for second-hand market data has increased among real estate companies and consulting firms, reflecting a broader interest in understanding market dynamics [36].

Core Viewpoint - The second-hand housing market in major cities like Beijing, Shanghai, Shenzhen, and Hangzhou is experiencing a slight decline in transaction enthusiasm, with a 6% month-on-month decrease in April 2025, while year-on-year growth has narrowed to 10% [2][3]. Group 1: Market Trends - The number of new listings in major cities showed a significant decrease in April 2025, with Beijing and Shanghai seeing increases of 17% and 60% respectively, while Shenzhen and Hangzhou experienced declines of 7% and 29% [3]. - High-end properties in Beijing, Shanghai, and Hangzhou have seen a steady increase in listing activity, particularly in the price segments above 30 million yuan, which reached a peak since the beginning of 2025 [3][4]. - The listing activity for larger properties (over 160 square meters) remains stable or slightly increasing in Beijing, Shanghai, and Hangzhou, while Shenzhen shows a notable decline in this segment [4]. Group 2: Owner and Investor Sentiment - The trade war and economic slowdown have shifted owner and investor mindsets, leading to a rise in short-term listings due to three main factors: a desire to cash out at high prices, a need for liquidity to optimize asset allocation, and a trend of upgrading to new properties [10]. - The demand for high-end and improved housing remains robust, with the proportion of transactions over 10 million yuan increasing in Beijing, Shanghai, and Shenzhen, indicating a preference for quality assets amidst limited new supply [12][13]. Group 3: Price Stability and Investment Recommendations - The price stability of high-end properties in core urban areas is evident, with price fluctuations remaining within 10%, and a significant percentage of properties in Shanghai and Shenzhen showing price increases [17]. - Investors are advised to focus on core urban areas, select larger improved housing products, and avoid properties in suburban areas or those lacking functional amenities to mitigate risks in the current market environment [21][23].