Group 1 - Beijing's new housing market saw 111 new homes signed on February 26, with a total area of 13,769.08 square meters, including 52 residential units covering 7,366.11 square meters [1] - The second-hand housing market recorded 543 transactions, with a total area of 45,142.42 square meters, of which 495 were residential units covering 42,602.84 square meters [1] Group 2 - As of February 26, 2026, there are 92,972 units available for sale, with a total area of 7,663,183.66 square meters, including 38,720 residential units covering 5,408,190.37 square meters [2] - The number of unsold units stands at 211,200, with a total area of 11,449,345.58 square meters, including 30,318 residential units covering 3,449,704.97 square meters [2] Group 3 - In January 2026, there were 16,912 online signed contracts for existing homes, covering a total area of 1,456,848.50 square meters, with 15,082 of these being residential units covering 1,349,072.25 square meters [3]

Group 1 - The core point of the article highlights the recent statistics on new and second-hand housing transactions in Beijing, indicating a relatively low volume of new home registrations compared to second-hand homes [1] - On February 24, 2026, Beijing recorded 126 new home registrations with a total area of 8,445.61 square meters, of which 38 were residential units covering 4,921.68 square meters [1] - In contrast, the second-hand housing market saw 220 registrations, totaling 18,602.13 square meters, with 204 being residential units covering 17,808.67 square meters [1] Group 2 - As of February 24, 2026, there are 93,175 units of pre-sale housing available, with a total area of approximately 7,683,463.45 square meters, including 38,859 residential units covering 5,426,669.82 square meters [2] - The data also indicates that there are 211,091 unsold units, with a total area of 11,446,623.53 square meters, including 30,343 residential units covering 3,452,739.60 square meters [2] - The statistics for January 2026 show a total of 16,912 online signed contracts for existing homes, covering an area of 1,456,848.50 square meters, with 15,082 of these being residential units covering 1,349,072.25 square meters [3]

Core Insights - The overall sales prices of residential properties in 70 large and medium-sized cities in January 2026 showed a narrowing decline month-on-month and a year-on-year decrease, indicating a gradual stabilization and recovery in the real estate market [1][4]. New Housing Market - In January, first-tier cities saw a month-on-month decline of 0.3% in new residential property prices, consistent with the previous month, with Shanghai remaining stable while Beijing, Guangzhou, and Shenzhen experienced declines of 0.3%, 0.6%, and 0.4% respectively [2][3]. - Five cities reported positive month-on-month price increases for new homes, a decrease of one city compared to December 2025, including Dalian, Hefei, Xiamen, Wuhan, and Nanchong [2]. - The new housing market is primarily focused on inventory digestion, with fewer new projects launched and developers offering discounts to stimulate sales [2]. Second-Hand Housing Market - The second-hand housing market showed a more positive trend in January, with a month-on-month decline of 0.5% in first-tier cities, a significant narrowing of 0.4 percentage points compared to the previous month [4][5]. - Beijing led the recovery in the first-tier second-hand housing market with a month-on-month decline of only 0.2%, while Shanghai, Guangzhou, and Shenzhen saw declines of 0.4%, 0.7%, and 0.6% respectively [4]. - For the first time in four months, two cities, Yangzhou and Zhanjiang, reported month-on-month price increases in the second-hand housing market, with increases of 0.4% and 0.3% respectively [5]. Year-on-Year Price Changes - Year-on-year, first-tier cities experienced a 2.1% decline in new residential property prices, with Shanghai showing a 4.2% increase, while Beijing, Guangzhou, and Shenzhen saw declines of 2.4%, 5.3%, and 4.9% respectively [3][5]. - The year-on-year decline in second-hand housing prices for first-tier cities was 7.6%, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing declines of 8.7%, 6.8%, 8.3%, and 6.5% respectively [5]. Market Outlook - Analysts suggest that the real estate market is entering a new phase of "stable operation and differentiated development," where price trends will reflect more regional disparities rather than uniform increases or decreases [6]. - The overall housing market is expected to stabilize gradually, supported by resilient demand and positive signals in the circulation end, although the recovery foundation remains fragile [4][6].

Core Viewpoint - The Hong Kong real estate market is experiencing a significant recovery as both primary and secondary market transactions are steadily increasing, with high-end luxury properties reflecting a resurgence in market confidence [1][4]. Group 1: Luxury Property Market - British toy businessman James William Hesterberg plans to sell his luxury property at 19 Stone Hill Road for approximately HKD 2 billion, equating to about HKD 117,000 per square foot [1][2]. - The property, located in the prestigious Stone Hill area, is characterized by its rarity and high entry barriers, as sales require approval from the owners' committee, indicating a strong signal of market recovery [2][3]. - If sold at the intended price, this transaction would mark the highest value for a secondary luxury property in Hong Kong in nearly three years [2]. Group 2: Overall Market Trends - The overall Hong Kong real estate market is showing signs of recovery, with a notable increase in transaction volumes. In 2025, the total number of property sale agreements reached 80,702, the highest in four years, with residential transactions totaling 62,832, valued at HKD 519.83 billion, reflecting year-on-year increases of 18.3% and 14.4% respectively [4][5]. - The market has seen a rebound in both primary and secondary transactions, with January 2026 recording over 1,000 primary and 1,400 secondary transactions, representing nearly threefold and 1.8-fold increases year-on-year [5][6]. - The luxury market is particularly vibrant, with over HKD 1 billion luxury property transactions rising for two consecutive months, totaling 26 transactions in January 2026, amounting to over HKD 5.3 billion, indicating a robust recovery phase for the overall market [5][6].

Group 1 - On February 13, 2026, Beijing recorded 85 new home registrations with a total area of 10,855.75 square meters, including 43 residential registrations covering 5,395.44 square meters [1] - The second-hand housing market saw 220 registrations on the same day, with residential registrations accounting for 195 units and an area of 18,062.41 square meters [1] - The total number of available new homes for sale is 93,837 units, with a total area of approximately 7,756,007.80 square meters, including 39,503 residential units covering 5,498,255.62 square meters [2] Group 2 - As of February 13, 2026, there are 211,649 unsold units, with a total area of 11,475,630.25 square meters, including 30,340 residential units covering 3,451,759.10 square meters [2] - The online signing for existing homes in January 2026 recorded 16,912 units with a total area of 1,456,848.50 square meters, of which 15,082 units were residential covering 1,349,072.25 square meters [3]

Core Viewpoint - The new housing market in second-tier cities shows signs of price stabilization, with a narrowing decline in sales prices in January 2026 compared to previous months, indicating a potential recovery phase in the real estate market [1][2]. Group 1: New Housing Market Trends - In January 2026, first-tier cities saw a 0.3% month-on-month decline in new residential sales prices, while second-tier cities experienced a 0.3% decline, narrowing by 0.1 percentage points [1]. - Year-on-year, first-tier cities' new housing prices fell by 2.1%, with the decline expanding by 0.4 percentage points compared to the previous month; second and third-tier cities saw declines of 2.9% and 3.9%, respectively, with both declines also widening [1]. - The easing of price declines in second-tier cities reflects a gradual stabilization, supported by existing housing demand and improved market expectations [1]. Group 2: Second-Hand Housing Market Insights - The second-hand housing market shows a notable narrowing of price declines, with first-tier cities experiencing a 0.5% month-on-month decrease, a reduction of 0.4 percentage points from the previous month [3]. - The 70-city second-hand housing price index fell by 0.5% in January, marking the lowest decline since August of the previous year, indicating a potential stabilization in the market [3]. - Core cities are witnessing a shift in landlord attitudes, with a decrease in listing volumes and improved transaction efficiency, suggesting a healthier market dynamic [3][4]. Group 3: Market Outlook and Policy Implications - The overall real estate policy direction is expected to remain focused on stabilizing the market and expectations, with a continued emphasis on targeted measures based on local conditions [4]. - The first quarter of 2026 is seen as a critical period for market trends, with expectations that new housing prices in first-tier cities may gradually stabilize and year-on-year declines may continue to narrow [4][5]. - Despite a rebound in transaction volumes, the stability of the market remains uncertain, with the sustainability of policy effects post-Spring Festival being a key factor for future demand [5].

Group 1 - In January 2026, the sales prices of new residential properties in 70 large and medium-sized cities in China showed a narrowing decline month-on-month, with year-on-year decreases observed [1][2] - The month-on-month decline in new residential property prices for first-tier cities was 0.3%, consistent with the previous month, while second-tier cities saw a decline of 0.3%, narrowing by 0.1 percentage points, and third-tier cities experienced a decline of 0.4%, unchanged from the previous month [1] - The decline in second-hand housing prices showed a more pronounced narrowing trend, with month-on-month declines in first, second, and third-tier cities reducing by 0.4, 0.2, and 0.1 percentage points respectively [1] Group 2 - Year-on-year, both new and second-hand residential property prices in first, second, and third-tier cities experienced varying degrees of decline in January [2] - Notably, several second-tier cities saw a slight month-on-month increase in new home prices, including Dalian, Hefei, Xiamen, Wuhan, and Nanchong, attributed to their strong industrial foundations and previous significant price adjustments [2] - The real estate market is transitioning towards stabilization and recovery, supported by both policy measures and market confidence, with a notable recovery in the second-hand housing market in core cities [2]

Core Viewpoint - The real estate market in Beijing shows signs of recovery with a notable decrease in the rate of decline in second-hand housing prices, indicating a potential stabilization in the market [1][4]. Price Changes - In January, Beijing's second-hand housing prices decreased by 0.2% month-on-month, a significant improvement from a 1.3% decline in December [4]. - Among the four first-tier cities, Beijing had the smallest month-on-month decline in second-hand housing prices, while Shanghai, Guangzhou, and Shenzhen experienced declines of 0.4%, 0.7%, and 0.6% respectively [4][6]. Market Activity - The overall transaction volume in the real estate market has increased, with nearly 5,000 second-hand homes sold in early February, averaging about 500 transactions per day [6]. - There are reports of certain areas or communities experiencing price stabilization or even increases, suggesting a positive sentiment among buyers [6]. Future Outlook - The market's performance in March will be crucial for assessing the sustainability of the current recovery trend, as the upcoming month is expected to provide more reliable data [7].

Core Viewpoint - In January 2026, the sales prices of new and second-hand residential properties in major cities showed a general trend of decline year-on-year, while the month-on-month decline narrowed overall [10]. Group 1: Month-on-Month Changes - In January, the sales prices of new residential properties in first-tier cities decreased by 0.3%, consistent with the previous month. Shanghai remained stable, while Beijing, Guangzhou, and Shenzhen saw declines of 0.3%, 0.6%, and 0.4% respectively [11] - Second-hand residential property prices in first-tier cities fell by 0.5%, with the decline narrowing by 0.4 percentage points compared to the previous month. Specifically, Beijing, Shanghai, Guangzhou, and Shenzhen experienced decreases of 0.2%, 0.4%, 0.7%, and 0.6% respectively [12] - Second-tier cities saw new residential property prices decrease by 0.3%, with the decline narrowing by 0.1 percentage points, while third-tier cities experienced a 0.4% decrease, consistent with the previous month [11] Group 2: Year-on-Year Changes - Year-on-year, new residential property prices in first-tier cities dropped by 2.1%, with the decline expanding by 0.4 percentage points compared to the previous month. Notably, Shanghai saw an increase of 4.2%, while Beijing, Guangzhou, and Shenzhen experienced declines of 2.4%, 5.3%, and 4.9% respectively [13] - Second-hand residential property prices in first-tier cities fell by 7.6% year-on-year, with the decline widening by 0.6 percentage points compared to the previous month. The specific declines for Beijing, Shanghai, Guangzhou, and Shenzhen were 8.7%, 6.8%, 8.3%, and 6.5% respectively [13] - Year-on-year, new residential property prices in second-tier and third-tier cities decreased by 2.9% and 3.9%, with declines expanding by 0.4 and 0.2 percentage points respectively [13]

Core Insights - The Shanghai second-hand housing market showed significant growth in January 2026, with transaction volume reaching 22,834 units, a year-on-year increase of 24.18%, marking the highest level for the same period in five years [1] - The market's activity is reflected in daily transaction data, with over 1,000 units sold on multiple days, indicating a rare high-frequency transaction pattern for January in recent years [1] - Inventory reduction is accelerating, with the number of second-hand homes listed for sale decreasing for nine consecutive months, down approximately 20% compared to January 2025, reaching a historical low of 140,000 units [1] Market Dynamics - The improvement in market circulation efficiency is leading to a more balanced supply-demand relationship, primarily driven by the entry of first-time homebuyers as housing prices return to rational levels [4] - The threshold for purchasing homes in many areas of Shanghai has decreased, activating long-term observers in the market, with nearly half of the transactions in January being for properties priced below 3 million yuan [4] - The distribution of transactions shows a clear differentiation, with outer ring areas seeing the highest and growing transaction share, indicating active demand in suburban and emerging regions [4] Structural Changes - The core logic of the Shanghai housing market has shifted from a "one-size-fits-all" trend to a "structural reconstruction," indicating that the bright data for second-hand homes does not signal a comprehensive recovery but rather a phase of stabilization following a return to rational buyer sentiment [5][6] - Factors such as the later timing of the 2026 Spring Festival and the residual effects of policy changes, like reduced value-added tax and continued housing tax refunds, have contributed to the increased transaction volume in January [7] - The new housing market in Shanghai saw 14,988 units sold in January, a year-on-year increase of 36.68%, but a month-on-month decrease of 23.31%, returning to a normal seasonal rhythm [7] Future Outlook - The second-hand housing market is expected to maintain a "steady rise with localized fluctuations" in prices, with limited room for significant increases due to slow release of improvement demand and weak high-priced property sales [7] - Continuous inventory reduction could further solidify supply-demand balance, gradually restoring market confidence to normal levels [7] - Buyers are advised to focus on low-priced, high-liquidity properties in well-equipped and accessible areas, while improvement buyers should consider waiting for suitable prices and properties in core regions [8]