Core Insights - The national auction housing market in China showed a "decline in both volume and price" from January to October 2025, with significant regional disparities observed [1][31]. Overall Auction Market Situation - A total of 605,000 auction properties were listed nationwide, representing a year-on-year decrease of 5.7% - The final transaction count was 138,000 properties, down 2.4% year-on-year - The total transaction value reached 204.87 billion yuan, a decline of 22.5% year-on-year - The average transaction price was 4,668 yuan per square meter, down 12.3% year-on-year, with an average discount rate of 74.4% [2][31]. Residential Auction Market Situation - For residential auction properties, 277,000 units were listed, a year-on-year decrease of 9.0% - The number of transactions was 92,000 units, down 1.4% year-on-year, with a total transaction value of 109.71 billion yuan, a decline of 16.6% year-on-year [9][31]. Key City Performance - In key monitored cities like Chongqing, the number of residential auction transactions increased by 21.1% year-on-year, while major cities like Shanghai and Shenzhen had clearance rates exceeding 60%, indicating significant regional market vitality differences [1][31]. - In first-tier cities, 5,791 residential auction properties were sold, with a total transaction value of 30.33 billion yuan and an average price of 36,730 yuan per square meter [13][31]. Monthly Trends - In October 2025, the national auction market saw 106,000 properties listed, a year-on-year decrease of 12.5% - The final transaction count was 16,000 properties, down 7.3% year-on-year, with a total transaction value of 19.34 billion yuan, a decline of 32.5% year-on-year [2][31].

Core Insights - The report from the China Index Academy indicates a decline in the national judicial auction market for the period from January to October 2025, with a total of 605,000 properties listed for auction, representing a year-on-year decrease of 5.7% [1] - The total number of auction sessions reached 1,058,000, with 138,000 properties successfully sold, marking a 2.4% decrease year-on-year [1] - The clearance rate stands at 22.8%, calculated as the ratio of successfully sold properties to the total properties available for auction [1] - The total transaction value amounted to 204.87 billion yuan, reflecting a significant year-on-year decline of 22.5% [1] - The average selling price of auctioned properties is 4,668 yuan per square meter, which is a 12.3% decrease compared to the previous year [1] - The average discount rate for auctioned properties is reported at 74.4% [1]

Core Insights - The national auction market for foreclosed properties in China showed a decline in both volume and price in the first three quarters of 2025, with a total of 547,000 properties listed, a year-on-year decrease of approximately 4.9% [1][3] - The total transaction amount for foreclosed properties reached 185.83 billion yuan, reflecting a year-on-year decrease of 21.3% [1][2] - The average transaction price for foreclosed properties was 4,748 yuan/m², down 10.8% year-on-year [1] Summary by Category Overall Market Performance - The total number of foreclosed properties sold was approximately 122,000, a decrease of 1.8% year-on-year [1] - The total transaction amount for residential foreclosures was 99.4 billion yuan, accounting for 53.5% of the total, with a year-on-year decrease of 14.7% [2] - The total transaction amount for commercial foreclosures was 41.77 billion yuan, also reflecting a year-on-year decline of 21.3% [2] Residential and Commercial Foreclosures - In the first three quarters, 199,000 residential properties were newly listed for auction, with 82,000 sold, representing 67.1% of total transactions [1] - For commercial properties, 99,000 were newly listed, with 22,000 sold, accounting for 22.5% of total transactions [1] - The average price for residential foreclosures was 8,545 yuan/m², while for commercial properties, it was lower [2] Quarterly Trends - In the third quarter, the auction market saw 169,000 new listings and 45,000 transactions, with a total transaction amount of 63.33 billion yuan, marking a quarter-on-quarter increase of 7.3% [2] - The average transaction price in the third quarter was 4,490 yuan/m², showing a slight decrease of 1.6% from the previous quarter [2] - The clearance rate for residential foreclosures was 28.5%, with a total of 341.4 billion yuan transacted in that quarter [2]

Core Insights - The national auction market for foreclosed properties in China has shown a decline in both the number of listings and transaction volumes in the first three quarters of 2025 compared to the same period in 2024, indicating a cooling market trend [1][10][34] Summary by Category Overall Market Performance - As of September 2025, there were 547,000 foreclosed properties listed for auction, a decrease of approximately 4.9% from 576,000 in 2024. The total number of transactions reached about 122,000 [1] - The total transaction amount for the first three quarters was 185.8 billion yuan, reflecting a year-on-year decrease of 21.3% [10] Auction Dynamics - The total number of auction sessions was 944,000, with a transaction success rate of 13.1% and an average discount rate of 74.4% [1][4] - In the third quarter alone, 169,000 new properties were added to the auction, with 255,000 properties listed for auction, marking a 20.5% increase from the previous quarter [4] Property Type Breakdown - Residential properties accounted for 67.1% of total transactions, with 82,000 units sold, while commercial properties made up 22.5% with 22,000 units sold [10] - The average transaction price for residential properties was 8,545 yuan per square meter, down 1.6% from the previous quarter [4][10] Regional Insights - The top 50 cities accounted for 77.1% of total transaction amounts, with significant activity concentrated in coastal regions such as Zhejiang and Guangdong [21][25] - In the first three quarters, the highest transaction amounts were recorded in Guangdong (28.37 billion yuan), followed by Zhejiang (25.43 billion yuan) and Jiangsu (17.53 billion yuan) [17] Price Trends - The average price for commercial foreclosed properties was 6,052 yuan per square meter, with a year-on-year decrease of 13.8% [30][31] - The average discount rate for commercial properties was 70.0%, with the highest recorded in Nanning at 103.1% [32][33] Conclusion - The overall trend in the foreclosed property market indicates a decline in both volume and price, with significant regional disparities and a concentration of transactions in major urban centers [34]

Core Viewpoint - The foreclosure housing market is an important "leakage" link in the residential rights flow chain and will continue to benefit from the industry's stabilization process, providing more support for the establishment of new development models in the industry [1][6]. Supply and Transaction Volume - In August 2025, the supply of foreclosure properties decreased to 32,000 units, still the second highest this year, while transaction volume reached 5,466 units, marking an 11% month-on-month increase and a new high for the year [3][4]. - The average starting price for the properties listed was 32.4 billion yuan, with a slight decrease of 27% month-on-month [8][12]. - The competitive bidding heat increased, with 7% of the sold properties receiving over 100 bids, indicating rising buyer interest [4][3]. Market Trends and Outlook - The continuous increase in transaction volume for two consecutive months is attributed to the ongoing implementation of market stabilization policies, which have gradually restored market confidence [4][6]. - The proportion of properties sold at or above the starting price has decreased to 29%, the lowest since Q2, indicating a shift in buyer behavior towards more competitive bidding [4][6]. High-Value Listings - The market saw several high-value listings, including a five-star hotel in Hangzhou with a starting price of 257 million yuan, which reflects the growing interest from intermediaries and asset management firms in the foreclosure market [5][13]. - Notably, 18 properties had starting prices exceeding 100 million yuan, indicating a trend towards higher-value assets entering the market [5]. Transaction Rate and Buyer Behavior - The national average transaction rate for foreclosure properties was 21%, slightly down from the previous month but still at a high level for the year [24][26]. - The average discount rate for sold properties was 32.2%, a decrease of 1.3 percentage points, while the average starting discount rate was 28.8%, indicating a narrowing gap between supply and demand perceptions [28][29]. Conclusion - The foreclosure housing market is evolving with increasing buyer interest and a shift towards higher-value properties, supported by favorable market policies and changing buyer behavior, which may lead to a more stable and dynamic market environment in the future [1][6][4].

Core Insights - The recent policies from the Supreme People's Court aim to standardize online judicial auctions, ensuring smooth property handovers post-auction [1] - In the first half of 2025, various cities introduced innovative mechanisms for using public housing funds to purchase judicial auction properties, significantly lowering the financial barriers for buyers [1][28] Group 1: Policy Developments - The Supreme People's Court issued guidelines to enhance the regulation of online judicial auctions, which strengthens the foundation for market operations [1] - Cities like Changzhou and Zhongshan have implemented policies allowing buyers to apply for public housing loans after paying the down payment, thus easing the financial burden [1][28] - Suzhou has raised the maximum loan amount for judicial auction properties to 1.5 million yuan, further stimulating market activity [1] Group 2: Market Performance - In the first half of 2025, the number of judicial auction properties listed across 355 cities reached 369,000, a decrease of approximately 3.3% compared to the same period in 2024 [2] - The total transaction amount for judicial auction properties was 122.95 billion yuan, reflecting a year-on-year decline of 19.8% [2][10] - The average transaction price for judicial auction properties dropped to 4,912 yuan per square meter, down 8.6% from 5,374 yuan per square meter in 2024 [2][10] Group 3: Property Type Analysis - Residential judicial auction properties accounted for 53.3% of the total transaction amount, with 51,000 units sold for a total of 65.55 billion yuan [5] - Commercial properties saw 15,000 units sold, contributing 28.08 billion yuan, which is 22.8% of the total [5] - Land auction transactions totaled approximately 390 units, generating around 5.08 billion yuan, representing 4.1% of the total [5] Group 4: Regional Insights - In the first half of 2025, major provinces like Guangdong, Sichuan, and Chongqing saw increases in the number of judicial auction listings compared to 2024 [15] - The top 50 cities accounted for 46.3% of the total listings and 60.8% of the total transactions in the judicial auction market [17] - The average transaction price in the top 50 cities was 11,844 yuan per square meter, significantly higher than the national average [17]

Supply and Demand - In June 2025, the number of properties listed for auction reached a new high of 32,000 units, a 27% increase month-on-month but a 6% decrease year-on-year[6] - The total starting price for these listings was 30.9 billion yuan, up 33% from the previous month[6] - The average auction success rate remained stable at 19%, indicating sustained market confidence[17] Transaction Volume and Pricing - The transaction volume for June was 3,215 units, reflecting a 31% decrease from the previous month and a 43% year-on-year decline[12] - 70% of the properties sold at a premium, which is a 1 percentage point increase from the previous month[12] - The average starting discount rate for auctioned properties was 28.4%, down 0.5 percentage points, while the average transaction discount rate was 31.3%, down 1.2 percentage points[23] Market Trends - A notable trend was the emergence of "1 yuan starting price" auctions, with 278 properties listed at this price, primarily in Weihai, Shandong[9] - The market is seeing increased participation from sellers of second-hand properties, who are using auctions to expedite sales due to declining transaction speeds in the second-hand market[5] - Cities like Suzhou, Wuhan, and Zhengzhou are encouraged to further regulate the entry of second-hand properties into the auction market to stabilize the real estate market in the second half of 2025[5]

Core Insights - The national judicial auction market saw a decrease in the number of auctioned properties in the first half of 2025, with a total of 369,000 properties listed, down approximately 3.3% from 382,000 in the same period of 2024 [1] - The total number of completed transactions was about 78,000, with a total transaction value of 122.95 billion yuan, representing a 19.8% decrease from 153.39 billion yuan in 2024 [1][7] - The average transaction price for judicial auction properties decreased to 4,912 yuan per square meter, down 8.6% from 5,374 yuan per square meter in 2024 [1][9] Market Overview - The judicial auction market in the first half of 2025 had a clearance rate of 21.1% and an average transaction duration of 71 days [1] - The total number of auction sessions was 585,000, with a transaction success rate of 13.42% and an average discount rate of 74.3% [1] - The number of auctioned residential properties was 51,000, accounting for 53.3% of the total transaction value [4] Regional Performance - Key provinces such as Guangdong, Sichuan, Chongqing, and Henan saw an increase in auction listings, while some provinces like Sichuan and Henan experienced a decrease [1][8] - In the top 50 cities for judicial auctions, the total number of auctioned residential properties was 79,000, with a transaction volume of 31,000, representing a 2.7% increase year-on-year [10][14] Property Type Analysis - Residential properties accounted for the majority of transactions, with 51,000 units sold, while commercial properties saw 15,000 units sold, and land transactions were significantly lower at around 390 units [4][9] - The average price for residential properties in the top 50 cities was 11,844 yuan per square meter, significantly higher than the national average [14] Transaction Dynamics - The average number of auction attempts per property was 1.95, slightly up from 1.9 in the previous year, indicating a trend towards more competitive bidding [1][11] - The average transaction price for residential properties in the first auction round was 11,675 yuan per square meter, reflecting a decrease of 7.9% compared to the previous year [19]

Core Insights - The number of auctioned properties in the national judicial auction market decreased to 369,000 units in the first half of 2025, down approximately 3.3% from 382,000 units in the first half of 2024 [1] - The total number of auctioned items was about 78,000 units, with a total transaction value of 122.95 billion yuan, representing a 0.9% decrease in the number of items sold and a 19.8% decrease in total transaction value compared to the same period last year [1] - The clearance rate for various auctioned properties was 21.1%, with an average transaction price of 4,912 yuan per square meter, which is an 8.6% decline from the average price of 5,374 yuan per square meter in the same period of 2024 [1]

Core Insights - The report indicates that the national real estate judicial auction market in the first half of 2025 continues to experience structural clearing, with high levels of listings and transactions, but asset prices remain under pressure [1][5]. Supply and Demand Analysis - The total number of listings reached 576,600 units, an 18.80% year-on-year increase, while transaction volume was 83,600 units, a significant 27.64% year-on-year increase [1][4]. - The average transaction rate for the first half of 2025 was 14.49%, showing a 1 percentage point increase from the same period last year, although it remains at a historically low level [1][5]. Quarterly Performance - In Q1 2025, the market saw a decline in both listings and transactions due to high base effects from late 2024, with listings dropping to 273,600 units and transactions to 40,000 units [3]. - In Q2 2025, listings increased to 303,000 units and transactions rose to 43,600 units, marking a 9.06% quarter-on-quarter growth, although the transaction rate slightly decreased to 14.38% [3][4]. Pricing Trends - The average discount for asset realization in Q2 2025 fell to 76.53%, a decrease of 1.6 percentage points from Q1, indicating a continued trend of "price for volume" [3][5]. - The average discount for the first half of 2025 was 77.29%, down 3.58 percentage points from the first half of 2024, marking the lowest level in recent years [5]. Auction Participation - The total number of bidders reached 372,100, the highest in nearly three years, with an average of 4.45 participants per transaction [5][9]. - In Q2 2025, the average number of bidders per auction rose to 4.70, the highest quarterly figure since 2020 [5]. Asset Type Dynamics - Residential assets accounted for 48.42% of listings but 67.76% of transactions, indicating a significant liquidity advantage despite a decrease in listing share [9][10]. - Commercial assets had a listing share of 25.84% but only 17.82% of transactions, highlighting a persistent "high listing, low transaction" characteristic [9][10]. Market Segmentation - In first-tier cities, the auction market remains resilient, with Shenzhen and Shanghai achieving transaction rates of 51.91% and 55.73%, respectively [10]. - Second-tier cities show significant internal differences, with cities like Hangzhou and Chongqing performing well, while others like Nanjing and Tianjin maintain moderate activity [11]. - Third-tier cities exhibit low overall transaction levels, with some cities like Wenzhou and Sanya showing higher activity, while others struggle with severe supply-demand imbalances [13].