Core Viewpoint - The article discusses the characteristics and market dynamics of scarce real estate properties in major Chinese cities, highlighting their unique attributes and the reasons behind their current listings [2][10][14]. Group 1: Characteristics of Scarce Real Estate - Scarce real estate typically features prime locations in core urban areas, unique natural or cultural amenities, limited availability, and high total prices due to large building areas and luxurious finishes [2][10]. - Examples include a courtyard in Beijing's Qin Lao Hutong with a starting price of 226 million yuan and the historic Tongqing Guild Hall in Shanghai with a starting price of 600 million yuan [2][6]. Group 2: Market Trends and Dynamics - Since 2025, there has been an increase in the listing of scarce properties across cities like Beijing, Shanghai, Shenzhen, Hangzhou, and Xiamen, despite their low liquidity in the secondary market [2][8]. - The market has seen a degree of recovery since the "926" housing policy in 2024, leading to more listings of scarce properties, particularly in Shanghai, although transaction volumes remain low due to high prices [8][10]. Group 3: Reasons for Current Listings - Owners of scarce properties are selling for various reasons, including the need to liquidate assets to alleviate financial pressures, changes in investment strategies, and personal planning needs as they age [14]. - The article notes that many owners are high-net-worth individuals or business owners who may be looking to convert their real estate into cash for various personal or financial reasons [14].