Core Insights - The new policies have had a limited impact on the second-hand housing market compared to new homes, with overall transaction volumes showing little change before and after the policy implementation [1][18]. Group 1: New Housing Market Performance - After the implementation of new policies in August and September 2025, weekly transaction volumes for new homes in Beijing and Shanghai initially increased, while Shenzhen's new home sales remained stable, showing no significant change compared to pre-policy levels [4][5]. - In October, Shanghai's weekly transaction volume decreased by 17% compared to September, and was down 8% compared to the average weekly volume from July. Beijing's market remained relatively stable, with a slight increase of 3% from September and a minor decrease of 1% from July. Shenzhen maintained its momentum from September, with transaction volumes remaining flat compared to the previous month, reflecting a 25% increase from August [5][7]. Group 2: Project Absorption Rates - The absorption rates for new projects in Beijing, Shanghai, and Shenzhen have shown a downward trend post-policy implementation, with Shanghai and Shenzhen's rates declining to 36% and 21% respectively by late October. In contrast, Beijing experienced a temporary spike in absorption rates due to the launch of desirable projects in September [8][9]. Group 3: Second-Hand Housing Market Dynamics - The impact of the new policies on the second-hand housing market has been more pronounced, with weekly transaction volumes in October showing a decline compared to September across Beijing, Shanghai, and Shenzhen. This decline indicates a return to levels seen before the new policies were enacted [13][14]. - Specifically, the average weekly transaction volumes for second-hand homes in October were down 31% in Beijing, 16% in Shanghai, and 15% in Shenzhen compared to September [16][18]. Group 4: Market Outlook - The overall market for new homes in key cities like Beijing and Shanghai has seen some short-term benefits from the new policies, but the long-term effects have not met expectations, with transaction volumes reverting to pre-policy levels by October. The second-hand market is particularly struggling, with prices continuing to decline and a trend of price adjustments for less desirable properties [18].

Group 1 - The core viewpoint of the articles highlights the significant growth in the real estate market in Guangming District, with a sales area increase of 17.8% year-on-year for the first nine months of 2025, marking 15 consecutive months of positive growth and positioning Guangming as a leader in the city's real estate sales [1][2] - The introduction of new policies, specifically the 929 policy in 2024 and the 905 policy in 2025, has led to remarkable sales performance, with October 2025 seeing 3,000 units sold and a 102% increase in market subscription volume [1] - Notable projects such as Manjinghua Jinsuo Yuefu and Zhongjian Guanyue Mingdi have experienced rapid sales, with the former selling out on its opening day and the latter achieving a 90% sales rate on its third opening [1] Group 2 - The success of Guangming's real estate market can be attributed to both price and location advantages, with Guangming Science City hosting 23 major technological innovation projects and improving transportation networks through the expansion of metro and high-speed rail [2] - The area boasts significant ecological and livability benefits, featuring 279 parks and over 380 kilometers of greenways and hiking trails, enhancing its appeal to potential buyers [2]