Core Viewpoint - Beijing's real estate market is experiencing a significant uptick in activity following the recent policy adjustments aimed at optimizing housing purchase regulations, particularly for local and long-term residents [1][5]. Policy Changes - The new policy, effective from August 9, 2025, allows Beijing residents and non-local residents who have paid social insurance or income tax for over two years to purchase an unlimited number of properties outside the Fifth Ring Road [1][5]. - This marks the first major adjustment in Beijing's housing policy in 10 months, indicating a shift towards stimulating local demand while maintaining restrictions on external buyers [2][5]. Market Response - The first weekend following the policy change saw a dramatic increase in property viewings, with daily visitor numbers doubling compared to previous weeks [2][3]. - Sales figures for specific projects, such as the招商玺, reported a 110% increase in sales compared to the previous weekend, totaling approximately 2 billion yuan [3][6]. Online Activity - Online real estate platforms reported a 24.4% increase in daily inquiries for new homes compared to early August, with overall online engagement for new properties rising by 14.1% [4][5]. - The data indicates a growing interest in both new and second-hand properties, with significant increases in consultation and click rates [4][6]. Market Outlook - Analysts suggest that the policy changes are aimed at reducing inventory and stabilizing market expectations, with a focus on enhancing local demand [5][6]. - There is speculation that further optimizations may occur, particularly regarding purchasing qualifications for residents with local social security [5].

Core Viewpoint - The recent policy changes in Beijing's real estate market have led to a significant increase in property viewings and sales, particularly in areas outside the Fifth Ring Road, although the overall net signing data remains stable [2][7]. Group 1: Market Response to New Policy - Following the implementation of the new policy on August 8, there was a notable increase in property viewings, with daily visitor numbers reportedly doubling compared to previous levels [2][3]. - The first weekend after the policy change saw significant sales, with one project,招商玺, achieving approximately 2 billion yuan in sales, marking a 110% increase compared to the previous weekend [3][4]. - Online property platforms reported a 14.1% increase in new home click rates and a 24.4% increase in consultation rates compared to the first ten days of August [6]. Group 2: Policy Details and Implications - The new policy allows eligible families to purchase an unlimited number of homes outside the Fifth Ring Road, while maintaining existing restrictions for properties within the Fifth Ring Road [7]. - The policy aims to stimulate market demand and improve market expectations, focusing on internal demand rather than opening up to external buyers [7]. - Analysts suggest that while the policy may provide short-term market activation, long-term improvements will depend on economic fundamentals and household income expectations [7]. Group 3: Market Activity and Trends - Data from 中指研究院 indicates that over 80% of new residential sales in the first seven months of the year occurred outside the Fifth Ring Road, with over 50% of second-hand transactions also in these areas [7]. - The first weekend post-policy saw stable net signing data, with new residential transactions at 83 and 92 units, and second-hand transactions at 178 and 116 units [8].