但对中介而言，能够通过促成房价提高来获得更多佣金当然是一件好事，但最重要的是促进成交。没有 成交就什么都没有。楼市向好的时候，中介为了获得佣金，要做买家的思想工作，甚至虚构房子很抢手 的假象来刺激成交。到了买方市场的时代，中介为了成交，则会站在买家一边，努力做卖家的工作，让 卖家降价，促进成交。 这就引发了一个透明度的问题。2024年上海二手房成交21.6万套，多数经中介完成，而链家近期隐藏成 交价的行为引发市民对市场透明度的担忧。 以前中介不是这样的。以往的新闻中，都是卖家不断跳价，中介不断给买房的人做思想工作，劝其接受 提价，以促成交易。为什么发生了这种变化？还得从中介获得收入的机制说起。 中介卖房，一般是按比例提成，一套200万元的房，中介一般能收到2万-4万元的佣金。一直以来，这让 很多人不解：中介提供的服务并不多，也没有什么技术含量，为什么卖一套房能按照比例提成而不是收 取固定的服务费。 其实，中介的关键作用在于信息。一方面是房源信息，促进买卖双方接触。更重要的则是价格信息，中 介通过自己掌握的信息，推高或者压低房价。假设中介能促成买家为200万元的房子多出10万元，远超 中介提成，卖家就愿意按比例 ...

Summary of Conference Call on Shanghai Real Estate Policy Industry Overview - The conference call focuses on the real estate industry in Shanghai and its recent policy changes, comparing them with similar policies in Beijing [1][3][21]. Key Points and Arguments Shanghai Real Estate Policy - Shanghai's new real estate policy is expected to significantly boost new home sales, potentially doubling transaction volumes in the first week post-implementation [1][5]. - The policy includes relaxed household registration restrictions and increased public housing fund loan limits, which are anticipated to enhance market activity [3][10]. - The expected duration of the policy's positive effects is at least one quarter, likely maintaining high transaction volumes through the "Golden September and Silver October" period [1][12]. Comparison with Beijing Policy - The new policy in Shanghai is similar to Beijing's, with both cities relaxing purchase restrictions and increasing public housing fund loan limits [3][9]. - However, Shanghai's policy is more favorable for non-local residents, as it exempts the first home purchase from property tax [3][10]. Market Performance and Predictions - The real estate sector is currently in a bullish phase, with expectations of a continued upward trend driven by policy catalysts and positive corporate earnings reports [2][6][17]. - New home sales in Beijing saw a 50%-60% increase following the last policy change, with expectations that Shanghai will outperform this [5][21]. Investment Opportunities - Recommended investment areas include commercial real estate, property management, and second-hand housing intermediaries, with specific companies highlighted such as New Town Holdings, China Resources Land, and I Love My Home [2][6][20]. - New Town Holdings is particularly favored, with a conservative valuation range of 50-75 billion, based on its strong commercial real estate performance [18][19]. Future Catalysts - Future catalysts for the real estate sector include potential policy changes in Shenzhen and macroeconomic factors such as interest rate cuts by the Federal Reserve, which could create a favorable environment for domestic rate reductions [13][16]. - Urban renewal and village reconstruction projects are expected to accelerate in the latter half of the year, further stimulating the market [14][15]. Additional Insights - The recovery of idle land and land storage has shown significant progress, with expectations of increased issuance of special bonds for land recovery [15]. - The overall sentiment is optimistic, with a strong belief that the real estate market will continue to see positive developments and investment opportunities in the coming months [21]. Conclusion - The Shanghai real estate policy is set to create substantial market activity and investment opportunities, particularly in commercial real estate and property management sectors. The overall outlook for the real estate market remains positive, with several catalysts expected to drive growth in the near future [21].

"生意还是好做的" "不收房东中介费，全力以赴帮买方谈好价格。" 上海远郊二手房市场，近期有一批"伍仟哥"非常活跃，其中一位"奉贤伍仟哥"在最近的视频中这样说。 这个群体之所以自称"伍仟哥"，是因为超低的收费标准——只向买家收取5000元服务费。而据《每日经 济新闻》记者了解，目前二手房中介主流收费标准约2%～3%，个别小规模中介每单会压低到10000元 以下。 "奉贤伍仟哥"对每经记者反复强调，市场既好做，也不好做，绝对不是随随便便就能成功的。 "奉贤伍仟哥"视频截图 对此，"奉贤伍仟哥"在电话中向每经记者坦言："我们收费低，但接单并不是靠低佣。" "客户给我发房源，通过房源照片或简单信息，我可以很快把房源的'前世今生'告诉他，不需要等一 等、查一查，客户的信任度瞬间就高了。实际交易环节，从网签到过户，团队里有人一直做交易流程， 业务熟悉，所以有问题的房源我们也不会接。" 当前，上海二手房成交规模也给了中介行业相当的支撑。上海中原地产数据显示，2025年延续了去年的 成交势头，月度成交套数一直保持高位，即使在淡季7月，二手住宅成交规模仍然达到了1.69万套。 "生意还是好做的。""奉贤伍仟哥"向每经记者介绍 ...

Summary of Conference Call on Beijing Real Estate Policy Industry Overview - The conference call discusses the real estate market in Beijing, with implications for Shanghai and Shenzhen as well. The focus is on the new policies aimed at revitalizing the real estate sector due to declining transaction volumes and land sales issues [1][4][5]. Key Points and Arguments 1. **Beijing's New Real Estate Policy**: The policy allows families outside the Fifth Ring Road to purchase an unlimited number of homes, and it relaxes public housing fund policies, increasing loan limits for second homes from 1 million to 1.4 million [3][10]. 2. **Reasons for Policy Implementation**: The primary reasons for the new policy include poor land sales performance and a significant drop in second-hand home transactions, which fell below the critical threshold of 15,000 units in July [4][8]. 3. **Impact on Market Dynamics**: The new policy is expected to stimulate demand from high-net-worth individuals and improve market conditions, shifting the investment logic from preemptive buying to a recovery phase [5][18]. 4. **Investment Recommendations**: The call recommends focusing on "I Love My Home" (a second-hand housing agency) and "New Town Holdings" (commercial real estate), predicting over 50% and potential doubling in stock prices, respectively [6][20]. 5. **Commercial Real Estate Opportunities**: With declining interest rates, commercial real estate is seen as a significant investment opportunity, with companies like New Town Holdings and China Resources Land highlighted as key players [19][21]. 6. **Market Performance Comparison**: In July, Beijing's second-hand home transactions dropped to 12,784 units, while Shanghai maintained a stronger performance with 19,337 units sold [7][11]. 7. **Future Policy Directions**: Future policies may include further relaxations in purchase restrictions, public housing fund policies, and adjustments to land supply to stimulate market activity [13][14]. Additional Important Insights - **Regional Focus**: Areas such as Haidian and Changping near the Fifth Ring Road are expected to benefit significantly from the new policies due to their strong purchasing power [9][12]. - **Long-term Market Outlook**: While short-term effects are anticipated, the long-term outlook suggests a continued divergence in market performance across different regions, with only select areas showing substantial recovery [11][12]. - **Potential for Further Policy Changes**: The call indicates that both Shanghai and Shenzhen are likely to follow suit with their own policy adjustments, albeit with different approaches and timelines [2][15][16][17]. This summary encapsulates the key discussions and insights from the conference call regarding the real estate market in Beijing and its implications for the broader industry.