Core Insights - The recent policy changes in Shenzhen have significantly activated various housing demands, leading to increased transactions in both new and second-hand housing markets [1][4][8] - The most notable impact has been observed in the Luohu district, which has seen a substantial increase in buyer activity following the relaxation of purchase restrictions [2][4][5] Market Performance - In the week of September 8-14, 2025, Shenzhen recorded 589 new residential units sold, a month-on-month increase of approximately 17%, while second-hand homes saw 1,554 transactions, up 15.4% [1][4] - The Luohu district experienced a remarkable surge, with viewing and signing volumes increasing by 29% and over 25% respectively during September 6-14 [4][5] Buyer Demographics - The new policy has lowered purchase thresholds across most areas in Shenzhen, attracting a significant number of external buyers, including those from Chengdu and Hong Kong, who are now eligible to purchase homes [2][3] - External buyers now account for approximately 10% to 15% of transactions in certain projects, indicating a growing interest from outside the region [2] Local Buyer Sentiment - Local buyers have shown increased confidence and quicker decision-making processes, with many opting for immediate purchases rather than prolonged consideration [3][5] - The market has seen a notable increase in first-time buyers and those looking for investment opportunities, particularly in areas with strong educational resources [5][6] Developer Activity - Developers are actively preparing to launch new projects, taking advantage of the favorable market conditions created by the new policies [7] - Upcoming projects include over 390 new residential units in the Futian and Nanshan districts, with expectations of strong sales performance without the need for heavy promotional activities [7][8] Market Outlook - The new policy is expected to stimulate the market further, particularly during the traditional peak sales season of September and October, with a focus on inventory reduction in non-core areas and stabilizing expectations in core regions [8]

Core Insights - The new real estate policy in Shenzhen has shown positive effects within a week of implementation, with a notable increase in second-hand housing transactions and viewing activities [1][7] Market Performance - The second-hand housing market recorded 1,531 transactions from September 6 to 12, representing a 19.9% increase compared to the previous week [1][7] - Daily average transactions increased by 28.7% compared to August and surged by 72.2% compared to the daily average in September of the previous year [7] Regional Activation - Areas with relaxed purchase restrictions, such as Dapeng New District and Yantian District, experienced significant growth, with Dapeng seeing over 100% increase in transactions and Yantian achieving a 43.3% increase [3] - In Luohu District, transactions increased by 41.0%, with a remarkable 109% surge in second-hand contracts compared to the six days prior to the policy [3] Buyer Behavior - The new policy has led to a 40% increase in customer visits at the Jingji Jingyu Mansion project, with sales also rising [2] - In Longgang District, customer inquiries and visits increased by over 30% following the policy change, indicating heightened interest from potential buyers [2] Credit Policy Impact - Adjustments in credit policies and the introduction of single-person purchase policies have expanded the potential buyer pool, particularly in restricted areas [4] - The new policy allows single buyers to have similar purchasing qualifications as families, leading to increased consultations for larger units [4] Expert Opinions - Industry experts believe that the significant increase in transaction data validates the effectiveness of the new policy in stimulating market demand [7] - The market is currently characterized as "active and stable," with rising customer inquiries and viewing activities supporting transaction growth [7]

Group 1 - The traditional sales peak season "Golden September and Silver October" has arrived, with developers actively preparing for new project launches and sales events [1][4] - In Shanghai, the first batch of pre-sale permits in September has a total supply area of 139,000 square meters and a total value of approximately 8.31 billion yuan, covering multiple hot areas [1][6] - In Beijing, the new housing policy has led to a noticeable increase in sales, particularly among clients who were previously hesitant, with some projects seeing sales volumes double [2][4] Group 2 - In Chengdu, over 1,500 new homes are expected to enter the market in September, with several notable projects being launched [7][8] - The luxury market in Shanghai remains strong, with the highest recorded new home price reaching 326,800 yuan per square meter [4][6] - In Shenzhen, the relaxation of purchase restrictions has significantly increased both the number of property viewings and sales, with a reported 30% increase in viewings and a 60% increase in sales volume following the new policy [9][10]

Core Insights - The traditional sales peak season "Golden September and Silver October" has arrived, with developers actively preparing for increased sales opportunities [2][5][12] - New housing policies have positively impacted market sentiment, leading to increased buyer interest and sales in various cities [4][6][12] Group 1: Market Activity - In Shanghai, the first batch of pre-sale permits in September totaled 139,000 square meters with a total value of approximately 8.31 billion yuan, covering multiple hot districts [2][9] - In Beijing, new housing policy implementation has resulted in a three-week consecutive increase in new home registrations, indicating a positive market response [4][5] - In Shenzhen, the first weekend after the new policy saw a 48% increase in property visits and a 60% increase in sales volume [12] Group 2: Developer Strategies - Developers are leveraging the "Golden September and Silver October" period to launch promotional campaigns, such as Vanke's "2025 Golden Autumn Quality Housing Festival" [11] - In Shanghai, the housing authority's direct promotion of new projects has led to increased buyer engagement, particularly in areas outside the city center [6][9] - In Beijing, developers are focusing on projects located in the outer ring, where the new policies have opened up opportunities for previously hesitant buyers [5][12] Group 3: Regional Highlights - Chengdu is expecting over 1,500 new homes to enter the market in September, with several notable projects set to launch [10][11] - In Shenzhen, the easing of purchase restrictions has allowed previously excluded buyers to enter the market, significantly boosting both viewings and sales [12] - The luxury market in Shanghai remains robust, with the Jinling Huating project setting a new record for new home prices at 326,800 yuan per square meter [7][9]

Core Viewpoint - Shenzhen's new real estate policy, implemented on September 5, aims to stimulate the housing market during the traditional peak sales season of "Golden September and Silver October" by relaxing purchase restrictions, easing corporate buying, and optimizing credit conditions [1][2]. Group 1: Policy Adjustments - The new policy includes four main adjustments to purchase restrictions: 1. Residents with Shenzhen household registration or proof of tax and social security payments for one year can now purchase in a reduced area [1]. 2. Non-residents can buy two homes in non-restricted areas without proof of tax and social security payments [1]. 3. In Yantian District and Dapeng New District, there are no purchase qualification checks [1]. 4. Single individuals are treated as families for purchasing, allowing an additional purchase [1]. - Credit optimization means that housing loan interest rates will no longer differentiate between first and second homes, allowing financial institutions to set rates based on market conditions [1]. Group 2: Market Response - The first weekend after the policy implementation saw a significant increase in both property viewings and sales, with some projects reporting a 30% increase in viewings and 16 units sold in one weekend [2][4]. - However, the initial surge in activity did not sustain into the following weekdays, indicating a potential short-term spike rather than a long-term trend [2][3]. Group 3: Pricing and Discounts - Many projects continue to offer discounts, with prices ranging from 86% to 93% of the listed price, indicating ongoing competitive pricing strategies [3][4]. - For example, a 92.54 square meter unit at a project was originally priced at approximately 5.03 million yuan but was discounted to about 4.68 million yuan, translating to around 50,600 yuan per square meter [3]. Group 4: Secondary Market Trends - The secondary housing market in Shenzhen is experiencing a "volume increase and price stability" trend, with a notable rise in viewings by about 12% following the new policy [5][6]. - The number of second-hand homes with price increases reached 163, while those with price reductions exceeded 1,000, indicating a mixed market response [5][6]. Group 5: Future Outlook - Analysts suggest that the new policy is a supplement to last year's measures and aims to boost market confidence during the peak sales season, with expectations of increased transactions in September [6][7]. - However, the sustainability of this recovery remains uncertain, as developers are cautious and primarily focused on maintaining cash flow through sales rather than increasing prices [7].

Group 1 - The traditional sales peak season "Golden September and Silver October" has arrived, with developers gearing up for increased activity in the real estate market [3][12] - In Shanghai, the first batch of pre-sale permits in September covers a total supply area of 139,000 square meters, with a total value of approximately 8.31 billion yuan, indicating strong market interest [3][10] - In Beijing, the new housing policy has led to a noticeable increase in the number of visits to properties, with some new projects experiencing a doubling in transaction volumes [5][6] Group 2 - In Chengdu, over 1,500 new homes are expected to enter the market in September, with several notable projects set to launch [4][12] - In Shenzhen, the recent policy changes have significantly boosted both the number of property viewings and transactions, with a reported increase of 30% in viewings and 60% in sales volume [13] - The luxury market in Shanghai remains robust, with the highest recorded new home price reaching 326,800 yuan per square meter, reflecting strong demand in high-end segments [8][10]

Core Viewpoint - The recent policy adjustment in Shenzhen's real estate market, known as the "9.5 New Policy," aims to stimulate sales during the traditional peak season of "Golden September and Silver October" by implementing differentiated controls and lowering mortgage rates [1][2]. Policy Changes - The "9.5 New Policy" was implemented on September 6, 2023, allowing for differentiated control measures in core areas like Futian and Nanshan, while non-core areas such as Luohu and Guangming have seen the removal of purchase limits [1]. - The policy also eliminates the distinction between first and second home mortgage rates, with the lowest mortgage rate now at 3.05% [1]. Market Response - Following the policy announcement, there was a significant increase in both property viewings and transactions over the first weekend, with some projects reporting a 30% increase in viewings and 16 units sold in one project [2][6]. - The overall visitations to new housing projects increased by approximately 48%, and transaction volumes rose by about 60% during the first weekend after the policy was enacted [6]. Pricing Trends - Despite the policy changes, many properties are still offering discounts, with reductions ranging from 86% to 93% of the listed price [3][4]. - For example, a 92.54 square meter unit at the Jiayu Jiu Xi project originally priced at approximately 5.03 million yuan is now available for about 4.68 million yuan, translating to around 5.06 thousand yuan per square meter [3]. Second-Hand Market Dynamics - The number of second-hand properties with price increases reached 163 on the first day of the new policy, marking a recent high, although the total number of discounted second-hand properties remains above a thousand [7][10]. - The second-hand market is characterized by a "volume increase and price stability" trend, with properties priced significantly below market value selling quickly [10][11]. Expert Analysis - Analysts suggest that the new policy serves as a supplement to last year's "9.30 policy," aiming to boost market confidence during the peak sales season [11]. - The cautious approach of developers, focusing on maintaining prices or reducing them to drive sales, reflects a careful market assessment [11].