Summary of Beijing Real Estate Market Conference Call Industry Overview - The conference call focuses on the Beijing real estate market, particularly the second-hand housing sector, with insights into pricing trends, policy impacts, and market dynamics. Key Points Current Market Conditions - The average price of second-hand homes in Beijing has decreased by approximately 39% from the peak in March 2023, with the current average around 41,500 yuan per square meter as of February 2026 [1][7] - The rental yield for older properties in core areas has rebounded to 3%, indicating a potential price support level [1] - Following the policy changes at the end of 2025, weekly transactions have increased to around 2,000 units, showing improved market activity [4] Policy Changes - The policy adjustment on December 24, 2025, reduced the social security or tax payment requirement for home purchases from three years to two years within the Fifth Ring Road, and from two years to one year outside it [2] - The market showed no significant improvement prior to the policy change, prompting further adjustments to stimulate transactions [2] Inventory and Sales Dynamics - The inventory of listed properties on the Lianjia platform decreased from 164,000 units in September 2025 to 144,000 units by December 2025, primarily due to sellers withdrawing listings in response to price expectations [5] - The actual monthly transaction volume is estimated at around 11,000 units, based on Lianjia's market share of approximately 65% [3] Buyer Behavior and Market Segmentation - The proportion of investors in the market has dropped to below 5%, with demand now primarily driven by first-time buyers and those upgrading their homes [1] - The decision-making process for improvement buyers is lengthened due to the "sell first, buy later" strategy, focusing more on location and product quality [1][8] Price Trends and Future Outlook - A slight price increase is expected in March-April 2026, driven by seasonal demand and school district transitions, with significant activity anticipated in the academic year [10] - The market is expected to cool down after May 2026, as historical trends indicate a seasonal decline in transactions during the summer months [28] Regional Price Differentiation - Price stability is observed in core and school district areas, while prices in suburban regions continue to decline [13] - The performance of different districts varies significantly, with core areas showing resilience against price drops compared to suburban locations [13] Investment Insights - Investors are currently focusing on properties with stable rental yields, particularly in core areas, while speculative investments in high-end properties are limited [15] - The market is characterized by a shift towards demand-driven purchases rather than speculative investments, with over 95% of transactions motivated by genuine needs [15] Recommendations for Buyers - Buyers are advised to focus on product quality in new homes, while second-hand home purchases should prioritize location and liquidity [16] - For families considering school district properties, timing and specific district regulations are crucial for making informed decisions [17][18] Conclusion - The Beijing real estate market is experiencing a complex interplay of policy changes, buyer behavior shifts, and regional price variations, with a cautious outlook for the near future as seasonal trends and market dynamics evolve [28][29]

Group 1 - The core point of the article highlights the recent statistics on new and second-hand housing transactions in Beijing, indicating a relatively low volume of new home registrations compared to second-hand homes [1] - On February 24, 2026, Beijing recorded 126 new home registrations with a total area of 8,445.61 square meters, of which 38 were residential units covering 4,921.68 square meters [1] - In contrast, the second-hand housing market saw 220 registrations, totaling 18,602.13 square meters, with 204 being residential units covering 17,808.67 square meters [1] Group 2 - As of February 24, 2026, there are 93,175 units of pre-sale housing available, with a total area of approximately 7,683,463.45 square meters, including 38,859 residential units covering 5,426,669.82 square meters [2] - The data also indicates that there are 211,091 unsold units, with a total area of 11,446,623.53 square meters, including 30,343 residential units covering 3,452,739.60 square meters [2] - The statistics for January 2026 show a total of 16,912 online signed contracts for existing homes, covering an area of 1,456,848.50 square meters, with 15,082 of these being residential units covering 1,349,072.25 square meters [3]

Group 1 - On February 7, 2026, Beijing recorded 165 new home registrations with a total area of 13,375.32 square meters, including 49 residential units covering 6,708.02 square meters [1] - The second-hand housing market saw 208 registrations, with a total area of 17,051.39 square meters, of which 196 were residential units covering 16,549.08 square meters [1] Group 2 - As of February 7, 2026, there are 91,877 available pre-sale units in Beijing, with a total area of approximately 7,714,352.29 square meters [2] - The approved pre-sale permits for the same date include 7 permits covering an area of 104,566.18 square meters [2] - The total number of unsold units stands at 209,474, with an area of approximately 11,488,016.77 square meters [2] Group 3 - In January 2026, the online signing for existing homes reached 16,912 units, covering an area of 1,456,848.50 square meters, with 15,082 of these being residential units covering 1,349,072.25 square meters [3]

Group 1 - The core viewpoint of the articles highlights the current state of the real estate market in Beijing, focusing on new and second-hand housing transactions as of February 4, 2026 [1][2][3] Group 2 - On February 4, 2026, Beijing recorded 173 new housing transactions with a total area of 13,813.58 square meters, including 65 residential transactions covering 8,513.15 square meters [1] - The second-hand housing market saw 648 transactions, totaling 53,842.36 square meters, with 559 of these being residential transactions amounting to 47,921.12 square meters [1] - As of February 4, 2026, there are 91,597 units available for sale, with a total area of approximately 7,688,208 square meters, including 15,151 residential units covering about 5,415,659 square meters [2] - The total number of unsold units stands at 210,017, with a total area of approximately 11,545,620 square meters, including 30,598 residential units covering about 3,470,789 square meters [2] - In January 2026, the online signing for existing homes reached 16,912 units, with a total area of approximately 1,456,848.5 square meters, including 15,082 residential units covering about 1,349,072.25 square meters [3]

Group 1 - Beijing's new housing market saw 166 new homes registered on February 2, with a total area of 10,935.42 square meters, including 48 residential units covering 6,970.77 square meters [1] - The second-hand housing market recorded 671 transactions, with a total area of 59,428.97 square meters, of which 586 were residential units covering 53,413.45 square meters [1] Group 2 - As of February 2, 2026, there are 91,145 units available for sale, with a total area of 7,662,037.09 square meters, including 38,826 residential units covering 5,404,276.08 square meters [2] - The total number of unsold units stands at 210,370, with an area of 11,561,826.98 square meters, including 30,736 residential units covering 3,486,036.66 square meters [2] - The online signing for existing homes as of December 2025 reached 19,132 units, with a total area of 1,659,092.40 square meters, including 17,200 residential units covering 1,549,550.80 square meters [3]

Core Viewpoint - The new real estate policy in Beijing has led to a significant increase in second-hand housing transaction volumes and improved conversion rates for quality new homes, although regional and project differentiation remains evident [1][2][4]. Market Performance Post-New Policy - Following the implementation of the new policy on December 24, 2025, the transaction volume for second-hand homes increased by 33% from the previous month [2]. - Market activity indicators such as new customer inquiries and property viewings rose by 14% and 18%, respectively, during the same period [2]. - The average daily registration of new residential properties reached 96 units, marking a 4.3% increase compared to the pre-policy period [2]. Factors Contributing to Market Improvement - Improved market expectations due to the recent policy changes have positively influenced the market sentiment [3]. - The new policy has led to a concentration of signings, with its long-term effects expected to gradually manifest [3]. - Seasonal trends typically see a natural market recovery in the first quarter, further supported by the timing of the upcoming Spring Festival [3]. Buyer Behavior and Market Dynamics - First-time buyers are currently the dominant force in the market, driven by year-end bonuses and the typical seasonal uptick in demand [3]. - The market is showing a preference for entry-level housing, particularly in suburban areas and secondary centers [3]. - The overall market is characterized as a buyer's market, with both buyers and sellers exhibiting more rational attitudes towards pricing [4]. Structural Differentiation in the Market - There is a notable structural differentiation in market performance, with premium projects in core areas benefiting significantly from the new policy, while suburban and non-core projects show weaker performance [4]. - The number of second-hand residential listings has decreased, indicating a stabilization in seller expectations and early signs of market bottoming [4]. Overall Market Outlook - In 2025, second-hand homes accounted for 81% of total residential transactions in Beijing, with a significant portion of sales concentrated in properties priced below 3 million yuan [5]. - The market is expected to continue its slow recovery, with ongoing structural inventory pressures and a potential for improved demand as policies remain supportive [6]. - The differentiation between new and second-hand homes is becoming more pronounced, with new homes targeting higher-end buyers while second-hand homes are trending towards lower price points [6].

Core Viewpoint - The recent policy adjustments in Beijing's real estate market have led to a significant increase in transaction volumes and market activity, particularly in the second-hand housing sector, although regional and project-level disparities remain evident [1][2][4]. Policy Changes - The new policies include lowering social security requirements, supporting multi-child families in purchasing additional homes, eliminating distinctions between first and second home mortgage rates, reducing down payment ratios for public housing loans, and optimizing the business environment [2][3]. Market Performance - After one month of the new policy implementation, the transaction volume for second-hand homes increased by 33% compared to the previous month, with new customer inquiries and property viewings rising by 14% and 18%, respectively [2][3]. - The average daily registration of new residential properties reached 96 units, marking a 4.3% increase from the period before the policy change [2]. Market Dynamics - The warming market is attributed to improved market expectations, concentrated signing of contracts post-policy, and seasonal trends that typically see a natural uptick in activity during the first quarter [3][4]. - First-time buyers are currently the dominant force in the market, with a notable preference for entry-level housing, particularly in suburban areas and secondary centers [3][4]. Regional Disparities - There is a structural differentiation in market performance, with premium projects in core areas benefiting significantly from the new policies, while suburban and non-core projects show relatively flat performance [4][5]. - The number of second-hand residential listings has decreased, indicating a stabilization of owner expectations and early signs of market bottoming [4]. Future Outlook - The overall market is expected to continue its slow recovery, with second-hand homes dominating the market, accounting for 81% of total transactions in 2025 [5][6]. - The market is characterized by a significant divide between new and second-hand homes, with new properties targeting higher-end buyers while second-hand homes are trending towards lower price points [5][6]. - The policy environment is anticipated to remain supportive, with ongoing adjustments in purchasing qualifications and financial support, which may gradually improve market demand expectations [6].

Group 1 - On January 24, 2026, Beijing recorded 132 new home registrations with a total area of 10,747.7 square meters, including 67 residential registrations covering 8,699.32 square meters [1] - The second-hand housing market saw 197 registrations with a total area of 17,654.54 square meters, of which 184 were residential, covering 16,986.91 square meters [1] Group 2 - As of January 24, 2026, there are 92,978 available pre-sale units in Beijing, with a total area of approximately 7,719,361.61 square meters [2] - The approved pre-sale permits include 20 units with a total area of 542,294.96 square meters [2] - There are 208,364 unsold units with a total area of 11,405,528.63 square meters, including 28,168 residential units covering 3,254,098.60 square meters [2] Group 3 - The online signing for existing homes in December 2025 recorded 19,132 units with a total area of 1,659,092.40 square meters, including 17,200 residential units covering 1,549,550.80 square meters [3]

Core Insights - The recent policy adjustments in Beijing's real estate market have led to increased market activity, improved transaction volumes, and stabilized prices, significantly boosting market confidence [1][2]. Group 1: New Housing Market - Following the implementation of the new policy, the sales office of a new development reported a more than 60% overall sales rate since its opening last year, with a noticeable increase in visitor numbers [1]. - Developers are increasingly competing on the quality of their offerings, with a trend towards enhancing design and features in new projects, indicating a competitive market environment [1]. Group 2: Second-Hand Housing Market - The second-hand housing market has also shown signs of recovery, with a notable increase in transaction speed, particularly in established communities [2]. - The average transaction price for second-hand homes is concentrated between 2 million and 5 million yuan, with first-time buyers dominating the market [2]. Group 3: Market Trends and Predictions - Data from Zhongyuan Real Estate indicates a 44.6% month-on-month increase in daily new home registrations since the policy announcement, while second-hand home viewings have increased by over 20% [2]. - The price of new homes has stabilized, with a 2.55% month-on-month increase in prices for improved new homes outside the Fifth Ring Road, while the overall decline in new home prices has narrowed to 0.4% [2]. - Analysts predict that the ongoing recovery in the Beijing real estate market will continue, with a focus on differentiated performance based on location and product competitiveness [3].

Core Insights - The article discusses the transformation of China's real estate market from an "incremental market" to a "stock market," highlighting the increasing share of second-hand housing transactions, which have reached a significant level in the overall market [1] - By 2025, the proportion of second-hand residential transactions in key cities is expected to continue rising, with first-tier cities averaging 75%, and Beijing showing particularly strong performance [1] Group 1: Market Trends - In 2025, Beijing is projected to have 174,000 second-hand residential transactions, accounting for 81% of the total residential transaction volume in the city [1] - The transaction structure indicates a clear demand for affordable housing, with 37% of second-hand residential transactions priced below 3 million yuan, a 5 percentage point increase from the previous year [1] - Nearly 70% of second-hand residential transactions are expected to be below 5 million yuan, primarily concentrated in areas outside the Fifth Ring Road [1] Group 2: Price and Area Structure - The average transaction area for new residential properties in Beijing is projected to be 126 square meters, with the 90-120 square meter category being the most popular at 36% [2] - The average transaction price for new residential properties is expected to reach 7.5 million yuan, a 4% year-on-year increase, while the average price for second-hand residential properties is projected to decline to 4.17 million yuan, a 7% decrease [2] - The price gap between new and second-hand residential properties is expected to widen to 3.33 million yuan, a 21% year-on-year increase [2] Group 3: High-End Market Dynamics - In 2025, 80% of the top 20 second-hand residential communities priced above 10 million yuan in Beijing will be concentrated in Chaoyang and Haidian districts [3] - Chaoyang district features high-end communities with strong amenities and residential attributes, while Haidian district is favored for its quality educational resources and industrial advantages [3] - The stability of Beijing's real estate market relies on the continued activity in the second-hand housing market and the effective linkage between new and second-hand markets [3]