Investment Rating - The report maintains a "Hold" rating for the real estate sector, suggesting a cautious approach to investment in the current market conditions [7]. Core Insights - New home sales continue to decline year-on-year, with a 16.8% drop in the last week compared to the same period last year, indicating a worsening trend in the market [1][14]. - The cumulative transaction volume of new homes in first-tier cities shows a narrowing year-on-year growth rate, with Beijing down 1.6%, Shanghai up 0.6%, Guangzhou up 14.4%, and Shenzhen up 14.3% [2][18]. - The inventory-to-sales ratio for commercial housing is rising, with the top ten cities showing a ratio of 129.8, indicating a growing supply relative to sales [3][24]. - Land transaction volume has significantly decreased, with a 48.6% year-on-year drop in the last week, reflecting a challenging environment for land acquisition [4][28]. - The report highlights the recent issuance of the "Housing Rental Regulations" by the State Council, aimed at stabilizing the rental market and promoting high-quality development [5][35]. Summary by Sections New Home Sales - The transaction volume of new homes in 30 major cities reached 1.4 million square meters, down 16.8% year-on-year, with first, second, and third-tier cities showing declines of -26.1%, -6.9%, and -25.2% respectively [1][14]. - Cumulative sales in first-tier cities have shown a decrease, with Beijing at 298 million square meters, Shanghai at 620 million square meters, Guangzhou at 417 million square meters, and Shenzhen at 172 million square meters [2][18]. Inventory and Sales Ratios - The inventory-to-sales ratio for commercial housing in the top ten cities is 129.8, up from 101.3 a year ago, indicating an oversupply situation [3][24]. - First-tier cities have a ratio of 79.6, while second-tier cities have a significantly higher ratio of 217.5 [3][24]. Land Transactions - The land transaction area in 100 major cities was 13.49 million square meters, down 48.6% year-on-year, with first-tier cities experiencing a 95.5% drop [4][28]. Policy Developments - The "Housing Rental Regulations" aim to standardize rental activities and protect the rights of parties involved, effective from September 15 [5][35]. - Recent policies from various cities, including adjustments to housing loan standards, indicate a focus on stimulating the housing market [36]. Market Performance - The Hang Seng China Mainland Property Index rose 3.7%, outperforming the broader market, with state-owned enterprises leading the gains [6][37]. - The report suggests maintaining a watchful stance on investments, particularly favoring quality state-owned and local state-owned developers [7][39].

Investment Rating - The report maintains a cautious outlook on the real estate sector, indicating a need for significant new support measures to stabilize the market [7][35]. Core Insights - New home sales continue to decline year-on-year, with a 23.3% drop in the last week across 30 major cities, although there was a 12.2% increase compared to the previous week [1][14]. - The Central Political Bureau meeting emphasized timely monetary easing measures to support the real estate market, but the effectiveness of such measures may be diminishing due to prolonged low interest rates [5][35]. - The report highlights a disparity in new home sales growth among first-tier cities, with Beijing experiencing a 2.1% decline, while Guangzhou and Shenzhen saw increases of 25.2% and 58.7%, respectively [2][17]. Summary by Sections New Home Sales and Land Transactions - The total new home sales volume in 30 major cities reached 1.67 million square meters, down 23.3% year-on-year, with all city categories showing declines [1][14]. - Land transaction volume in 100 major cities was 16.42 million square meters, reflecting a 24.3% year-on-year decrease, although it increased by 23.6% compared to the previous week [4][29]. Inventory and Sales Ratios - The overall inventory-to-sales ratio for residential properties in the top ten cities was 103.3, higher than the previous year's 88.0, indicating a stable inventory level [3][26]. - First-tier cities had a lower inventory-to-sales ratio of 62.8 compared to last year's 64.9, while second-tier cities showed a significant increase to 174.4 from 118.0 [3][26]. Policy and Market Developments - The Central Political Bureau's meeting on April 25 highlighted the need for timely interest rate cuts and increased support for the real estate market, aiming to stabilize the sector [5][31]. - The report notes that while the policy direction is positive, there is a lack of substantial new support measures, making the current economic environment more complex [7][35]. Stock Performance - The report indicates that Hong Kong-listed mainland property stocks have generally lagged behind the broader market, with the Hang Seng China Mainland Property Index rising only 0.4% [6][33]. - Specific stocks such as China Overseas Development and China Resources Land are highlighted for continued attention due to their relatively stable performance [8][36].

Investment Rating - The report indicates a positive outlook for the real estate industry, suggesting a stabilization and potential growth in the market [5][36]. Core Insights - The new housing transaction volume in 30 major cities reached 2.18 million square meters, representing a year-on-year increase of 36.9% and a month-on-month increase of 40.0% [1][13]. - Shenzhen leads in new housing sales among first-tier cities, with a year-on-year growth of 120.2% [2][18]. - The inventory-to-sales ratio for residential properties in major cities has improved, indicating a healthier market [3][23]. - Land transaction volume continues to decline, with a year-on-year drop of 39.0% across 100 major cities [4][26]. - The Central Political Bureau emphasized the need to stabilize the real estate and stock markets, indicating ongoing policy support [5][32]. - The Hang Seng China Mainland Property Index outperformed the broader market, rising by 6.2% [6][34]. - The upcoming National People's Congress is expected to continue policy support for the real estate market [7][36]. Summary by Sections New Housing Sales - New housing sales volume in 30 major cities reached 2.18 million square meters, up 36.9% year-on-year and 40.0% month-on-month [1][13]. - Year-on-year growth rates for first, second, and third-tier cities were +52.2%, +25.2%, and +51.8% respectively [1][13]. First-tier City Performance - Shenzhen's cumulative new housing sales reached 630,000 square meters, up 120.2% year-on-year [2][18]. - Beijing's sales volume was 700,000 square meters, down 29.6% year-on-year, while Shanghai and Guangzhou saw increases of 25.5% and 56.3% respectively [2][18]. Inventory and Sales Ratios - The inventory-to-sales ratio for major cities was 108.3, down from 188.7 year-on-year [3][23]. - First-tier cities had an inventory-to-sales ratio of 70.7, significantly lower than the previous year's 161.7 [3][23]. Land Transactions - Land transaction volume in 100 major cities was 19.08 million square meters, down 39.0% year-on-year [4][26]. - First-tier cities saw a 61.5% year-on-year decline in land transactions [4][26]. Policy and Market Outlook - The Central Political Bureau's meeting highlighted the importance of stabilizing the real estate market [5][32]. - The Hang Seng China Mainland Property Index's performance indicates a positive trend in the sector [6][34]. - The upcoming National People's Congress is anticipated to reinforce supportive policies for the real estate market [7][36].