"您这房子建筑面积100平，我们实际交付的使用面积能到140平，得房率绝对超过100%。"这样的销售话术，在2025年的楼市中，在很多城市几乎已成为 常规。 如今，没有赠送面积的项目，根本上不了牌桌。飘窗、阳台、露台是普通手段，而当前送面积最多的，已经集中体现在"四代宅"上。 "四代宅"的面积赠送，俨然成为开发商之间的一场竞赛——你送20%，我就送30%；你送30%，我就加码送40%。我统计了一下西安近三年的四代宅产品 赠送率，直观能看到附赠率越来越高。到了今年，实得率全部超过100%。 | | 项目 | 附贈率 | 得房率 | 露台进深 | | --- | --- | --- | --- | --- | | 2022年 | 金地玖峯悦 | 6.02% | 91% | 1.5m | | | 华润紫云府 | 4.52% | 85% | 1.5m | | 2023年 | 绿城海棠一草 | 18. 60% | 96% | 3.3m | | | 龙翔奥城云越 | 5. 35% | 97% | 2. 22m | | | 龙翔奥城云玺 | 28. 46% | 112% | 2. 15m | | | 能建长誉府 | 14. ...

以下文章来源于真叫卢俊 ，作者真叫卢俊团队 真叫卢俊 . 认认真真聊地产，实实在在谈买房。 本文来自微信公众号： 真叫卢俊 ，作者：有漾，原文标题：《「附赠率」不该也不能成为主旋 律》，题图来自：AI生成 "您这房子建筑面积100平，我们实际交付的使用面积能到140平，得房率绝对超过100%。"这样的销 售话术，在2025年的楼市中在很多城市几乎成为常规。 现在没有赠送面积的项目根本上不了牌桌，飘窗、阳台、露台是普通手段，其中送面积最多的已经 是"四代宅"。 "四代宅"的面积赠送是一种开发商的竞赛： 你送20%，我就送30%；你送30%，我就加码送40%。 我统计了一下西安近三年的四代宅产品赠送率，直观能看到附赠率越来越高。到了今年， 实得率全 部超过100%。 | | 项目 | 附赠率 | 得房率 | 露台进深 | | --- | --- | --- | --- | --- | | 2022年 | 金地玖峯悦 | 6.02% | 91% | 1.5m | | | 华润紫云府 | 4.52% | 85% | 1.5m | | 2023年 | 绿城海棠三章 | 18. 60% | 96% | 3.3m | | ...

Core Viewpoint - The real estate market in October showed a general decline in transaction volume and supply, with a notable drop in the average sales rate across 30 key cities, indicating a cooling market trend [2][4]. Market Performance - The average sales rate for new homes in 30 key cities fell to 34% in October, down 6 percentage points month-on-month and 4 percentage points year-on-year [4]. - Major cities like Beijing, Shanghai, Guangzhou, and Shenzhen experienced a steady decline in market heat, with Guangzhou's sales rate dropping to 10% in October [4][5]. - Cities such as Suzhou, Hefei, and Nanjing showed signs of weak recovery, with month-on-month increases in sales rates, while cities like Fuzhou and Qingdao remained sluggish with sales rates below 20% [4]. Project Characteristics - High-quality projects with strong product features, particularly those aligned with government initiatives for safe and comfortable housing, have been performing well [8]. - In Wuhan, new projects accounted for 90% of the launches in October, achieving a first-day sales rate of 32%, compared to just 6% for older projects [8]. - Notable high-performing projects include Tianjin Longyao City Fengming and Chengdu Dongcheng Jinmao Xiaomao, both achieving 100% sales rates [9]. Market Segmentation - There is increasing differentiation among projects, with some achieving high sales rates while others struggle. For example, in Guangzhou, new projects saw a drop in sales rates from 25% in September to 10% in October [11]. - Specific projects in the same district can have vastly different sales performances, highlighting the importance of timing and marketing strategies [13]. Impact of Amenities - Strong supporting facilities, particularly educational resources, have become crucial in driving sales, with school district properties seeing significant demand [17][21]. - Projects like Tianjin Jiantou Aoti and Changsha Zhongjian Boci have leveraged their prime locations and amenities to achieve high sales rates [21]. Pricing Strategies - In weaker markets, some projects have resorted to price reductions and promotional strategies to boost sales. For instance, in Xi'an, discounts were increased to stimulate demand [22]. - In Suzhou, many top-selling projects were driven by high cost-performance ratios or aggressive pricing strategies [22]. Future Outlook - The expectation for November indicates continued low transaction volumes, with potential further declines in sales rates due to high comparative bases from last year [26]. - Differentiation among cities and projects is expected to persist, with core cities facing downward pressure while some second-tier cities may continue to show signs of recovery [26].

Company Developments - CIFI Construction Management expanded its projects by 17 in Q3 2025 [1] - New Town Construction Management signed contracts for over 5.7 million square meters in Q3 2025 [1] - CIFI Construction Management won the bid for the "Fourth Generation Residential" project in Foshan [1] - Longfor's Longzhizao signed a contract with Yiyun Group to set a new benchmark for luxury housing in the Bay Area [1] - Greentown Management delivered over ten projects in Q3, including Wuhan Liuchan Chunxiao [1][6] Industry Trends - Greentown Management's new project management fees reached approximately 5 billion yuan in the first half of the year [14] - CIFI Construction Management initiated its first "Fourth Generation Residential" project in Dalian [14] - The first comprehensive capability evaluation standard for construction management companies was released [14] - Jindi Management published the "Client Service White Paper 2.0" [14] - Yuanyang Construction Management's Dalian Huannan Hui project saw strong sales [14]

Core Insights - The new housing market is experiencing a steady recovery in demand and supply, particularly in major cities like Beijing, Shanghai, Chengdu, and Hangzhou, while second-hand housing transactions continue to show a slight decline [1][2][3] - The land market is also witnessing a cyclical rebound in transaction volume [1] Market Performance - In September 2025, the average sales absorption rate for new launches in 30 key cities was 39%, a slight decrease of 3 percentage points from August but an increase of 10 percentage points year-on-year [2][3] - The market remains stable at a high level, with varying performance across different cities [2][3] City-Specific Trends - Chengdu had the highest absorption rate at 76%, followed by Changsha at 72%, and both Hangzhou and Xiamen at 67% [6] - Cities like Shanghai, Chengdu, and Hangzhou saw a slight decline in absorption rates but maintained above 40% [6] - In contrast, cities such as Nanjing, Kunming, and Jinan reported absorption rates below 20%, indicating a continued sluggish market [6] Project Performance - New regulations and high-quality projects are driving sales, with significant absorption rates for new launches in cities like Wuhan and Chengdu [8] - Notable projects achieving 100% absorption rates include Chengdu's招商锦城序 and 南京金基屿樾府 [9] Luxury Market Insights - The luxury market in Shanghai and Hangzhou is seeing increased activity, with high-end projects like 金陵华庭 achieving remarkable sales figures [10][11] - The market for luxury properties is not uniformly strong, as only projects with prime locations and superior quality are maintaining high sales rates [16] Discount Strategies - In weaker second-tier cities like Xi'an, Suzhou, and Zhengzhou, developers are employing discount strategies and enhanced commission structures to boost sales [14][15] Future Outlook - The new housing transaction volume is expected to remain low, with potential year-on-year declines due to high base effects from the previous year [14] - Market differentiation is likely to continue, with core cities maintaining high activity levels while others may struggle with low absorption rates [16]

Core Viewpoint - The absolute volume of new home transactions is expected to remain at a low level, with the possibility of further expansion in the year-on-year decline due to a high base from October last year. The differentiation between cities and projects will continue to intensify [1][29]. Market Performance - In September, the new home market saw steady supply and demand during the "Golden September" marketing season, with a slight month-on-month decrease in project sales rates, but a year-on-year increase, maintaining high volatility [3][5]. - The average sales rate for new homes in 30 key cities in September was 39%, a slight decrease of 3 percentage points month-on-month but an increase of 10 percentage points year-on-year [5][4]. City-Specific Trends - Cities such as Beijing, Chengdu, Xiamen, Changsha, and Hangzhou had sales rates exceeding 60%, while cities like Nanjing, Kunming, and Jinan had rates below 20%, indicating a continued low market performance [7][8]. - The sales rates for new projects in Wuhan showed a strong performance, with new regulation projects achieving a first-day sales rate of 40%, while traditional projects lagged significantly [9][13]. High-End Market Dynamics - The introduction of high-end luxury properties in cities like Shanghai and Hangzhou has led to increased market activity, with some projects experiencing a "buy more as prices rise" phenomenon [14][15]. - Notable luxury projects in Shanghai, such as Jinling Huating, achieved record sales, with the second phase selling out quickly and generating over 98 billion yuan in sales [19]. Price Adjustment Strategies - In weaker second-tier cities like Xi'an, Suzhou, and Zhengzhou, some projects have adopted price reduction strategies to boost sales, with significant discounts leading to improved sales performance [24][25][26]. - Projects in Fuzhou have also seen notable sales increases due to price adjustments, demonstrating the effectiveness of "price for volume" strategies [26]. Future Outlook - Looking ahead to October, the absolute volume of new home transactions is likely to continue at low levels, with potential for further year-on-year declines. Differentiation among cities and projects is expected to persist, with core cities maintaining high market activity while others may struggle [29].

Core Viewpoint - The real estate market in Qingdao, a coastal city in Shandong Province, has shown unexpected recovery during the "Golden September and Silver October" period, with new home transaction volumes increasing due to developer discounts and price reductions [3][6][12]. Market Performance - During the National Day holiday, Qingdao's new home transaction area increased by 10% year-on-year, making it one of the few second-tier cities to see such growth [3][6]. - In the first nine months of 2025, Qingdao's new home transactions totaled 47,825 units, with a total transaction value of 82.594 billion yuan, reflecting a year-on-year decline of 4.64% and 5.04% respectively [10]. Factors Driving Recovery - The recovery in Qingdao's real estate market is attributed to several factors, including the launch of new projects and discounts offered by developers, which have stimulated demand [8][12]. - The city aims to become a "healthcare city," with plans to establish high-quality health living areas and international health tourism destinations by 2027 [6]. Buyer Trends - The majority of new home buyers in Qingdao are looking for improvements in their living conditions, with nearly 80% of buyers focusing on upgrading their homes [8][11]. - The introduction of fourth-generation residential projects has attracted many buyers, indicating a shift towards more innovative and comfortable living spaces [8][13]. Price Dynamics - The second-hand housing market in Qingdao has seen a decrease in prices, with a year-on-year decline of 5% as of August, while new home prices have also been influenced by promotional activities [10][12]. - The overall price adjustment in Qingdao has made housing more attractive, with a reported 30% reduction from peak prices, enhancing the perceived value for buyers [13]. Future Outlook - Industry experts believe that while there is potential demand reflected in the recent monthly data increases, the overall market is still in a recovery phase [14]. - Various favorable policies, including purchase subsidies, are expected to continue lowering barriers for buyers and stimulating market activity [14].

Core Viewpoint - This year marks a significant improvement in the "product strength" of the Qingdao real estate market, with a notable increase in new home transactions during the traditional peak season of "Golden September and Silver October" [1][6]. Market Performance - During the National Day holiday, Qingdao's new home transaction area increased by 10% year-on-year, making it one of the few second-tier cities to see a rise in new home registrations [1][3]. - In the first nine months of 2025, Qingdao's new home sales totaled 47,825 units, with a total transaction value of 82.594 billion yuan, reflecting a year-on-year decline of 4.64% and 5.04% respectively [7]. Factors Driving Sales - The increase in transactions is attributed to developers offering discounts, with prices for new homes dropping from an average of 18,000 yuan per square meter to around 16,000 yuan [1][9]. - The introduction of new projects and products in hot areas of Qingdao during August and September has activated some demand, with a significant portion of buyers focusing on improving their living conditions [6][11]. Product Development - Developers are focusing on creating high-quality housing, with new projects leaning towards innovative designs such as "fourth-generation" homes, which have a higher effective area ratio [6][10]. - The market is seeing a trend towards larger, high-end units, with a notable emphasis on "zero public area" offerings, enhancing the perceived value for buyers [10]. Future Outlook - Industry experts believe that while there is a potential demand reflected in the monthly data increases, the overall market is still in a recovery phase [11]. - Various favorable policies, including purchase subsidies, are being introduced to lower entry barriers for buyers, which may stimulate demand further [11].

Summary of the Real Estate Market Conference Call Industry Overview - The conference call focuses on the real estate industry in China, specifically analyzing the performance of the top 100 real estate companies in September 2025 and the overall market trends. Key Points and Arguments Sales Performance - In the first three quarters of 2025, the cumulative sales amount nationwide decreased by 11.8% year-on-year, but the decline narrowed by 1.3 percentage points compared to January-August, indicating a slowing market decline [2][3] - In September, the sales amount of the top three real estate companies increased by 2.6% year-on-year, while the overall sales of the top 100 companies grew by 0.4%, a significant recovery compared to August [2][4] - The sales amount for the top 100 companies in September reached 252.78 billion yuan, a month-on-month increase of 22.1% [3] Market Supply and Demand - New housing supply in 30 key cities increased significantly by 55% month-on-month to 10.2 million square meters in September, although it still represented a 15% year-on-year decline [2][7] - The new housing transaction area in September for 30 key cities rose by 18% month-on-month but fell by 5% year-on-year, indicating a recovery in first-tier cities while the overall market remains below last year's levels [2][10] Market Dynamics - The new housing market's absorption rate decreased by 4 percentage points to 38%, suggesting ongoing pressure despite signs of recovery [2][13] - The second-hand housing market saw a month-on-month decline of 1% but a year-on-year increase of 10%, with first-tier cities showing policy effects [2][15] Performance by Company Tier - The top three companies (e.g., Poly, Greentown, China Overseas) showed a month-on-month positive growth of 2.6%, while the top 10 companies experienced a slight decline of 0.9% [4] - Companies like China Resources, Jianfa, and China Railway Construction saw month-on-month increases exceeding 30% in September, while others like Longfor and Vanke faced declines of 30%-40% [5][6] Future Market Expectations - The new housing transaction volume is expected to remain low in October 2025, with a potential widening of year-on-year declines due to a high base from last year's rapid market rise [19] - The overall market is anticipated to face downward pressure, with second-hand housing transaction momentum slowing [19][20] Policy and Market Outlook - Current policies in major cities like Beijing, Shanghai, and Shenzhen are unlikely to change significantly in the short term, but long-term trends suggest a gradual easing of restrictions [26] - Potential policy measures include lowering loan interest rates and providing financial subsidies for mortgage loans to stimulate the market [26][27] Price Trends - The second-hand housing prices are currently in a rapid decline, particularly in first-tier cities, with no clear indication of when they will stabilize [25] - The high-end residential market (properties priced above 30 million yuan) is expected to remain stable, while the mid-range market (1 million to 1.5 million yuan) may face demand challenges [24] Additional Important Insights - The divergence between new and second-hand housing transactions is notable, with new housing supported by high-end private residences while second-hand housing is primarily driven by budget-conscious buyers [23] - The performance of the real estate market in September was influenced by last year's low base and the introduction of quality land parcels by local governments [20]

Core Insights - The land market in Shenyang has shown signs of recovery in 2025, with 15 residential land plots successfully sold from January to September, including several high-premium plots [1][4]. Group 1: Land Market Activity - The absence of land sales in the Yuhong District has been notable, but a significant new plot has emerged, indicating a revival in land transactions [4][6]. - The largest single plot this year is a residential land of 179,025.26 square meters located in the Yuhong District, which is expected to inject fresh vitality into the local real estate market [6][8]. Group 2: Land Plot Details - The plot at Zhengliang Fourth Road 1-1 has a land area of 179,025.26 square meters, designated as Class II residential land (R2), with a floor area ratio of no more than 1.6 and a maximum building height of 60 meters [8][12]. - The commercial ratio for the plot is set between 3-5%, with a residential lease term of 70 years and a commercial lease term of 40 years [8][12]. Group 3: Development Potential - The project is expected to enhance the surrounding road network, indicating potential for future infrastructure improvements [9][12]. - The area benefits from existing educational resources, such as the nearby Qishan No.1 School, which will provide immediate access to quality education for residents [12][20]. Group 4: Future Planning and Community Development - The Yuhong District's planning emphasizes the creation of a comprehensive residential area that integrates high-quality living, industrial services, and educational experiences [15][17]. - Future developments will focus on enhancing public services, including education, healthcare, and community facilities, to meet the needs of residents and improve living standards [17][20].