Core Viewpoint - The real estate market in Guangzhou has shown signs of recovery in the first half of 2025, driven by national policies aimed at stabilizing the housing market [1][3]. Group 1: Market Performance - In the first half of 2025, Guangzhou's second-hand residential market recorded 56,613 transactions and 5.69 million square meters, representing significant year-on-year increases of 12.98% and 13.31% respectively [1]. - In June 2025, the number of second-hand residential transactions and area signed increased month-on-month by 7.18% and 8.03%, reaching 9,891 transactions and 996,400 square meters [1]. - Huangpu District saw a remarkable month-on-month increase of 97.59% in transaction volume, largely attributed to the bulk signing of resettlement housing [1]. Group 2: Transaction Characteristics - The proportion of mortgage payments decreased by 3.56 percentage points in June 2025 [2]. - The most active districts in terms of second-hand residential transactions included Tongdewei-Luochongwei, Tonghe, Dongxiaonan, and others, with significant year-on-year growth in transaction volume [2]. - Among the top ten active properties, Fuli City Garden and Tangde Garden saw year-on-year transaction increases of 42.11% and 37.50% respectively [2].

Core Viewpoint - Guangzhou has become the first tier city to fully relax the "three limits" (purchase limit, sale limit, price limit) in its housing market, aiming to stimulate consumption and address significant market disparities [1][4]. Policy Changes - The "Implementation Plan for Boosting Consumption" was released on June 13, proposing the complete removal of purchase, sale, and price restrictions, along with lowering down payment ratios and interest rates [1]. - The down payment ratio for first-time homebuyers is currently at 15%, and the interest rates for commercial loans are approximately 3%, while public housing loans are around 2.6%, which are the lowest among first-tier cities [4][6]. Market Performance - From January to May 2023, Guangzhou recorded a total of 25,659 new residential units signed, representing a year-on-year increase of 22% [1]. - The second-hand housing market also saw a significant increase, with 43,785 transactions, up 23.6% compared to the same period last year [7]. - The average price of new homes in Guangzhou is reported at 35,700 yuan/m², with significant price disparities between core and peripheral areas [8]. Market Disparities - The inventory turnover period in Guangzhou averages 23 months, with the longest being 38 months in Yuexiu District and the shortest at 13 months in Liwan District [1]. - There is a notable price decline in peripheral areas, with some projects experiencing price drops of up to 23% compared to previous years [9].