【机构：2025年全国法拍市场挂拍71.9万套法拍房 同比降6.6%】智通财经1月12日电，中指研究院数据 显示，2025年，法拍市场呈现挂拍量、成交量、成交金额及均价同比下滑态势，全年挂拍71.9万套（同 比降6.6%），成交16.9万套（同比降4.4%），总成交金额2536.2亿元（同比降23.6%），平均折价率 74.1%；物业类型以住宅为核心（成交金额占比51.9%），拍卖阶段二拍成交占比最高（46.9%）。区域 分布上，高价房源集中于一线及核心二线城市，深圳、上海、北京构成第一梯队。 转自：智通财经 ...

物业类型以住宅为核心，成交金额占比51.9%，拍卖阶段二拍成交占比最高46.9%。区域分布上，高价 房源集中于一线及核心二线城市，深圳、上海、北京构成第一梯队。 北京商报讯(记者李晗)1月12日，中指研究院数据显示，2025年全国挂拍71.9万套法拍房，同比降6.6%； 成交16.9万套，同比降4.4%；总成交金额2536.2亿元，同比降23.6%，平均折价率74.1%。 ...

智通财经APP获悉，1月12日，中指研究院发布法拍市场年终总结。2025年，法拍市场呈现挂拍量、成交量、成交金额及均价同比下滑态势，全年 挂拍71.9 万套(同比降 6.6%)，成交 16.9 万套(同比降 4.4%)，总成交金额 2536.2 亿元(同比降 23.6%)，平均折价率 74.1%；物业类型以住宅为核心(成 交金额占比 51.9%)，拍卖阶段二拍成交占比最高(46.9%)。区域分布上，高价房源集中于一线及核心二线城市，深圳、上海、北京构成第一梯队。 住宅细分市场中，全年挂拍 32.7 万套(同比降 10.7%)，成交 11.3 万套，成交均价 8082 元 /㎡；各能级城市分化显著，一线城市成交均价达 36196 元 /㎡，三四线城市为 4750 元 /㎡。 第二梯队广州(27套)、杭州(22套)2 个城市，top500中占 49套，占比约9.8%；属于相对成交核心，但数值与第一梯队差距较大。 第三梯队厦门(8套)、成都 / 南京 / 苏州(6套)、嘉兴 / 金华等(4套)、昆明 / 绍兴 / 西安(3套)、东莞 / 合肥等(2套)共19个城市，合计占67套，占总计数 的 13.4%；以东部沿海 ...

格隆汇1月12日｜据中指研究院，2025年，法拍市场呈现挂拍量、成交量、成交金额及均价同比下滑态 势，全年挂拍71.9万套（同比降6.6%），成交16.9万套（同比降4.4%），总成交金额2536.2亿元（同比 降23.6%），平均折价率74.1%；物业类型以住宅为核心（成交金额占比51.9%），拍卖阶段二拍成交占 比最高（46.9%）。区域分布上，高价房源集中于一线及核心二线城市，深圳、上海、北京构成第一梯 队。同时区域分化加剧，重点城市表现分化显著，交易结构优化，二拍成为核心成交渠道，竞买人更倾 向于在价格更具吸引力的阶段出手。法拍房市场呈现独立周期性趋势，月度成交量、成交金额受法院执 行节奏影响较大，波动特征显著。 ...

智通财经APP获悉，克而瑞地产研究发文称，2025年11月，法拍房供应规模延续上月低位，成交规模如 期回落。本月法拍房挂拍2.95万套，环比上升2%，同比下降24%;成交3770套，环比下降27%，受上月 挂拍数量下降影响，成交规模如期回落。与成交规模的下降同步，本月成交房源溢价率中位数8.7%， 较上月下滑1个百分点。 核心要点 挂拍量：延续低位，新增挂拍2.95万套，环比微增，为下半年以来第二低点。 交易量：如期回落，成交3770套，主因上月挂拍量下降导致。 成交率：全国平均成交率13.4%，大幅下降5个百分点。 折价率：挂拍房源平均折价率明显下降，主因卖方变卖房源折价率收窄。 后市展望 典型案例如深圳香蜜湖水榭花都一套顶层大平层，于11月21日经95轮竞价，最终以7268.5万元成交，较 起拍价溢价115.6%，成交单价达18.77万元/平方米，显著高于该项目2025年15.6万元/平方米的二手房成 交均价。作为片区标杆豪宅，其核心地段优势与高端产品品质具备强吸引力，此次高溢价成交既印证了 核心优质豪宅的抗跌属性，也凸显出高净值人群对稀缺优质资产的配置偏好。 此外，本月法拍渠道成交的普通二手房源占比进一 ...

Core Viewpoint - The premium housing supply ratio has reached a year-to-date low, with the average transaction price only 72% of the assessed value [1][30]. Supply Scale - The number of properties available for auction remains low, with 29,500 new listings in November, a 2% month-on-month increase but a 24% year-on-year decrease [2][11]. - The total starting price for these listings is 25.7 billion, marking a 5% month-on-month decline and a 24% year-on-year decline [11][14]. Transaction Volume - The transaction volume has decreased as expected, with 3,770 properties sold in November, a 27% month-on-month decline and a 22% year-on-year decrease [2][19]. - The total transaction amount for November was 4.6 billion, down 22% from the previous month [19][21]. Transaction Rate - The national average transaction rate fell significantly to 13.4%, a drop of 5 percentage points from the previous month, marking a year-to-date low [5][26]. - In major cities, Shanghai leads with a transaction rate of 46%, while other cities like Hangzhou and Shenzhen also show rates above 30% [28]. Premium Transactions - Only 62.5% of auctioned properties were sold at a premium, the lowest rate of the year, with the average transaction price being 72% of the assessed value [30][33]. - A notable example includes a luxury property in Shenzhen that sold for 72.685 million, with a premium of 115.6% over the starting price [21]. Discount Rate - The average discount rate for auctioned properties was 33.2%, with the average starting discount rate at 27.9%, the lowest of the year [33]. - The narrowing discount rate for properties being sold indicates that asset prices are approaching sellers' psychological bottom line, suggesting a potential stabilization in asset prices [33].

Summary of Key Points Core Viewpoint - The national auction market for foreclosed properties in China has seen a decline in both the number of properties listed and the total transaction amount from January to November 2023, indicating a challenging market environment for real estate auctions [1][2]. Group 1: Overall Market Performance - From January to November 2023, a total of 649,000 foreclosed properties were listed, representing a year-on-year decrease of 6.5% [1]. - The total number of auction sessions reached 1,165,000, with 152,000 properties successfully sold, marking a 3.5% decline year-on-year [1]. - The overall clearance rate stood at 23.5%, with total transaction value amounting to 225.39 billion yuan, down 23.9% compared to the previous year [1]. Group 2: Monthly Performance Analysis - In November 2023 alone, 101,000 foreclosed properties were listed, a decrease of 15.4% year-on-year, with 15,000 properties sold, down 13.5% [1]. - The clearance rate for November was 14.4%, and the total transaction value was 20.72 billion yuan, reflecting a significant decline of 37.4% year-on-year [1]. Group 3: Property Type Breakdown - For the period of January to November, residential properties dominated the auction market, with 246,000 new listings and 294,000 properties reaching the auction stage, resulting in 102,000 sales [1]. - Residential properties accounted for 53.3% of the total transaction value at 120.09 billion yuan, followed by commercial and industrial properties at 22.9% and 16.7%, respectively [1]. - The second auction round emerged as the primary channel for sales, with 72,000 properties sold, representing 47% of total sales, surpassing the first auction round at 38.6% [1]. Group 4: Regional Insights - In first-tier cities, 6,345 residential foreclosed properties were sold, totaling 32.81 billion yuan, with an average price of 36,318 yuan per square meter [2]. - In Hubei province, 13,000 new properties were listed, with 2,480 sold, resulting in a clearance rate of 15.3% and a total transaction value of approximately 4.29 billion yuan, down 35.7% year-on-year [2]. - Wuhan led the province in transaction value for residential foreclosures, with 1,015 properties sold and a total value of 1.21 billion yuan, while the average price was 9,475 yuan per square meter [2].

Group 1 - The core viewpoint of the article indicates a decline in the national auction housing market, with a total of 649,000 properties listed for auction from January to November 2025, representing a year-on-year decrease of 6.5% [1][2] - The final transaction volume reached 152,000 units, down 3.5% year-on-year, with a total transaction amount of 225.39 billion yuan, reflecting a significant decline of 23.9% [1][2] - The average transaction price was 4,635 yuan per square meter, showing a year-on-year decrease of 13.5%, with an average discount rate of 74.3% [1][2] Group 2 - In terms of property types, residential properties dominated the market, accounting for 53.3% of the total transaction amount at 120.09 billion yuan, followed by commercial and industrial properties at 22.9% and 16.7%, respectively [1][2] - The auction stages revealed that the second auction became the primary channel for transactions, with 72,000 units sold, representing 47% of total transactions, surpassing the first auction (38.6%) and the sale phase (11%) [1][2][11] Group 3 - In November 2025, the national auction market saw 101,000 properties listed, a year-on-year decrease of 15.4%, with 15,000 units sold, down 13.5%, and a total transaction amount of 20.72 billion yuan, reflecting a 37.4% decline [2][19] - The clearance rate for the auction market was 23.5% for the year-to-date period, with a notable drop in November to 14.4% [2][19] Group 4 - The residential auction market saw 294,000 properties listed from January to November 2025, a year-on-year decrease of 9.9%, with 102,000 units sold, down 2.4% [12][19] - In first-tier cities, 6,345 residential auction properties were sold, totaling 32.81 billion yuan, with an average price of 36,318 yuan per square meter [12][19]

Core Insights - The national auction market for various types of foreclosed properties saw a total of 649,000 listings from January to November, representing a year-on-year decrease of 6.5% [1] - The total transaction amount reached 225.39 billion yuan, down 23.9% year-on-year, with an average transaction price of 4,635 yuan per square meter, reflecting a 13.5% decline [1] Group 1: Overall Market Performance - The total number of auction rounds was 1.165 million, with 152,000 properties successfully sold, marking a 3.5% decrease year-on-year and a clearance rate of 23.5% [1] - In November alone, the auction market had 101,000 listings, a 15.4% decrease year-on-year, with 15,000 properties sold, down 13.5% year-on-year, and a total transaction amount of 20.72 billion yuan, a significant drop of 37.4% [1] Group 2: Residential Property Insights - Residential properties dominated the auction market, accounting for 1,200.9 billion yuan in transaction value, which is 53.3% of the total [1] - From January to November, 294,000 residential properties were listed for auction, down 9.9% year-on-year, with 102,000 properties sold, a decrease of 2.4% [1] - In first-tier cities, 6,345 residential properties were sold, totaling 32.81 billion yuan, with an average price of 36,318 yuan per square meter [1] - In Beijing, 3,070 properties were listed, with 1,291 sold, resulting in a clearance rate of 42.1% and an average discount rate of 75.96% [1]

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - The report highlights the increasing attention on bank-supplied housing, primarily due to the ongoing downturn in the real estate market, which has led to declining prices and heightened market concerns [12][28] - It emphasizes that the increase in bank-supplied housing is a response to rising non-performing asset pressures and is part of banks' routine asset disposal operations aimed at liquidity recovery [12][28] - The report suggests that the impact of bank-supplied housing on the overall real estate market is limited, with a small market share and low transaction volumes [28] Summary by Sections 1. What is Bank-Supplied Housing? - Bank-supplied housing refers to properties acquired by banks through the disposal of non-performing loans, which are then sold or rented out directly by the banks [11][12] - The main sources of these properties include loans defaulted by individuals or companies, leading to the banks taking ownership [11][12] 2. Recent Trends in Bank-Supplied Housing - The number of bank-supplied housing listings has increased, with 16,000 units listed in 2024, a 73% year-on-year increase, and 14,000 units in the first ten months of 2025, showing a 4% increase from 2024 [22][27] - However, the total volume remains significantly lower than that of auctioned properties, with bank-supplied housing listings being less than one-eighteenth of auctioned properties [22][28] 3. Distribution and Characteristics of Bank-Supplied Housing - The majority of bank-supplied housing is concentrated in lower-tier cities, with first-tier cities accounting for only 0.6% of listings [30][31] - The properties are predominantly unfinished (59%) or simply decorated (38%), with only 3% being fully furnished [40][48] - A significant portion (86%) of the listings is priced below 1 million yuan, reflecting the current market conditions [47][49] 4. Transaction Dynamics - The transaction rate for bank-supplied housing is low, with only 7% of the 14,000 units listed in the first ten months of 2025 being sold, compared to 20% for auctioned properties [28] - Most transactions occur at or near the starting price, indicating a market heavily influenced by price sensitivity [28] 5. Investment Recommendations - The report suggests focusing on three main lines of investment: 1. Companies with stable fundamentals and high market shares in core cities, such as Binjiang Group and China Merchants Shekou [28] 2. Smaller firms that have shown significant breakthroughs in sales and land acquisition since 2024, like Poly Real Estate Group [28] 3. Commercial real estate companies exploring new consumption scenarios and operational models, such as China Resources and Swire Properties [28]