Core Viewpoint - The Shenzhen real estate market is showing signs of recovery in the first half of the year, supported by various policies aimed at stabilizing the housing market [1] Group 1: Market Performance - In the first half of the year, the total transaction of new and second-hand homes in Shenzhen exceeded 65,000 units, representing a year-on-year increase of 53.2% [1] - Specifically, residential transactions accounted for over 51,000 units, with a year-on-year growth of 41.8% [1] Group 2: Developer Activity - Developers are primarily focused on digesting existing inventory, leading to relatively low new project launches in the first half of the year [1]

Group 1 - The Shenzhen real estate market showed resilience in the first half of the year, with new and second-hand home transactions exceeding 65,000 units, a year-on-year increase of 53.2% [1] - The supply of new homes in Shenzhen decreased significantly, with 17,232 new homes supplied in the first half of 2025, down 44.5% year-on-year and 47.7% month-on-month [1] - The marketing heads of local real estate companies indicated that the hot sales of some new projects were due to a "small step, quick run" approach to launching, controlling the supply to observe market conditions [1] Group 2 - In June, the new home online signing volume in Shenzhen exceeded 3,000 units, indicating a relatively stable market despite the traditional "off-season" [2] - The proportion of new homes sold as existing homes increased significantly to 42%, reflecting a clear trend towards selling completed properties [2] - The second-hand residential transactions in Shenzhen reached 29,231 units in the first half of the year, a year-on-year increase of 36.6% [2] Group 3 - The demand for second-hand homes in Shenzhen has shown fluctuations but remains at a relatively high level [3] - The overall demand for both new and second-hand homes is expected to remain stable year-on-year, driven by high-value new homes and strong demand from first-time buyers [3] - The market may continue to experience price pressure due to a large number of listings and competition from high-value new homes, leading to a potential decline in transaction prices in the second half of the year [3]