更多政策解读、城市月报、房企研究报告 ..... 就在 > 中指云 O 中国房地产指数系统百城价格指数报告 (2025年12月) "百城价格指数" 12 月百城销售均价: 新建住宅环比上涨 0.28%，同比上涨 2.58%; 二手住宅环比下跌 0.97%，同比下跌 8.36%: 50 城租赁均价: 普通住宅环比下跌 0.60%，同比下跌 3.62% 中指研究院报道：根据中国房地产指数系统百城价格指数 '对全国 100 个城市新建、二手住宅销 售市场及 50 个城市租赁市场的调查数据，12 月，全国 100 个城市新建住宅平均价格为 17084 元/ 平方米，环比上涨 0.28%。从涨跌城市个数看，26 个城市环比上涨，68 个城市环比下跌，6 个城市 持平。同比来看，令国 100 个城市新建住宅平均价格同比上涨 2.58%。全国 100 个城市二手住宅平 均价格为 13016 元/平方米, 环比下跌 0.97%, 跌幅较上月扩大 0.03 个百分点。从涨跌城市个数看, 100个城市二手住宅价格环比均下跌。同比来看，全国 100 个城市二手住宅平均价格同比下跌 8.36%。 市环比上涨, 49 个城市环比下跌。 ...

更多政策解读、城市月报、房企研究报告 ..... 就在 > 中指云 O 中国房地产指数系统百城价格指数报告 (2025年11月) 政策方面,11 月 21 日,住建部召开全国城市更新工作推进会,指出"要认真贯彻落实《中共中 央办公厅 国务院办公厅关于持续推进城市更新行动的意见》，因地制宜、探索创新,着力在规划、 资金、运营、治理 4 个方面下功夫"。预计城市更新各项新机制将进一步加快建立，配套的金融、财 税、土地等支持政策也有望加速落位。地方层面,杭州、成都、天津滨海新区等多地推动盘活存量 资源，其中杭州公开征求《杭州市临时改变房屋用途实施细则》意见，为临时改变房屋用途落地操 作细则;佛山优化境外个人购房条件;重庆、佛山等地优化公积金贷款政策,从提高贷款额度、优 化"商转公"、优化灵活就业缴存等方向优化调整。月末北京发布"十五五"规划建议，提出"持续推进 住有所居。加快构建房地产发展新模式，完善"市场+保障"的住房供应体系、租购并举的住房制度"。 另外，11 月重庆、湖北等省市发行近 350 亿元专项债券收回收购闲置存量土地，其中湖北、辽宁等 多个为非"自审自发"地区相继发行专项债券。 从市场表现来看，新建住 ...

智通财经APP获悉，中指研究院数据监测：2025年11月百城二手住宅均价为13143元/平方米，环比下跌0.94%，跌幅较上月扩大0.1个百分点，同比下跌 7.95%，在高挂牌量及预期偏弱影响下，二手房价格下行压力有所加大。新房方面，11月，市场供应整体仍在低位，上海、成都、杭州等城市均有高端改善 项目入市，带动核心城市新建住宅均价上涨，进而推动百城新建住宅价格环比保持结构性上涨，百城新建住宅均价为17036元/平方米，环比上涨0.37%，同 比上涨2.68%。 租赁住宅方面，11月住房市场进入传统淡季，50城住宅平均租金为34.36元/平方米/月，环比下跌0.60%，同比下跌3.57%。 分梯队看，二手住宅方面，11月，一线、二线及三四线城市二手住宅价格环比分别下跌1.15%、0.98%、0.81%，同比分别下跌5.62%、8.24%、7.47%，较上 月跌幅均有所扩大。 | 城市 | 成交套数(套) | 同比(%) | 成交面积(万m2) | 同比(%) | | --- | --- | --- | --- | --- | | 南昌 | 25278 | 32.0% | 268.99 | 31.5% | | ...

新房方面，11月，市场供应整体仍在低位，上海、成都、杭州等城市均有高端改善项目入市，带动核心 城市新建住宅均价上涨，进而推动百城新建住宅价格环比保持结构性上涨，百城新建住宅均价为17036 元/平方米，环比上涨0.37%，同比上涨2.68%。租赁住宅方面，11月住房市场进入传统淡季，50城住宅 平均租金为34.36元/平方米/月，环比下跌0.60%，同比下跌3.57%。 图：2021年1月至2025年11月百城新建住宅价格及环比变化 图：2021年1月至2025年11月百城二手住宅价格及环比变化 图：2021年11月至2025年11月50城住宅平均租金及环比变化 数据来源：中指数据 分梯队看，二手住宅方面，11月，一线、二线及三四线城市二手住宅价格环比分别下跌1.15%、 0.98%、0.81%，同比分别下跌5.62%、8.24%、7.47%，较上月跌幅均有所扩大。新建住宅方面，11月， 上海、成都、杭州、宁波等城市均有高端改善项目入市，带动一二线城市价格同环比均上涨，三四线城 市更多以消化现有库存为主,同环比均下跌。其中，一线城市新建住宅价格环比上涨0.75%，同比上涨 6.66%;二线城市环比上涨0.36 ...

Core Viewpoint - Vanke A has diversified its business beyond real estate development, including property services, commercial development and operations, rental housing, and logistics warehousing [1] Group 1 - As of the first three quarters of 2025, the company's total revenue from operational services reached 43.57 billion yuan, reflecting a year-on-year growth of 1.1% [1] - The company's operational efficiency remains among the top in the industry [1]

Core Viewpoint - Vanke is focusing on improving operations and management while planning to divest non-core assets to enhance cash flow and debt structure [1][2] Group 1: Company Operations and Financials - Vanke's total revenue from service operations for the first three quarters of 2025 was 43.57 billion yuan, a year-on-year increase of 1.1% [1] - For the first three quarters of this year, Vanke reported total revenue of 161.39 billion yuan, a year-on-year decrease of 26.61%, with a net loss of 28.02 billion yuan [4] - In the third quarter, Vanke's revenue was 56.07 billion yuan, down 27.3% year-on-year, and the net loss attributable to shareholders was 16.07 billion yuan, an increase in loss of 98% year-on-year [4] Group 2: Shareholder Support and Debt Management - The chairman of Vanke stated that the company is facing severe challenges and needs collective efforts to address risks and improve its situation [1] - Since the annual shareholder meeting on June 27, 2025, the major shareholder, Shenzhen Metro Group, has provided a total of 30.796 billion yuan in loans to Vanke to alleviate cash flow issues [2] - On November 11, 2025, Vanke announced that Shenzhen Metro Group would provide up to 1.666 billion yuan in loans to repay bond principal and interest [2] Group 3: Market Outlook - The executive vice president of Vanke expressed optimism about the real estate market, suggesting that with ongoing policy implementation, the industry is expected to gradually emerge from the adjustment period and enter a new phase of stable development [2]

Core Insights - The average price of newly built residential properties in 100 cities reached 16,910 yuan per square meter in August 2025, showing a month-on-month increase of 0.20% and a year-on-year increase of 2.73% [1] - The average price of second-hand residential properties in 100 cities was 13,481 yuan per square meter in August 2025, reflecting a month-on-month decrease of 0.76% and a year-on-year decrease of 7.34% [1] - The average rent for residential properties in 50 key cities was 34.88 yuan per square meter per month in August 2025, with a month-on-month decline of 0.15% and a year-on-year decline of 3.76% [1] New Residential Market - The new residential market is experiencing structural growth driven by the introduction of improvement projects in certain cities [1] - The average price increase in new residential properties indicates a potential recovery in demand in specific urban areas [1] Second-hand Residential Market - The second-hand residential market continues to exhibit a "price-for-volume" phenomenon, with prices declining in most cities [1] - In August 2025, second-hand residential prices in first-tier cities fell by 0.55% month-on-month and 4.17% year-on-year, while second-tier and third/fourth-tier cities saw declines of 0.85% and 0.78% respectively [1][3] Rental Market - The rental market is experiencing a slowdown in demand as the graduation season effect diminishes, leading to a slight increase in the decline of average rents in key cities [1] - The average rent decline in 50 cities suggests a cooling rental market, which may impact rental yields for investors [1] City-Specific Trends - In August 2025, major cities like Wuhan and Nanjing experienced significant month-on-month declines in second-hand housing prices, with decreases of 1.20% and 0.97% respectively [3] - Year-on-year, Wuhan and Nanjing saw declines of 9.67% and 9.50% in second-hand housing prices, indicating a challenging market environment [3][5] Transaction Volume - Certain cities such as Huizhou and Nanchang reported substantial year-on-year increases in transaction volumes, with growth rates of 56.9% and 28.4% respectively [6][7] - Conversely, cities like Nanjing and Dalian faced significant declines in transaction volumes, with decreases of 22.1% and 61.0% respectively [8]

Core Insights - The average price of new residential properties in 100 cities in China reached 16,910 yuan per square meter in August, showing a month-on-month increase of 0.20% and a year-on-year increase of 2.73% [1] - The average price of second-hand residential properties in August was 13,481 yuan per square meter, reflecting a month-on-month decrease of 0.76% and a year-on-year decrease of 7.34% [1] - The average rental price in 50 cities was 34.88 yuan per square meter per month, with a month-on-month decline of 0.15% and a year-on-year decline of 3.76% [1] Market Trends - The "stop decline and stabilize" policy goal was reiterated by the State Council, boosting market confidence [1][11] - Major cities like Beijing and Shanghai have optimized housing policies, easing restrictions on the number of properties that eligible buyers can purchase [10][11] - The market is entering the traditional peak season for real estate sales, with expectations for increased activity in core cities [11] Price Movements - In August, first-tier cities saw a month-on-month increase in new residential prices of 0.48%, while second-tier cities increased by 0.21%. In contrast, third and fourth-tier cities experienced a decrease of 0.25% [6] - Second-hand residential prices in first-tier cities decreased by 0.55%, while second-tier and third/fourth-tier cities saw declines of 0.85% and 0.78%, respectively [6] Policy Developments - The State Council emphasized the need for strong measures to consolidate the stabilization of the real estate market, focusing on urban renewal and improving housing quality [10][11] - Local governments are implementing various supportive measures, including optimizing public housing loan policies and issuing special bonds to recover idle land [10][11] Project Highlights - Several new residential projects have been launched in major cities, with notable sales performance indicating strong demand [9][12] - The focus on high-quality housing development continues, with guidelines being issued in various regions to promote the construction of quality residential projects [12]

Group 1: Land Market - Chengdu auctioned three plots of land from Qionglai City, totaling 153 acres, with two plots sold to Chengdu Hongxing Commercial Management Co., Ltd. at a price of 345 yuan per square meter [2][3] - The third plot, approximately 2 acres in Qionglai City, was terminated due to unspecified reasons [2][3] Group 2: Transaction Data - From August 14 to August 20, Chengdu's total new housing transactions reached 1,367 units, with a total area of 173,436.18 square meters, remaining stable compared to the previous week [5] - The breakdown of transactions shows a total of 293 units sold on August 14, 200 units on August 15, and peak sales of 291 units on August 19 [5] Group 3: Second-hand Housing Transactions - During the same period, Chengdu's second-hand housing transactions totaled 4,440 units, with a total area of 423,984.21 square meters, indicating an increase compared to the previous week [8] Group 4: Pre-sale Certificates - A total of 14 pre-sale certificates were issued in the greater Chengdu area, with 10 projects including residential units [9] Group 5: Major Events - In July, the average price of second-hand residential properties in 100 cities was 13,585 yuan per square meter, reflecting a month-on-month decrease of 0.77% and a year-on-year decrease of 7.32% [11] - From January to July, national real estate development investment reached 53,580 billion yuan, a year-on-year decline of 12.0% [12] - Urbanization in China is transitioning from a rapid growth phase to a stable development phase, focusing on quality improvement of existing urban areas [13]

Investment Rating - The report indicates a positive outlook for the property investment market, with an expected year-on-year growth of 5-10% in total investment volume for the year [8]. Core Insights - In the first half of 2025, the national large-scale property investment transaction volume reached 132.1 billion, a 19% increase compared to the same period last year, despite a 29% decrease in the number of transactions [5][3]. - Institutional buyers are optimistic about consumer and residential assets, with retail property and rental residential transaction volumes doubling year-on-year [3][5]. - Capitalization rates for various asset types in first-tier cities have shown a narrowing increase compared to the second half of last year, although there remains short-term upward pressure [3][5]. Summary by Sections Market Overview - The investment sentiment remains cautious, with institutional capital focusing on high-quality real estate [5]. - The transaction volume for retail properties and rental residential assets increased by 166% and 200% respectively compared to the previous year [5]. Capitalization Rates - The capitalization rates for Grade A office buildings, retail properties, and high-standard warehouses in first-tier cities have expanded by nearly 20 basis points compared to the end of last year [5][9]. - The average capital value of office buildings in first-tier cities has decreased by 43% since 2022, indicating a continued interest in core office assets [8]. Future Predictions - The report anticipates that the market activity will marginally improve in the second half of the year, driven by an expanding pool of available assets and increased risk premiums [8]. - The focus for investment in the second half of the year will remain on consumer and residential sectors, with particular attention to the evolution of trade tariffs and domestic demand stimulation policies [8].