Group 1 - The traditional sales peak season "Golden September and Silver October" has arrived, with developers actively preparing for new project launches and sales events [1][4] - In Shanghai, the first batch of pre-sale permits in September has a total supply area of 139,000 square meters and a total value of approximately 8.31 billion yuan, covering multiple hot areas [1][6] - In Beijing, the new housing policy has led to a noticeable increase in sales, particularly among clients who were previously hesitant, with some projects seeing sales volumes double [2][4] Group 2 - In Chengdu, over 1,500 new homes are expected to enter the market in September, with several notable projects being launched [7][8] - The luxury market in Shanghai remains strong, with the highest recorded new home price reaching 326,800 yuan per square meter [4][6] - In Shenzhen, the relaxation of purchase restrictions has significantly increased both the number of property viewings and sales, with a reported 30% increase in viewings and a 60% increase in sales volume following the new policy [9][10]

Core Insights - The traditional sales peak season "Golden September and Silver October" has arrived, with developers actively preparing for increased sales opportunities [2][5][12] - New housing policies have positively impacted market sentiment, leading to increased buyer interest and sales in various cities [4][6][12] Group 1: Market Activity - In Shanghai, the first batch of pre-sale permits in September totaled 139,000 square meters with a total value of approximately 8.31 billion yuan, covering multiple hot districts [2][9] - In Beijing, new housing policy implementation has resulted in a three-week consecutive increase in new home registrations, indicating a positive market response [4][5] - In Shenzhen, the first weekend after the new policy saw a 48% increase in property visits and a 60% increase in sales volume [12] Group 2: Developer Strategies - Developers are leveraging the "Golden September and Silver October" period to launch promotional campaigns, such as Vanke's "2025 Golden Autumn Quality Housing Festival" [11] - In Shanghai, the housing authority's direct promotion of new projects has led to increased buyer engagement, particularly in areas outside the city center [6][9] - In Beijing, developers are focusing on projects located in the outer ring, where the new policies have opened up opportunities for previously hesitant buyers [5][12] Group 3: Regional Highlights - Chengdu is expecting over 1,500 new homes to enter the market in September, with several notable projects set to launch [10][11] - In Shenzhen, the easing of purchase restrictions has allowed previously excluded buyers to enter the market, significantly boosting both viewings and sales [12] - The luxury market in Shanghai remains robust, with the Jinling Huating project setting a new record for new home prices at 326,800 yuan per square meter [7][9]

Core Viewpoint - Shenzhen's new real estate policy, implemented on September 5, aims to stimulate the housing market during the traditional peak sales season of "Golden September and Silver October" by relaxing purchase restrictions, easing corporate buying, and optimizing credit conditions [1][2]. Group 1: Policy Adjustments - The new policy includes four main adjustments to purchase restrictions: 1. Residents with Shenzhen household registration or proof of tax and social security payments for one year can now purchase in a reduced area [1]. 2. Non-residents can buy two homes in non-restricted areas without proof of tax and social security payments [1]. 3. In Yantian District and Dapeng New District, there are no purchase qualification checks [1]. 4. Single individuals are treated as families for purchasing, allowing an additional purchase [1]. - Credit optimization means that housing loan interest rates will no longer differentiate between first and second homes, allowing financial institutions to set rates based on market conditions [1]. Group 2: Market Response - The first weekend after the policy implementation saw a significant increase in both property viewings and sales, with some projects reporting a 30% increase in viewings and 16 units sold in one weekend [2][4]. - However, the initial surge in activity did not sustain into the following weekdays, indicating a potential short-term spike rather than a long-term trend [2][3]. Group 3: Pricing and Discounts - Many projects continue to offer discounts, with prices ranging from 86% to 93% of the listed price, indicating ongoing competitive pricing strategies [3][4]. - For example, a 92.54 square meter unit at a project was originally priced at approximately 5.03 million yuan but was discounted to about 4.68 million yuan, translating to around 50,600 yuan per square meter [3]. Group 4: Secondary Market Trends - The secondary housing market in Shenzhen is experiencing a "volume increase and price stability" trend, with a notable rise in viewings by about 12% following the new policy [5][6]. - The number of second-hand homes with price increases reached 163, while those with price reductions exceeded 1,000, indicating a mixed market response [5][6]. Group 5: Future Outlook - Analysts suggest that the new policy is a supplement to last year's measures and aims to boost market confidence during the peak sales season, with expectations of increased transactions in September [6][7]. - However, the sustainability of this recovery remains uncertain, as developers are cautious and primarily focused on maintaining cash flow through sales rather than increasing prices [7].

Group 1 - The traditional sales peak season "Golden September and Silver October" has arrived, with developers gearing up for increased activity in the real estate market [3][12] - In Shanghai, the first batch of pre-sale permits in September covers a total supply area of 139,000 square meters, with a total value of approximately 8.31 billion yuan, indicating strong market interest [3][10] - In Beijing, the new housing policy has led to a noticeable increase in the number of visits to properties, with some new projects experiencing a doubling in transaction volumes [5][6] Group 2 - In Chengdu, over 1,500 new homes are expected to enter the market in September, with several notable projects set to launch [4][12] - In Shenzhen, the recent policy changes have significantly boosted both the number of property viewings and transactions, with a reported increase of 30% in viewings and 60% in sales volume [13] - The luxury market in Shanghai remains robust, with the highest recorded new home price reaching 326,800 yuan per square meter, reflecting strong demand in high-end segments [8][10]

Core Viewpoint - The recent policy adjustment in Shenzhen's real estate market, known as the "9.5 New Policy," aims to stimulate sales during the traditional peak season of "Golden September and Silver October" by implementing differentiated controls and lowering mortgage rates [1][2]. Policy Changes - The "9.5 New Policy" was implemented on September 6, 2023, allowing for differentiated control measures in core areas like Futian and Nanshan, while non-core areas such as Luohu and Guangming have seen the removal of purchase limits [1]. - The policy also eliminates the distinction between first and second home mortgage rates, with the lowest mortgage rate now at 3.05% [1]. Market Response - Following the policy announcement, there was a significant increase in both property viewings and transactions over the first weekend, with some projects reporting a 30% increase in viewings and 16 units sold in one project [2][6]. - The overall visitations to new housing projects increased by approximately 48%, and transaction volumes rose by about 60% during the first weekend after the policy was enacted [6]. Pricing Trends - Despite the policy changes, many properties are still offering discounts, with reductions ranging from 86% to 93% of the listed price [3][4]. - For example, a 92.54 square meter unit at the Jiayu Jiu Xi project originally priced at approximately 5.03 million yuan is now available for about 4.68 million yuan, translating to around 5.06 thousand yuan per square meter [3]. Second-Hand Market Dynamics - The number of second-hand properties with price increases reached 163 on the first day of the new policy, marking a recent high, although the total number of discounted second-hand properties remains above a thousand [7][10]. - The second-hand market is characterized by a "volume increase and price stability" trend, with properties priced significantly below market value selling quickly [10][11]. Expert Analysis - Analysts suggest that the new policy serves as a supplement to last year's "9.30 policy," aiming to boost market confidence during the peak sales season [11]. - The cautious approach of developers, focusing on maintaining prices or reducing them to drive sales, reflects a careful market assessment [11].