Group 1 - The overall real estate market has shown a weak recovery trend since 2025, with April experiencing a decline in new home sales compared to the peak in March, but still remaining at a high level for the year [1][2] - In May, sales in key cities have not exceeded the levels of April, although some cities have seen an increase compared to May 2024 [2][3] - The average absorption rate in April for typical city projects decreased by 6 percentage points month-on-month but increased by 13 percentage points year-on-year, remaining stable compared to the peak in 2023 [1][3] Group 2 - The growth momentum in the real estate market has significantly slowed down since April, with new home supply remaining flat compared to March, while transaction volumes have decreased [2][3] - In May, both supply and sales in key cities have returned to a low phase, with some cities showing higher sales compared to the same period in 2024 [2][3] - Notable cities like Beijing, Shanghai, and Shenzhen saw increases in sales of 30.2%, 20.64%, and 5.63% respectively in May 2025 compared to the same period in 2024 [2] Group 3 - The absorption rate in 30 key cities averaged 38% in April, with a decrease of 6 percentage points month-on-month, but an increase of 13 percentage points year-on-year, indicating a stable market trend [3] - Cities with absorption rates exceeding 60% include Chengdu, Changsha, Zhengzhou, Hangzhou, and Tianjin, primarily driven by the launch of core area improvement projects [3][9] - New regulatory projects have shown significantly better absorption rates compared to traditional projects, with high practical utility rates being a key factor [7][9] Group 4 - Projects with strong product capabilities, particularly those with good transportation and educational resources, continue to be popular among buyers [10][11] - In cities like Shanghai, projects near transit lines and with strong educational attributes have seen high sales, with notable examples including the Feiyun Yuefu and other transit-oriented developments [11][12] - During the May Day holiday, many second-tier cities adopted discount strategies to boost sales, achieving positive marketing results [13][16] Group 5 - The overall market recovery momentum is weakening, with core area improvement projects and high practical utility new regulatory projects driving sales [16] - In second-tier cities like Chengdu and Chongqing, the market is heavily reliant on discounts and high commissions to stimulate sales, indicating a significant downgrade in consumer purchasing power [16] - Future market trends are expected to continue the weak recovery trajectory, with new regulatory projects potentially driving localized market improvements [16]

Core Viewpoint - The real estate market showed signs of stabilization in Q1 2025, with a potential continuation of weak recovery in Q2, particularly in hot cities [1][3]. Group 1: Market Overview - In Q1 2025, the overall real estate market stabilized, with total transaction area for new and second-hand homes reaching 82.04 million square meters, a year-on-year increase of 17% [3][5]. - New home transactions in 115 key cities remained flat compared to last year, with a total area of 51.31 million square meters [5]. - First-tier cities outperformed second and third-tier cities, with first-tier cities showing a 26% year-on-year increase, while third and fourth-tier cities experienced an 8% decline [5][7]. Group 2: City-Specific Trends - Hot cities like Beijing, Shanghai, Hangzhou, and Chengdu saw stronger recovery in second-hand home markets compared to new homes [7]. - Cities such as Guangzhou, Tianjin, and Wuhan showed signs of weak recovery, with transaction levels returning to last year's figures [9]. - In contrast, cities like Hefei and Nanjing displayed insufficient growth momentum, with declining customer conversion rates [16][19]. Group 3: Product and Market Dynamics - Strong product offerings, particularly new regulations for high-efficiency housing, have driven market interest, with new products achieving high sales rates [22][23]. - Well-developed infrastructure, such as transit-oriented developments and school districts, has become a key selling point for properties [27]. - Discounted pricing and strong marketing strategies for entry-level homes have contributed to increased sales volume [30]. Group 4: Future Outlook - The market is expected to continue its weak recovery trend into Q2 2025, with new home quality upgrades attracting second-hand home buyers [31][32]. - The average sales price of second-hand homes in core cities has increased, indicating a warming market that extends to first-time buyers [31].

Core Viewpoint - The real estate market showed signs of stabilization in Q1 2025, with a potential continuation of weak recovery in Q2, particularly in hot cities [1][3]. Group 1: Market Overview - In Q1 2025, the overall real estate market stabilized, with total transaction area for new and second-hand homes reaching 82.04 million square meters, a year-on-year increase of 17% [3][5]. - New home transactions in 115 key cities remained flat compared to last year, with a total area of 51.31 million square meters [5]. - First-tier cities outperformed second and third-tier cities, with first-tier cities showing a year-on-year increase of 26%, while third and fourth-tier cities experienced a decline of 8% [5][7]. Group 2: City-Specific Trends - Hot cities like Beijing, Shanghai, Hangzhou, and Chengdu saw stronger recovery in second-hand home transactions compared to new homes [7]. - Cities such as Guangzhou, Tianjin, and Wuhan showed signs of weak recovery, with transaction levels returning to last year's figures [9]. - In contrast, cities like Hefei and Nanjing exhibited insufficient growth momentum, with declining customer conversion rates [16][19]. Group 3: Product and Market Dynamics - Strong product offerings, particularly new regulations for high-efficiency housing, have driven market interest, with new products achieving high sales rates [22][23]. - Well-developed infrastructure, such as transit-oriented developments and school districts, has become a significant selling point for properties [27]. - Discounted pricing and strong marketing strategies for entry-level homes have contributed to increased sales volume [30]. Group 4: Second-Hand Market Insights - The second-hand market remains active, with many properties in core cities experiencing price increases, extending market warmth to first-time buyers [31]. - Over half of the second-hand properties in core cities have seen price increases, indicating a recovery in the market [31][32]. - The trend of new home quality upgrades is expected to continue, potentially impacting the second-hand market share [33].