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].