（来源：吴说） 吴说获悉， 苏富比国际地产 布《2026 年奢华展望》报告指出，加密资产正日益影响全球高端房地产市 场。报告称，在迪拜、纽约、加州等地区，加密货币正更多被用于高端住宅交易，部分监管变化甚至可 能允许加密资产计入按揭资格。 ...

Core Insights - The high-end residential market in major Chinese cities is showing resilience despite an overall downturn in the real estate sector, with significant sales recorded in 2025 [1][2] Group 1: Market Performance - In the first 11 months of this year, the sales of new residential properties in China reached 7.51 trillion yuan, a year-on-year decrease of 11.1% [1] - Notable high-end residential projects include Shanghai's One Number Courtyard with sales of 22.191 billion yuan and Guangzhou's Poly Yuexi Bay achieving over 10.6 billion yuan in a single day [1] - Shenzhen's "Shenzhen Bay Luanxi" set a record for single project sales in 2025, reaching 13 billion yuan in one day [1] Group 2: Buyer Demographics - Buyers of high-end properties include entrepreneurs, celebrities, and foreign nationals, with local buyers in Shanghai making up approximately 28.6% of the market [2] - In Guangzhou, buyers include leaders from internet gaming and technology companies, with one family client purchasing six units for a total of 500 million yuan [2] Group 3: Market Trends - The demand structure in the real estate market is shifting from "first-time buyers" to "improvement-driven" purchases, indicating a change in consumer behavior [2]

"百亿"成交频现 一线城市高端住宅强势 21世纪经济报道 吴抒颖 尽管房地产市场整体仍处于调整阶段，但2025年高端住宅市场已走出独立行情。 今年以来，北上广深四座一线城市均有现象级高端住宅项目：今年前11个月，上海壹号院销售额录得 221.91亿元，上海嘉里金陵华庭销售额也达到216.46亿元。广州保利玥玺湾今年11月开盘单日销售额突 破106亿元；随后开盘的"深圳湾澐玺"单日销售额达130亿元，刷新今年全国单盘销售纪录。北京和樾望 雲今年前11个月销售额也录得91.53亿元。 全国高端住宅热销的背景是，近两年以来，土地市场供应向核心区域倾斜，"好地"不断推高了供应量； 与此同时，作为资产配置的渠道之一，高端住宅的金融属性更强，购房者购买高端住宅的逻辑并非只满 足于自住，这也助推高端住宅的成交保持红火。 在高端住宅供应持续增加的背景下，2026年高端住宅市场的走势受到广泛关注。市场普遍认为，高端住 宅由于产品力、服务力均较强，作为置换链条的关键一环，仍能够吸引购房者入局；但由于供应量走 高，随着更多高端住宅进入二手房市场，预计成交面也将有理性回归的过程，这或许将是2026年高端住 宅市场的主基调。 独立行情 ...

尽管房地产市场整体仍处于调整阶段，但2025年高端住宅市场已走出独立行情。 今年以来，北上广深四座一线城市均有现象级高端住宅项目：今年前11个月，上海壹号院销售额录得221.91亿元，上海嘉里金陵华庭销售额也 达到216.46亿元。广州保利玥玺湾今年11月开盘单日销售额突破106亿元；随后开盘的"深圳湾澐玺"单日销售额达130亿元，刷新今年全国单盘 销售纪录。北京和樾望雲今年前11个月销售额也录得91.53亿元。 全国高端住宅热销的背景是，近两年以来，土地市场供应向核心区域倾斜，"好地"不断推高了供应量；与此同时，作为资产配置的渠道之一， 高端住宅的金融属性更强，购房者购买高端住宅的逻辑并非只满足于自住，这也助推高端住宅的成交保持红火。 在高端住宅供应持续增加的背景下，2026年高端住宅市场的走势受到广泛关注。市场普遍认为，高端住宅由于产品力、服务力均较强，作为置 换链条的关键一环，仍能够吸引购房者入局；但由于供应量走高，随着更多高端住宅进入二手房市场，预计成交面也将有理性回归的过程，这 或许将是2026年高端住宅市场的主基调。 独立行情 国家统计局发布的数据显示，今年前11个月，全国新建商品房销售额为7.5 ...

Core Viewpoint - Despite the overall adjustment in the real estate market, the high-end residential market has emerged with independent trends in 2025, driven by significant sales in major cities and a shift in buyer demographics towards high-net-worth individuals seeking investment properties [1][2]. Group 1: Market Performance - In the first 11 months of this year, the sales of new residential properties nationwide reached 7.51 trillion yuan, a year-on-year decrease of 11.1%, while high-end residential properties maintained a certain level of transaction volume [2]. - Notable high-end residential projects in first-tier cities include Shanghai's Yihua Courtyard with sales of 22.191 billion yuan and Shenzhen's Bay Luanxi with a single-day sales record of 13 billion yuan [1][2]. - The high-end residential market in Shanghai is particularly robust, with over 3,402 units sold at prices above 20 million yuan, totaling 139.2 billion yuan [2]. Group 2: Buyer Demographics - Buyers of high-end residential properties include entrepreneurs, celebrities, and foreign nationals, with local buyers in Shanghai accounting for approximately 28.6% and buyers from Jiangsu and Zhejiang provinces making up 30% [3]. - In Guangzhou, high-end buyers include tech company founders, with one family reportedly purchasing six units for a total of 500 million yuan [3]. Group 3: Supply Dynamics - The supply of high-end residential properties is increasing due to a concentration of land sales in core urban areas, which is expected to continue driving supply growth [6]. - Recent land sales in Shanghai and Shenzhen have set new records for land prices, indicating a trend towards higher-end developments [6]. - The government is encouraging residential development towards low-density and high-quality projects, enhancing the living experience and driving demand for high-end properties [4]. Group 4: Market Outlook - The high-end residential market is expected to remain active, with a rational return in transaction volumes anticipated as more properties enter the secondary market [1][7]. - While the demand for high-end properties remains strong, there is caution regarding the ability of the market to absorb increased supply, with some experts suggesting a potential for price stabilization [7].

Core Viewpoint - Despite the overall adjustment in the real estate market, the high-end residential market has shown independent momentum in 2025, with significant sales figures reported in major cities [1][10]. Group 1: Sales Performance - In the first 11 months of this year, Shanghai's high-end residential projects, such as Shanghai Yihua Courtyard and Kerry Jinling Huating, recorded sales of 221.91 billion yuan and 216.46 billion yuan respectively [1][10]. - Guangzhou's Poly Yuexi Bay achieved a single-day sales record of over 10.6 billion yuan upon opening in November, while Shenzhen Bay Luanxi set a new national record with 13 billion yuan in single-day sales [1][10]. - The total sales of high-end residential properties priced over 20 million yuan in Shanghai reached 139.2 billion yuan from 3,402 units sold, leading the first-tier cities [12]. Group 2: Market Dynamics - The high-end residential market's robust performance is attributed to a shift in land supply towards core areas, increasing the availability of desirable properties [1][10]. - High-end residential properties are viewed as strong financial assets, attracting buyers not only for self-use but also for investment purposes [1][10]. - The market anticipates a rational return in transaction volumes as more high-end properties enter the secondary market, which may define the market trend in 2026 [1][10]. Group 3: Buyer Profile - Buyers of high-end properties include entrepreneurs, celebrities, and foreign nationals, with local buyers making up approximately 28.6% of the market in Shanghai [5][14]. - In Guangzhou, notable buyers include tech company founders and high-net-worth individuals, with some families purchasing multiple units in a single transaction [5][14]. Group 4: Future Outlook - The ongoing supply of high-end residential properties is expected to continue, driven by the concentration of land transactions in core urban areas [16][17]. - The market is closely monitoring whether the high supply can be absorbed, as recent data indicates a rational adjustment in transaction volumes and prices for second-hand high-end properties [17]. - The quality of new high-end projects is improving, which may create a disparity with older projects, potentially increasing the pressure on some properties to sell [17].

Core Viewpoint - Despite the overall adjustment in the real estate market, the high-end residential market has emerged with independent trends in 2025, driven by significant sales in major cities like Shanghai, Guangzhou, and Shenzhen [1][5]. Group 1: High-End Residential Sales Performance - In the first 11 months of this year, Shanghai's high-end residential projects recorded sales of 221.91 billion yuan for 壹号院 and 216.46 billion yuan for 嘉里金陵华庭 [1]. - Guangzhou's 保利玥玺湾 achieved a single-day sales record of over 10.6 billion yuan upon opening in November, while 深圳湾澐玺 reached 13 billion yuan, setting a new national record for single project sales [1]. - The total sales of high-end residential properties priced over 20 million yuan in Shanghai reached 139.2 billion yuan from 3,402 units sold, while Beijing, Guangzhou, and Shenzhen reported 40.5 billion yuan, 28.5 billion yuan, and 25 billion yuan respectively [5]. Group 2: Market Dynamics and Buyer Profiles - The demand structure in the real estate market is shifting from "first-time buyers" to "improvement-driven" buyers, with high-net-worth individuals focusing on properties that offer value retention and improvement features [7]. - Buyers of high-end properties include entrepreneurs, celebrities, and foreign nationals, with local buyers in Shanghai accounting for approximately 28.6% and buyers from Jiangsu and Zhejiang provinces making up 30% [7]. - The trend of high-end residential sales is supported by a concentration of land supply in core urban areas, which is expected to continue driving high-end residential supply growth [11]. Group 3: Future Market Outlook - The high-end residential market is anticipated to maintain its appeal due to strong product and service capabilities, although an increase in supply may lead to a rational return in transaction volumes [1][12]. - The ongoing supply of high-quality land in core urban areas is expected to facilitate the construction of high-end residential projects, with a focus on low-density and high-greenery developments [11]. - While the current market shows active transaction volumes, there is a cautious outlook regarding price stability and the potential for inventory absorption in the future [12].

Core Viewpoint - Despite the overall adjustment in the real estate market, the high-end residential market has shown independent momentum in 2025, with significant sales figures reported in major cities [1]. Group 1: Sales Performance - In the first 11 months of this year, Shanghai's high-end residential sales reached 221.91 billion yuan, while the Shanghai Kerry Jinling Huating recorded 216.46 billion yuan in sales [1]. - Guangzhou's Poly Yuexi Bay achieved a single-day sales record of over 10.6 billion yuan in November, and Shenzhen Bay Luanxi set a new national record with 13 billion yuan in single-day sales [1]. - Beijing and Yu Wang Yun reported sales of 9.15 billion yuan in the same period [1]. - Nationally, the total sales of new residential properties fell by 11.1% year-on-year to 7.51 trillion yuan, but high-end residential properties maintained a certain transaction scale [4]. Group 2: Buyer Demographics - Buyers of high-end residential properties include entrepreneurs, celebrities, and foreign nationals, with local buyers in Shanghai accounting for approximately 28.6% and buyers from Jiangsu and Zhejiang provinces making up 30% [5]. - In Guangzhou, buyers include tech company founders and high-net-worth individuals, with one family reportedly purchasing six units for a total of 500 million yuan [5]. Group 3: Market Dynamics - The demand structure in the real estate market is shifting from "just need" to "improvement-driven," with high-net-worth individuals focusing on property value retention and improvement functions [5]. - The supply of high-end residential properties is expected to increase due to a concentration of land transactions in core areas, which may lead to a rational return in transaction volumes as more high-end properties enter the secondary market [1][6]. Group 4: Future Outlook - The high-end residential market is anticipated to remain active, with a focus on product quality and service, which are expected to attract buyers [1][6]. - However, if the supply of high-end residential properties remains high, the market's ability to absorb this inventory will be a critical factor, with cautious optimism regarding future price and value trends [7].

Core Insights - Guangzhou's horse racing track land is entering the compensation phase, with a total compensation amount of approximately 10 billion yuan, indicating significant progress in the land's redevelopment [1][2] - The land, located in the prime area of Zhujiang New Town, is considered a "rare piece" and is expected to invigorate the Guangzhou land market, with potential listing for sale in the first half of next year [1][2] - The land's redevelopment plan includes a total construction area of 730,000 square meters, comprising 220,000 square meters for high-end residential, 500,000 square meters for commercial, educational facilities, and public spaces [2][3] Company Involvement - Yuexiu Group is the largest shareholder in the horse racing track project, holding a 49.85% stake, and is actively involved in the development and infrastructure enhancement of the area [3] - The total investment for the urban space improvement project in Zhujiang New Town, where the horse racing track is located, is approximately 15.12 billion yuan [3] Market Trends - Guangzhou's land market has seen a significant increase in supply, with 12 plots listed this month, primarily in core areas, indicating a potential stabilization in the market [1][5] - The overall land supply in Guangzhou has been low in the first three quarters of the year, with a 39.51% year-on-year decrease in planned residential land area [5] - Analysts predict that the introduction of high-quality land will stimulate market demand and lead to a recovery in the real estate sector, particularly through the development of high-end residential projects [5]

Core Insights - Chengdu Tianfu Chenyue Real Estate Co., Ltd., a subsidiary of COFCO Joy City, successfully acquired all four plots of state-owned land use rights through an auction held by the Chengdu Public Resource Trading Service Center [1][3] Group 1: Land Acquisition Details - The auction involved four plots of state-owned land located in the Caiqiao Street of Qingyang District, with areas of approximately 41.8 acres, 55.7 acres, 47 acres, and 57.2 acres respectively [3] - The first two plots are designated for Class II urban residential use, while the latter two are for commercial service use [3] Group 2: Project Development Plans - The project is situated in the Qingyang Aviation New City, adjacent to key innovation centers such as the National High-end Aviation Equipment Technology Innovation Center and the 611 Qingyang Aircraft Design Innovation Collaborative Center [4] - The land will be developed into a large-scale commercial complex and high-end residential projects, leveraging the Joy City brand's strong reputation and high traffic to fill the high-end commercial gap in Qingyang District [4] - The planning aims to enhance the service facilities and create a high-quality living and working environment in the Qingyang Aviation New City [4]