Core Insights - The data from the China Index Academy indicates a shift in the transaction structure of residential properties, with an increase in the proportion of transactions for residential units larger than 120 square meters in 20 out of 30 representative cities from January to April 2025 compared to the same period in 2024, reflecting a release of improvement-driven demand [1] - Cities such as Nanjing, Qingdao, Dongguan, Quanzhou, and Ganzhou saw an increase of over 8 percentage points in the transaction share of residential units larger than 120 square meters [1] - In Beijing, the proportion of transactions for properties priced over 10 million yuan reached 24.9%, an increase of 8.7 percentage points compared to the same period in 2024 [1]

Group 1: Beijing New Housing Transaction Structure - In Q1 2025, the transaction of new housing in Beijing shows that 2,100 units of products under 90 square meters were sold, accounting for 22.5% of total transactions, a decrease of 4.0 percentage points compared to the same period in 2024 [1] - For products between 90-200 square meters, 6,774 units were sold, making up 72.4% of total transactions, an increase of 7.0 percentage points year-on-year [1] - Products over 200 square meters saw 477 units sold, representing 5.1% of total transactions, down 3.0 percentage points from 2024 [1] - In terms of total price structure, products priced below 5 million accounted for 39.1% of transactions, remaining stable compared to 2024 [1] - The share of products priced between 5-10 million decreased to 38.0%, while those above 10 million increased to 22.9%, up 6.7 percentage points from 2024 [1] Group 2: Chengdu New Housing Transaction Structure - In Q1 2025, the transaction of new housing in Chengdu indicates that products under 90 square meters accounted for 6.5% of total transactions, a slight increase of 0.3 percentage points from 2024 [5] - Products between 90-200 square meters saw approximately 24,000 units sold, making up 86.7% of total transactions, an increase of 0.8 percentage points year-on-year [5] - The share of products over 200 square meters decreased to 6.8% [5] - For total price structure, products priced below 2.5 million accounted for 58.8%, a decrease of 6.3 percentage points compared to 2024 [5] - Products priced between 2.5-5 million accounted for 31.1%, an increase of 3.6 percentage points, while those above 5 million accounted for 10.1%, up 2.7 percentage points from 2024 [5] Group 3: Foshan New Housing Transaction Structure - In Q1 2025, Foshan's new housing transactions show that 1,371 units of products under 90 square meters were sold, accounting for 18.7% of total transactions, a decrease of 5.3 percentage points from 2024 [7] - Products between 90-200 square meters accounted for 75.9% of total transactions with 5,570 units sold, an increase of 3.1 percentage points year-on-year [7] - The share of products over 200 square meters increased to 5.4% [7] - In terms of total price structure, products priced below 2 million accounted for 70.8%, an increase of 6.0 percentage points compared to 2024 [7] - Products priced between 2-3 million accounted for 16.8%, a decrease of 4.7 percentage points, while those above 3 million accounted for 12.4%, showing a slight decline [7]