中国房地产：12 月销售超预期（奢侈品住宅增值税政策 + 地方因价格走弱放宽调控）China Property Dec Sales Beat on Luxury Home VAT Local Easing on Weaker Prices

Vi e w p o i n t | China Property Dec Sales Beat on Luxury Home; VAT & Local Easing on Weaker Prices CITI'S TAKE Secondary sales -30%yoy & -1%mom in Dec — Transactions were impeded by price cuts (NBS index: -0.7%mom) & still-high 4.64mn units of listings (39 cities, despite -0.6%mom). Dec weekly volume was 24.3k units (18 cities), comparable to Jun'25; YTD25 avg was 23.6k units, -1.8%yoy (T1 cities: +2.6%; T2 cities: -5.7%). Policy: strives to stabilize property market; VAT cut — MOHURD's 2026 focus (23- De ...