【中指研究院】中指市场形势及企业研究成果分享会
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会议摘要
At the beginning of 2025, the sales performance of the real estate market was stable, and 20% of the real estate enterprises with monthly sales exceeding 100 achieved year-on-year growth, and the growth of private real estate enterprises was significant. Marketing, housing enterprises to take advantage of the Spring Festival opportunity, the introduction of housing festival and other activities, combined with promotion to attract buyers. In terms of products, it emphasizes the combination of location, brand and product power, such as Shanghai, Xiamen and other places. Land policy optimizes supply and promotes urban renewal, and residential supply is expected to shrink in 2026. Enterprises prefer the core city to take land, Guangdong, Hong Kong and Macao region outstanding performance. Weihai Poly Shanhaifu project innovative luxury housing standards, leading the industry. The meeting also pointed out that in early 2026, during the market adjustment period, Shanghai's favorable policies and corporate marketing strategies helped to recover, and high-quality land plots in the land market were sought after, reflecting the confidence of housing enterprises. Product strength improvement, especially the excellent performance of improved residential and luxury housing projects, bodes well for industry transformation opportunities.
会议速览
In-depth analysis of the operating characteristics and future trends of the real estate market in early 2026.On the eve of the Lantern Festival, a sharing meeting on the current situation and future trends of the real estate market was held as scheduled. The meeting reviewed the operating characteristics of the real estate market in early 2026 under the influence of policies and supply and demand expectations, analyzed the market performance differences of different cities and energy levels, and looked forward to the future development direction of the market. The sharing meeting emphasized the purpose of China Finger Research Institute to continuously track the pulse of the market and gain insight into industry trends based on professional data and in-depth research, aiming to provide strong support for business decisions.
Analysis of Shanghai's Latest Purchase Policy: Lower Threshold, Increase Provident Fund Loan LimitIt shared the latest home purchase policy in Shanghai, including the relaxation of home purchase eligibility, the adjustment of the number of purchase restrictions and the increase in the amount of provident fund loans, analyzed the impact of the policy on the optimization of the market demand side, as well as the stable expectations at the interest rate level, showing a positive outlook for future market trends.
Real Estate Market Analysis 2025: Acquisition Amount, House Price Trend and Rental MarketAt the end of February, 26 provinces and cities announced that the purchase amount reached 776 billion yuan, with 335 billion yuan issued, accounting for 43%. The second-hand housing market is active, with the net sign area increasing by 3% in 2025, accounting for 46% of the total commercial housing transactions. New home prices from up to down, 84 city ring than down; second-hand housing prices fell but the decline narrowed, first-tier cities high resilience. The rental market declined in February, with a narrower decline than in January. Future policies need to speed up the pace and increase the quota, the market is expected to slow down the downward trend throughout the year.
Analysis of Real Estate Market Performance and Marketing Strategy during the Spring Festival HolidayDuring the Spring Festival, 21 cities sold 100000 square meters of commercial housing, the average daily turnover was the same as last year, and the market performance was in line with expectations. Real estate companies actively launched marketing activities such as non-closing during the Spring Festival and preferential housing. Cities such as Shanghai and Beijing performed well, but the market differentiation was obvious, and improvement projects were more popular.
Analysis of Market Performance and Inventory Pressure of New Houses in Key Cities in Early 2023From January to February 2023, the new housing market in Beijing and Shanghai was affected by the Spring Festival, and transactions fell sharply, but the second-hand housing market was relatively stable, the same as last year. Guangshen new housing adjustment is greater, but the second-hand housing market performance is solid. In the adjustment of new houses in Hangzhou and Chengdu, the decline in second-hand houses was smaller than that of new houses. Inventory pressure in key cities is high, the de-chemical cycle has not slowed down, and the market is expected to remain resilient.
Analysis of urban inventory pressure and real estate market confidence promotion strategyThe dialogue discussed the current situation of real estate inventory in many cities in China, and pointed out that Shanghai, Hangzhou, Chongqing and other cities have relatively healthy inventory, while Guangzhou, Shenzhen and other places have greater inventory pressure. In order to solve the inventory problem, three suggestions are put forward to increase the collection and storage efforts, real estate enterprises to promote the release of demand, and enhance market confidence. Emphasize the importance of market confidence in reversing inventory levels and market health.
Under the influence of the February holiday, land market transactions and transfer fees decreased significantly year-on-year.In February due to the impact of the holiday, the government to promote the pace of slowing down, housing enterprises to take land cautious, resulting in January to February land launch, transactions and transfer fees fell sharply year-on-year, especially the transaction area and land innovation fell significantly, first-tier cities transaction drive is obvious, the average land price rate as high as 10.9.
February real estate market trends: core city land premium and luxury housing project heat.Data from the real estate market in February showed that land transaction premiums in first-tier cities such as Guangzhou, Chengdu, Suzhou and other places were obvious, especially a plot of land in Yuexiu District of Guangzhou was sold for 23.6 billion yuan, setting a new record for residential land floor prices. Market trends show that core areas and improvement projects are more popular, and the luxury effect continues. The policy environment is loose, and the increase in market supply is expected to promote market recovery in March, but market differentiation still exists.
In-depth analysis of sales performance and land acquisition strategy of real estate enterprises in January-February 2026From January to February 2026, some real estate companies achieved sales growth against the trend with high-quality products. Among them, central enterprises and private real estate companies each accounted for half of the country, and the number of private real estate companies increased compared with 2025. During the Spring Festival, companies accelerated their marketing activities and at the same time worked hard on their products. For example, China Construction Yipin and other companies achieved good results through multi-market openings. In terms of investment, private housing enterprises such as Binjiang and Xingyao maintain strong investment.
Analysis of Spring Festival Marketing Strategy and Hot-selling Projects of Real Estate EnterprisesDuring the Spring Festival, real estate companies accelerate marketing through activities such as non-closing during the Spring Festival, house purchase festivals, garden party, etc., combined with strategies such as discount promotions and special housing to attract buyers. Most of the hot-selling projects are located in the hot areas of the core cities, operated by strong developers, focusing on product strength and brand effect, and attracting customers through unique design and physical display areas.
In early 2023, the scale of land acquisition by real estate enterprises declined, and the heat of high-quality land in core cities did not decrease.From January to February 2023, the total amount of land taken by TOP100 housing enterprises decreased, mainly due to the impact of the Spring Festival holiday and the high base in the same period last year. The premium rate of high-quality land in the core city is high, and the central state-owned enterprises are still the main force in taking land. In terms of policy, many provinces and cities emphasize optimizing land supply and promoting urban renewal. It is expected that housing supply will increase quality and shrink to meet the demand for improved housing. The amount of land in Guangdong, Hong Kong and Macao is outstanding, the national head enterprises focus on the core city layout, local state-owned assets in the second and third-tier cities are active.
Reshaping luxury housing standards: ten leading ideas to lead product innovationThe dialogue discussed in depth how to reshape luxury housing standards through the top ten leading concepts to meet consumers' pursuit of quality life in the context of industry transformation. The sharers introduced the three world-class advantages of the project location, including world-class brands, world-class land and world-class selenium-enriched products, emphasizing the unique value of the project in scarce land resources and the importance of the inheritance of the oriental spirit.
Weihai Mountain Haifu Project: Top Ten Leading Product Power Analysis and Market SalesThe dialogue detailed the ten leading features of the Weihai Mountain Haifu Project, including the 100-meter Royal Gate Court, the three-dimensional garden, the Guangting of the university, the Yuntian Waterfall, etc., as well as its market performance, such as selling out at the opening and in short supply, showing the unique value and market recognition of the project.
Deeply Cultivating Market and Product Innovation: Revealing the Success of Weihai Real Estate ProjectThrough the deep cultivation of Weihai market for 14 years, accumulated a good reputation, pre-market research to ensure accurate positioning, to create a fault-leading product force, perfect display system and seize the golden period node, successfully display the project, achieved excellent performance. Shared the new opportunities in the transformation of the real estate industry and the vitality of enterprise innovation, wished a happy Lantern Festival, and invited to participate in the top 100 press conference.
要点回答
Q：Since the beginning of 2023, what are the operating characteristics of the real estate market under the influence of multiple factors? What are the differences in the performance of different cities and different energy level markets? What direction will the market evolve in the future?
A：During the beginning of 2023, the real estate market has shown certain adjustments and changes under the influence of multiple factors such as central and local policies and supply and demand expectations. Among them, the adjustment of the purchase restriction policy issued by Shanghai has attracted more attention, which has been optimized in terms of purchase qualification, number of purchase units and provident fund loan amount. The specific performance is to relax the qualification requirements for house purchase, such as increasing the qualification of Shanghai residence permit for five years or more; at the same time, at the level of the number of houses purchased, the restrictions on the purchase of houses outside the inner ring have been relaxed. In terms of provident fund, not only the loan amount has been increased, but also the identification conditions for the first and second homes have been optimized, especially for green buildings, the loan amount can rise by 15%. In addition, the interest rate level remained relatively stable and the overall environment remained relatively accommodative.
Q：What is the proportion of recent central-level acquisitions and first-and second-tier cities and third-and fourth-tier cities?
A：As of the end of February, 26 provinces and cities have announced professional acquisitions of more than 770 billion yuan, and the actual issuance is about 335 billion yuan. In terms of the proportion of first-and second-tier cities and third-and fourth-tier cities, first-and second-tier cities account for about 36%, and third-and fourth-tier cities account for 64%. And in February, Zhejiang and Sichuan also issued larger amounts of acquisition bonds.
Q：National second-hand housing transactions network sign area and second-hand housing prices ring changes?
A：According to data released by the National Bureau of Statistics, the area of second-hand housing transactions nationwide in 2025 is about 736.85 million square meters, a slight increase of 3% over the previous year. In terms of second-hand housing prices, although the month-on-month decline is still in a downward trend, the decline has narrowed compared with the previous month. The activity of the second-hand housing market and the changes in housing price trends may be affected by the Spring Festival holiday, the decrease in listing volume and the overall volatile downward trend of second-hand housing prices in recent years, especially after the sharp decline in the third quarter, the market is expected to improve.
Q：What are the reasons for the change in prices of new and second-hand homes?
A：In terms of new house prices, the price of new residential buildings in 100 cities has changed from rising to falling, mainly due to the small supply of new houses in February and the lack of high-quality real estate. Although the price of second-hand housing continued to fall month on month, the decline was significantly narrowed. The reasons included the traditional off-season factors, the decrease in the number of second-hand housing listings during the Spring Festival holiday, and the expected slowdown after the volatile decline of second-hand housing prices in the past two years.
Q：First-tier cities second-hand housing prices how to perform?
A：In first-tier cities, the downward trend of second-hand housing prices is obvious, but it has slowed down compared to before. Although the first tier cities have made up for the decline to a certain extent in the fourth quarter, the housing prices in the first tier cities show high resilience in the current market environment. At the same time, from the perspective of rental prices, rents in key markets in February were basically in a state of off-season decline, but the decline was narrower than in January.
Q：During the Spring Festival, the key cities of commercial housing transactions? During the Spring Festival, the city's sales performance is different?
A：During the nine days of this year's Spring Festival holiday (February 15 to February 23), the transaction area of commercial residential buildings in 21 cities is about 100000 square meters. If the average daily turnover is compared with last year's Spring Festival holiday (8 days last year), the two are basically the same. During the Spring Festival, the phenomenon of differentiation between cities still exists. For example, due to favorable pre-holiday policies and greater marketing efforts in Shanghai, the transaction volume of new houses has increased significantly compared with last year; some high-quality properties within the Fifth Ring Road in Beijing have also maintained a high degree of popularity. And Suzhou, Ningbo and other places during the Spring Festival to give a larger discount, the release of a part of the potential demand for housing. However, the overall market is still showing a trend of differentiation, with obvious volume price differences between improvement projects and just-needed projects.
Q：During the Spring Festival housing enterprises in the marketing level of performance?
A：During the Spring Festival this year, real estate companies have active marketing activities and launched preferential policies such as "no closing during the Spring Festival", preferential housing, property fees, and parking spaces, aiming to accumulate strength for the subsequent peak sales season. Due to the relatively late Spring Festival holiday this year, in late February, these activities not only increase the heat during the Spring Festival, but also prepare for the sales in March.
Q：How are the new and second-hand housing markets in Beijing and Shanghai performing?
A：In Beijing and Shanghai, affected by the Spring Festival holiday, the new housing market has been adjusted to varying degrees. New housing transactions in Beijing have dropped by 29%, and new housing transactions in Shanghai have dropped by 10%-14%. However, the second-hand housing market is relatively stable, Beijing's second-hand housing transactions fell by only 5%, Shanghai's second-hand housing transactions were flat, showing that the second-hand housing market is expected to be fair, the overall heat is still.
Q：How are the new and second-hand housing markets in Guangzhou, Shenzhen, Hangzhou and Chengdu performing?
A：Guangzhou, Shenzhen's new housing market adjustment is greater, of which Shenzhen's new housing fell 54% year-on-year, Guangzhou's new housing fell 24%; but the second-hand housing market in Shenzhen fell only 7% year-on-year. The new housing market in Hangzhou and Chengdu is also in the adjustment stage. In terms of second-hand housing, the transaction of new and second-hand housing in Hangzhou and Chengdu has dropped by about 20%, and the resilience of the second-hand housing market is relatively good.
Q：What is the current inventory pressure in key cities?
A：At present, the inventory pressure in most key cities is relatively high, especially in the second and third tier cities, the inventory delivery cycle has not slowed down, but has an increasing trend. The inventory in cities such as Shanghai, Hangzhou, and Chongqing is acceptable, but within 12 months, while the inventory pressure in cities such as Guangzhou, Shenzhen, Wuhan, and Hefei is greater, more than 20 months. The main measures to ease inventory pressure include increasing storage efforts, real estate promotion to release potential demand for home purchases, and boosting market confidence.
Q：How did the land market perform in February?
A：Due to the impact of the Spring Festival holiday, the pace of land acquisition by the government and real estate companies has slowed down, resulting in a year-on-year decline in land sales, transaction area and land transfer fees in 300 cities across the country from January to February, and the average premium rate rose to 10.9.%. The first-tier cities are obviously driven, but the high prices of some plots also have a certain impact on the overall market. In addition, a comprehensive land in Yuexiu District of Guangzhou refreshed the floor price record of residential land in Guangzhou with 23.6 billion yuan, showing that some hot spots still have high market attention and fierce competition.
Q：What are the requirements for the operation of housing enterprises in this plot?
A：This plot requires real estate companies to introduce high-end fashion department store operators, which have higher requirements for the developer's financial and operational capabilities. After the auction, the pressure is greater, and it has a certain role in promoting the overall property market, and it also reflects the future trend.
Q：What is the future trend of the land market?
A：In the future, the focus of the land market will be more focused on the core areas, and the land acquisition strategy should also focus on improvement projects, because the market performance of luxury housing projects is good. In addition, on the housing product side, there is a need to cater to the demand for improvement.
Q：What is the current state of the property market?
A：At present, the new housing market is still adjusting, but the second-hand housing shows activity, prices have risen, and there are obvious signs of repair in the second-hand housing market. At the same time, real estate plays an important role in economic growth, the overall policy environment is loose, may focus on inventory digestion, optimize supply and other aspects of the introduction of policies, but the long-term need to pay attention to high-quality development forces.
Q：What is the sales performance and land acquisition of housing enterprises from January to February 2026?
A：In terms of sales performance, some real estate companies have achieved growth against the trend with high-quality products. About 20% of real estate companies' sales have increased year-on-year. For example, China Construction Yipin and Xingyao Real Estate have grown by more than 100. This is mainly due to seizing the Spring Festival and policy opportunities to accelerate the pace of marketing and product efforts. In terms of land acquisition strategy, central state-owned enterprises and private real estate enterprises each account for half of the country. Among them, private real estate enterprises have made certain achievements in regional deep cultivation and product innovation, and their investment has not decreased.
Q：How do housing enterprises conduct marketing activities during the Spring Festival?
A：During the Spring Festival, real estate companies seized the opportunity of the festival and launched non-closing activities for the Spring Festival, including online and offline marketing, organizing various activities such as the Spring Festival, garden party, market, and intangible cultural heritage experience, and providing discounts, special rooms, and surprises. A variety of profit-making methods such as red envelopes to attract buyers. Through good location, good products, good brand combination effect, as well as the unique design of the physical display area and the integration of scarce resources, create hot-selling projects and successfully attract customers.
Q：From the perspective of the overall land acquisition situation of real estate enterprises, did the total land acquisition of real estate enterprises decline from January to February? What are the reasons for the decline?
A：From January to February, the total amount of land taken by top 100 housing enterprises did decline, but the decline was basically the same as that in January. This phenomenon is mainly due to the absence of land auctions during the Spring Festival holiday, the reduction in the overall supply of land auctions in February, and the high number of land-based housing enterprises in the same period last year. Last year, housing enterprises actively took land to fill their positions, resulting in a higher base.
Q：What is the situation of land premium rate in February? Which enterprises are the main force of land acquisition?
A：In February, the overall premium rate of 300 City was 11%. Among them, the premium rate of high-quality land in core cities such as Guangzhou and Chengdu was higher, which increased the overall land premium rate. From the perspective of land acquisition enterprises, central state-owned enterprises are still the mainstream, such as Yuexiu, China Railway, Guomao Real Estate, China Resources and other enterprises in the amount of land acquisition outstanding performance.
Q：What important information about land policy is available in the near future?
A：From December last year to February this year, two sessions were held in many places and proposed to optimize land supply and promote urban renewal. The work reports of most provinces and cities continue the keynote of the central economic work conference, emphasizing the stability of the real estate market, and deploy relevant work according to their own conditions, including controlling the increment and reasonable supply of land. It is expected that this year's housing supply will continue to "improve quality and shrink" characteristics to meet the needs of residents to improve housing.
Q：In terms of urban renewal, what are the new developments and development trends this year?
A：This year, the importance of urban renewal was mentioned in the work reports of many provincial and municipal governments. The number of mentions increased compared with the same period last year, and the work was intensified, requiring high-quality and in-depth promotion of urban renewal. Many provinces and cities have set specific mission goals, such as Beijing, Tianjin, etc., and put forward measures such as improving the supporting policy toolbox.
Q：At the city group level, which region has more outstanding performance in land acquisition amount?
A：The Guangdong-Hong Kong-Macao region is thriving, mainly because Guangzhou won a high-value plot in February, which drove the overall amount of land in the region.
Q：What is the distribution of top enterprises in key cities?
A：National head enterprises focus on the core city multi-point layout, while some private housing enterprises and local state-owned enterprises are also deeply cultivated regional markets. For example, Yuexiu is on the list in many cities, while private enterprises such as Agile and Shanghai Zidu Real Estate focus on project expansion in the deep-cultivated area.
Q：How is the transaction of large plots in February?
A：In February, the transaction scale of large plots was relatively small, mainly concentrated on high-quality plots in core cities. Beijing and Guangzhou each had 3 and 2 plots on the list.
Q：What is unique about the entrance design of the Shanghai Fu project?
A：The entrance of Shanghai Fu Project has designed an eight-level and three-level entrance gate of nearly 100 meters, inspired by the noble shape of the two-way three-rosefinch, with a height of 8.3 meters. The gate is made of dark curry aluminum plate, Angola black stone and bronze steel sculpture, which combines spatial energetics and geomantic omen to create a royal door with great value.
Q：What is the landscape system of the three-dimensional garden in the project?
A：The three-dimensional garden Lingnan Chuang's natural form is a three-dimensional landscape garden designed in combination with a natural height difference of 30 meters. It has a unique layout of two weeks, three gardens and six paths, and 3.6 yuan scenery and 12 borders. The platform falls up, the dark river rises step by step, and the three-nourishing trail twists and turns, connecting 6 scenes and 12 scenes in series, fully showing the aura of heaven and earth, and is Weihai's unique natural elevation difference three-dimensional garden landscape.
Q：What are the innovative and unique facilities or designs within the project?
A：The innovative design includes "Xuefu Guangting", which draws lessons from Xiaguang Pavilion in Jinan Huafu Qiuhua Attached High School and can emit natural halo at night. In addition, there is a 12-meter-high Yuntian Waterfall, which is the first residential waterfall landscape in Shandong. About 600 tons of black ape stone are selected above the waterfall, forming a unique wonder of living water and making money.
Q：What are the characteristics of the clubhouse and property services of the Shanghai Fu project?
A：Shanghai Fu Project is equipped with a 1500-square club, which contains nine aesthetic spaces and is rich in functions. It is the first in Weihai and provides a sense of life ritual in combination with Poly's high-end properties. The clubhouse is equipped with cold air conditioning, and the configuration of low-density bungalows exceeds the standard configuration of first-and second-tier cities. Every household can see the sea view, with a floor height of about 3.2 meters and a 100% occupancy rate.
Q：What are the highlights of the design of the project?
A：The "heaven and earth looking at each other" product in the project was approved for the first time in Weihai. it has excellent south lighting and a floor height of 3.6 to 6 meters, realizing a villa-like feeling. each household is equipped with a private courtyard of about 80 square meters. Last month, the product had a 100 to 140 square starry sky terrace, and the design of the underground lobby was excellent.
Q：Why can Shanghai Fu project achieve such outstanding performance in the market?
A：There are three main reasons for the success of the project: the good reputation accumulated in Weihai over the past 14 years; On the basis of a large amount of market research in the early stage, the customer demand was accurately positioned to create a leading product force and screaming selling point. As well as a very perfect display system, the construction period was rushed and the perfect display was made to the public during the golden period, and finally the sales record of Weihai for many years was fully sold out.
