A：In May, the heat of the second-hand housing market continued to rise, and the volume of transactions and house visits in many places remained high. The next step will be to interpret the market performance and the operating performance of housing enterprises. From a policy perspective, important policies this month include the Tenth Five-Year Plan for Urban Centers issued by the State Council. This is the first five-year special plan for urban renewal. It emphasizes the activation of the potential of urban stock resources and the close integration of real estate and urban resources to promote Develop new models, optimize the supply of affordable housing, increase and improve travel, etc., and specifically mentioned the key tasks of promoting the construction of good houses.

A：In the recent urban renewal plan, clear goals have been set for the old renovation, the renovation of villages in the city, and the renovation of old neighborhoods and factories. For example, during the 15th Five-Year Plan period, it is planned to renovate 500000 old houses and 4000 urban village projects (compared with the 14th Five-Year Plan Period has decreased), and new models, good housing construction and urban-rural revitalization issues have been incorporated into the urban renewal framework. This makes urban updating an important starting point for the real estate market, aiming to activate the potential of stock resources and assets.

A：From January to May this year, about 1460 real estate policies have been issued, mainly focusing on meeting the demand for house purchase, destocking, provident fund or house purchase subsidy policies, and continue to improve relevant supporting policies in urban centers. Among them, the provident fund policy has become one of the important means to support housing consumption in various places. Many places have greatly increased the amount of provident fund loans and expanded the scope of use, including the payment of second-hand housing down payment, property fees, and house purchase taxes.

A：Shanghai's second-hand housing acquisition project made the latest progress in May. Pudong, Xuhui and Jing 'an districts have completed 523 sets of restoration acquisitions. Among them, Xuhui District has acquired 300 sets of old houses with living difficulties and no renovation conditions due to the combination of urban renewal and the renovation of two houses and one village. In addition, Guangzhou, Hunan, Foshan and other cities are also carrying out pilot housing trade-in policies. It is expected that more cities will learn from and open the second-hand replacement chain in the future.

A：By the end of May, 28 provinces and cities had collected and stored more than 800 billion of the idle land through special bonds, accounting for about 48% of the total. In terms of the proportion of first-and second-tier cities, it is about 36%, and the actual issuance accounts for 30%. At the same time, the acquisition of commercial housing with special bonds is also increasing, mainly for the construction of affordable housing.

A：In terms of second-hand housing market prices, the cumulative decline from January to May was about 2.4, but the month-on-month decline narrowed to 0.32 in May, especially in core cities such as Shanghai, where average prices rose for three consecutive months. The second-hand housing market is highly active, with 141000 units sold in May, an increase of 19.6 per cent over the same period last year; in terms of new houses, the entry of high-end improved properties into the market led to a 0.16 per cent rise in new house prices month-on-month. On the whole, the second-hand and new home sales market maintained a high degree of activity, and demand was steadily released.

A：In May, sales in key monitored cities fell 15 per cent year-on-year, an increase from 2 to 3 per cent in April and May. Among them, the transaction area of new and second-hand houses in first-tier cities such as Beijing and Shanghai increased by 15% and 12% and 33% respectively compared with the same period last year; the pilot purchase of second-hand houses in Shanghai was expanded to the central area, supporting market confidence. New houses in Guangzhou increased by 7% year-on-year, and the transaction area of new and second-hand houses in Shenzhen increased by 50% and 18% year-on-year respectively.

A：In the core cities of Beijing, Shanghai and Shenzhen, rents continue to repair the situation. Among the 50 key cities, rents rose in 11 cities and fell in 39 cities, a decrease in the number of cities compared with April. Although overall rents have fallen by 0.63 per cent, the decline has narrowed by 0.47 percentage points compared with the same period in 2025. The local government continued its land transfer strategy for the same period last year, in which the area of residential land and suburban land fell by 2 to 24 per cent year-on-year, the transfer fee fell 36 per cent year-on-year, and the average premium rate remained relatively flat, but the monthly average premium rate for 300-storey residential land rebounded to 9.7 per cent. Among the first-tier cities, Shanghai and Hangzhou have higher premium rates for high-quality land transactions, driving up the national premium rate.

A：In May, the land transfer fee narrowed to about-9% year-on-year, mainly due to the low base effect last year and the continued heat of high-quality land plots in core cities. The premium rate of some plots in cities such as Shanghai and Hangzhou exceeds 20%, while the land sentiment in Nanjing and Tianjin is relatively flat. Market turnover heat showed a pattern of differentiation, first-tier cities and some second-tier cities performed better.

A：The policy level continues to stabilize the tone, urban renewal and revitalization policies continue to advance. With the clear urban renewal planning and the approaching sales node, the pace of high-quality projects in key cities has accelerated, and the marketing efforts of enterprises have increased, which is expected to drive the moderate repair of new housing sales in core cities. The transaction volume of the second-hand housing market continues to fall at a high level, and it is expected that it will remain stable in the future, and the price results will maintain a narrow range of fluctuations.

A：From January to May, the total sales of top 100 real estate companies fell by 4.7 percentage points from January to April, narrowing for three consecutive months. This situation is mainly due to the fact that real estate enterprises are actively using the current policy window period and creating products that are on the right track for trial sales. By accelerating the introduction of new products and maintaining the sales rhythm, the decline has continued to narrow.

A：The equity sales amount of top 100 housing enterprises is 8601 15,11 1.05 billion yuan, and the equity sales area is 41.361 million square meters. Including China Shipping, China Resources Land, Poly Real Estate, Beijing Urban Construction and other companies, the sales performance of these companies has increased year-on-year. Among them, Beijing City Jianxin launched just-needed and just-reformed real estate sales, driving the rapid growth of the month's performance.

A：Real estate companies adopt active marketing strategies, such as subscribing in advance to lock in customers and ensuring a high de-marketing effect at the opening. These strategies have laid a good foundation for performance growth. From January to May, the number of 10 billion real estate companies was 28, a decrease of 5 from the same period last year; at the same time, the number of 100 billion companies increased from 1 in the same period last year to 2. Although the size of tens of billions of companies and 5 billion companies has declined, this reflects the industry's departure from the old model of high leverage and high turnover and a new cycle of high-quality sustainable development.

A：Housing enterprises adopt a sales-based investment strategy, actively control the volume of construction and investment, while actively revitalizing the stock of assets. With traditional development and sales close to the ceiling, real estate companies are exploring new development models, such as stock asset operations, agent construction and other diversified areas, in order to achieve high-quality sustainable development.

A：Hot-selling project product strength significantly improved, supporting complete, and housing enterprises in the marketing of customers to take an active strategy. In the first-tier cities, Beijing just needs to improve the project sales, Shanghai core luxury homes and parts of Shenzhen after the relaxation of restrictions on the purchase of high-end luxury homes and cost-effective projects. Second-tier cities are dominated by product quality, and the hot-selling projects in each city show obvious differentiation.

A：Hot-selling projects strictly follow the new regulations and standards of "good houses", pay attention to space utilization, real-life display areas and model rooms, and the housing rate has also been greatly improved. For example, the housing rate of Guancui in Longhu, Shenzhen is close to 100%, which has enhanced consumers' confidence in buying houses.

A：In order to maximize the use of the above-ground space, the Longyue Haixu Project adopted the design of underground power distribution station for the first time, placing supporting facilities that might otherwise occupy the above-ground space underground, thus reserving more greening and public activity areas on the ground. Although the positioning of the main apartment type just needs to be changed, it still pays attention to the overall quality of the above-ground space.

A：The investment promotion project has adopted the first platform layout design in Hankou District, keeping up with the market policy trend. Through this innovative design method, the project has achieved hot sales. The high removal rate reflects that the degree of product roll-in is one of the core factors that determine the hot sales of the project.

A：Scarce resources such as high-quality schools, convenient subways, complete commercial facilities and non-replicable landscape resources (such as temporary parks, TOD projects, etc.) can accurately lock in the improvement of geography and high-end replacement customers. These factors play a key role in the blocks of the whole project, and through the combination with product roll-ins and resource endowments, the project may be wound up within minutes at the opening of the project.

A：High-end real estate usually adopts the strategy of small apartment size and small number of units to create tension, attract more potential customers, and lock in the source of customers in advance by means of subscription before opening, and the subscription rate can sometimes reach more than 3 to 10 times. This mode makes real estate enterprises have a greater confidence at the opening of the market. Coupled with factors such as product roll-in and scarce resources, they can often achieve liquidation in a short time.

A：From January to May, the total scale of land acquisition by real estate companies declined year-on-year, but the decline gradually narrowed compared with last year and last month. From a regional perspective, core cities such as Beijing and Shanghai have ushered in a small spring of land acquisition. Although the overall scale of land acquisition has declined, the competition between hot cities and land plots is still fierce. At the same time, the central state-owned enterprises are still the main force of land acquisition, while private real estate enterprises tend to deepen the core cities and moderately supplement the land, the scale of land acquisition is reduced compared with the same period last year, but in some high-quality land is still positive.

A：The Yangtze River Delta region continues to maintain a high-heat trend, and real estate companies have a strong demand for high-quality land. Many cities such as Shanghai and Hangzhou have auctioned high-premium land. Guangdong, Hong Kong and Macao region also because of Yuexiu real estate at the beginning of the year to raise the overall amount of land. In addition, from the perspective of key cities, the head housing enterprises mainly focus on their own core layout of urban land, while private housing enterprises focus on deep-cultivated urban land. First-tier cities such as Shanghai, Hangzhou, Shenzhen and other places are still the key areas for housing enterprises to take land.