According to the Huatai Securities Research Report, looking back at the first half of 2026, supply and demand in the new real estate market still declined year-on-year, but the second-hand housing market continued to be booming, and some signs of housing prices “stopping falling” appeared. Structurally, the year-on-year decline in new home sales in first-tier cities has narrowed markedly; improved demand is an important support for the new housing market. The second-hand housing market mainly meets immediate demand, and the share of low total price properties continues to rise. Huatai Securities believes that as the rent decline continues to narrow, the improvement in the rent-sale ratio will pave the way for a comprehensive recovery of the market. Follow-up attention will be paid to whether the signal to stop falling housing prices can spread from Shanghai to more core cities. The logic of housing price resilience in first-tier cities, optimization of listing structures, and the structural recovery of cities with strong emerging industries has not changed. The cost-effective ratio of industry allocation is prominent. It is recommended to stick to the idea of urban layout where emerging industries are concentrated.

According to the Huatai Securities Research Report, looking back at the first half of 2026, supply and demand in the new real estate market still declined year-on-year, but the second-hand housing market continued to be booming, and some signs of housing prices “stopping falling” appeared. Structurally, the year-on-year decline in new home sales in first-tier cities has narrowed markedly; improved demand is an important support for the new housing market. The second-hand housing market mainly meets immediate demand, and the share of low total price properties continues to rise. Huatai Securities believes that as the rent decline continues to narrow, the improvement in the rent-sale ratio will pave the way for a comprehensive recovery of the market. Follow-up attention will be paid to whether the signal to stop falling housing prices can spread from Shanghai to more core cities. The logic of housing price resilience in first-tier cities, optimization of listing structures, and the structural recovery of cities with strong emerging industries has not changed. The cost-effective ratio of industry allocation is prominent. It is recommended to stick to the idea of urban layout where emerging industries are concentrated.