Ke Yuan Rui: The enthusiasm of real estate companies for pushing new listings in August is steadily declining, and first-tier cities are under comprehensive pressure.

According to the research by CRIC Real Estate, the enthusiasm of real estate developers to launch new projects in August has steadily declined, with the overall supply being the second lowest of the year. Land constraints on new housing supply are becoming increasingly significant: According to CRIC's research, in August, 28 key cities are expected to have a total of 4.76 million square meters of new residential supply, a 26% decrease from the previous month and a 38% decrease from the same period last year. The absolute quantity is only slightly higher than in February 2025, with a cumulative year-on-year decrease of 17% from January to August 2025. First-tier cities are under comprehensive pressure, with only Guangzhou showing growth against the trend. More than 60% of the second-tier cities have seen a decrease in supply both month-on-month and year-on-year. Supply in third and fourth-tier cities continues to remain low, with a slight rebound in month-on-month figures.