Guangzhou, Shenzhen Homebuyers Shift Toward All-Cash Purchases

A shrinking mortgage share in secondary transactions points to buyers who either cannot or will not use leverage, which matters for liquidity and for how quickly stock clears. The parallel move in Shenzhen suggests this is not a single-city quirk but a regional shift in how housing is financed. Whether the all-cash tilt reflects constrained credit access or deliberate deleveraging among buyers is the open question, and it will shape both transaction volumes and the pricing power of sellers.