TREE NEWS reports: New-home transaction area in 30 key Chinese cities rose 1.4% year-on-year from Sept 1 to 20, with first-tier cities continuing to grow. Second-hand home transactions in 20 key cities climbed 13.1% year-on-year, with Beijing and Shanghai posting seven straight months of growth. The recovery remains concentrated in quality projects in core cities, and the August 28 policy’s direct impact on near-term supply has been limited.
China New-Home Sales in 30 Key Cities Up 1.4% YoY in Sept 1-20
AI take
The split between new and second-hand activity is the real signal here: resale is carrying the recovery while new-home growth stays marginal, which suggests demand is rotating toward existing stock rather than feeding developers' inventory. The concentration in core cities and quality projects implies the improvement is narrow, not broad-based, and the muted supply response to the August 28 policy leaves the pipeline question unresolved. Whether Beijing and Shanghai's streak extends, and whether second-tier cities start contributing, is the open question.
Generated by AI for reference only.
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