New home subscriptions in 50 key Chinese cities rise over 15% during National Day holiday

The divergence between viewing activity and signed deals suggests policy stimulus is pulling forward interest rather than converting it into transactions, with price cuts — not demand — doing the heavy lifting on volume. That distinction matters for developers and policymakers banking on holiday momentum to signal a durable turn. Whether the gap between visits and contracts narrows once the discounted inventory clears is the open question.