Shanghai New Home Sales Double Over National Day Holiday

The doubling in new-home transactions is striking, but the absolute volume remains modest for a week-long holiday, so it is worth asking whether this reflects genuine demand recovery or simply a low base and a burst of pent-up activity. The smaller rise in second-hand signings suggests the momentum is concentrated in the new-build segment, which developers and local policymakers will read as a more encouraging signal. Whether this pace can be sustained beyond the holiday period, and whether it spreads to the resale market, is the open question.