Shenzhen new-home subscriptions jump 78.5% during National Day holiday

The scale of the year-on-year jump in subscriptions points to a demand response to discounting rather than a broad-based recovery, since the standout details are promotional: a Nanshan project leaning on 10% discounts and fixed-price units. If holiday-driven promotions are doing the heavy lifting, the durability of the pickup is the open question once those offers are withdrawn. The accompanying rise in second-hand signings and viewings suggests some spillover into existing stock, though whether that reflects genuine confidence or simply buyers chasing the deepest cuts remains to be seen.