China Secondary Home Sales Rise 20% in October, New Home Sales Fall 13%

The widening gap between secondary and new home activity is the real signal here: demand is rotating toward existing stock rather than disappearing, with the resale market doing the work that new-build sales are not. That split matters most for developers holding unsold inventory and for local governments whose revenue leans on new-home transactions. Whether the secondary-market gain keeps broadening beyond Beijing, Shanghai and the second-tier leaders — and whether new-home demand stabilizes rather than continues its adjustment — is the open question.