Beijing second-hand home transactions up 8.2% in October

The year-on-year gain against a sharp month-on-month drop is the real signal here: it suggests underlying demand is holding up better than the September-to-October swing implies, with the analyst's working-day explanation doing much of the work. That distinction matters for anyone reading Beijing second-hand data as a proxy for broader Chinese property sentiment, since seasonal distortions can easily be mistaken for a turn. What's worth watching is whether the stability in prices across most districts persists once the calendar effect fades — that, rather than the headline percentage, is the open question.