Guangzhou second-hand home transactions hold above 8,000 units in September and October

The steady year-on-year gains in both months suggest the second-hand segment is being supported less by speculative demand than by owner-occupier entry, with the interest subsidy doing the heavy lifting. That matters because it points to policy-sensitive demand rather than organic momentum, and it leaves the market exposed if the subsidy's pull fades. Whether transaction volumes hold above the 8,000-unit mark once that support is tested is the open question worth watching.