Property transactions have stabilized this year, prices are gradually recovering
and new-home inventories continue to fall. Through August, national contracted
area for second-hand home transactions reached 549 mln sqm, up 10.6% YoY. In
August, new-home and resale prices in first-tier cities rose 0.1% MoM; MoM
declines in second- and third-tier cities narrowed overall. The market, led by
first-tier cities, shows continued resilience after local authorities applied
city-specific policy adjustments. In late August central authorities issued a
package of systemic property measures to restructure core sales and financing
arrangements; Beijing, Shanghai, Chengdu and Xi’an also eased or tweaked local
property rules. Momentum toward stabilization is strengthening but remains
fragile; authorities stress full on‑the‑ground implementation of new measures to
convert policy support into market activity.
