On Sept. 18, Zhang Xuetao, director of the Real Estate Market Regulation
Department at the Ministry of Housing and Urban‑Rural Development, said the
China property market is undergoing two shifts: a major change in supply‑demand
dynamics and a transition into a stock era. He said second‑hand transactions’
share rose from 27% in 2020 to 46% in 2025 and reached 52% in the first eight
months of this year; exceeding 50% marks entry into the stock era.
