Multiple market monitors' October property reports show the traditional 'Silver
October' peak ending with clear structural divergence: second‑hand markets in
China's key cities remained highly active in October, led by core cities, while
new‑home markets continue to adjust. Market participants say resale activity
confirms an orderly release of genuine housing demand, but overall market
stabilization is not yet secure and will require sustained, coordinated policy
support to consolidate the recovery.