Economist Fan Gang said China’s property market has entered a relatively rapid price-clearing phase and the bottoming process could be faster than Japan’s at the time. He said China is undergoing a more market-driven structural adjustment as long-standing supply-heavy, weak-demand imbalances start to correct. The 15th Five-Year Plan now treats market demand as the scarcest resource, and consumption patterns are shifting: younger, tech-affluent buyers increasingly prioritise housing quality, with

Economist Fan Gang said China’s property market has entered a relatively rapid price-clearing phase and the bottoming process could be faster than Japan’s at the time. He said China is undergoing a more market-driven structural adjustment as long-standing supply-heavy, weak-demand imbalances start to correct. The 15th Five-Year Plan now treats market demand as the scarcest resource, and consumption patterns are shifting: younger, tech-affluent buyers increasingly prioritise housing quality, with luxury homes in major cities becoming a sales driver—signalling a move toward a more market-oriented growth dynamic.