China Index Academy reports the property market has continued to bottom since
Q3, with marked divergence across segments. New-home sales remain depressed,
with first-tier cities outperforming. Resale transactions are rising and account
for a larger share of housing turnover, indicating a shift toward a stock-driven
market; resale prices remain under adjustment while premium projects in core
cities provide some support to new-home average prices. Land market volumes have
contracted; developers are focusing acquisitions on core cities and
high-certainty projects. Reform of commercial-housing sales rules took effect on
Aug. 28 and local implementing rules began to appear end-September, accelerating
adjustments to the sector’s development model. Outlook: the market is expected
to sustain its bottoming trend into Q4; the reform’s fuller effects are likely
to emerge from 2027.
