China’s 20-city second‑hand residential market sold 141,000 units in May, down
9% MoM but up 19.3% YoY, with the YoY gain widening 6.3 percentage points from
April. Year‑to‑date (Jan–May) transactions in the 20 cities total 629,000 units,
up 4.4% YoY, indicating steady demand release. Adjusting for Spring Festival
timing, resale volumes in the 14 weeks since the holiday are 13% higher than the
same period in 2025. Core-city resale activity led the rebound: Beijing sold
16,000 second‑hand homes in May (+12.1% YoY) and Shanghai sold 28,000 (+30.9%
YoY); both cities recorded near five‑year same‑period highs for a second
consecutive month. Shanghai has expanded its second‑hand property acquisition
pilot to all central urban districts, introducing market‑based acquisition
pricing that may help stabilize valuations of older stock and support market
confidence. Shenzhen’s end‑April property policy optimizations are beginning to
take effect; May resale turnover there has returned to positive YoY growth.
