Beike Research Institute data show Hangzhou has recorded three consecutive
months of online contract signings above 9,000; May signings were 9,087, up
17.8% YoY and the strongest May in six years. Beike says the market remains in a
price-for-volume phase with rigid demand dominant: in May units priced at ≤
CNY2m accounted for 56% of transactions and 60–90 sqm units made up 39.1%. Beike
attributes the pickup to a more favourable policy backdrop drawing new residents
and migrants and to limited supply of low-total-price quality new-builds,
leaving resale stock to absorb much of the rigid demand. New resale listings
fell 6% MoM and 19% YoY in May, but total listed resale inventory remains
elevated at 189,000 units.
