CITIC Securities said in a report that as of June 2026 Beijing and Shanghai second‑hand home transactions remained unusually active, per China Index Academy data. The firm says the uptick is driven mainly by low‑total‑price rigid demand and extreme‑value listings, not a broad market repair; the improvement/upgrade replacement chain has not meaningfully recovered. CITIC forecasts tier‑1 city prices are more likely to gradually stabilize in H2 2027. On rates, the firm notes markets are largely ign

CITIC Securities said in a report that as of June 2026 Beijing and Shanghai second‑hand home transactions remained unusually active, per China Index Academy data. The firm says the uptick is driven mainly by low‑total‑price rigid demand and extreme‑value listings, not a broad market repair; the improvement/upgrade replacement chain has not meaningfully recovered. CITIC forecasts tier‑1 city prices are more likely to gradually stabilize in H2 2027. On rates, the firm notes markets are largely ignoring property developments in the short term; only if prices stabilize and the replacement chain revives could that begin to constrain the central path of interest rates over the longer term.