CITIC Securities says Shanghai’s Aug. 20 measures to optimize real-estate policy
should spur genuine homebuying and, by unlocking replacement chains from the
bottom up, help sustain a modest rise in Shanghai house prices into H2 2026. The
report expects residential development to increasingly concentrate in first-tier
and select second-tier cities, which benefit from larger populations, earlier
rent stabilization and lower new-build volumes over the past decade.
