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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.