Zhongyuan Real Estate Research Institute reports new-home subscriptions across
50 key Chinese cities rose more than 15% YoY over the National Day holiday.
Market displayed a K-shaped divergence: core cities saw activity rebound,
ordinary cities showed moderate recovery and weaker-tier cities remained under
pressure. Site visits and viewings rebounded sharply, but broad transaction
volumes did not — price cuts to drive sales remain the primary
inventory-clearance tool and recovery is structurally uneven. Compared with late
September before recent policies took effect, visit and showing increases
outpaced actual contract signings. Zhongyuan noted the policy mix driving
demand: a first-home mortgage interest subsidy effective Oct. 1, the Aug. 28
housing sales reform, local provident fund optimizations and tax refunds for
selling old/buying new — together forming the strongest policy package in this
Golden Sept–Silver Oct cycle. Buyer behavior was concentrated: many used the
holiday to compare properties without shortening decision cycles; rapid
visit-to-sale conversion was limited to prime locations in first-tier and
stronger second-tier cities and high-certainty projects.
