SMM, May 29:
Following the State Council's release of the Urban Renewal 15th Five-Year Plan, the real estate industry received new policy catalysts. On May 29, the real estate development sector rose accordingly, with the market optimistic about incremental investment opportunities in areas such as urban village renovation, old residential community upgrades, and municipal infrastructure construction following the plan's implementation. As of the close on May 29, the real estate development sector gained 0.68%, and real estate services rose 0.26%. In terms of individual stocks, Fuxing Co., Sunshine Co., Tianjian Group, Xiangjiang Holdings, Everbright Jiabao, and several others hit the daily limit, while Vanke A, Financial Street, Tefа Services, and China Merchants Shekou led the gains.
News
[State Council Releases Urban Renewal 15th Five-Year Plan: City-Specific Policies to Increase Supply of Upgraded Housing and Regulate Development of Housing Rental Market]The State Council released the Urban Renewal 15th Five-Year Plan. The plan proposes to comprehensively assess the base of existing urban asset resources, promote classified disposal of land that has been allocated but not yet developed and projects under construction, and revitalize idle and underutilized old factory buildings, commercial and office properties, commodity housing, and public housing. It is expected to accelerate the construction of a new model for real estate development and improve fundamental systems for commodity housing development, financing, and sales. The plan calls for optimizing the supply of affordable housing, strengthening housing security for low-income urban households with housing difficulties, better meeting the basic housing needs of working-class groups facing housing difficulties with modest incomes, and gradually addressing the transitional housing difficulties of new urban residents, young people, and other groups. City-specific policies are expected to increase the supply of upgraded housing and regulate the development of the housing rental market. The plan encourages real estate development enterprises to transform and participate in urban renewal. It is expected to deepen the reform of the housing provident fund system, expand its scope of use, strive to meet the diversified housing needs of contributors at different stages, and support flexible employment workers in participating in the housing provident fund system. The plan also aims to strengthen and regulate the management of existing urban infrastructure assets.
[Huang Guanglie, Deputy Secretary General of Guangzhou Municipal Government: Confident in Further Consolidating the Stabilizing and Improving Trend of Guangzhou's Property Market]On May 26, Guangzhou held a press conference on the supporting documents for the Implementation Opinions on Further Promoting Stable and Healthy Development of the Real Estate Market. Huang Guanglie, Deputy Secretary General of the Guangzhou Municipal Government, stated that going forward, Guangzhou will continue to improve the two major systems of the housing market and housing security, and continuously optimize property market regulation measures. The Municipal Bureau of Planning and Natural Resources, the Municipal Bureau of Housing and Urban-Rural Development, the Municipal Provident Fund Center, and other departments have issued supporting rules on matters such as land supply, special subsidies for "sell old, buy new," and "commercial-to-provident fund loan conversion." Huadu District responded swiftly by launching eight specific measures. State-owned enterprises represented by Guangzhou Anju Group are accelerating the launch of pilot work on the acquisition and revitalization of second-hand housing. We believe that as these detailed rules are fully implemented and all sectors advance in coordination, we are confident in further consolidating the stabilizing and improving trend of Guangzhou's property market. (Jin10 Data APP)
[Guangzhou's Real Estate Market Activity Has Been Continuously Rising Since May]On May 26, Guangzhou held a press conference on the series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Huang Guanglie, Deputy Secretary General of the Guangzhou Municipal Government, noted that on April 30, Guangzhou issued the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market" (known as the "Sui Eight Measures"). As the policy effects continued to release, market activity kept rising. Since May, weekly visits, subscriptions, and online signings at key new residential projects citywide increased by 26.9%, 36.9%, and 11.4% WoW, respectively; weekly signing volume of pre-owned residential properties rose 9.3% WoW, while new listing volume decreased 16.7% YoY. The new housing provident fund policy took effect, with 4,484 loan applications accepted totaling 4.746 billion yuan, up 47.05% and 56.43% YoY, respectively.
[Guangzhou: Removing Restrictions on "Only Housing in the City" and Number of Provident Fund Loan Uses]On May 26, 2026, the Guangzhou Housing Provident Fund Management Center issued the normative document "Measures for Converting Commercial Personal Housing Loans to Housing Provident Fund Personal Housing Loans in Guangzhou (Interim)." It proposed expanding the scope of commercial loan banks by removing the restriction that "the original commercial loan bank must be a housing provident fund entrusted bank," allowing commercial loans from non-housing provident fund handling banks to be converted into pure housing provident fund loans. Requirements on loan types, terms, and provident fund contribution periods were relaxed. For commercial-to-provident-fund conversion handled by housing provident fund loan handling banks, applicants whose convertible provident fund loan amount is not enough to fully repay the original commercial loan principal and interest may choose to convert to a combined loan. The requirement for account opening and cumulative housing provident fund contribution period was reduced from "60 months" to "36 months." The original commercial loan disbursement period was shortened from "more than 3 years" to "more than 2 years." Restrictions on "only housing in the city" and the number of provident fund loan uses were removed, no longer requiring that "the mortgaged property is the applicant's family's only housing in the city," supporting applications for first and second improved housing. Applicants who "have never used or have used housing provident fund loans only once" may also apply for commercial-to-provident-fund conversion, free from the restriction of "never having used housing provident fund loans." (Jin10 Data)
[Xiong'an New Area: Maximum Housing Provident Fund Loan Amount Raised to 800,000 Yuan]Notice of the Xiong'an New Area Housing Management Center on Optimizing and Adjusting Housing Provident Fund Withdrawal and Loan Policies. The policy stipulates that for depositors meeting the New Area's rental housing withdrawal conditions, those who have not registered a housing lease contract may withdraw up to 17,000 yuan per year; those who have registered a housing lease contract on the "Hebei Xiong'an New Area Housing Rental Information Service Platform" may withdraw up to 25,000 yuan per year. Depositors purchasing owner-occupied housing in the New Area and applying for housing provident fund loans may borrow up to 800,000 yuan. Employees of Beijing-sourced relocated units whose housing provident fund deposit location is in the New Area may borrow up to 1.2 million yuan when purchasing owner-occupied housing in the New Area and applying for housing provident fund loans. Families with two or more children purchasing owner-occupied housing in the New Area and applying for housing provident fund loans may have their maximum loan amount increased by 200,000 yuan. For employee families who have only one housing provident fund loan record nationwide that has been fully repaid and own no property in the New Area, the first-home housing provident fund loan policy shall apply. (Xiong'an Provident Fund)
[Supreme Court's Liu Guixiang: Preventing and Resolving Risks in Key Areas Such as Finance and Real Estate]On May 27, Liu Guixiang, Vice-Ministerial-Level Full-Time Member of the Adjudication Committee and Second-Grade Grand Justice of the Supreme People's Court, stated at a press conference held by the State Council Information Office that the people's courts will fully safeguard national security and social stability, punish criminal acts that endanger national security, public safety, and undermine the socialist market economic order in accordance with the law, and adhere to market-oriented and rule-of-law principles to coordinate administrative, civil, and criminal adjudication functions to prevent and resolve risks in key areas such as finance and real estate.
[China Index Academy: Property Developers' Bond Financing in April Up Nearly 30% YoY]The latest data released by the China Index Academy showed that in April, total bond financing in the real estate sector reached 61.48 billion yuan, up 28.8% YoY and up 18.5% MoM. Specifically, credit bond financing in the real estate sector totaled 37.48 billion yuan (up 2.6% YoY, down 9.1% MoM), accounting for 61%; ex-China bond financing was 3.43 billion yuan, accounting for 5.6%; ABS financing was 20.57 billion yuan (up 83.9% YoY, up 93.1% MoM), accounting for 33.5%.
[Marco Polo: Q2 Sales Improved QoQ]Marco Polo stated at a recent earnings briefing that in Q1 2026, affected by the late Chinese New Year holiday and slow market activation, the industry overall declined YoY to some extent. Since Q2, the real estate market in some cities has shown structural stabilization and recovery, with new home markets broadly stopping falling, and second-hand housing prices in core cities such as Guangzhou, Shenzhen, and Hangzhou beginning to rise with active transactions. The company adopted multiple measures, including building regional empowerment centers, promoting the sinking of its dealer network, expanding non-residential project business, and strengthening cooperation with whole-house decoration enterprises, resulting in a QoQ improvement in sales in Q2.
[Guangzhou Anju Group to Launch Pilot Work Supporting Residents in "Selling Old and Buying New"]On May 26, Guangzhou held a press conference on the series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Qian Zhe, Deputy Secretary of the Party Committee and General Manager of Guangzhou Anju Group, stated that to support residents in improving their housing conditions and facilitate the exchange chain between pre-owned and new housing, Anju Group will immediately launch pilot work supporting residents in "selling old and buying new," with a trial period ending on December 31, 2026. Following the principle of "government guidance, market-based operation, and voluntary participation," the group will acquire pre-owned residential properties through market-oriented approaches. The pilot acquisition targets pre-owned residential properties within Guangzhou's Ring Expressway, with a total price of no more than 3 million yuan, a floor area of less than 70 m², and no restriction on building age. The acquired old properties will be prioritized for use as affordable housing, talent apartments, and other purposes, primarily serving the housing needs of new urban residents, young people, and other groups, as well as resident relocation for urban self-renewal projects.
[Guangzhou Huadu District Sees "Rising Volume, Stable Prices, and Active Transactions" After New Policy Implementation]On May 26, Guangzhou held a press conference on the series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Mai Shaoming, Deputy District Head of Huadu District, Guangzhou, stated that after the implementation of the "Eight Measures for Guangzhou," Huadu District took the lead in the city to introduce the "Eight Measures for Huadu." Since the new policy took effect, the real estate market in Huadu District has seen a sustained rebound in market activity and a continuous release of transaction vitality. Project visits, subscriptions, policy inquiries, and pre-owned housing market transactions all surged significantly. Policy inquiries focused on core topics such as pre-sale school enrollment eligibility, online contract-based school enrollment, and trade-in policy subsidies. The overall market demonstrated a positive trend of "rising volume, stable prices, and active transactions."
[Xiamen Introduces Six Housing Provident Fund Measures: "Sell Old, Buy New" Loans to Be Executed at First-Home Interest Rates]On May 19, the Xiamen Housing Provident Fund Center announced on its website that, in order to implement the spirit of the "Several Opinions on Further Promoting the Stable Development of the Real Estate Market" issued by the Fujian Provincial Department of Housing and Urban-Rural Development, and in light of Xiamen's actual conditions, the city introduced six housing provident fund measures upon approval by the Xiamen Housing Provident Fund Management Committee. Among them, it was proposed that "sell old, buy new" loans be executed at first-home interest rates. If a depositor sells a self-owned property within Fujian Province and purchases a second self-occupied property in Xiamen within 12 months, and applies for a housing provident fund loan that meets the lending conditions, the loan will be executed at the first-home housing provident fund loan interest rate. Housing provident fund loans for multi-child families are executed at first-home loan interest rates. For multi-child families purchasing a second owner-occupied home in the city and applying for housing provident fund loans, those meeting the provident fund loan conditions will have loans executed at first-home housing provident fund loan interest rates.
[Hunan Issued Policies to Support Acquisition of Existing Commercial Housing and Housing "Trade-in"]On May 13, the Hunan Provincial Department of Housing and Urban-Rural Development, together with nine departments including the Provincial Development and Reform Commission and the Provincial Department of Finance, issued the "Several Measures of Hunan Province to Further Promote Stable and Healthy Development of the Real Estate Market." This "New Xiang Ten Measures" is an optimization and upgrade based on the 2025 "Several Measures of Hunan Province to Promote Stable and Healthy Development of the Real Estate Market," focusing on formulating relevant support measures in areas such as acquisition of existing commercial housing, housing "trade-in," "quality housing" construction, "three-in-one" housing projects, and provident fund policy optimization. The "New Xiang Ten Measures" specified that for loans applied for purchasing newly-built commercial housing within the province (including housing provident fund loans and commercial loans), housing unit counts are determined at the county/city/district (park) level; for those already owning housing in the county/city/district (park) where the intended purchase is located, one housing unit is deducted from the count; the minimum down payment ratio of 30% for commercial property loans is implemented.
[Hunan: College Graduates and High-level Talents Staying in or Coming to Hunan for Employment and Entrepreneurship Can Apply for Loans After 1 Month of Provident Fund Contributions]On May 13, the Hunan Provincial Department of Housing and Urban-Rural Development and eight other departments issued the "Several Measures of Hunan Province to Further Promote Stable and Healthy Development of the Real Estate Market." The "New Xiang Ten Measures" proposed that for college graduates, young talents, and high-level talents staying in or coming to Hunan who apply for housing provident fund loans for their first home purchase within the province, they can apply after only 1 month of contributions, with maximum preferential down payment ratios, and the maximum loan amount may not be linked to account balances but reasonably determined based on work compensation base and labor (employment) contract duration. Among them, the maximum housing provident fund loan amount for high-level talents can be relaxed to 4 times the standard, and for college graduates and young talents staying in or coming to Hunan for employment and entrepreneurship, it can be relaxed to 2 times. For first-marriage and first-birth families and families with two or more children using housing provident fund loans to purchase newly-built commercial housing, the loan amount cap is further increased by more than 30%. The age limit for housing provident fund personal loans is extended, with a maximum of 5 years added beyond the statutory retirement age.
[A Residential Land Parcel in Nanchang Sold at 12.5% Premium]On May 8, Nanchang sold a residential land parcel with a transfer area of 12.1409 mu and a planned building area of 9,712.72 sqm, with a floor area ratio of 1.1. The starting land price was 4 million yuan/mu, totaling a starting price of 48.56 million yuan, with a starting floor price of 5,000 yuan/sqm. Ultimately, Yingtan Wanjing Real Estate Development Co., Ltd. won the land parcel at a land price of 4.5 million yuan per mu, equivalent to a total price of 54.63 million yuan, with a transaction floor price of 5,625 yuan/㎡ and a premium rate of 12.5%.
[Beijing Real Estate Market Activity Climbs, Pre-owned Home Trading Volume Hits Nearly 5-Year High]During this year's Labour Day holiday, as new real estate policies were intensively rolled out in multiple cities, real estate market activity climbed. In Beijing, the pre-owned housing market continued the momentum since April, with trading volume and showing volume rising steadily. The latest data showed that during the first four days of the Labour Day holiday, the number of pre-owned home transactions in Beijing surged 72% YoY, indicating strong market performance. In April, which just ended, Beijing's pre-owned home trading volume reached nearly 18,000 units, hitting the highest level for the same period in nearly five years.
[Guangzhou Labour Day Holiday New Residential Subscription Volume Up Over 50% YoY]On May 6, it was learned from the Guangzhou Municipal Housing and Urban-Rural Development Bureau that during the Labour Day holiday, Guangzhou's real estate market activity rebounded significantly, with both new and pre-owned residential markets improving in tandem and a clear recovery trend in the property market. Data showed that from May 1 to 5, the new residential market in Guangzhou heated up notably, with a citywide daily average of 8,692 visits to new residential projects (up 30.8% YoY) and a daily average subscription volume of 634 units (up 50.1% YoY). The pre-owned residential market maintained steady growth. During the holiday, daily average showings and daily average subscription volume grew 15.6% and 5.2% respectively compared with April, while subscription volume was up 63.4% YoY. Meanwhile, new listing volume of pre-owned homes pulled back somewhat. A spokesperson from the Guangzhou Municipal Housing and Urban-Rural Development Bureau stated that on April 30, Guangzhou issued implementation guidelines on further promoting stable and healthy development of the real estate market, proposing multiple measures covering areas such as optimizing housing provident fund usage and facilitating property swap chains. The policy dividends were quickly transmitted, and market response was evident.
[Zhongshan, Guangdong: Pre-owned Housing Acquired by Developers Can Be Resold; Minimum Down Payment for Commercial Property Loans Set at 30%]The Zhongshan Municipal Housing and Urban-Rural Development Bureau of Guangdong Province issued the "Several Measures for Continuously Promoting Stable and Healthy Development of the Real Estate Market in Zhongshan" to further implement the digestion of existing housing inventory and optimize incremental housing supply, and to better meet residents' essential and upgrading housing needs. The "Several Measures" comprised seven articles, including continuing to support residential housing trade-in policies; encouraging market-oriented operation of commodity housing trade-in programs; increasing housing provident fund support for home purchases; optimizing the criteria for determining the number of housing units under provident fund loans; accelerating destocking of commercial properties and encouraging multiple approaches to revitalize existing resources; increasing financial support and lowering the minimum down payment ratio for commercial property purchase loans; and piloting housing voucher-based resettlement compensation. Among them, the Several Measures stipulate that repurchased old housing can be resold, renovated and then sold, or used for market-oriented rental housing, talent apartments, affordable rental housing, etc. The minimum down payment ratio for commercial property purchase loans was adjusted to no less than 30%.
[China Real Estate News: Stabilizing the Property Market Requires Good "Forward Planning"]On May 4, China Real Estate News published an editorial stating that amid complex and volatile internal and external shocks, the property market's performance since the beginning of this year was hard-won, and will lay a solid foundation and inject firm confidence for efforts to stabilize the real estate market. Therefore, the upcoming months of May and June are crucial, and localities should continue to do good "forward planning." The more detailed and thorough the work on "forward planning" for stabilizing the real estate market, the more solid the foundation for market stability. The stability and vitality of the property market should be reflected in the transformation of "good housing" toward higher quality, and the innovation momentum of "good housing" should be further released and continuously expanded. The stability and vitality of the property market should also be reflected in the overall satisfaction of demand, and the housing replacement cycle should be further facilitated. The core value of the housing trade-in policy lies in breaking this deadlock through institutional innovation. Localities should build bridges between old housing disposal and new housing purchase through government guidance, state-owned enterprise participation, and market-based operations, both facilitating the replacement process and reassuring buyers of price stability. Meanwhile, financial support will be increased for converting existing commercial housing into affordable housing, resettlement housing, dormitories, and talent housing. This will provide stable absorption channels for inventory to accelerate market clearing, effectively broaden the supply sources of affordable housing, shorten construction cycles, and address the housing difficulties of key groups such as low- and middle-income groups, new urban residents, and young people at relatively low social costs, forming an overall favorable landscape where new housing is well managed, second-hand housing is active, and the high-end has a market, the mid-end has support, and the low-end has guarantees, building momentum for real estate market stability and high-quality development.
[Suzhou: Raising Maximum Housing Provident Fund Loan Limits, with Individual Maximum Loan Amount Adjusted to 1.5 Million Yuan]Suzhou recently issued several measures to further promote stable and healthy development of the real estate market. Among them, it mentioned optimizing the criteria for determining the number of provident fund loans and housing units, with first-home provident fund loan policies applied when applicants have no outstanding provident fund loan balance nationwide. The maximum provident fund loan limits were raised, with the individual maximum loan amount adjusted to 1.5 million yuan and the family maximum loan amount adjusted to 2 million yuan. For purchases of newly built green residential buildings rated two-star or above, the provident fund loan amount can be increased by 20%; for purchases of newly built "dual-smart and fully-equipped" improved housing, the provident fund loan amount can be increased by 50%. For purchases of newly built commercial housing projects sold as completed properties, the provident fund loan amount can be increased by 50%. Provident fund loans can be applied for when purchasing completed property-right apartments.
[Wuhan Announces New Property Market Policies, Expanding the Scope of Cross-City Housing Provident Fund Loans]On April 30, the Wuhan Housing and Urban Renewal Bureau, Wuhan Municipal Finance Bureau, and Wuhan Housing Provident Fund Management Center issued the Notice on Further Optimizing and Improving the City's Real Estate Policy Measures. The notice proposed that from May 1 to December 31, 2026, when resident families apply for commercial personal housing loans to purchase newly built commercial housing, if family members have no complete housing units in the district where the intended new commercial housing is located, the purchase will be recognized as the family's first home. Employees contributing to provident funds in cities nationwide who purchase self-owned housing in Wuhan or have outstanding commercial housing loans may apply for housing provident fund loans from the Wuhan Provident Fund Center, with the restriction requiring borrowers (including spouses) to hold Wuhan household registration removed.
[Zhanjiang Optimizes Property Market Policies: Housing Purchase Subsidies and Provident Fund Loan Limits Increased]According to the Zhanjiang Municipal Housing and Urban-Rural Development Bureau, to adapt to the new situation in the real estate market, Zhanjiang introduced the "Zhanjiang Seven Measures" policy aimed at promoting housing absorption and optimizing supply. The policies include raising housing provident fund loan limits, with the maximum loan amount for homebuyers reaching 1.2 million yuan, and military families eligible for an additional 200,000 yuan in loans; implementing housing purchase subsidies, with buyers eligible for subsidies of up to 20,000 yuan. The policies also cover reducing real estate enterprises' operating costs, optimizing residential design, streamlining approval processes, and supporting the sound development of the real estate industry and urban construction. The policies take effect immediately and are valid for three years.
[Tianjin Optimizes Real Estate Supply to Promote Housing Consumption]Tianjin issued a notice on optimizing the city's real estate supply to promote housing consumption. It mentioned using special bond funds to reclaim and repurchase existing idle land. Enterprises are supported in advancing the continued development of real estate projects through reasonable optimization of design requirements and other means. Business entities that repurchase existing commercial housing for use as rental housing may enjoy preferential tax policies related to housing rental if they meet the conditions. For cases where existing commercial housing is certified as being converted into allocation-based affordable rental housing, the land use nature will not be changed within the original land use period, no supplementary land price will be required, and preferential pricing policies for water, electricity, gas, and heating will be enjoyed in accordance with national and municipal regulations. The national tax policy supporting residents' housing replacement purchases is implemented. From January 1, 2026 to December 31, 2027, taxpayers who sell self-owned housing within Tianjin and repurchase housing in Tianjin within one year after the sale of their current housing will be eligible for a refund of the individual income tax already paid on the sale of their current housing.
[Shenzhen Municipal Housing and Construction Bureau Issues Notice on Further Optimizing and Adjusting the City's Real Estate-Related Policies]On April 29, the Shenzhen Municipal Housing and Construction Bureau issued a notice to further optimize real estate regulatory policies. Regarding purchase restrictions, eligible resident families may purchase one additional housing unit within the areas of Futian, Nanshan, and Xin'an Sub-district in Bao'an; non-Shenzhen-registered families holding valid residence permits may also purchase one unit in the above areas. Regarding provident funds, the maximum family loan amount was raised to 1.3 million yuan, with first-home buyers and multi-child families eligible for a maximum increase of 70%. The new policy takes effect from May 29.
[Zhuhai Municipal Housing and Urban-Rural Development Bureau and Five Other Departments Optimize and Adjust the City's Real Estate Policy Measures]The Zhuhai Municipal Housing and Urban-Rural Development Bureau and five other departments issued a notice on optimizing and adjusting the city's real estate policy measures. The notice proposed optimizing housing provident fund loan policies. First, raising housing provident fund loan limits. For those eligible for provident fund loans, the maximum housing provident fund personal housing loan amounts for single- and dual-contributor employee families were adjusted from 800,000 yuan to 1 million yuan and from 1.3 million yuan to 1.5 million yuan, respectively. Second, expanding the scope of housing purchase support for multi-child families. When multi-child families apply for provident fund loans to purchase a second self-occupied housing unit, the loan amount may be increased by 20% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. Third, raising the loan amount increase ratio for purchasing green buildings. When contributing employees purchase commercial housing that meets the national two-star green building standard or commercial housing in certified prefabricated building projects, the loan amount may be increased by 20% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit; for purchases of commercial housing meeting the national three-star green building standard, the loan amount may be increased by 30% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit.
[Foshan Launches Commercial Housing "Trade-in" Program! First Batch Involves 22 Projects]Recently, the Notice of the Foshan Municipal Housing and Urban-Rural Development Bureau on Organizing the First Batch of Commercial Housing "Trade-in" Program was officially released. This is not a simple encouragement document; it is a solution that systematically unblocks replacement bottlenecks through model innovation and a policy package. It promotes the real estate market's transition from "one-sided transactions" to a "virtuous cycle between existing and incremental housing," achieving multi-party wins for residents, enterprises, and the market. The innovation of Foshan's trade-in policy lies in introducing multiple real estate enterprises to participate jointly: Foshan Anju, Chancheng Anju, Nanhai Youju, Shunde Chengtie, Gaoming Airport Construction, and Sanshui Anju serve as repurchasing entities; Foshan Chengfa, Foshan Urban Renewal, Foshan Lianzhi, Heyue Yaji, Shunkong Chengtou, Yongdeli Commerce, Sanshui Chanfa, and Miaohui Real Estate provide new housing sources. This model determines old housing value through negotiation and sets a "contract termination protection period" to avoid blindly pushing for lower prices, thereby completing the "sell old, buy new" closed loop and serving as a market stabilizer.
Voices from Various Parties
BOC International Securities believes the real estate industry is at an important window where fundamentals and market expectations are resonating in recovery. Current policies continue to exert force, with first-tier cities optimizing purchase and loan restrictions and core cities optimizing provident fund policies, all of which have had a certain effect on releasing genuine housing demand, with some first-tier city property markets seeing a sustained two-month recovery. In the short term, the window of resonance between policy and high-frequency transaction improvement remains, and it is necessary to track whether the subsequent transaction recovery trend can continue, which will depend on inventory destocking progress and whether prices stabilize. From an investment perspective, most real estate enterprises made relatively large impairment provisions in 2025, and may consolidate at lows in 2026, so sector profit margins and performance may rebound in 2027, potentially leading to improved market valuations for 27E in Q4 this year. In addition, some commercial property holding companies have already positioned themselves ahead in new business formats, new models, and new scenarios, and are better positioned to seize opportunities in the new consumption era.
A China Post Securities research report shows that in the phase where policy and high-frequency transactions are "resonating but not fully," the industry's β remains constrained by the verification progress of "destocking and price stabilization." The pattern of second-hand housing recovering first while new housing lags continues, and capital in the secondary market continues to favor assets with α characteristics (those deeply rooted in core cities, with precise land acquisition, and strong product and operational capabilities). Although there is policy support and improvement in the second-hand housing chain in core cities, land and new construction starts remain weak, and fluctuations in net financing suggest that industry clearing has not concluded, and β rallies remain susceptible to data disturbances. Against this backdrop, China Post Securities recommends focusing on China Resources Land, China Overseas Land & Investment, China Jinmao, Poly Property and China Merchants Shekou.
Huayuan Securities' research report believes that in 2026, three major trends are worth anticipating: 1) The real estate adjustment is expected to near its end: reviewing real estate crises in major global economies, the average decline was 35% with an average adjustment period of 6 years, and the length and depth of China's actual housing price adjustment have already been relatively sufficient. 2) Structural opportunities in "good housing": China's real estate market has entered a phase of structural differentiation, with the central government frequently mentioning the construction of good housing. Under the catalyst of policy orientation and changes in supply-demand structure, high-grade residential properties may usher in a development wave. 3) Hong Kong property market recovery continues: driven by multiple favorable factors, market sentiment in Hong Kong's private residential market has gradually recovered, and they believe Hong Kong-based developers are expected to see a new round of value re-rating. They maintain a "bullish" rating on real estate.
A CITIC Securities research report stated that in April, the floor space of commercial buildings sold nationwide fell 9.5% YoY, with the decline widening 2.1 percentage points from March; sales revenue fell 7.6% YoY, with the decline narrowing 5.7 percentage points from March. New and second-hand housing prices continued to adjust. In April, the MoM decline in the price indices of newly built commercial residential housing and second-hand residential housing across 70 large and medium-sized cities nationwide remained flat MoM. Second-hand housing prices in first-tier cities all rose, with second-hand residential prices in Shanghai, Beijing, Shenzhen, and Guangzhou up 0.7%, 0.4%, 0.3%, and 0.2% MoM, respectively. First-tier city property markets continued to recover, and the real estate market is gradually stopping its decline and stabilizing. They are bullish on Hong Kong, commercial properties, and quality enterprises focused on core city tracks.
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