Data from local housing authorities shows a significant rebound in China’s real estate market in November 2024. Shanghai’s second-hand housing transactions (including commercial properties) hit 27,000 units, marking a 44-month peak, while Beijing saw over 18,000 online signings for second-hand homes, achieving a 20-month high.
The turning point came at the end of September 2024. On September 26, the Political Bureau of the CPC Central Committee emphasised the need to stabilise the property market and reverse its downturn in a meeting. This was followed by a series of robust policy measures: removing restrictions on purchases, sales and pricing; reducing down payment ratios and mortgage rates; and cutting transaction taxes and fees.
Prices serve as the market’s barometer. Since peaking in the summer of 2021, housing prices have undergone a deep adjustment for 40 months. During this period, market dynamics, buyer sentiment, industry scale and structure have all undergone fundamental changes. The real estate industry has fully transitioned from the old world into a new world. All market participants are seeking new solutions to navigate the challenges of the new era.
