China Housing Ministry Declares Real Estate Market Entered Existing-Home Era as Stocks Surge
On September 18, China's Ministry of Housing and Urban-Rural Development stated at a State Council press conference that the real estate market has entered an era dominated by existing housing stock, with second-hand home transactions rising from 27% in 2020 to 52% in the first eight months of 2025. A-share real estate stocks surged, with Vanke A and others hitting daily limits. The Ministry plans to accelerate a new development model, promote completed-home sales, and expand housing provident fund coverage.
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China's Housing Ministry Says Real Estate Enters Existing Stock Era, Expands Provident Fund
China's Ministry of Housing and Urban-Rural Development (MOHURD) announced that the country's real estate sector has entered the era of existing stock, making sales of completed homes an inevitable trend. During the 15th Five-Year Plan period, the ministry will expand coverage of the housing provident fund system and solidify the project company system in real estate development to clarify independent implementing entities for each project. MOHURD also urged cities at or above the prefecture level and qualified county seats to improve waiting lists for housing security. Market data showed a shift in buyer behavior in major cities: homebuyers in Guangzhou and Shenzhen prefer paying the full purchase price upfront, with Guangzhou's second-hand home mortgage proportion dropping to 35.6% in August and Shenzhen's full-cash purchases rising. Local governments in Taizhou (Jiangsu), Xi'an, and Changzhou introduced new housing provident fund policies allowing withdrawals for renovating owner-occupied housing, with caps ranging from 100,000 to 200,000 yuan per unit. A Cheung Kong Graduate School of Business survey indicated that respondents' bullish expectations for the property market rebounded to 56%, but willingness to exit remains strong.
Read sourceChina's Real Estate Enters Existing Stock Era as Full-Cash Home Purchases Rise
According to a report from NetEase Finance, Chinese officials from the Ministry of Housing and Urban-Rural Development (MOHURD) stated at a State Council Information Office press conference that the real estate sector has entered the 'era of existing stock' during the 15th Five-Year Plan period. The sector is undergoing transformational development characterized by 'two shifts, two transitions, and three transformations,' including a shift from rapid urbanization to stable development and a transition in supply-demand dynamics. The article cites August social financing data showing new RMB loans totaled only 60 billion yuan, a year-on-year decrease of 530 billion yuan, with household loans contracting by 202.9 billion yuan, indicating continued deleveraging and mortgage prepayment. Data from the Guangzhou Real Estate Agency Association shows the proportion of second-hand home purchases using mortgage financing in Guangzhou fell from 45.08% in June to 35.6% in August, implying a rise in full-cash payments. Similarly, Shenzhen Beike Research Institute data indicates full-cash second-hand home transactions reached 25.3% in the first half of 2026, up 6.3 percentage points year-on-year.
Read sourceChina Housing Ministry: Real Estate Market Enters Era Dominated by Existing Stock
At a State Council Information Office press conference on September 18, Zhang Xuetao, Director-General of the Real Estate Market Supervision Department at China's Ministry of Housing and Urban-Rural Development, stated that the real estate market is undergoing 'two major shifts.' First, there has been a significant change in the supply-demand relationship. Second, the sector has entered an era dominated by existing stock. He cited data showing the share of second-hand home transactions rose from 27% in 2020 to 46% in 2025, and reached 52% in the first eight months of this year. Exceeding the 50% threshold, he said, marks the official entry into the existing stock era. The remarks were part of the 'Starting and Launching the 15th Five-Year Plan' series of briefings.
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China Housing Ministry Says Supply-Demand Relationship in Real Estate Has Significantly Changed
On September 18, the State Council Information Office held a thematic press conference as part of the 'Starting Strong for the 15th Five-Year Plan' series. Zhang Xuetao, Director-General of the Department of Real Estate Market Supervision at the Ministry of Housing and Urban-Rural Development, stated that the real estate market is currently experiencing 'two major shifts.' First, there has been a significant change in the supply-demand relationship. Second, the sector has entered an era dominated by existing housing stock. Zhang noted that the share of second-hand home transactions rose from 27% in 2020 to 46% in 2025, and reached 52% in the first eight months of this year, with the 50% threshold marking the entry into this era of existing housing stock.
Read sourceChina Real Estate Stocks Surge After Ministry Signals Shift to Existing-Home Era
On September 18, A-share real estate stocks surged, with Vanke A, World Union Real Estate, and Greenland Holdings hitting daily limits, following a press conference by the Ministry of Housing and Urban-Rural Development. An official stated two major shifts: the supply-demand relationship has changed significantly, and the market has entered an era dominated by existing housing stock, with second-hand home transactions rising from 27% in 2020 to 52% in the first eight months of 2025. The Ministry plans to accelerate a new development model, promote completed-home sales to prevent delivery risks, and implement revised housing provident fund regulations effective September 20. CITIC Securities noted that genuine demand persists and price-to-income ratios are approaching reasonable levels, while China Post Securities observed positive volume and price changes in core cities. Institutions caution that a full turnaround requires sustained policy support and restored consumer confidence.
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