China declares real estate market has entered 'stock era' as second-hand home sales surpass 50%
At a September 18 press conference, China's Ministry of Housing and Urban-Rural Development (MOHURD) declared the real estate market has entered an "existing stock era," with second-hand home transactions reaching 52% of total sales in the first eight months of 2025, up from 27% in 2020. MOHURD outlined a new development model featuring project-based companies, lead bank systems, and completed-home sales to replace the presale system. The ministry also announced higher housing standards, including 3-meter minimum floor heights and mandatory elevators for buildings of four stories or more.
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China's housing market enters stock era; presale system shift to spot sales inevitable
Chinese officials have declared that the real estate market has entered a 'stock era,' where二手房 (second-hand home) transactions now account for over 50% of total sales, according to data from the National Bureau of Statistics. In a press conference on September 18, 2025, Zhang Xuetao, director of the Real Estate Market Regulation Department of the Ministry of Housing and Urban-Rural Development, stated that the market has undergone two major shifts: a change in supply-demand dynamics and the transition to a stock-dominated market. He also outlined the '1234' framework for a new real estate development model, emphasizing the acceleration of spot (completed) home sales over presales. This marks the second official confirmation in four days, following a September 15 statement by Fu Linghui of the NBS. Analysts, including Li Yujia of the Guangdong Urban and Rural Planning Institute, note that the shift reflects structural oversupply and rising demand for quality housing, making spot sales a natural trend to reduce risks and improve product quality. The government is promoting 'good housing' standards and supporting policies for new construction, renovation, and property services.
Read sourceChina's New Real Estate Model: Build Well and Manage Well as Market Enters Stock Era
According to a September 18 press conference by China's State Council Information Office on the '15th Five-Year Plan,' the Ministry of Housing and Urban-Rural Development is implementing three foundational systems for the real estate sector, centered on project-based companies. This signals a shift to a new development model where enterprises must both 'build good houses' and 'manage good houses,' promoting balanced allocation of people, housing, land, and money. The article, citing analyst Zhang Xuetao, notes that secondary housing transactions rose from 27% of the market in 2020 to 46% in 2025, and 52% in the first eight months of this year, exceeding 50% and marking the arrival of a 'stock era.' The old presale, high-turnover, group-credit model is deemed obsolete. The new project company system and lead bank system require all project funds to flow within the project, with credit assessment shifting from corporate credit to project credit. Developers must now manage the full lifecycle from pre-land acquisition customer engagement to post-sale services like elderly care and childcare. The article, sourced from Securities Daily via East Money, presents this as a necessary but painful transition toward housing returning to its residential essence and protecting buyer rights.
China's New Real Estate Rules Shift Focus to Project Management and Quality Housing
On September 18, China's State Council Information Office held a press conference on the '15th Five-Year Plan' where the Ministry of Housing and Urban-Rural Development announced the implementation of three foundational real estate systems. These systems center on project-based management, requiring developers to not only build good homes but also manage them well. The shift aims to rationally allocate the four elements of people, housing, land, and money. Zhang Xuetao, a ministry official, stated that second-hand home transactions rose from 27% of total transactions in 2020 to 46% in 2025, reaching 52% in the first eight months of this year, marking China's entry into a stock housing era. The new model replaces the old presale, high-turnover, group-credit-backed development model. Key measures include a project company system, a lead bank system to ensure funds circulate within projects, and a shift in credit assessment from corporate credit to project credit. The article, sourced from Securities Daily, notes that the transition will be painful but necessary for sustainable industry development and protecting homebuyer rights.
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China's real estate enters stock phase with major supply-demand shift, official says
According to a September 18 press conference by China's State Council Information Office, the Ministry of Housing and Urban-Rural Development outlined major changes for the real estate market during the '15th Five-Year Plan' period (2026-2030). Officials stated the market has entered a 'stock phase' with a fundamental shift in supply-demand dynamics, as second-hand home transactions rose from 27% of total in 2020 to 46% in 2025, surpassing 50% in the first eight months of 2025. The ministry introduced a 'new development model' centered on one goal (higher-level housing for all), two systems (welfare and market), three institutions (project company system, lead bank system, and spot-sale system), and four elements (people, housing, land, money). Key targets include renovating 115,000 old urban communities, installing 575,000 elevators, and building/renovating 770,000 km of underground pipelines with over 5 trillion yuan investment. The ministry also promoted 'good housing' standards with higher floor heights (3 meters), mandatory elevators for 4+ story buildings, and full lifecycle quality management.
China's Housing Ministry Says Real Estate Enters Existing Stock Era, Completed Home Sales Inevitable
At a September 18 State Council Information Office press conference, MOHURD Vice Minister Chen Shaowang stated that China's real estate sector has entered the era of existing stock, with second-hand home transactions accounting for 52% of total transactions in the first eight months of the year. MOHURD will promote a new development model featuring three fundamental systems: project-based company structures, lead bank systems, and sales of completed homes. Director-General Zhang Xuetao emphasized that selling completed homes has become an inevitable trend, with the share of completed new home sales increasing year by year. The ministry also announced plans to renovate 115,000 old residential communities during the 15th Five-Year Plan period, raise minimum ceiling height standards from 2.8 to 3 meters, require elevators in buildings four stories or higher, and increase balcony guardrail heights to at least 1.2 meters. MOHURD will also address 'involutionary' competition in the construction industry and support companies going global.
Read sourceChina's Housing Ministry Announces Shift to Stock-Dominated Market and Completed Home Sales
At a State Council Information Office press conference on September 18, MOHURD spokesperson and Vice Minister Chen Shaowang outlined major transformations in China's urban-rural construction, housing, and real estate sectors during the 15th Five-Year Plan period. The ministry identified 'two shifts' in urban development: urbanization moving from rapid growth to stable development, and urban expansion shifting from large-scale incremental growth to stock optimization and quality enhancement. In the housing sector, 'two transitions' were noted: significant changes in supply-demand dynamics and the real estate market entering an era dominated by existing stock. MOHURD officials reported that second-hand home transactions rose from 27% in 2020 to 46% in 2025, reaching 52% in the first eight months of 2025, confirming the shift to a stock-dominated market. The ministry will promote completed home sales over pre-sales to mitigate delivery risks, expand the housing provident fund to cover flexible employment personnel, and rectify irregularities in bidding and construction payments.
Read sourceChina's Housing Ministry Announces Two Major Transitions in Urban and Rural Construction Sector
At a State Council Information Office press conference on September 18, MOHURD spokesperson and Vice Minister Chen Shaowang outlined three transformational trends in housing and urban-rural construction during the 15th Five-Year Plan period. The 'two shifts' in urban and rural construction are: urbanization moving from rapid growth to stable development, and urban development shifting from large-scale incremental expansion to quality and efficiency improvement of existing stock. The 'two transitions' in housing and real estate are: significant changes in supply-demand dynamics, and the market entering an era dominated by existing stock, with second-hand home transactions rising from 27% in 2020 to 52% in the first eight months of 2025. The 'three transformations' in the construction industry involve intelligent, green, and integrated development. MOHURD will promote selling completed homes to address pre-sale risks, expand housing provident fund coverage to flexible employment personnel, and rectify irregularities in bidding and overdue payments for construction projects.
Read sourceChina's real estate sector enters era of existing stock, MOHURD says at press conference
At a State Council Information Office press conference as part of the 'Starting Strong in the 15th Five-Year Plan' series, officials from China's Ministry of Housing and Urban-Rural Development (MOHURD) outlined the transformational challenges facing the housing and urban-rural development sector during the 15th Five-Year Plan period. They described the situation as 'two shifts, two transitions, and three transformations.' The 'two shifts' refer to urbanization moving from rapid growth to stable development, and urban development shifting from large-scale incremental expansion to quality improvement within existing stock. The 'two transitions' highlight significant changes in real estate market supply-demand dynamics and the sector's entry into an era dominated by existing stock. The 'three transformations' involve the construction industry moving toward intelligent, green, and integrated development. MOHURD also set five key objectives for the period: progress in building modernized cities, improved living standards, upgraded construction industry quality, enhanced global influence in human settlements, and strengthened foundational support for high-quality development.
Read sourceChina's Housing Ministry Says Sector Faces New Landscape During 15th Five-Year Plan Period
At a State Council Information Office press conference on September 18, officials from China's Ministry of Housing and Urban-Rural Development stated that the housing and urban-rural development sector faces a new landscape during the 15th Five-Year Plan period. The sector comprises three main areas: urban and rural construction, housing and real estate, and the construction industry. All three are at a critical stage of transformational development, summarized as 'two shifts, two transitions, and three transformations.' The 'two shifts' refer to urbanization shifting from rapid growth to stable development, and urban development transitioning from large-scale incremental expansion to quality and efficiency improvement within existing stock. The 'two transitions' in housing and real estate are the significant change in supply-demand dynamics and the entry into an era dominated by existing stock. The 'three transformations' in the construction industry are its transition toward intelligent, green, and integrated development.
China's Real Estate Sector Enters Era Dominated by Existing Stock, Ministry Says
At a State Council Information Office press conference on September 18, officials from China's Ministry of Housing and Urban-Rural Development outlined key transformations for the housing and urban-rural development sector during the 15th Five-Year Plan period. The sector is described as being at a critical stage of transformational development, summarized as 'two shifts, two transitions, and three transformations.' The 'two shifts' refer to urbanization moving from rapid growth to stable development, and urban development shifting from large-scale incremental expansion to quality and efficiency improvements within existing stock. The 'two transitions' in housing and real estate include significant changes in supply-demand relationships and the sector entering an era dominated by existing stock. The 'three transformations' in the construction industry involve a shift toward intelligent, green, and integrated development. The statements were reported by CCTV News and relayed by Jin10 Data.
China's Housing Ministry Says Real Estate Enters Era Dominated by Existing Stock
On September 18, Chen Shaowang, Vice Minister of Housing and Urban-Rural Development, announced at a State Council press conference that during China's 15th Five-Year Plan period, the real estate sector has entered an era dominated by existing stock, shifting from large-scale incremental expansion to optimizing existing stock and improving quality. The ministry outlined five key objectives, including modernizing cities, improving living standards, upgrading the construction industry, enhancing global influence in human settlements, and strengthening foundational support for high-quality development. To improve living standards, MOHURD raised the minimum floor-to-ceiling height standard from 2.8 to 3 meters, mandated elevators in all residential buildings four stories or higher, and increased guardrail heights to no less than 1.2 meters for child safety. The ministry also plans to promote AI, smart cities, and smart home technologies through a digital housing work plan.
China's Housing Ministry Signals Shift to Existing-Home Era, Promotes Presale Reform
China's Ministry of Housing and Urban-Rural Development, in a September 18 press conference, outlined key transitions for the '15th Five-Year Plan' period (2026-2030), declaring that the real estate market has entered an 'existing stock era.' Spokesperson Chen Shaowang stated that housing development is shifting from solving 'whether there is' to 'whether it is good,' and that the market is moving from a focus on new construction to existing homes. A major policy direction is the promotion of 'presale' (现房销售) over the current presale system, aiming to eliminate delivery risks and ensure buyers get what they see. Data cited shows presale sales as a share of new home sales are rising. Crucially, the ministry reported that for the first eight months of 2025, second-hand home transaction volume exceeded that of new homes for the first time, accounting for 52% of total transactions, up from 27% in 2020. Analysts from E-House, Eastern Securities, and the Guangdong Housing Policy Research Center commented that this shift requires new policies for second-hand housing services, such as renovation and transaction innovation, and will force developers to focus more on product quality and capital management. The ministry also called for the construction industry to accelerate intelligent, green, and integrated transformation, including the application of AI in smart cities and smart homes.
Read sourceChina's Housing Ministry Signals Shift to Existing Stock Era and Completed-Home Sales in 15th Five-Year Plan
At a State Council Information Office press conference on September 18, MOHURD spokesperson and Vice Minister Chen Shaowang outlined key transformations for the 15th Five-Year Plan period (2026-2030). The real estate sector is entering an era dominated by existing stock, with second-hand home transactions surpassing new home sales for the first time in early 2025, reaching 52% of total transactions. MOHURD is promoting completed-home sales as a new standard to replace the pre-sale system, aiming to eliminate delivery risks and achieve 'what you see is what you get.' Experts including Yan Yuejin (E-House Research Institute), Li Yujia (Guangdong Housing Policy Research Center), and Tang Xiaolin (Orient Golden Credit Rating) note this shift will require adjustments to land, financial, and tax policies, and will fundamentally alter developer operational logic by requiring longer capital occupation and greater focus on product quality. The construction industry is also urged to transform toward intelligence, greenness, and integration.
Read sourceChina's Real Estate Sector Enters Era of Existing Stock, MOHURD Official Says
At a State Council Information Office press conference, Chen Shaowang, spokesperson for China's Ministry of Housing and Urban-Rural Development (MOHURD) and Vice Minister, stated that the real estate sector has entered an era dominated by existing stock. He outlined three sectors—urban and rural construction, housing and real estate, and the construction industry—undergoing 'two shifts, two transitions, and three transformations.' Zhang Xuetao, Director-General of the Department of Real Estate Market Supervision, noted that the proportion of second-hand home transactions rose from 27% in 2020 to 46% in 2025, reaching 52% in the first eight months of 2025, crossing the 50% threshold that signifies the existing stock era. MOHURD also announced five goals for the '15th Five-Year Plan' period, including modernizing cities, improving living standards, and upgrading the construction industry. Specific measures include raising standard floor height from 2.8 to 3 meters, requiring elevators in buildings four stories or higher, and raising guardrail heights to at least 1.2 meters. The ministry will also formulate work plans for digital housing and urban-rural development, promoting AI, smart cities, and smart homes, and will intensify rectification of irregularities in bidding and payment arrears.
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