Ministry: Real estate enters stock era; all-cash home buying rises in Guangzhou and Shenzhen
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According to a press conference by China's Ministry of Housing and Urban-Rural Development (MOHURD) as part of the 'Starting and Launching the 15th Five-Year Plan' series, the real estate sector has entered the era of existing stock. MOHURD officials outlined three major work areas—urban and rural construction, housing and real estate, and the construction industry—all at a critical transformational juncture characterized by 'two shifts, two transformations, and three modernizations.' The 'two transformations' specifically note that the supply-demand relationship in the real estate market has significantly changed and the sector has entered the existing stock era. Supporting this, August social financing data showed new RMB loans of only 60 billion yuan, a year-on-year decrease of 530 billion yuan, with household loans contracting by 202.9 billion yuan, indicating active deleveraging and early mortgage repayments. Data from the Guangzhou Real Estate Agency Association shows the proportion of mortgage-financed second-hand home transactions in Guangzhou fell from 45.08% in June to 35.6% in August, implying rising full cash payments. Similarly, Beike Research Institute data for Shenzhen in the first half of 2026 shows full cash payments reached 25.3% of second-hand transactions, up 6.3 percentage points year-on-year.
Source report
At today's press conference held by the State Council Information Office as part of the "Starting and Launching the 15th Five-Year Plan" series, officials from the Ministry of Housing and Urban-Rural Development (MOHURD) outlined new circumstances facing the sector during the 15th Five-Year Plan period.
Three Core Areas of Focus
The ministry's work comprises three major areas:
- Urban and rural construction
- Housing and real estate
- The construction industry
All three areas are at a critical juncture of transformational development, summarized as "two shifts, two transformations, and three modernizations."
The "Two Shifts" (Urban and Rural Construction)
- Urbanization is transitioning from a phase of rapid growth to one of stable development
- Urban development is shifting from large-scale incremental expansion to a stage focused on improving quality and efficiency within the existing stock
The "Two Transformations" (Housing and Real Estate)
- Significant changes have occurred in the supply-demand relationship in the real estate market
- The real estate sector has entered the era of existing stock
The "Three Modernizations" (Construction Industry)
The construction industry is undergoing a transition toward:
- Intelligent development
- Green development
- Integrated development
August Financial Data Highlights
Combined with previously released August data on total social financing, further trends are emerging:
- New RMB loans in August: Only 60 billion yuan, a year-on-year decrease of 530 billion yuan, significantly below the market expectation of approximately 382 billion yuan
- Household loans: Decreased by 202.9 billion yuan, continuing to contract — reflecting households' ongoing active deleveraging and early repayment of mortgages
- Corporate loans: Increased by 260 billion yuan, supported entirely by medium- and long-term loans (+320 billion yuan)
Rising Cash Purchases in Guangzhou and Shenzhen
Recent data from the Guangzhou Real Estate Agency Association indicates a growing number of buyers in Guangzhou and Shenzhen are purchasing homes with full cash payments.
Guangzhou Second-Home Mortgage Trends
Since June this year, the proportion of mortgage-financed transactions for second-hand homes in Guangzhou has declined steadily:
| Month | Mortgage-Financed Transactions | |-------|-------------------------------| | June | 45.08% | | July | 38.85% | | August| 35.6% |
This means the proportion of second-hand home buyers in Guangzhou opting for full cash payment is rising.
Shenzhen Second-Home Cash Payment Trends
A similar trend is observed in Shenzhen. According to data from the Beike Research Institute, in the first half of 2026:
- The share of second-hand home buyers in Shenzhen who paid in full reached 25.3%
- This represents an expansion of 6.3 percentage points compared to the same period last year
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Source
网易财经Eastern
Part of this Story
China Declares Real Estate Market Has Entered ‘Stock Era’ as Second-Home Sales Surpass 50%