B[The real estate sector rose again, CCCC Development rose by the daily limit] On October 9, the real estate sector rose again in the afternoon, with CCCC Development rising by the daily limit, Shenzhen Property A, Shahe Holdings, Rongan Real Estate, Jinke Holdings, Everbright Jiabao, Beijing Investment Development, etc. soared. On the news, data released by the China Index Research Institute on October 8 showed that during this year’s National Day holiday (October 1 to 7), the number of newly built residential properties in 25 key cities was 551,000 square meters, an average daily increase of 33.8% over last year’s National Day holiday, and basically the same as the same period in 2024; in terms of second-hand housing, the average daily number of units sold in 11 key cities increased by 42.8% year-on-year. B[The number of first- and second-hand housing transactions in Shanghai during the National Day holiday increased by 79% year-on-year, and the transaction value was approximately 6.18 billion yuan] On October 9, according to the Shanghai Housing Authority, from the perspective of operation conditions, during this year’s National Day holiday, the sales offices of 251 projects for sale in Shanghai received a total of 16,932 visitors, and signed 601 reservation agreements. 1. A total of 1,518 second-hand housing units were sold, a year-on-year increase of 79%; the transaction value was approximately 6.18 billion yuan. From October 1st to 7th, a total of 327 first-hand housing units were transacted in the city, a year-on-year increase of 146%, and an increase of 34% over the average transaction level during the National Day holiday from 2023 to 2025; the transaction value was approximately 2.59 billion yuan. There were 1,191 second-hand housing transactions in the city, a year-on-year increase of 66%, and a decrease of 1% from the average transaction level during the National Day holiday from 2023 to 2025; the transaction value was approximately 3.59 billion yuan. (China Business News) B[Shenzhen City plans to release pre-sale commercial housing in the fourth quarter of 2026, with 27 projects and 6,251 units entering the market] October 8th, according to the Shenzhen Municipal Housing and Construction Bureau, in the fourth quarter of 2026, Shenzhen plans to enter the market with 27 commercial housing projects, with an estimated supply area of 803,382.25 square meters and 6,251 units. Among them, residential buildings are 711,757.17 square meters and 5,880 units; business apartments are 71,016.67 square meters and 270 units; commercial buildings are 20,504.68 square meters and 100 units; offices are 103.73 square meters and 1 unit. B[China Index Research Institute: The average sales price of new residential properties in 100 cities increased by 2.12% year-on-year in September] On October 8, according to the China Index Research Institute, according to the China Real Estate Index System 100 Cities Price Index survey data on the new and second-hand residential sales markets in 100 cities across the country and the rental market in 50 cities, in September 2026, the average price of new residential properties in 100 cities across the country was 17,285 yuan/square meter, a month-on-month increase of 0.17%. Judging from the number of cities with increases and decreases, 25 cities increased month-on-month, 66 cities fell month-on-month, and 9 cities remained unchanged month-on-month. On a year-on-year basis, the average price of new residential buildings in 100 cities across the country increased by 2.12% year-on-year. The average price of second-hand housing was 12,452 yuan/square meter, down 0.60% from the previous month, and the decline expanded by 0.15 percentage points from the previous month. Looking at the number of rising and falling cities, 3 cities rose month-on-month and 97 cities fell month-on-month. Shanghai turned from falling to rising month-on-month, rising 0.11% this month. From a year-on-year perspective, the average price of second-hand housing in 100 cities across the country fell by 6.94% year-on-year. The average residential rent in 50 cities across the country was 33.97 yuan/square meter/month, down 0.17% month-on-month; in terms of the number of rising and falling cities, 9 cities increased month-on-month, 39 cities fell month-on-month, and 2 cities remained unchanged month-on-month. Year-on-year, the average residential rent in 50 cities across the country fell by 2.23%. B[Interest discounts, existing housing, and provident fund increase, the real estate market activity in many places increased during the National Day holiday] October 8th, a series of new property market policies have been implemented recently: On August 28th, the Ministry of Housing and Urban-Rural Development and other departments issued a document to implement the existing housing sales system for commercial housing; on September 29th, the Ministry of Finance and other departments took action again, clarifying that starting from October 1st, eligible residents will be given an annualized fiscal discount of 1 percentage point on their first home purchase loans. During this National Day holiday, the property market in many cities performed well. The new and second-hand housing markets in Suzhou, Zhengzhou, Wuhan and other cities have also picked up simultaneously. The number of visits and transaction volume of real estate properties in many places has increased year-on-year and month-on-month. Home purchases for urgent needs and improvements in household replacement have become the main buyers. (CCTV Finance) B[Non-local customers flock to Shenzhen to buy houses, and Shenzhen real estate agency sales surge by 200%] On October 6, reporters visited and found that Shenzhen’s second-hand housing market activity increased significantly during the National Day holiday. Mr. Zhou is from Hunan and took advantage of the National Day holiday to travel to Shenzhen with his family and check out the houses. As home purchase restrictions are lifted in non-core areas of Shenzhen, more and more non-Shenzhen households like Mr. Zhou are beginning to turn their attention to Shenzhen for home ownership. The reporter learned that non-Shenzhen households buying houses in non-core areas of Shenzhen can buy two houses without social security or personal income tax. Data show that in September 2026, a total of 7,049 first- and second-hand residential units were signed online in Shenzhen, an increase of 2.7% month-on-month. During the National Day holiday from 1st to 5th, according to monitoring by Shenzhen Shell Research Institute, the number of second-hand housing contracts signed by Shell Shenzhen cooperative stores increased by 23% year-on-year. Monitoring data from Leyoujia Research Center shows that the number of second-hand house viewings increased by 30% month-on-month and 22% year-on-year, and the number of contract signings increased by 11% year-on-year. The regional marketing director of Leyoujia in Shenzhen, Guangdong said: "With more than 30 stores in Guangming District, our sales increased by 200% from October 1 to October 4 compared to September." (CCTV Finance) B[Fujian Province optimizes and adjusts the housing provident fund policy: further broadens the scope of provident fund withdrawal and use] October 1, Fujian recently launched a new policy to optimize and adjust the housing provident fund. On the basis of the provident fund withdrawal policy introduced at the beginning of the year for renovations and parking spaces, the scope of provident fund withdrawals has been further expanded, new measures have been added to benefit the people from withdrawals of property fees and house purchase deed taxes, and policies for withdrawals for renovations and loan repayments have been simultaneously optimized to promote housing consumption and serve people's livelihood. The new policy supports the withdrawal of owner-occupied housing property fees and expands the scenarios for withdrawal of housing consumption. Depositors are supported in applying to withdraw housing provident funds to pay property fees for self-occupied housing in the family's name. They can apply for withdrawals on a half-year or annual basis, effectively reducing the economic pressure on people's long-term property payments and allowing provident fund dividends to run through the entire process of living safely. The New Deal introduces a new policy on the withdrawal of property purchase deed tax and improves financial support for home ownership.
The deed tax paid for house purchase can be included in the total house purchase expenditure, and the depositor is allowed to withdraw the account balance to pay the house purchase deed tax, accurately resolving the financial pressure on the masses in all aspects of home purchase, and fully supporting the rigid and improved housing consumption demand. The New Deal also further optimizes loan repayment and withdrawal policies to make the use of loan repayment funds more convenient. Increase the frequency of loan repayment withdrawals, and depositors can apply to withdraw housing provident funds on a monthly or annual basis to repay home purchase loans. When repaying housing loans outside the province, there is no need to submit the household registration certificate, provident fund payment certificate or social security payment certificate of the depositor or spouse in the place where the house is purchased. This further simplifies the materials, lowers the threshold, and effectively reduces the loan repayment burden of depositing employees. B[The six major state-owned banks responded to the new policy of housing loan interest discounts and made it clear that "you can enjoy it without applying"] On September 30, the six major state-owned banks (Agricultural Bank of China, Postal Savings Bank of China, Industrial and Commercial Bank of China, Bank of China, Bank of Communications and China Construction Bank) successively issued announcements on September 30 on the implementation of interest discount policies for residents' home purchase loans. Starting from October 1, 2026, fiscal discount services will be provided for newly issued commercial personal housing loans for eligible first homes. Many banks have made it clear that they will adopt the "enjoy without application" method, that is, when collecting interest every month, the corresponding interest discount amount will be automatically deducted from the repayment amount of each period, and customers will be informed in a timely manner through text messages and other means. B[The real estate sector stabilized and rebounded, Zhongtian Services rose by the daily limit] On September 30, the real estate sector rebounded in shock during the day, Zhongtian Services rose by the daily limit, Vanke A fluctuated and turned red after opening the limit, Lujiazui expanded the increase to 5%, Binjiang Group, Shenzhen Real Estate A quickly surged, China Merchants Shekou, Greenland Holdings, Huafang Co., Ltd., Xincheng Holdings and others narrowed their declines significantly. B[Real estate sector collective adjustment, Vanke A and other stocks fell by the limit] On September 30th, the real estate sector collectively adjusted, World Union Bank, Shenzhen Property A, Vanke A, I Love My Home fell by the limit, Special Services fell by more than 15%, China Enterprises, Financial Street, Joy City, Greenland Holdings followed suit. B[Shenwan Hongyuan commented on the interest discount policy for residents' home purchase loans: mortgage interest discounts focus on the rigid demand for the first home, and demand policies are exerting force under the contraction of supply] On September 29, Shenwan Hongyuan commented that the mortgage interest discounts focus on the rigid demand for the first home, and the demand policy is exerting force on the supply contraction, maintaining the "optimistic" rating. Shen Wanhongyuan believes that the existing home sales system is a major reform of the real estate development model; the supply of new homes will shrink significantly after the New Deal, and the number of second-hand home listings will peak and fall in the mid-term, which will jointly promote the resonance of the property market supply downwards, but demand will still have strong support to promote the improvement of supply and demand relations. At the same time, the National Standing Committee will clearly study and introduce stabilization of real estate in September. The policy and finance ministries and commissions have issued interest discount policies for home purchases, and demand-side policies have begun to take effect due to the contraction of the supply side. This will further strengthen the establishment of the bottom of housing prices in core cities such as Shanghai. Although the operations of real estate companies will be under periodic pressure, the stabilization of housing prices in core cities and the decline of land prices will help high-quality enterprises to raise their profit bottoms and gradually reveal their value. In addition, second-hand houses are increasingly replacing new houses, and the increase in penetration rate is beneficial to intermediary companies. B[Dongguan has introduced a number of measures to optimize real estate policies: continue to implement phased home purchase subsidies and increase support for housing provident fund withdrawals] On September 29, Dongguan has introduced a number of measures to optimize real estate policies, which will be implemented from September 29, 2026. On the demand side, first, we will continue to implement phased home purchase subsidies, and provide qualified home purchasers who purchase new homes with a home purchase subsidy of 2% of the total purchase contract price, up to a maximum of 30,000 yuan, to promote the release of home purchase demand. The second is to increase support for housing provident fund withdrawals. Implement the requirements of the "Housing Provident Fund Management Regulations", include the withdrawal of decoration funds and property management fees into the support scope of the provident fund, and clarify the specific withdrawal rules to further reduce the burden of residents purchasing houses. The third is to further optimize the identification standards for first-time home owners. When applying for commercial loans, the scope of identification and review for first-time home purchases for second-hand houses will be adjusted from the city's administrative region to the town street (park) where the house to be purchased is located, and the coverage of first-time home loan preferential policies will be expanded.
On the supply side, the first is to refine the real estate-land linkage land supply adjustment mechanism. Each town, street (park) can reasonably increase the supply of high-quality residential land based on the depletion cycle of the city's new commercial housing inventory, and further refine and clarify the scope of commercial land management and control, and promote the balance between supply and demand through land source control. The second is to encourage multiple channels to revitalize existing resources. Promote the revitalization of existing commercial housing by encouraging self-sustaining operations, converting non-residential properties into insurance, and acquiring property in the foreclosure market. B[Three departments: When signing a loan contract, home buyers simultaneously authorize banks to handle interest discounts on their behalf] On September 29, the Ministry of Finance, together with the People's Bank of China and the State Administration of Financial Supervision, issued the "Notice on Implementing the Interest Discount Policy for Residential Home Purchase Loans" (Caijin [2026] No. 95). Relevant officials from the Ministry of Finance, the People's Bank of China, and the State Administration of Financial Supervision answered reporters' questions. What arrangements are there for the specific implementation of the policy?
Interest discount is an important fiscal and financial coordination policy tool. In recent years, we have guided local and financial institutions to continue to explore and optimize, improve the working mechanism of horizontal collaboration and vertical integration, and continuously improve the convenience of policy operation. This time we organize and implement the interest discount policy for residents’ home purchase loans, focusing on the following aspects:
First, the handling banks provide full coverage, making it easy to apply for a loan “nearby”. Considering the wide range of commercial personal housing loan business points, in order to facilitate the residents' families to borrow and enjoy nearby, all banks that carry out commercial personal housing loan business can handle the interest discount business for residents' home purchase loans in accordance with regulations.
Second, discounts on interest rates are automatically available, allowing ordinary people to enjoy it with less worry. The home buyer applies for a loan at the bank in accordance with the normal credit procedures. When signing the loan contract, he only needs to authorize the bank to apply for interest discounts on his behalf. The bank automatically identifies eligible borrowers and automatically calculates and deducts the corresponding interest discount amount when collecting monthly interest. If the borrower repays the loan normally, the interest discount will be directly reflected in the repayment amount of each period. The bank will promptly inform the borrowers of the interest discount enjoyment status through mobile phone text messages, APP messages, etc., so that borrowers can "know what they are doing".
Third, the management chain is streamlined to make the process more efficient. The people must have peace of mind, and the organization and implementation must be smooth. Banks have already mastered the factors such as identification of the first home, house area, total house price, and loan amount when approving loans. In order to simplify the operation process, the policy is clear this time. The handling bank is responsible for reviewing the interest discount qualifications, and the relevant departments organize joint spot checks in a timely manner. The financial department will take the lead in organizing and implementing the policy, strengthen coordination with handling banks, and guarantee interest discount funds; the People's Bank of China and the State Administration of Financial Supervision will manage real estate credit according to their division of responsibilities, strengthen the coordination and linkage of monetary policy and fiscal policy, and guide and urge handling banks to do a good job in loan disbursement and interest discounts.
In the next step, we will closely track the progress of policy implementation, strive to make the operation as simple as possible, reduce the number of errands for the people, and promote the full release of policy effects so that the people can benefit as soon as possible. B[Shanghai's ten batches of land auctions collected 15.969 billion yuan, and the premium rate of two land parcels exceeded 20%] On September 29th, ten batches of land auctions in Shanghai started today. The total land transfer area of 4 residential lands was 121,100 square meters, and the total starting price was 14.193 billion yuan. In the end, all four parcels of land were sold, with a total transaction value of 15.969 billion yuan. Among them, the Minhang Gumei land parcel was won by China Merchants Shekou, Nanshan and Binjiang Consortium for 6.416 billion yuan after 177 rounds of bidding. The transaction floor price was 54,971 yuan/square meter, with a premium rate of 24.4 4%; after 109 rounds of bidding, the Wujiaochang site in Yangpu was won by China Merchants Shekou and Nanshan Consortium for 2.92 billion yuan. The transaction floor price was 65,574 yuan/square meter, with a premium rate of 21.46%. (Reporter Li Jie) B[The real estate sector continues to strengthen and Vanke A and other stocks have hit their daily limit] On September 29, the real estate sector continued to strengthen, with Vanke A hitting the daily limit. Previously, Cinda Real Estate, Shenzhen Property A, and Hualian Holdings hit the daily limit. Special Issue Services rose by more than 14%. Binjiang Group, Greenland Holdings, China Merchants Shekou, and Gemdale Group followed suit. On the news, the State Council executive meeting was held on September 28. The meeting pointed out the launch of a number of pragmatic and effective incremental policies, and studied the introduction of policies and measures to stabilize the real estate market, promote employment and increase income. B[Real estate sector has been active repeatedly, Shenzhen Property Management A’s secondary board] On September 29, the real estate sector has been active repeatedly, Shenzhen Property Management’s A secondary board, Cinda Real Estate, Special Services, I Love My Home, and China Enterprises have followed suit. On the news, the State Council executive meeting was held on September 28. The meeting pointed out the launch of a number of pragmatic and effective incremental policies, and studied the introduction of policies and measures to stabilize the real estate market, promote employment and increase income. B[Shanghai: Strengthen real estate and land linkage, strengthen market research and judgment, and adhere to "one place, one policy" for stable and orderly supply] On September 28, four departments including the Shanghai Municipal Housing and Urban-Rural Development Management Committee, the Municipal Housing Administration Bureau, the Municipal Planning Resources Bureau, and the Shanghai Financial Supervision Bureau jointly issued the "Implementation Opinions on the Implementation of the "Notice on Improving the Commercial Housing Sales System", which will be effective from September 28, 2026. The "Implementation Opinions" clearly implement the integrated mechanism of "planning, storage, supply and use", strengthen the linkage of real estate and land, strengthen market research and judgment, and adhere to "one place, one policy" for stable and orderly supply. The "Implementation Opinions" clarify that land prices are allowed to be paid in installments. For commercial residential land with a transfer announcement issued after August 28, 2026, the transfer price can be paid in installments in accordance with national regulations. The down payment must be paid within 30 calendar days from the date of signing of the transfer contract, and the payment ratio shall not be less than 50% of the total price. The balance can be extended to be paid within one year after the signing of the transfer contract; to adapt to market and project needs, it can be extended for another year after decisions are made in accordance with prescribed procedures; if payment is made in installments, no interest will be included. B[Shanghai: Increase development loan support and meet the reasonable financing needs of real estate development enterprises of different ownerships without discrimination] On September 28, four departments including the Shanghai Municipal Housing and Urban-Rural Development Management Committee, the Municipal Housing Administration Bureau, the Municipal Planning Resources Bureau, and the Shanghai Financial Supervision Bureau jointly issued the "Implementation Opinions on the Implementation of the "Notice on Improving the Commercial Housing Sales System"", which will be effective from September 28, 2026. The "Implementation Opinions" clarify that the first is to standardize the issuance of personal mortgage loans. For projects that have obtained pre-sale licenses from August 28, 2026, personal housing mortgage loans (including provident fund loans) can be issued only after completion and filing. Loan funds should be paid to the capital supervision account through entrusted payment methods. The second is to increase support for development loans, and for projects that implement existing home sales and pre-sales, meet the reasonable financing needs of the projects in accordance with market-oriented principles, and ensure that the issuance of development loans matches the project construction cycle. Increase support for development loans for existing home sales projects and “good house” projects. The third is to promote a virtuous cycle between finance and real estate, support qualified real estate development companies to carry out project-based financing through bonds, stocks, asset-backed securities and real estate investment trust funds, and meet the reasonable financing needs of real estate development companies of different ownerships without discrimination. A[Shanghai issues local implementation opinions on the reform of the commercial housing sales system: Strengthen pre-sale management and orderly implement existing home sales] On September 28, four departments including the Shanghai Municipal Housing and Urban-Rural Development Management Committee, the Municipal Housing Administration Bureau, the Municipal Planning Resources Bureau, and the Shanghai Financial Supervision Bureau jointly issued the "Implementation Opinions on the Implementation of the "Notice on Improving the Commercial Housing Sales System"", which will be effective from September 28, 2026. The "Implementation Opinions" mainly include policy measures in six aspects, including strengthening pre-sale management, implementing existing home sales, promoting the host bank system, increasing financing support, optimizing land supply management, and improving quality supervision and market order.
Standardize pre-sale conditions and improve pre-sale management. The "Implementation Opinions" clarify that for commercial housing projects with new transfer announcements issued after August 28, 2026, and applying for pre-sale, the main structure of the single building must be capped. The pre-sale funds of the project shall be supervised in full and throughout the whole process; the fund supervision shall be released only after the comprehensive completion and acceptance of the project.
The "Implementation Opinions" stipulate that starting from August 28, 2026, commercial housing projects that newly announce the transfer of land will give priority to existing house sales; projects that implement existing house sales will disclose relevant information about existing house sales to the public in the land transfer announcement. After obtaining the first registration of a house, a real estate development enterprise shall apply for existing house sales record to the housing management department of the district where the project is located.
The "Implementation Opinions" clarify that the first is to standardize the issuance of personal mortgage loans. For projects that have obtained pre-sale licenses from August 28, 2026, personal housing mortgage loans (including provident fund loans) can be issued only after completion and filing. Loan funds should be paid to the capital supervision account through entrusted payment methods. The second is to increase support for development loans, and for projects that implement existing home sales and pre-sales, meet the reasonable financing needs of the projects in accordance with market-oriented principles, and ensure that the issuance of development loans matches the project construction cycle. Increase support for development loans for existing home sales projects and “good house” projects. The third is to promote a virtuous cycle between finance and real estate, support qualified real estate development companies to carry out project-based financing through bonds, stocks, asset-backed securities and real estate investment trust funds, and meet the reasonable financing needs of real estate development companies of different ownerships without discrimination. (Shanghai Housing and Urban-Rural Development Management Committee) B[Shanghai: Commercial housing projects with newly announced land transfers will give priority to the sale of existing houses from August 28th] On September 28th, four departments including the Shanghai Municipal Housing and Urban-Rural Development Management Committee, the Municipal Housing Administration Bureau, the Municipal Planning Resources Bureau, and the Shanghai Financial Supervision Bureau jointly issued the "Implementation Opinions on Implementing the "Notice on Improving the Commercial Housing Sales System"", which will be effective from September 28, 2026. The "Implementation Opinions" stipulate that starting from August 28, 2026, commercial housing projects that newly announce the transfer of land will give priority to existing house sales; projects that implement existing house sales will disclose relevant information about existing house sales to the public in the land transfer announcement. After obtaining the first registration of a house, a real estate development enterprise shall apply for existing house sales record to the housing management department of the district where the project is located. The "Implementation Opinions" clearly implement the cash deposit system. Real estate development companies can sign a deposit contract with home buyers after obtaining a construction license. The deposit generally does not exceed 3% of the total purchase price. If the real estate development enterprise defaults on the contract and fails to deliver the house on time, the home buyer has the right to terminate the deposit contract in accordance with the contract, and the real estate development enterprise will return the deposit in accordance with the law and bear the liability for breach of contract. B[The real estate sector fluctuated and rose, Shenzhen Property A rose by the daily limit] On September 28, the real estate sector fluctuated and rose, Shenzhen Property A rose by the limit, Shahe Shares, Binjiang Group, Special Services, and Xincheng Holdings followed suit. On the news, according to monitoring data from the China Index Research Institute, as of September 24, a total of more than 870 real estate-related policies have been issued nationwide, of which more than 280 real estate-related policies were issued nationwide in the third quarter, continuing the trend of high-frequency policy implementation in the first half of the year. B[Activity increased during the “Golden September and Silver Ten” period, and transactions in Beijing, Shanghai, Guangzhou and Shenzhen are picking up] On September 28th, during the Mid-Autumn Festival holiday, reporters conducted on-site visits to the property markets in first-tier cities. During the “Golden September and Silver Ten” period, the activity of the property markets in Beijing, Shanghai, Guangzhou and Shenzhen increased to varying degrees compared to usual times. Many developers have launched strong preferential activities, such as "fixed price", "free property fee", "free parking space" and other discounts. Judging from the current reservation situation, the number of store visits increased significantly during the Double Festival. Some new projects with scarcity attributes have increased in popularity, but this popularity is not evenly distributed. Favorable policies have been issued frequently, and the property market in first-tier cities has maintained a stable and positive trend. However, the overall recovery of the market needs further verification. (China Securities Journal)
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