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China home resales overtake new builds, signaling demand shift
Official data for September shows registered resales of 549 million square metres nationwide, indicating housing demand is relocating rather than disappearing.
China’s housing market is seeing a structural shift as resale activity surpasses new residential builds in overall volume, according to official data cited by SCMP Economy.
The outlet says the National Bureau of Statistics reported that nationwide registered resales reached 549 million square metres in September, while the flow of demand that previously favored new construction is moving to the secondary market.
SCMP Economy links the change to the end of the prior high-velocity development model that followed the end of China’s old welfare housing system in 1998, when developers relied on land purchases and pre-sales to fund successive projects.