Three weeks after the new policy was introduced, the transaction volume of second-hand housing in Beijing, Shanghai, Guangzhou and Shenzhen has increased.

Chao News Client Reporter Zhan Huiwen

It has been three weeks since the new real estate policy was introduced on August 28. How is the performance of the second-hand housing market in first-tier cities in Beijing, Shanghai, Guangzhou and Shenzhen?

Data from the Beijing Municipal Housing and Urban-Rural Development Commission show that in the first eight months of 2026, a total of 121,500 second-hand housing units in Beijing were signed online, setting a new high for the same period in the past five years. Among them, 13,853 second-hand residential units were signed online in August, which has been stable at more than 13,000 units for six consecutive months. As of September 17, 8,716 second-hand housing units in Beijing had been signed online in September. Following this trend, the transaction volume in September is expected to continue to exceed 13,000 units.

At the beginning of August this year, Beijing issued new policies for the property market, including reducing social security for non-Beijing households buying houses within the Fifth Ring Road from two years to one year, significantly increasing the provident fund loan limit, and expanding the scope of “transfer with mortgage”. On August 28, the Ministry of Housing and Urban-Rural Development and other three departments jointly promoted the pilot sale of existing homes, and the central bank issued credit optimization policies. The stacking of multiple policies has lowered the market entry threshold for customers with rigid needs and improvement types.

According to data from the Shanghai Real Estate Trading Center, a total of 23,137 second-hand houses (including commercial) in Shanghai were signed online in August. As of September 18, the number of online second-hand housing signings in Shanghai in September has exceeded 14,000 units, with an average daily transaction volume of nearly 800 units, and the highest single-day transaction volume even reached 1,319 units.

In Shanghai, whether the monthly transaction volume of second-hand houses exceeds 20,000 units has always been regarded as the “boost and bust line” of the market. Since March this year, Shanghai’s second-hand housing sales have exceeded 23,000 units for six consecutive months, indicating that the market is really hot. Coupled with the positive effects of the “Shanghai Eight Regulations” newly introduced in August, it is expected that second-hand housing transactions in September will be better than the same period last year.

However, some insiders in Shanghai said that the market differentiation is still relatively serious, and second-hand housing transactions are mainly in high-demand communities with a total price of less than 3 million yuan.

Source Visual China

In Guangzhou and Shenzhen, second-hand housing sales and transaction data have also increased significantly.

Data from the Guangzhou Zhongyuan Research and Development Department shows that in the first half of September (as of September 15), Guangzhou Second-hand Housing Network signed contracts for 3,983 units, a slight increase of 1.1% month-on-month, and the weekly transaction volume returned to the level of 2,000 units. Combined with the market conditions in the second half of the month, it is expected that the total transaction volume in September will reach about 10,000 units. According to data released by Guangzhou Shell, there were nearly 40,000 house viewings in the first two weeks of September, and transaction prices in many communities also increased by 5%-10% compared with the bottom.