In recent years, various regions have continuously optimized and adjusted real estate policies, controlled growth, removed inventory, and improved supply, relaxed housing purchase restrictions in an orderly manner, deepened the reform of the housing provident fund system, increased the supply of affordable housing, promoted the implementation of urban renewal and transformation, and worked in both directions from both sides of supply and demand, and introduced a “combo punch” of policies. Judging from real estate-related data for the first half of 2026, the results of the policy are gradually showing, and there have been some positive changes in the real estate market. China's real estate market has moved from the incremental era to the stock era. In the first half of the year, second-hand housing accounted for 50.4% of the total number of new and second-hand housing transactions, and the second-hand housing transaction area in 18 provinces including Beijing, Shanghai, Jiangsu, and Guangdong surpassed that of newly built commercial housing. The structure and total scale of real estate transactions in China are undergoing profound changes. The traditional incremental transaction pattern, which mainly focuses on new housing sales, is rapidly shifting to a combination of new housing and second-hand housing, and second-hand housing transactions have become an important part of housing transactions. In the era of stocks, the scale of second-hand housing transactions is rising, and the decline in the scale of new housing transactions is the norm. The way real estate drives investment will shift to participation in urban renewal. Housing enterprises will transform from single development and construction to diversified construction, leasing, and operation.

In recent years, various regions have continuously optimized and adjusted real estate policies, controlled growth, removed inventory, and improved supply, relaxed housing purchase restrictions in an orderly manner, deepened the reform of the housing provident fund system, increased the supply of affordable housing, promoted the implementation of urban renewal and transformation, and worked in both directions from both sides of supply and demand, and introduced a “combo punch” of policies. Judging from real estate-related data for the first half of 2026, the results of the policy are gradually showing, and there have been some positive changes in the real estate market. China's real estate market has moved from the incremental era to the stock era. In the first half of the year, second-hand housing accounted for 50.4% of the total number of new and second-hand housing transactions, and the second-hand housing transaction area in 18 provinces including Beijing, Shanghai, Jiangsu, and Guangdong surpassed that of newly built commercial housing. The structure and total scale of real estate transactions in China are undergoing profound changes. The traditional incremental transaction pattern, which mainly focuses on new housing sales, is rapidly shifting to a combination of new housing and second-hand housing, and second-hand housing transactions have become an important part of housing transactions. In the era of stocks, the scale of second-hand housing transactions is rising, and the decline in the scale of new housing transactions is the norm. The way real estate drives investment will shift to participation in urban renewal. Housing enterprises will transform from single development and construction to diversified construction, leasing, and operation.