China Index Research Institute: National hardcover listings fell 36.6% year-on-year in the first half of 2026, and the decline narrowed slightly in the second quarter
The Zhitong Finance App learned that the China Index Research Institute published an article stating that in the first half of 2026, the number of renovated properties opened nationwide was 301, a year-on-year decrease of 31.9%; the number of refurbished housing units was 171,000, a year-on-year decrease of 36.6%, and the decline narrowed slightly in the second quarter. Finely decorated properties were mainly concentrated in second-tier cities, accounting for 45.1%, and first-tier cities accounting for 32.4%, an increase of 4.5 percentage points over the same period last year; third- and fourth-tier cities accounted for 22.5%. In the first half of 2026, among the seven major household components, the number of building materials with the highest supporting volume reached 3.755 million sets, a year-on-year decrease of 36.6%. Except for the comfort system, which dropped slightly by 1.9%, all other parts fell by more than 30% year-on-year.
Opening: The opening volume in the first half of the year fell sharply by 31.9% year on year, and the hardcover rate fell slightly year on year
Opening: The total volume of hardcover openings in the first half of the year decreased by 31.9% year on year, and the year-on-year decline narrowed slightly in the second quarter
According to CREIS statistics, the number of renovated properties opened nationwide in the first half of 2026 was 301, down 31.9% year on year; the number of renovated housing units was 171,000, down 36.6% year on year. The year-on-year decline in the second quarter was 7 percentage points narrower than in the first quarter.
Data source: Middle Index Data CREIS
Finely furnished properties were mainly concentrated in second-tier cities, accounting for 45.1%, up 5.1 percentage points from the same period last year; first-tier cities accounted for 32.4%, an increase of 4.5 percentage points over the same period last year; and third- and fourth-tier cities accounted for 22.5%, the same as the same period last year. In terms of regional distribution, it is mainly concentrated in South China and East China, accounting for 41.4% and 24.3%, respectively.
Data source: Middle Index Data CREIS
Looking at the distribution of specific cities, Shenzhen sold the most hardcover units, with 19,000 units. Chengdu and Beijing are next. The average number of hardcover units in the top 10 cities is 11,000.
Table: Top 10 cities with hardcover sales volume from January to April 2026
Data source: Middle Index Data CREIS
The opening of hardcover mainly focuses on the price range of 20,000 to 30,000 yuan or 50,000 yuan or more. Most of the decoration standards are mid-range decoration
Hardcover sales in the first half of the year were mainly concentrated in the price segments of 50,000 yuan or 20,000 yuan or more. Among them, the price segments of 30,000 to 40,000 yuan and 50,000 yuan or more increased by 5.75 and 1.4 percentage points, respectively, compared with the same period last year, while the share of the 20,000 to 20,000 yuan price segment decreased by 9.36 percentage points.
Data source: Middle Index Data CREIS
Most decoration standards are mid-range decoration (that is, the decoration standard of 2000-5,000 yuan/square meter), accounting for 64.7%, an increase of 3.8 percentage points over the same period last year; low-grade decoration (decoration standards below 2,000 yuan/square meter) accounted for 22.3%, a decrease of 8 percentage points compared to the same period last year.
Data source: Middle Index Data CREIS
The overall hardcover rate decreased slightly year-on-year. The South China region had the highest hardcover rate, close to 50%
In the first half of 2026, the average hardcover rate for refined properties nationwide was 25.13%, down 1.6 percentage points from the same period last year.
Among them, the average hardcover rates for first-tier cities, second-tier cities, and third-tier and fourth-tier cities were 89.76%, 30.9%, and 10.41%, respectively, down 0.4, 2.0, and 1.6 percentage points from the same period last year.
Looking at regional distribution, the average hardcover rate in South China is close to 50%, reaching 49.8%; followed by the East China region with an average hardcover rate of 26.9%.
Data source: Middle Index Data CREIS
In the first half of 2026, Poly Development (600048.SH) had the highest volume of hardcover sales, reaching 12,000 units, followed by China Resources Land (01109) and C&D Real Estate (600153.SH), with 5539 units and 5,281 units respectively. Dahua Group, Binjiang Group (002244.SZ), China Railway Construction (01186) and other enterprise projects have reached 100% completion rates.
Data source: Middle Index Data CREIS
Hardcover parts: the supporting scale decreased by 35.8% year-on-year, and the supporting volume of comfort systems decreased slightly by 2%
In the first half of 2026, among the seven major household components, the number of building materials with the highest supporting volume reached 3.755 million sets, a year-on-year decrease of 36.6%. Except for the comfort system, the rest of the parts fell by more than 30% year-on-year.
Judging from the support rate situation, the supporting rate for building materials parts and bathroom parts is high, both exceeding 90%, while the supporting rate for comfort systems and smart homes is low, at 31.2% and 32%, respectively.
Data source: Middle Index Data CREIS
The scale of supporting fresh air systems and air conditioning components increased year-on-year, while sterilizers, smart switches, etc. dropped significantly year-on-year
In the first half of 2026, the market size of various types of decoration parts declined for the most part year on year. Specifically, fresh air systems and air conditioning increased by 26.1% and 12.9%, respectively. The year-on-year decline in some parts was relatively small, such as dishwashers, which dropped by about 10%. The scale of supporting components such as disinfection cabinets, video intercoms, smart switches, and shower screens dropped significantly over the same period last year, by more than 50%.
Data source: Middle Index Data CREIS
The supporting rate of intelligent systems, ventilation systems, air conditioning and other components increased by more than 10%, and the supporting rate of video intercoms, shower screens, etc. dropped sharply over the same period last year
In the first half of 2026, the supporting rate of basic components in refined buildings was over 90%, which is a standard product. For example, the sink, sink faucet, and hood in the kitchen, shower, bathroom cabinet, sink faucet, toilet in bathroom parts, tiles, floors, switches and sockets in furniture parts, cabinets, interior doors in furniture parts, entrance doors, latex paint, lamps, etc. in other supporting homes are all over 90%. These are essential parts in decoration projects.
Among them, the supporting rate of components such as intelligent systems, fresh air conditioning systems, electric ovens, and dishwashers increased by more than 10 percentage points. The supporting rate of components such as video intercoms and shower screens dropped sharply, by more than 10%.
Data source: Middle Index Data CREIS
Poly develops the largest support scale for hardcover parts, and the average supporting rate of key monitoring companies reached 51.2%
Judging from the parts support situation of development companies, in the first half of 2026, Poly Development had the highest supporting volume of hardcover parts, followed by China Resources Land and Zhonghai Real Estate, with a supporting volume of 22,900 and 22,000 units, respectively. Judging from the support rate, the average supporting rate of key enterprises monitored was 51.2%, with the highest supporting rate of 75%, followed by China Construction Third Bureau and Binjiang Group, with a support rate close to 70%.
