China Index Research Institute: In January-September, the hardcover opening volume of key cities fell 28.7% year on year, and the hardcover rate remained the same year on year
The Zhitong Finance App learned that the China Index Research Institute published an article stating that from January to September 2026, the number of newly renovated properties opened in key cities was 477, a year-on-year decrease of 28.7%; the number of renovated housing units was 263,000, a sharp drop of 34.5% over the previous year. Among them, the number of units opened in September was 77, down 31.9% year on year, up 42.6% month on month; the number of renovated housing units was 41,400, down 37.7% year on year; and the average hardcover rate was 26.5%, the same as 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 89.0%, 33.0%, and 11.9%, respectively. South China has the highest average hardcover rate of 52.7%.
Opening structure: The opening structure is divided. The 20,000 to 30,000 yuan price segment accounted for the highest share, accounting for 21.5%; followed by 50,000 yuan or more, accounting for 21.4%, an increase of 1.1 percentage points over the previous month; most of the decoration standards were mid-range decoration, accounting for 64.1%.
Hardcover parts: The overall supporting scale of the seven major household components dropped sharply by 32.7% year-on-year. Among them, the largest number of components was for building materials, which reached 5.81 million sets, a year-on-year decrease of 34.1%; with the exception of air conditioners and ventilation systems, which increased 12% and 27.6% year on year, the volume of components such as dishwashers, water purifiers, and bathtubs fell by less than 20% year on year; the scale of parts such as disinfectants, shower screens, and video intercoms dropped sharply year on year, all by more than 50%. China Resources Land is the largest supplier of hardcover parts.
Judging from the support rate situation, the support rate for building materials components was the highest, reaching 99.4%, followed by bathroom parts, with a support rate of 92.8%; the support rate for comfort systems and smart homes was lower, at 33.4% and 32.8%, respectively; the supporting rate for dishwashers and ventilation systems increased dramatically by more than 10 percentage points, and the supporting rate for video intercoms and shower screens dropped sharply. The average support rate of key monitoring enterprises is 52.8%.
01 Opening: In January-September, the hardcover opening volume decreased by 28.7% year on year, and the hardcover rate remained the same year on year
Opening: January-September hardcover volume fell sharply by 28.7% year on year, and September opening volume increased month-on-month
According to China Index Data Home Edition monitoring, from January to September 2026, the number of newly renovated properties opened in key cities was 477, a year-on-year decrease of 28.7%; the number of refurbished housing units was 263,000, a sharp decrease of 34.5% over the previous year. Among them, the number of units opened in September was 77, down 31.9% year on year, up 42.6% month on month; the number of renovated housing units was 41,400, down 37.7% year on year.
Data source: China Index Data CREIS Home Edition
Second-tier cities account for the largest share of refined housing, accounting for 44.8%; judging from the regional distribution, they are mainly concentrated in South China and East China regions, accounting for 36.7% and 27.0%, respectively.
Data source: China Index Data CREIS Home Edition
Looking at the distribution of specific cities, Shenzhen sold the most hardcover units in January-September, reaching 25,600 units. This was followed by Beijing and Chengdu, which both sold more than 22,000 hardcover units. The average number of hardcover units in the top 10 cities is 16,400.
Table: Top 10 cities with hardcover sales volume from January to September 2026
Data source: Middle Index Data CREIS
Looking at the price segment distribution, the 20,000 to 30,000 yuan price segment accounted for the highest share, accounting for 21.52%, a slight decrease of 0.2 percentage points from the previous month; followed by 50,000 yuan or more, accounting for 21.4%, an increase of 1.1 percentage points over the previous month; most of the decoration standards were mid-range decoration, accounting for 64.1%, a slight decrease of 0.21 percentage points from the previous month.
Data source: China Index Data CREIS Home Edition
The average hardcover rate for residential hardcover properties in January-September was 26.5%, the same as the previous year
From January to September 2026, the average hardcover rate of renovated residential properties in key cities was 26.5%, the same as in 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 89.0%, 33.0%, and 11.9%, respectively, up 1.1 from the same period last year, down 3.8, and 0.2 percentage points. South China has the highest average hardcover rate of 52.7%.
Data source: China Index Data CREIS Home Edition
From January to September 2026, enterprises such as Guomao Real Estate, Xiangyu Real Estate, and China Construction First Administration had the highest opening rate of commercial residential properties, all reaching 100%; Poly Development had the highest number of refurbished properties, reaching 14,489 units, followed by China Resources Land and C&D Real Estate, which all had more than 10,000 refurbished units.
Data source: China Index Data CREIS Home Edition
02 Hardcover parts: The overall supporting scale decreased by 32.7% year-on-year, and the average supporting rate of key enterprises reached 52.8%
From January to September 2026, the overall supporting scale of the seven major household components dropped sharply by 32.7% year-on-year. Among them, the highest supporting volume was building materials parts, which reached 5.81 million sets, a year-on-year decrease of 34.1%; judging from the support rate situation, building materials parts had the highest support rate, reaching 99.4%, followed by bathroom parts, with a support rate of 92.8%; comfort systems and smart homes had lower supporting rates, at 33.4% and 32.8%, respectively.
Data source: China Index Data CREIS Home Edition
From January to September 2026, most of the market size of various types of decoration parts declined year-on-year. With the exception of air conditioners and fresh air systems, which increased by 12% and 27.6%, respectively, the number of components supplied for dishwashers, water purifiers, and bathtubs decreased by less than 20% year on year; the scale of components such as disinfectants, shower screens, and video intercoms dropped sharply year on year, all by more than 50%.
Data source: China Index Data CREIS Home Edition
The supporting rate of dishwashers, fresh air systems, etc. has increased dramatically by more than 15 percentage points, and the supporting rate for shower screens has dropped dramatically
From January to September 2026, the supporting rate of dishwashers, bathtubs, ventilation systems, air conditioners, and intelligent systems all increased dramatically by more than 15 percentage points; the supporting rate of components such as latex paint and water purifiers increased slightly; and the supporting rate of individual components such as shower screens dropped by more than 10 percentage points.
Data source: China Index Data CREIS Home Edition
China Resources Land has the largest support scale for hardcover parts, with an average support rate of 52.8% for key monitoring companies
Looking at the parts support situation of development companies, China Resources Land had the highest supply of hardcover parts from January to September 2026, followed by Poly Development and China Jinmao, with a supporting volume of more than 37,000 sets; judging from the supporting rate, the average supporting rate of key enterprises monitored was 52.8%. Among them, Pudong Development Group had the highest supporting rate of 71.9%, followed by Guomao Real Estate and Xiangyu Real Estate, with supporting rates of 70.8% and 68.8%, respectively.
Data source: China Index Data CREIS Home Edition