China Index Research Institute: 17 cities introduced the “8.28 New Deal” implementation rules for a smooth transition from the pre-sale system to existing housing sales
The Zhitong Finance App learned that on November 3, the China Index Research Institute released the National Real Estate Market Monthly Report for October 2026. By the end of October, 17 cities had issued implementation rules for the August 28 New Deal, and local enforcement measures were gradually becoming clear. Wuhan, Tianjin, Hangzhou, Shenzhen, Ningbo, Shiyan, Wenzhou, Suzhou, Hefei, Chengdu, Changsha, Xi'an, Jinan, and Nanjing have successively introduced implementation rules, superimposing the rules introduced at the end of September. Currently, 17 cities have clarified specific implementation arrangements. Judging from the content of the policy, all regions generally use August 28, 2026 as the dividing point between old and new. Commercial housing projects newly issued with concession announcements after August 28 give priority to existing housing sales, and single buildings that carry out pre-sale must complete the main structure cap.
Projects in transit are classified and set a transition period: projects that have obtained a work permit are implemented according to the original pre-sale conditions; projects that have obtained land but have not obtained a construction certificate, and projects that have issued a concession notice before August 28 and only obtained land use rights are managed according to the new regulations in principle. After risk assessment, enhanced financial supervision, and compliance with filing procedures, most cities are allowed to apply for pre-sale according to the original pre-sale conditions before the end of 2027, and the transition period for projects left over from history in some cities is extended until the end of 2028. On the land side, most cities have optimized settlement arrangements to allow the initial payment of not less than 50%, and the balance to be paid within a maximum of two years without interest. Some cities require a cumulative payment of not less than 50% within half a year. In addition, many places support phased development and instalment inspection, and explore supporting measures such as land advance registration and household land collective mortgages; in terms of mortgage loans, most cities have made it clear that projects that obtain a pre-sale license after 8.28 must be completed, inspected and filed before issuing personal housing loans.
Market performance
1. Market supply and demand: Second-hand housing transactions continued to increase. In October, second-hand housing transactions in 18 cities increased 18% year on year; new homes continued to decline, and the sales area of new homes in 100 cities fell by about 15% year on year
1) New housing market: In October, the sales area of new homes in 100 cities fell by about 15% year on year, with first-tier cities increasing by 4%; approved listing area in 50 cities fell by about 30% year on year, and market supply continued to shrink
Figure: Monthly sales area trends for newly built homes in 100 key cities
Note: October is an estimate
New home sales in key cities: According to preliminary statistics from the China Index, the transaction area of newly built homes in the 100 key cities in October was about 16 million square meters, down about 7% month-on-month and 15% year-on-year. Among them, first-tier cities increased 4% year on year in October, Beijing and Shanghai increased by 24% and 4% year on year, respectively; second-tier and third-tier and fourth-tier cities fell 22% and 11% year over year, respectively. Cumulatively, in January-October, the total transaction area of newly built homes in 100 cities was about 170 million square meters, a year-on-year decrease of 11%.
Table: New housing transactions in key cities in October 2026 (unit: 10,000 square meters)
Figure: Trends in the approved listing area of commercial housing in the 50 key cities
Note: October is an estimate
New housing listings in key cities: the supply of new homes continues to decline. According to preliminary statistics from the China Index, the approved listing area of newly built commercial housing in the 50 key cities fell by about 30% year on year in October, and the supply of new housing continued to decline year on year. Only a few key cities such as Beijing increased significantly year on year. The reduction in early land transactions and new construction has limited the scale of current marketable projects. New supply has been reduced in some cities, and the restoration of the sales area of new homes has also been affected. From January to October, the cumulative listing area of newly built homes in 50 cities fell by about 20% year on year.
2) Second-hand housing market: The number of units sold in October 18 increased 18% year on year, and Shanghai increased for 8 consecutive months year on year
Figure: Monthly number of second-hand residential units sold in 18 cities and the year-on-year ratio
Data source: Middle Index Data CREIS
Second-hand housing transactions in key cities: According to the China Index data, second-hand housing transactions in October 18 were 116,000 units, down 2.7% from the previous month, up 17.5% from the previous month. The increase was 10.9 percentage points higher than the previous month. Second-hand housing sales declined somewhat month-on-month in October, but continued to grow year-on-year. Cumulatively, 1.23 million second-hand residential units were sold in January-October in 18 cities, an increase of 7.3% over the previous year.
In terms of specific cities, the second-hand housing market in core cities such as Beijing and Shanghai continues to be high, and the year-on-year growth trend in most cities has not changed. In October, second-hand housing units in Beijing and 25,000 units were sold respectively. Beijing increased by 8.2% year on year, and Shanghai increased by 34.7% year on year. Since March, it has maintained year-on-year growth for 8 consecutive months; Shenzhen increased 3.9% year on year, down 2.1% month on month; among second-tier cities, Suzhou and Ningbo increased by more than 30% year on year.
Table: Second-hand housing transactions in key cities from January to October 2026 (unit: unit)
Note: Shanghai, Wuxi, Wenzhou, and Nanning are second-hand commercial housing; other cities are second-hand commercial housing
2. Housing price performance: Second-hand housing prices in Baicheng fell 0.61% month-on-month in October, and the decline widened slightly; new housing prices rose 0.18% month-on-month, driven by improvements in some core cities and the entry of real estate into the market
Figure: Month-on-month changes in prices of newly built homes and second-hand homes in Baicheng
Data source: Middle Index Data CREIS
According to the Baicheng Price Index of China's real estate index system, the Baicheng second-hand housing price index fell 4.92% cumulatively in January-October, and the decline has increased since the third quarter. The average price of second-hand housing in Baicheng in October was 12,376 yuan/square meter, down 0.61% from the previous month, up 0.01 percentage points from the previous month, and down 6.72% year on year. Looking at the hierarchy, second-hand housing prices in first-tier, second-tier, and third-tier and fourth-tier cities fell 0.53%, 0.72%, and 0.54% respectively in October. The month-on-month decline in first-tier cities increased by 0.11 percentage points from the previous month, the month-on-month decline in second-tier cities increased 0.02 percentage points from the previous month, and the month-on-month decline in third- and fourth-tier cities narrower than the previous month. On a year-on-year basis, first-tier, second-tier and third-tier fourth-tier cities declined by 6.00%, 7.21%, and 6.53%, respectively. Judging from the number of rising and falling cities, 1 city rose month-on-month in October, 98 cities fell, and 1 city remained flat.
In terms of new housing, the average price of newly built homes in Baicheng was 1,7316 yuan/square meter, up 0.18% month-on-month and 2.02% year-on-year. In October, high-quality real estate in key cities such as Shanghai and Beijing accelerated their entry into the market, driving the price of new homes in 100 cities to maintain a structural rise from month to month. Looking at each echelon, the price of newly built homes in first-tier cities rose 0.41% month-on-month and 5.08% year-on-year. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen rose 0.30%, 0.53%, 0.17%, and 0.01%, respectively. Second-tier cities rose 0.13% month-on-month and 1.68% year-on-year. The third- and fourth-tier representative cities fell 0.10% month-on-month and 2.01% year-on-year. Looking at the number of rising and falling cities, 32 cities rose month-on-month, 61 cities fell month-on-month, and 7 cities remained flat.
3. Land market: Affected by the supply volume in some cities in September, the scale of residential land transactions and concessions in 300 cities increased sharply year-on-year in October, but the premium rate fell to a new low in recent years
Figure: Monthly trend of residential land launches, transaction plans, and concession funds in 300 cities
Figure: Monthly trend of average premium rates for residential land in 300 cities
Note: Residential land includes pure residential land and comprehensive land containing residential properties.
Affected by the volume of residential land supply in September, the scale of residential land transactions and concessions in 300 cities increased sharply year-on-year in October, but the popularity of land auctions was still low.
In terms of launch, affected by policies related to inventory removal, in September, some cities accelerated the pace of land supply. Residential land in 300 cities launched a planned construction area of 164 million square meters, an increase of 106% over the previous year. Among them, second-tier cities grew 66.2%, third- and fourth-tier cities grew 120%, and first-tier cities fell 6.1%. The scale of land promotion declined markedly in October. The planned construction area for residential land launch in 300 cities was 43.06 million square meters, a year-on-year decrease of 46.0%.
In terms of transactions, in October, the planned construction area of residential land in 300 cities was 110 million square meters, an increase of 91.8% over the previous year; concessions amounted to 375.6 billion yuan, an increase of 89.0% over the previous year. Looking at the transaction structure, residential land transactions in the 300 cities in October were mainly in third- and fourth-tier cities, accounting for 86% and 73% of the planned construction area and concessions, respectively.
In October, the average premium rate of the 300 cities was 1.49%, down 5.29 percentage points from September. It is a new low in recent years, and reserve price transactions are still the mainstream of the market.
Cumulatively, from January to October 2026, a total of 340 million square meters of residential land were sold in 300 cities, down 4.4% year on year; land concessions were 1.43 trillion yuan, down 6.4% year on year; and the average premium rate was 6.71%.
Figure: Since 2020, residential land concessions in different cities have accounted for the share of the country (entire city)
Table: Residential land transactions in key cities in October and January-October 2026
Data source: Middle Index Data CREIS
In terms of urban concentration, according to data from the China Index, from January to October 2026, the country's top 20 cities accounted for 57% of the country's land concessions. Affected by the high number of land sales in October, the share of land concessions in the top 20 cities declined somewhat. From January to October, Shanghai, Beijing, and Hangzhou ranked in the top three in the country, with concession funds of 126.2 billion yuan, 82.4 billion yuan, and 70.1 billion yuan respectively. In October, there were few land auctions in Tier 1 and 2 cities, and there were many transactions in Tier 3 and 4 cities. Residential land concessions in Changzhou, Nantong, Yancheng, and Wuxi all exceeded 20 billion yuan, mostly obtained at reserve prices for local state-owned assets.
Table: High residential land premium situation in core Tier 1 and 2 cities in October (premium rate ≥ 10%)
Data source: Middle Index Data CREIS
In terms of hot plots, improvement sectors such as Hangzhou Xiaoshan, Guangzhou Huangpu Science City, Zhengzhou Zhongyuan Ersha, and Wuhan Optics Valley Central City received certain bids. Among them, land plot 78 of Hangzhou Administration Storage [2026] was purchased by Binjiang Group at a total price of 2,969 billion yuan through 97 rounds of bidding. The transaction floor price was 5,3,472 yuan/㎡, and the premium rate reached 48.53%, while land sales in the rest of the cities were relatively lackluster.
Judging from the structural characteristics of premium plots, low-density, small-volume, and low-total price projects are still the main force for premium transactions. In October, the area ratio of high-premium plots was mostly below 1.5. The planned construction area was generally less than 80,000 square meters, and the transaction price was mostly within 1 billion yuan. Reflected in the context of advancing sales system reform and the lengthening development capital occupation cycle, housing companies' consideration of the pace of development, total price threshold, and certainty of elimination increased markedly. At the same time, the characteristics of deep regional cultivation and continuous inventory growth have been further strengthened. Housing enterprises such as Poly Development and Binjiang Group have obtained high-premium plots in key regions, and the removal performance and product verification of existing projects have become an important basis for enterprises to price new plots. Overall, the current premium competition is still focused on “core location, low density and small size, controllable total price, and sales verification”. Transactions in the rest of the cities and ordinary land plots are relatively lackluster, and the differentiation trend is expected to continue in the short term; subsequent land market trends will mainly depend on the sustainability of stable housing sales, the degree of improvement in corporate capital, and the implementation of local implementation rules.
(1) Hot plot: Hangzhou Government Storage [2026] Plot 78
On October 30, a parcel of residential land in the core unit of Century City, Xiaoshan District, Hangzhou was sold. After 97 rounds of bidding, the plot was contested by Binjiang Group at a total price of 2,969 billion yuan, with a floor price of 5,3,472 yuan/㎡, with a premium rate of 48.53%. This is the first residential land sold in the city after Hangzhou's existing housing sales rules were implemented.
The plot is located at the core of Century City in Xiaoshan District, close to the Hangzhou International Expo Center, about 600 meters from the Expo Center Station of Metro Line 6. The surrounding area has mature educational resources such as Chongwen Century City Experimental School, Xuejun Middle School Wenyuan Experimental School, and Xiaoshan Century Experimental Primary School. It can reach Sam's Club for about 1 kilometer, and the residential community is mature. The land plot was adjusted from “business to housing”. The floor area ratio was reduced from 6.5 to 2.5, and the building height limit was 80 meters. This is one of the few new additions to the supply of residential land in the core area of Century City after years of being cut off.
(2) Hot plot: plot KXCGS-I4-8, Huangpu District, Guangzhou
On October 9, the KXCGS-I4-8 plot in Science City, Huangpu District, Guangzhou was sold. The plot attracted registration from 4 housing companies, Poly Development, Yuexiu Real Estate, Zhonghai Real Estate, and Guangkai Holdings. After 71 rounds of bidding, Poly Development won 1,665 billion yuan, with a premium rate of 26.6% and a floor price of 21,738 yuan/square meter; among the participating companies, Guangkai Holdings did not bid on the same day.
The plot is located in the Science City section of Huangpu District. The sector is positioned as “building an internationally leading intelligent manufacturing innovation base”. It is surrounded by high-end industries, enterprise headquarters and science and innovation platforms. It has a large incubator cluster and many listed companies in South China. The industrial population and demand base for improved housing are good. In terms of supporting facilities, the plot is about 300 meters from Science City Station of Metro Line 21, and is close to major roads such as Science Avenue, Kaichuang Avenue, and the Guangzhou-Foshan Expressway; in terms of education, in addition to the plot's own 9-class kindergarten, it is surrounded by resources such as Huangpu Experimental School affiliated to South China Normal University and the Science City Campus of Guangzhou No. 2 Middle School. The living facilities are quite mature.
(3) Hot plot: Wuhan P (2026) 091 plot
On October 16, plot P (2026) 091 in Wuhan was sold. The nature of the land used for this plot is residential land. After 66 rounds of bidding, Hanyang City won 586.6 million yuan. The premium rate was 33.1%, and the transaction floor price was 8,737 yuan/square meter.
The plot is located in the northern section of Optics Valley Central City, adjacent to Zhongjian Starlight City in the north, Optics Valley Cultural Center in the south, and Phase II of the Biotechnology Innovation Park in the east. It is about 400 meters from Optics Valley Biotech City Station of Metro Line 11. The surrounding industrial carriers and public facilities are concentrated. Projects such as Pushiguangyu, Guanggu Yuanzhu, and Shenye Cuiwei Valley are on sale in the same area. The average price of sales at Pushiguangyu is about 18,200 yuan/square meter. The degeneration of new homes in the sector is relatively good, and demand has remained active.
Attached table: October Real Estate Policy Monitoring
Central Committee: The National Development and Reform Commission has clearly implemented the recently introduced incremental policies such as lowering interest rates on supplementary mortgage loans, increasing reloan amounts, interest rates on residential home purchase loans, and financial support for the development of the service industry
Table: Real estate references to important central conferences/documents in October 2026
Location: In October, Wuhan, Tianjin, Hangzhou, Shenzhen, Ningbo, Shiyan, Wenzhou, Suzhou, Hefei, Chengdu, Changsha, Xi'an, Jinan, and Nanjing successively introduced implementation rules; Shenzhen, Tianjin, Hangzhou, Dongguan and other places supported decoration and withdrew property fees from the Provident Fund
Table: Key Local Real Estate Policies for October 2026
