Second-hand Housing Market Rebound Outpaces New Homes - Caixin

The recovery in China's second-hand housing market is accelerating, with the growth of transactions outpacing new home sales, Caixin reported. A total of 10.96 million square metres of second-hand houses in 21 key cities were sold in September, a rise of 24.6% y/y, according to Chine Real Estate Information Corporation. This compares to 12.73 million square metres of new homes sold, a decline of 14%. The rebound has been driven by recently simplified transaction processes and preferential tax policies for second-hand home purchases, Caixin said. Analysts believe there will be no major change in real estate policy judging from statements at the 20th National Congress, and the existing policy framework will remain loose until the market is stabilised, Caixin said.