China's autumn property peak season ends: resale homes and core cities lead an uneven recovery

This year's Golden September and Silver October peak season of the Chinese property market delivered several positive signals, supported by recovering price expectations, a wave of quality project launches, and policy backing from mortgage interest subsidies and the August 28 reform of the housing sales system. The recovery, however, remained distinctly structural.

In October, resale transactions in 18 key Chinese cities rose 17.5% year on year to 116,000 units, while new-home transaction area in 100 key cities fell about 15% and new-home supply approved for sale in 50 key cities dropped roughly 30%. First-tier cities drove the rebound and saw resale prices