New Home Sales Rise in Shanghai and Shenzhen After Beijing Policy Shift

Sales of new homes in cities like Shanghai and Shenzhen rose in September 2026 after central government moves were introduced to revive buyer confidence in the real estate market.

Property brokers across China’s major cities, including agents at Lianjia in Shanghai, reported being swamped by inquiries as they try to seal as many deals as possible amid a recovery in sentiment.

Demand returns to top-tier cities

Real estate agencies in China’s wealthiest metropolitan markets are managing heavier foot traffic, though brokers like Yang Keju warn that the current high transaction volume could become short-lived.

The current upturn concentrates heavily in primary tier-one hubs where household wealth remains highest and inventory absorption happens fastest. Developers with projects ready for handover in these locations are taking advantage of the window to offload existing inventory.

Agency networks push for rapid closures

Front-line brokerages have redirected agents toward immediate deal execution rather than long-term pipeline building. Agencies want contracts signed before buyer sentiment cools.

“Government support always holds the key to the performance of the home market,” said Yang Keju, a broker at a Lianjia property agency branch in Pudong, Shanghai. “We are worried that the current high transaction volume could become short-lived.”

Brokers eye duration of policy effect

Earlier support packages produced short bursts of buying that dissipated within weeks. For developers and commercial landlords, the critical test is whether this volume spreads beyond premier districts into lower-tier cities where developer cash flow remains constrained.

Brokers in suburban districts continue to face high unsold supply and cautious households. Without continuous credit expansion or deeper municipal rate reductions, transactions outside core metropolitan zones risk stalling.

Market watch on upcoming clearance rates

September transaction registries will provide the first concrete measure of total cleared contracts across Shanghai and Shenzhen following the policy shift. The full impact on developer balance sheets depends on whether transaction numbers carry through the fourth quarter.