On September 26, the Political Bureau of the Central Committee of the Communist Party of China convened a meeting, emphasizing the need to “promote stability in the real estate market” and “drive the development of a new model for real estate.” Recently, various departments have focused on implementing existing policies and launching new initiatives, with local governments tailoring their approaches to support both essential and improved housing needs. This has sent strong signals regarding maintaining growth and stabilizing the housing market.
To better gauge the effectiveness of these policy “combinations” and the positive changes in the real estate market, real estate agencies serve as an important window into current trends. On October 20, I visited the Beijing Lianjia office at Xin’aozhou Kangdu and the Chaoyang Ya’ao signing center to experience firsthand the impacts of these policies and market changes.
**9:30 AM: Routine Morning Meeting at the Office**
The volume of property showings has doubled, indicating a significant uptick in market activity.
At 9:30 AM on October 20, the routine morning meeting commenced.
“We need to quickly respond to our clients,” an agent called out.
“The market is heating up; we need to hit the ground running!” said another.
“For clients with strong intentions, let’s discuss pricing and provide timely feedback to homeowners.”
Holding the latest market data, the office manager, Li Songqiang, was assigning tasks to the agents. According to real-time data from Lianjia, the second-hand housing market has shown a notable increase in activity this October. By October 20, the signing volume for second-hand homes had already surpassed the total for September, with an increase of over 100% compared to the first 20 days of September and nearly doubling year-on-year.
“Our office has 24 agents; in previous meetings, the hall was always full. Today only 12 showed up; the others are out on showings,” Li shared. He noted that on the previous Saturday, agents had an average of two showings each, with some handling as many as seven clients. “In the past three weekends, our showing numbers have doubled.”
“There are also two transactions entering negotiation and signing phases today,” Li added. October has seen the office complete seven deals, compared to just five in all of September, highlighting the market’s renewed activity. Most available listings in the area cater to improving housing needs, and agencies focusing on essential housing are experiencing even more vigorous showings and signings.
“Policy adjustments have lowered financial barriers and released many purchasing qualifications,” said agent Li Jing, who previously dealt with leasing and connected with clients from outside Beijing. “Many of these clients now meet the new social insurance requirements and have ‘rent-to-buy’ intentions.”
According to the Beijing Municipal Commission of Housing and Urban-Rural Development, the first half of October saw 24,000 applications for home-purchasing qualifications, marking a 91% year-on-year increase. Among these, 9,700 applications were from non-Beijing residents, accounting for over 40%, an increase of 16 percentage points from a year earlier.
**3:10 PM: Accompanying Clients for Property Showings**
Both essential and improving housing demands are gradually being met, with high-value properties in high demand.
At 3:10 PM, I followed an agent around nearby neighborhoods for property viewings.
Agent Shen Guanghui noted that the surrounding neighborhoods offer a variety of properties, from one-bedroom to four-bedroom units, with both old and new buildings, all conveniently located near the subway, attracting many clients.
Client Chen has been working in Beijing for five years and is looking to buy a two-bedroom unit because his wife is expecting. “For first-time homebuyers in Beijing, the minimum down payment for commercial home loans has been adjusted to 15%. So, for a property priced around 3 million yuan, we only need a down payment of about 450,000 yuan, which is encouraging for us first-time buyers,” Chen explained. He and his wife are primarily looking at the community they already know, close to their workplace, making relocation easier.
Among the clients viewing homes, there were those with essential needs and those looking to upgrade. “Our eldest child is starting elementary school next year, and our second child is just a newborn. With more children, we’re looking to move to a three-bedroom to improve our living conditions,” remarked 37-year-old client Wang.
Since April, Wang has been exploring properties, and recent policies have boosted housing fund loan support. For Beijing residents with two or more children, the loan amount for housing funds can increase by 400,000 yuan, reaching a maximum of 1.6 million yuan. “This has eased our burden significantly, and we hope to find a home that satisfies our family,” Wang shared.
“Recently, many high-value properties have garnered interest. There was a property I liked that had its listing price cut to 2.9 million in September; it was great value, but it didn’t sell for half a month. After the policy changes at the end of the month, I showed it to four groups, and it sold on the third day.” Shen noted that the current uptick in market activity is mainly driven by policy-induced essential and upgraded housing demand, which is healthy and sustainable.
**8:10 PM: Signing Center Activity**
Both buyers and sellers exhibit increased confidence, and market activity seems poised to continue.
At 8:10 PM, the Beijing Lianjia Chaoyang Ya’ao signing center was bustling with activity, with many owners and clients waiting in line to sign contracts.
“The center has 12 signing rooms. Over the past few weekends, we’ve been fully booked from morning till night,” stated Shi Xiancao, the center’s manager. “Since October 1, we’ve averaged 45 contracts daily, a 50% increase from last month. Today being a Sunday, there are about 80 scheduled transactions.”
At the signing center, bank representatives provide consultations and assist with loan processing. “We work with dozens of banks, and each day at least two have on-site representatives; the rest can coordinate online at any time,” Shi explained.
During the interview, it became evident that the implementation of related regulatory policies has boosted confidence among both buyers and sellers.
Sellers’ expectations are now more stable than before. “I used to worry about prices declining month by month, making it hard to sell. Thanks to supportive policies, the current market activity gives me confidence,” said 34-year-old Ding, noting an increase in showings from four to five a month to over ten recently.
On the buyer’s side, the tendency to wait has diminished. “I sold my small unit and am looking to upgrade to something bigger. The recent policies have created positive expectations, and I’m ready to make a move soon,” said 39-year-old Liu.
Additionally, 34-year-old Zhao added, “I’ve sifted through options with my parents, and of the seven properties that met our criteria recently, four have already been sold. Thus, I’ve been increasing my viewing frequency to secure something before year-end.”
Looking ahead, Shi believes, “The number of new showings has risen dramatically. Based on current increases, market activity seems likely to persist.”
