Real Estate Agents Press Homeowners to Accept a Lower Price
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Real estate brokerages in China’s major cities are urging owners of existing homes to slash prices to spur sales transactions, underscoring the mounting strain in a property market that has been in a downturn since mid-2021.
Some of the prices cuts have developed into “systematic and organized practices,” with some real estate agents even significantly lowering the listing prices of secondhand homes without consulting their owners, He Ling, marketing president at Shenzhen-based real estate brokerage Leyoujia, said at a recent news conference.
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- Chinese real estate brokerages in major cities are urging homeowners to cut listing prices, with Shenzhen's pre-owned home prices dropping 6.3% to about 59,000 yuan/sq m in 2025, down 26.3% from 2021.
- Some agencies initiated organized price-cut campaigns, though a notable one in Hangzhou was halted quickly.
- Bargaining has increased; the negotiation rate went from 8.2% to 11.2% in 2025, and average sales cycles extended to 256 days.
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Who’s Who
- Leyoujia
- Leyoujia is a Shenzhen-based real estate brokerage. He Ling, its marketing president, condemned "systematic and organized" price cuts by agents without owner consent. Data from the Shenzhen Leyoujia Research Center revealed a 3% increase in pre-owned home sales in Shenzhen in 2025, but a 6.3% price drop and an extended sales cycle. Leyoujia's commission rate also decreased.
- Ke Holdings Inc.
- Ke Holdings Inc., also known as Beike, is China's largest housing transaction platform. A Hangzhou unit launched a campaign encouraging agents to negotiate price cuts with sellers, offering rewards for over 5% reductions on "quality listings." This policy was halted within a week, with Beike emphasizing a ban on forced price cuts or hikes.
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What Happened When
- Since mid-2021：
- China's property market has been in a downturn.
- 2021：
- The historical peak of Shenzhen's average transaction price for pre-owned homes was 80,000 yuan per square meter.
- The third quarter of 2021：
- The real estate sector entered a period of deep adjustment according to the article.
- 2025：
- In Shenzhen, pre-owned home sales volume rose 3% year-on-year to about 56,000 units; average transaction price fell 6.3% to approximately 59,000 yuan per square meter, which is 26.3% lower than the 2021 peak.
- 2025：
- Average commission rate for a deal at Leyoujia was 1.09% of the home’s total price, a decrease of 11 basis points from the previous year.
- Start of 2025：
- Overall negotiation rate in Shenzhen was 8.2%.
- End of 2025：
- Overall negotiation rate in Shenzhen increased to 11.2% and the average sales cycle extended to 256 days.
- Early January 2026：
- A Hangzhou operating unit of Beike launched a campaign encouraging agents to negotiate price cuts with home sellers.
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