BUSINESS

China’s Top Cities Extend Secondhand-Home Price Rebound

Published: Jun. 17, 2026 12:29 a.m. GMT+8

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The secondary market’s greater liquidity and price flexibility have allowed it to recover faster than the new home sector. Photo: VCG

Pre-owned home prices in China’s four largest cities rose for a third consecutive month in May, extending a localized housing recovery driven by property upgrades.

Prices for secondhand homes in Beijing, Shanghai, Guangzhou, and Shenzhen climbed 0.4% from April, maintaining the previous month’s pace of growth, according to National Bureau of Statistics data released Tuesday. Shanghai and Shenzhen led the gains, each rising 0.6% month-on-month.

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Pre-owned home prices in Beijing, Shanghai, Guangzhou, and Shenzhen rose 0.4% month-on-month in May, led by Shanghai and Shenzhen (0.6% each).
Recovery is concentrated in the secondary market, driven by buyers upgrading to larger homes and a 48% stock market surge since September 2024.
Beyond top cities, prices fell 0.2% in tier-2 and 0.4% in tier-3 cities; national property investment dropped 16.2% in first five months of 2026.

AI generated, for reference only

May 2026：: Pre-owned home prices in China's four largest cities (Beijing, Shanghai, Guangzhou, Shenzhen) rose for a third consecutive month, with a 0.4% increase from April 2026. Shanghai and Shenzhen each rose 0.6% month-on-month.

By June 16, 2026：: National Bureau of Statistics released data showing the May 2026 price increases.

Since September 2024：: The Shanghai Composite Index surged 48%, replenishing household wealth for property upgrades.

May 2026：: New home prices in top-tier cities edged up 0.2%, with Beijing recording a 0.2% decline.

May 2026：: Pre-owned home prices fell 0.2% in tier-two cities and 0.4% in tier-three cities. Only 10 of 70 major cities reported month-on-month increases, down from 12 in April 2026.

First five months of 2026：: National property investment plunged 16.2% and new starts dropped 22.6%.

May 2026：: Pre-owned home prices in tier-1 cities fell 5.8% year-on-year, with no city among the 70 tracked returning to positive year-on-year growth for pre-owned homes.

AI generated, for reference only