GRA Market Weekly (2025-10-17)

Macro Policy

MOHURD and eight other departments issue measures across nine areas to build resilient cities

MOHURD and eight other departments have issued the Action Plan (2025-2027) for Implementing the Opinions of the General Office of the CPC Central Committee and the General Office of the State Council on Advancing New-Type Urban Infrastructure Construction and Building Resilient Cities, aimed at advancing digital, networked and intelligent new-type urban infrastructure and strengthening cities' risk prevention and governance capabilities. The Action Plan details implementation measures across the following eight areas:

Building and upgrading intelligent municipal infrastructure
Coordinating smart city infrastructure with intelligent connected vehicles
Developing smart residential districts
Raising the level of intelligent building management
Rolling out digital home construction
Coordinating intelligent construction with construction industrialisation
Improving city information modelling (CIM) platforms
Building and improving urban operations management service platforms

Market Watch

Chengdu: four residential plots sell for RMB 1.995 bn in total

On 16 October, Chengdu offered four residential plots in Wuhou, Wenjiang, Shuangliu and Xinjin districts, with a combined site area of 125,500 sqm, planned GFA of c. 239,000 sqm and a combined starting price of c. RMB 1.990 bn. Three plots sold at reserve price and one cleared at a premium, for total proceeds of RMB 1.995 bn.

Hangzhou: Dajia Real Estate takes a Puyan plot in Binjiang at a 19.93% premium for RMB 1.264 bn

On 15 October, timed bidding opened for plot BJ040301-01 in the Puyan unit of Binjiang District, Hangzhou. After 22 rounds, Dajia Real Estate prevailed at a total consideration of RMB 1.26384 bn, an accommodation value of RMB 25,317/sqm and a premium of 19.93%.

Suzhou: Wujiang residential plot sells at reserve price for RMB 1.936 bn, Taihu New Town accommodation value RMB 17,600/sqm

On 17 October, Suzhou sold a residential plot in Wujiang District for RMB 1.936 bn. The residential-use plot has a site area of 91,660 sqm, planned GFA of 109,992 sqm, a plot ratio of 1.20 and a height limit of 24 m. Wujiang Chengtou acquired it at the reserve price of RMB 1.936 bn, at an accommodation value of RMB 17,600/sqm and a 0% premium.

Project Watch

Dalian: CR Land's YOUplus apartments open at Gaoxin Ruifu with 318 fitted units, unveiling the "Lianqing Apartments" designation

On 15 October, the Dalian Gaoxin Ruifu property developed under CR Land's rental housing brand "YOUplus" officially opened, marking an important step in government-enterprise cooperation as the brand integrates into Dalian's youth housing security system and supports the city's youth-development agenda. With total GFA of over 13,000 sqm, the project offers 318 fully fitted apartments in two options: a c. 46 sqm comfort layout and a c. 40 sqm compact layout. A shared amenity floor on level 4 provides a book bar, media zone, lounge and other multi-function spaces catering to varied resident needs.

Guangzhou: GRCS's new long-term rental brand "Jiyu" opens its first flagship, Jiyu Zhigu, extending into culture-tourism and hotel management

On the morning of 16 October, Jiyu Zhigu - the first flagship project of "Jiyu", the new long-term rental apartment brand of Guangzhou Radio & Television City Services (GRCS) - held its opening ceremony in the core of Smart City in Tianhe District and entered market operation. Located in Guangzhou's Tianhe Zhigu, the project is positioned as a mid-to-high-end quality long-term rental product, aiming to offer urban young professionals and technology talent a living environment combining safety, comfort, social connection and quality. It leverages the advantage of an SOE-held property, driven by the twin engines of "intelligent systems + serviced-apartment style service".

Corporate Watch

CR Land: MixC Commercial wins the Chengdu Tianfu Art Park Wenchuangfang mandate, with c. 212,000 sqm under management

On 13 October, the tender results for commercial operations at Chengdu Tianfu Art Park's Wenchuangfang were announced: Runxin Commercial Investment (Shenzhen) Co., Ltd.'s Chengdu branch, part of China Resources, was named the first-ranked candidate. CR MixC Commercial won the mandate and will operate the large retail project with total GFA of c. 280,000 sqm. Wenchuangfang's held-for-investment retail component totals c. 284,400 sqm, of which c. 212,000 sqm is to be entrusted for operation - c. 113,000 sqm above ground and c. 99,000 sqm below - comprising mall boxes, retail streets and the corresponding underground retail and ancillary space.

Brookfield to acquire the remaining c. 26% of Oaktree for c. USD 3 bn, implying a c. USD 11.5 bn valuation

Market sources report that Brookfield has announced it will acquire the remaining c. 26% stake in Oaktree Capital for a consideration of c. USD 3 bn, implying a valuation of c. USD 11.5 bn for Oaktree. Founded in 1899 and headquartered in Canada, Brookfield is a leading global alternative asset manager with over USD 1 tn of assets under management across real estate, infrastructure, renewable energy, private equity and credit.

BlackRock: GIP in talks to acquire data centre developer Aligned Data Centers for c. USD 40 bn

Market sources report that Global Infrastructure Partners, part of the world's largest asset manager BlackRock, is in talks with Macquarie - one of Australia's largest banking groups - to acquire Texas-based Aligned Data Centers, in what would be the latest data centre deal driven by the AI investment boom. Two people familiar with the matter said the transaction could be worth close to USD 40 bn, with one adding that it could be announced as early as next week.

Market Data

CRIC: 185 en-bloc property deals worth RMB 144.3 bn across 32 cities in the first eight months, up 36% YoY

Per CRIC data, 185 en-bloc property transactions were completed across 32 mainland Chinese cities in the first eight months of 2025, totalling RMB 144.3 bn - up 36% YoY and already close to the full-year 2024 total. The market warmed noticeably in August, with 15 deals in the month worth c. RMB 23.44 bn, up a marginal 3.3% YoY, and an average deal size of c. RMB 1.62 bn, up a substantial 127% YoY.

September China Real Estate Index System 100-city price index: secondary-home prices down 0.74% MoM and 7.38% YoY

In September 2025, average secondary-home prices across 100 cities fell 0.74% MoM and 7.38% YoY; across the ten major cities they fell 0.67% MoM, a slightly wider decline than in August, and 4.77% YoY.

By city, all ten major cities recorded both MoM and YoY declines in September, with Wuhan, Tianjin and Nanjing continuing to post the largest falls. On a MoM basis:

Wuhan, Tianjin and Nanjing fell 1.18%, 1.11% and 1.05% respectively
Guangzhou and Chongqing (main urban area) both fell between 0.8% and 1.0%
Beijing, Shanghai and Chengdu fell between 0.4% and 0.6% (both inclusive)
Hangzhou posted the smallest MoM decline at 0.38%

On a YoY basis:

Wuhan and Nanjing fell 9.69% and 9.52% respectively
Tianjin, Guangzhou and Chongqing (main urban area) all fell between 5% and 7%
Hangzhou, Beijing and Shanghai fell between 3% and 5%
Shenzhen and Chengdu both fell within 3%, with Chengdu posting the smallest decline at 0.84%

Shanghai: September secondary-home registrations reach 20,389 units, with average prices at RMB 37,400/sqm, down 2.0% MoM

Shanghai recorded 20,389 secondary-home transactions in September, again breaking the 20,000 mark, up c. 3% from August and up nearly 30% YoY - the first month in H2 2025 with registrations above 20,000 units. In the month since Shanghai's new property policies of 25 August, the city's secondary market has seen four trading days with single-day registrations above 1,000 units. Overall, the "Shanghai Six Measures" of 25 August relaxed purchase restrictions outside the Outer Ring Road, directly activating that market. In September, the average secondary-home transaction price was RMB 37,400/sqm, down 2.0% MoM and 6.2% YoY.