GRA Market Weekly (2025-10-31)

Macro Policy

15th Five-Year Plan recommendations published, with multiple property priorities

On 28 October, Xinhua published, as authorised, the Recommendations of the CPC Central Committee for Formulating the 15th Five-Year Plan for National Economic and Social Development, largely setting the direction for property over the next five years, including:

• Improving institutional mechanisms to promote consumption and removing unreasonable restrictions on consumption of automobiles, housing and the like
• Revitalising and making good use of underused land, idle properties and existing infrastructure
• Accelerating the construction of a new model for property development and refining the basic systems governing commodity housing development, financing and sales
• Optimising the supply of government-subsidised housing to meet the basic housing needs of urban wage earners and households in difficulty; increasing the supply of upgrade housing on a city-by-city basis
• Building safe, comfortable, green and smart "good housing", and implementing housing quality improvement works and a property services quality improvement campaign
• Establishing a full-lifecycle housing safety management system

MOHURD: accelerate the new property development model and systematically advance the "four goods" - good homes, good compounds, good communities, good districts

On 29 October, MOHURD convened a meeting of Party members and officials to study and implement the spirit of the Fourth Plenary Session of the 20th CPC Central Committee and to plan follow-through work. The meeting stressed accelerating the construction of a new model for property development, refining the basic systems governing commodity housing development, financing and sales, optimising the supply of government-subsidised housing to meet the basic housing needs of urban wage earners and households in difficulty, increasing the supply of upgrade housing on a city-by-city basis, and advancing high-quality development of the property sector. It also called for vigorous development of new construction methods such as intelligent and green construction, driving the industrialisation, digitalisation and green transformation of the construction industry, and consolidating and enhancing its position and competitiveness in the global industrial division of labour. On creating high-quality living, the meeting called for systematically advancing the "four goods" - good homes, good compounds, good communities and good districts - building safe, comfortable, green and smart "good housing", implementing housing quality improvement works and a property services quality improvement campaign, establishing a full-lifecycle housing safety management system, advancing the renovation of aging urban residential compounds, building complete communities, vigorously advancing new-type urban infrastructure, accelerating urban infrastructure lifeline safety projects, and improving the system for protecting and passing on historical and cultural heritage. On advancing efficient governance, it called for continued increases in governance investment, modernisation of governance in megacities and very large cities, effective use of the "one commission, one office, one platform" arrangement, upholding and developing the "Fengqiao experience" for the new era, shifting the focus of governance and supporting resources down to the grassroots, extending urban management into communities and property services into homes, implementing "one-network integrated services" for government administration and "one-network integrated management" for city operations, and steadily raising the scientific, refined and intelligent quality of urban governance.

PBoC: one-off personal credit relief measure from early next year, with dynamic adjustment of mortgage down-payment ratios and rates

At the 2025 Annual Conference of the Financial Street Forum on 27 October, PBoC Governor Pan Gongsheng announced that, to help individuals repair their credit records faster while preserving the disciplinary effect of default records, the People's Bank of China is studying a one-off personal credit relief measure: individual default records since the pandemic below a certain amount, where the loan has been repaid, will not be displayed in the credit reference system. The measure is planned for implementation in early next year. He also said macroprudential management of property finance would be refined, with dynamic adjustment of policy tools including mortgage down-payment ratios and mortgage rates.

MOFCOM and four other departments issue the Action Plan for Upgrading Urban Commerce, with measures across eight dimensions

On 29 October, the general offices of MOFCOM and four other departments jointly issued the Action Plan for Upgrading Urban Commerce (the "Plan"), setting out specific measures across eight dimensions including improving commercial layouts, upgrading retail formats and enriching goods supply, with many provisions addressing everyday consumption pain points. The Plan expressly supports innovative development of distinctive old commercial streets, creative districts in former industrial sites and tourism and leisure streets, and encourages localities to draw deeply on local character and cultural heritage to create consumption spaces that are both experiential and distinctive.

Targeted Policies

Shanghai: Xuhui's Jiangnan New Village project pilots the housing voucher scheme in the city centre for the first time, with an added RMB 2,000/sqm voucher bonus

On 24 October 2025, the Jiangnan New Village relocation project in Xuhui District, Shanghai became the first city-centre scheme to explicitly pilot the housing voucher system, allowing residents to buy new or second-hand homes anywhere in the city, with an added voucher bonus of RMB 2,000/sqm. Since Shanghai first piloted housing vouchers in Jinshan in August 2024, the scheme has progressively extended in 2025 to districts including Qingpu, Jiading, Xuhui and Pudong. The Jiangnan New Village project is the first city-centre pilot, breaking through district boundaries so that vouchers can be used citywide for both new and second-hand homes.

Market Watch

Beijing: CSCEC Zhidi and Future Science City take a Beiqijia plot in Changping at the reserve price of RMB 2.6012 bn

On 28 October, a residential-use plot in Beiqijia Town, Changping District, Beijing sold for RMB 2.6012 bn. The plot has a total construction scale of 105,000 sqm (including 91,000 sqm of planned residential GFA), a starting price of RMB 2.6012 bn and a starting accommodation value of RMB 24,855/sqm. A consortium of CSCEC Zhidi Real Estate Co., Ltd. and Beijing Future Science City Real Estate Co., Ltd. acquired it for RMB 2.6012 bn.

Hangzhou: two residential plots sell for RMB 2.205 bn, with the Binjiang Puyan plot at a 19.33% premium

On 28 October, timed bidding opened for two residential-use plots in Binjiang and Qiantang districts, Hangzhou. Total consideration reached RMB 2.205 bn, with Zhejiang Yingguan and a Far East Horizon & Qiantang Chengfa pairing taking the plots. Multiple developers competed for the Binjiang Puyan plot, which Zhejiang Yingguan won after 29 rounds at a 19.33% premium, for RMB 1.72831 bn at an accommodation value of RMB 25,108/sqm.

Changsha and Foshan: Poly Developments secures plots in Changsha's Kaifu Centre and Foshan's Shishan Town at high premiums

On 28 October, Changsha offered three residential-use plots - two in Yuhua District and one in Kaifu District - with a combined site area of 115,600 sqm, planned GFA of 302,500 sqm and a combined starting price of RMB 1.665 bn. The two Yuhua plots sold at reserve price, while the most closely watched commercial-residential plot in the Kaifu Centre area went to Poly Developments after 19 rounds for RMB 1.474 bn at an 18% premium.

On 29 October, Foshan sold a residential-use plot in Nanhai District to Poly Developments for RMB 381 m at a 20% premium. The plot lies west of Bohua Road in Shishan Town, Nanhai District, Foshan, is designated for composite use (including residential), and has a site area of 31,744.93 sqm, planned GFA of 72,845.6 sqm and a plot ratio of no more than 2.5.

Guangzhou: Yuexiu takes three residential plots in succession for RMB 4.678 bn in total

On 28 October, Guangzhou offered another residential plot in Panyu District, which attracted two developers; after 18 rounds, Yuexiu acquired it for RMB 1.194 bn at an 8.15% premium. On 30 October, Guangzhou held its final residential land auction of the month, offering two adjacent plots in Tianhe District with a combined site area of 53,138.44 sqm, planned GFA of 111,592 sqm and a combined starting price of RMB 3.484 bn. Yuexiu secured both at reserve price, for total proceeds of RMB 3.484 bn.

Qingdao: Laoshan residential plot clears after 282 bidding rounds as Hisense sets a citywide record accommodation value of RMB 27,719/sqm

On 30 October, Qingdao's land market produced another hotly contested plot: a 9.7-mu residential site in Wangjiacun, Laoshan District sold after 282 rounds of bidding, with Hisense securing it at an accommodation value of RMB 27,719/sqm and a premium of 25.77% - a new record high for residential-use land in Qingdao.

Project Watch

Shanghai: Chengtou Kuanting's high-end serviced apartment "Kuanlan | Dajing" begins trial operation

On 28 October 2025, the debut property of "Kuanlan | Dajing", the new high-end serviced apartment brand of Shanghai Chengtou Kuanting, formally began trial operation. Kuanlan | Dajing sits in the Yu Garden area of Huangpu District, Shanghai - the cultural heart of the Old City - only c. 200 m walk from Yuyuan Garden metro station, served by Metro Lines 10 and 14, with People's Square, the Bund, Xintiandi, Huaihai Road and Jing'an Temple all within its immediate catchment, combining cultural depth with metropolitan vitality in a dual "walkable living circle + metro commuting circle" advantage.

Shanghai: 1,791.01 sqm standalone office at Tower T8 of Wanjin Centre in Qibao sells to a Shandong private enterprise

A private enterprise from Shandong has purchased the standalone office space at Tower T8 of Wanjin Centre, with a transacted area of 1,791.01 sqm. Wanjin Centre is a high-end business complex jointly developed by Vanke and Gemdale Properties and Investment in the core of South Hongqiao, adjacent to the 1,200-mu Minhang Culture Park. It is well served by transport, with Qibao station on Metro Line 9 and Hangzhong Road station on Line 10 nearby, and Hongqiao Airport just 4.3 km - about 10 minutes - away.

Xi'an: Anju Group unveils its new apartment brand "Leyang Apartments"

Leyang Apartments, a new apartment brand created wholly by Xi'an Anju Construction Management Group Co., Ltd., has been formally unveiled. Carrying forward the group's SOE quality credentials and built around the theme of "young", it aims to create a quality living platform combining residence, social connection and co-creation for those aged 20-35.

Shanghai: Funlive Wujing serviced apartments hold online launch as Funlive 5.5 product debuts

On 23 October, the online launch event for Funlive's Wujing serviced apartments in Shanghai was held, with the Funlive 5.5 product formally released. It is the fifth project delivered under Funlive's partnership with Proprium, targeting the professional elite of the Greater Zero Bay area and pursuing deeply customised offerings in the high-end rental niche. Industry analysts see the move as marking a new stage in which the long-term rental apartment sector shifts from scale-driven growth to refined operations.

Corporate Watch

CCB: market's first follow-on issuance of a held-for-investment real estate ABS lists, raising RMB 453 m at 7.8x subscription

On 29 October, the listing ceremony was held for the follow-on issuance of the CCB Housing Rental Fund's held-for-investment real estate asset-backed special plan ("CCB Long-Term Rental"). CCB Long-Term Rental is the first follow-on issuance in the held-for-investment real estate ABS market, marking a breakthrough for the market, demonstrating the "continuous follow-on issuance mechanism" in practice and underlining the product's vitality and platform value. The newly added underlying assets are two government-subsidised rental housing projects in Nanjing, Tianlongsi and Jiangpan Duhui, further widening the product's geographic reach and strengthening its resilience and operational stability. The issuance used an innovative market-based bookbuilding mechanism, raising RMB 453 m in total at a subscription multiple of 7.8x and attracting active participation from more than 30 institutional investors across bank wealth management, securities firms, insurers and asset managers - a strong endorsement of the product's value and of CCB Housing Rental Fund's asset management capabilities.

Vanke secures another loan of up to RMB 2.2 bn from Shenzhen Metro, posts Q3 net loss of RMB 16.069 bn

Vanke announced on the evening of 30 October that, following negotiations, its largest shareholder Shenzhen Metro Group Co., Ltd. would provide a loan of up to RMB 2.2 bn to repay principal and interest on bonds issued in the public market, with a term of no more than three years. On the same day, Vanke A released its Q3 2025 results: Q3 revenue was RMB 56.065 bn, down 27.30% YoY, with a net loss of RMB 16.069 bn. For the first three quarters, revenue was RMB 161.39 bn, down 26.61% YoY, with a net loss of RMB 28.016 bn.

ByteDance: Doubao Technology leases c. 40,000 sqm at AXIOM in Shanghai, the largest office letting of 2025

ByteDance's Doubao Technology has announced a lease of c. 40,000 sqm of office space at AXIOM in Yangpu District, Shanghai, making it the largest office leasing transaction of 2025. AXIOM, the expansion property, is a high-end office development by US-based Tishman Speyer at 770 Songhu Road, Yangpu District, directly above Sanmenlu station on Metro Lines 10 and 20. A landmark for Yangpu District and its tallest building, it comprises twin towers, with Tower A rising 280 m and Tower B 250 m.

Market Data

Cushman & Wakefield: Q3 Shanghai en-bloc transactions total 12 deals worth RMB 14.36 bn, with all buyers domestic

Cushman & Wakefield has published its Shanghai Real Estate En-bloc Transaction Market Review and Outlook for Q3 2025. Shanghai recorded 12 transactions in Q3 totalling RMB 14.36 bn, broadly flat YoY but a sharp rebound from the previous two quarters. With fund and loan maturities among the drivers, foreign capital remained largely in exit mode and all buyers were domestic companies or individuals. The judicial auction market was very active, with four judicial auction deals in Q3 accounting for 21% of total transaction value; the main buyers were AMCs, private enterprises and high-net-worth individuals.