GRA Market Weekly (2025-11-07)

Policy Watch

MOHURD Minister Ni Hong writes on reforming the housing development, financing and sales systems

The recently published study guide to the CPC Central Committee's Recommendations for the 15th Five-Year Plan for National Economic and Social Development carries a signed article by Ni Hong, Minister of Housing and Urban-Rural Development, titled "Advancing High-Quality Development in Real Estate". Ni Hong said the key tasks for high-quality real estate development must be implemented in full:

Optimising the supply of affordable housing
Promoting the sustained and healthy development of the property market
Reforming and improving the housing development, financing and sales systems
Implementing a housing quality improvement programme
Implementing a property-services quality improvement campaign
Establishing a whole-life-cycle building safety management system

Shenzhen: draft rules cap socially supplied subsidised rental housing at 90% of market reference rents

The Shenzhen Housing and Construction Bureau is consulting on the Detailed Rules for the Administration of Government-Subsidised Rental Housing Leased by Social Entities in Shenzhen, with comments open until 29 November. The rules set out detailed provisions on listing of units, rent setting and registration, tenant eligibility checks, leasing charges and supervision for socially supplied subsidised rental housing, stipulating that rents must not exceed 90% of market rents for comparable quality in the same area over the same period.

Guangzhou: from 2026, 100% of newly sold residential land to use prefabricated construction

On 6 November, the office of Guangzhou's task force on intelligent construction and industrialised building issued the Implementation Opinions on Vigorously Developing Intelligent Construction and Industrialised Building to Accelerate Modernisation of the Construction Industry. The target is for total output value of intelligent construction and industrialised building to exceed RMB 500 bn by 2030. From 2026, 100% of newly sold residential land citywide will require prefabricated construction, with commercial and industrial land to apply it wherever feasible; government-funded new-build projects will fully adopt prefabricated construction and fit-out, alongside promotion of smart-home systems.

Market Watch

Nanjing: seven residential-use plots raise RMB 2.354 bn, with only two clearing above reserve

On 7 November, Nanjing offered seven residential-use plots - one in Qinhuai, two in Qixia, two in Luhe and two in Jiangbei New Area - with combined site area of 206,900 sqm, planned GFA of 294,500 sqm and a combined starting price of c. RMB 2.352 bn. Two Qixia plots sold at a premium and the rest at reserve price, for total proceeds of RMB 2.354 bn.

Yiwu: Greentown takes a Choucheng Sub-district residential plot for RMB 858 m at a 28.44% premium

On 6 November, Yiwu offered the plot southeast of the Chouzhou Road / Xianqian Street intersection in Choucheng Sub-district, zoned for urban residential and commercial use: site area 18,456.27 sqm, planned GFA 46,140.68 sqm, plot ratio 2.5, starting price RMB 668 m (accommodation value RMB 14,477/sqm). The plot had already drawn three bids before the auction opened and, after 39 rounds, was won by Yiwu Zhexiao Real Estate Co., Ltd. (Greentown) at RMB 858 m - an accommodation value of RMB 18,595/sqm and a premium of 28.44%.

Beijing: CSCEC Yipin and Wuhan Liantou take the Xihongmen 6038 plot in Daxing at reserve for RMB 1.904 bn

On 4 November, Beijing offered plot DX04-0102-6038 in Xihongmen Town, Daxing District, zoned Class II residential (R2): site area 27,592.846 sqm, planned GFA 63,463.546 sqm, plot ratio 2.3, starting price RMB 1.904 bn (accommodation value RMB 30,001/sqm). The plot was won by a consortium of China Construction Yipin Investment Development Co., Ltd. and Wuhan Liantou Real Estate Co., Ltd. at RMB 1.904 bn - an accommodation value of RMB 30,001/sqm and a 0% premium.

Project Watch

Beijing: CCB Housing Rental Fund opens the Port Apartment Yuan'er Jiugong Xin community with over 1,500 subsidised rental units

On 6 November, the CCB Housing Rental Fund held the opening ceremony for the "Beijing Port Apartment Yuan'er | Jiugong Xin" community in Jiugong Town, Daxing District. The project was originally a pilot scheme for bringing collectively owned land in Daxing District to market and had been stalled for a long period. At the end of 2023, the CCB Housing Rental Fund stepped in on market terms and began revitalising the asset; after more than 20 months of refurbishment and upgrading, the formerly idle asset has been reborn as a high-quality long-term rental community for new urban residents and young people.

The project has total GFA of 65,000 sqm and offers over 1,500 government-subsidised rental units across studio, one-, two- and three-bedroom layouts, together with shared amenities including a gym, study room, billiards room, table-tennis room and pickleball court, fully meeting modern rental living needs.

Shenzhen: Qianhai Longwan International Talent Apartments opens, with a first batch of 544 units released for leasing

On 4 November, Qianhai Longwan International Talent Apartments - Qianhai's first international talent community - officially opened. Designed by Pritzker Prize laureate Foster + Partners and inspired by the "space capsule", the project blends technology with a futuristic aesthetic, achieves a prefabrication rate above 70% and has been rated a national Grade A prefabricated building. Characterised as "Hong Kong in feel, international in outlook, coastal, modern and future-facing", it marks a key step for Qianhai in building an international talent services system and a high-calibre talent hub for the Greater Bay Area.

Developed by Shenzhen Qianhai Talent Leju Co., Ltd., the project has total GFA of 150,000 sqm and 1,028 planned premium talent-housing units. It has first released 544 serviced apartments in Tower T2, comprising c. 75 sqm one-bedroom units, c. 88 sqm one-bedroom-plus-flex units and c. 150 sqm three-bedroom units, at a monthly rent of RMB 155.9/sqm.

Xi'an: applications open for eight Anju Lezhu subsidised rental projects totalling 1,149 units

On 4 November, the Xi'an Affordable Housing Administration Centre issued its Notice on the Release of Units at Eight Government-Subsidised Rental Housing Projects Including Anju Lezhu (National Games Village). In line with the Xi'an Municipal Government General Office's Implementation Opinions on Accelerating the Development of Government-Subsidised Rental Housing and related documents, the centre has released the following 1,149 units and opened applications and allocation:

Anju Lezhu National Games Village: 179 units
Anju Lezhu Baqiao Wetland Park: 75 units
Anju Lezhu Fangliu Road: 80 units
Anju Lezhu Hangtian Avenue: 72 units
Anju Lezhu Fengqiyuan: 75 units
Anju Lezhu Chanba Wetland Park: 117 units
Anju Lezhu Expo Avenue: 207 units
Anju Lezhu Xinjiamiao: 344 units

Shanghai: Jianyuan Asset Management opens "Ruiyuanli Zhongshan West Road" and launches the Ruiyuanli brand

Jianyuan Asset Management recently held the grand opening of "Ruiyuanli Zhongshan West Road" at 1790 Zhongshan West Road, launching the "Ruiyuanli" brand at the same time. The building, rich in history, has been given a new face - a transformation from old to new that also injects fresh energy into urban renewal and the rental sector. As the core force behind the conversion and operation, Jianyuan Asset Management applied its expertise to a comprehensive and in-depth upgrade of the original building, creating a diverse mix of 20-52 sqm layouts spanning sunlit studios and comfortable one-bedroom units, meeting the rental needs of single young professionals, couples and families alike.

Corporate Watch

CapitaLand Investment: CLARA II holds final close, raising over USD 650 m

On 5 November, Singapore's CapitaLand Investment announced the final close of its CLARA II private fund, with total commitments of over USD 650 m (RMB 4.7 bn), oversubscribed relative to its original target. CLARA II will invest principally in data centres, business parks and new-economy infrastructure across Asia Pacific, and has already secured several projects and begun deploying part of the capital.

CapitaLand Investment's RMB master fund will, through a series of sub-funds, focus on quality assets with stable cash flows and long-term appreciation potential. The sub-funds' investment scope covers business parks, shopping centres, rental housing and serviced apartments in China's tier-1 and stronger tier-2 cities. In future, the sub-funds may also pursue special-situation investments in data centres, logistics parks, offices and other segments.

CapitaLand Investment: merger talks with Mapletree could create a platform with over USD 150 bn of AUM

According to Singapore's Lianhe Zaobao, CapitaLand Investment and Mapletree Investments Pte Ltd - the two core real estate platforms under Singapore sovereign fund Temasek - are exploring a potential business combination. If completed, the new company's assets under management would exceed USD 150 bn (c. RMB 1.08 trn), placing it among Asia's largest real estate companies and materially reshaping the regional industry landscape.

As the two pillars of Temasek's real estate portfolio, a Mapletree-CapitaLand combination is read in the industry as a key move by Singapore capital to optimise global asset allocation. Temasek has continued to consolidate its holdings in recent years, having engineered the 2023 merger of Keppel Offshore & Marine and Sembcorp Marine to form Seatrium; this real estate consolidation is seen as a continuation of that strategic streamlining.

Beijing Yangtze River Real Estate: wins Beijing Shimao Tower for RMB 2.254 bn, c. 30% below appraised value

On 4 November, JD's judicial auction platform showed that Yangtze River Pharmaceutical Group, through its wholly owned second-tier subsidiary Beijing Yangtze River Real Estate Co., Ltd., won Beijing Shimao Tower for RMB 2.254 bn - c. 30% below the appraised value of RMB 3.22 bn. The asset sits at 92A Jianguo Road, Chaoyang District, Beijing, with total GFA of 70,200 sqm covering four basement levels through to the 24th floor plus the corresponding land use rights; above-ground GFA is c. 60,000 sqm, equating to under RMB 38,000/sqm. The title records the use as mixed-use plus underground car park, with under 28 years of land tenure remaining, expiring on 9 August 2053.

Shanghai township enterprise: buys a Pudong office-retail asset for RMB 71.06 m

On 1 November, another en-bloc deal closed on JD's auction platform, with Shanghai Beicai Asset Management Co., Ltd. acquiring the retail asset at Floors 1-4, No. 29, Lane 2885 Jinxiu Road, Pudong New Area, Shanghai, for RMB 71.064 m at first auction. On a look-through basis, Shanghai Beicai Asset Management is one of the core operating and management platforms for Beicai Town's collective economy, reporting directly to Shanghai Beicai Industrial Co., Ltd., which exercises ownership, management and operating rights over township-level collective assets on behalf of the Beicai Town government.

The acquisition marks another move by Shanghai's village and township enterprises. In April 2025, Shanghai Fengjing Ancient Town Tourism Development Co., Ltd. bought hotel assets in Fengjing Ancient Town, Jinshan District, at auction for RMB 72.51 m; in June 2025, a Putuo township enterprise acquired Shanghai Xintai Center T1 for RMB 2.168 bn.

Market Data

24,300 aging urban residential compounds started renovation in January-September 2025, 97.2% of the annual target

According to MOHURD's Department of Urban Construction, the national plan for 2025 was to start renovation on 25,000 aging urban residential compounds. Based on locally reported data, 24,300 compounds started renovation in January-September, reaching 97.2% of the target. By region, 11 jurisdictions - Hebei, Liaoning, Jilin, Shanghai, Jiangsu, Anhui, Hainan, Chongqing, Shaanxi, Qinghai and the Xinjiang Production and Construction Corps - have completed their annual renovation plans.