GRA Market Weekly (2025-11-14)

Policy Watch

PBoC releases the Q3 2025 China Monetary Policy Report

On 11 November, the People's Bank of China released its Q3 2025 China Monetary Policy Report. On the main thinking for the next phase, the report proposes giving full play to the guiding role of monetary and credit policy; studying a sound credit-enhancement system for private SMEs and policy measures to support financing for private and small businesses; strengthening finance's role in boosting and expanding consumption, expanding financial supply in consumer sectors, and studying measures to support personal credit repair so as to unlock consumption potential; and pushing financial policy measures such as the affordable-housing relending facility into effective implementation, improving foundational real estate finance mechanisms, and helping build a new model for real estate development.

State Council General Office issues measures to further promote private investment

On 10 November, the General Office of the State Council issued the Measures on Further Promoting the Development of Private Investment, setting out 13 targeted policy measures to further energise private investment.

Among them: sector regulators and local governments should refine, in light of local conditions, the specific requirements for private capital participating in project construction, with project approval (verification) authorities vetting participation and determining shareholding ratios within their remit. For smaller new urban-infrastructure projects with profit potential, private capital is encouraged to participate in construction and operation.

Beijing completes its full-year affordable housing targets ahead of schedule

According to the Beijing Municipal Commission of Housing and Urban-Rural Development, Beijing's second batch of the 2025 affordable housing construction and procurement plan has been formally issued. The batch comprises 17 new-build projects with 19,800 units, 7 procurement projects with 2,400 units, 7 completion projects with 8,100 units, plus 34 municipal roads and utility works supporting 13 projects scheduled to break ground within the year. Projects in this batch include public rental housing, government-subsidised rental housing and various types of resettlement housing.

For 2025, Beijing planned to build or procure 50,000 subsidised rental units (rooms) and complete 80,000 affordable units (rooms) of all types; both targets had been fully met by end-October.

Qingdao issues administrative measures for sale-type affordable housing, standardising the full process

The Qingdao Housing and Urban-Rural Development Bureau published a consultation draft of the Administrative Measures for Sale-Type Affordable Housing in Qingdao (Trial), for the first time systematically defining rules on construction, eligibility, pricing and closed-loop transfer, aiming to broaden housing security coverage for wage-earning households.

Under the measures, new-build units are mainly 75-120 sqm; unit prices may float within 15% of a benchmark of "allocated land cost + construction cost + reasonable profit", with average prices capped at the benchmark. Where existing commodity homes or judicially disposed units are acquired, district (city) governments determine unit sizes on a demand-driven basis and estimate buy-back costs.

Market Watch

Guangzhou: CSCI Investment takes two Baiyun resettlement-housing plots for RMB 959 m

On 14 November, Guangzhou offered two adjacent resettlement-housing plots in Jianggao Town, Baiyun District, both within the Guangzhou Rail Transit Equipment Industrial Park, with combined site area of 44,622 sqm, planned GFA of 156,177 sqm and a combined starting price of RMB 724 m.

Plot AB0101011 (residential; site area 17,785 sqm; planned GFA 62,248 sqm; plot ratio 3.5; starting price RMB 290.75 m, or RMB 4,671/sqm floor price) was won after 22 rounds of bidding by Guangzhou Haiyao Investment Development Co. (China State Construction International Investments) at RMB 400.75 m - a floor price of RMB 6,438/sqm and a 37.83% premium. The winner must sign a buy-back contract with Guangzhou Minkeyuan Urban Renewal Investment; the buy-back totals RMB 889.31 m, equivalent to RMB 14,287/sqm.

Plot AB0101013 (residential; site area 26,837 sqm; planned GFA 93,929 sqm; plot ratio 3.5; starting price RMB 433.06 m, or RMB 4,610/sqm floor price) was won after 18 rounds by CSCI Investment at RMB 558.06 m - a floor price of RMB 5,941/sqm and a 28.86% premium, likewise subject to a buy-back contract with Guangzhou Minkeyuan Urban Renewal Investment totalling RMB 1,294.10 m, equivalent to RMB 13,777/sqm.

Yiwu: after 45 bidding rounds, Hengda Holdings wins a Suxi Town residential plot for RMB 109 m

On 14 November, Yiwu sold a plot in Suxi Town zoned for urban residential and commercial use: site area 4,760.48 sqm, planned GFA 41,425.15 sqm, plot ratio 2.5, height limit 24 m, starting price RMB 85.6 m (floor price RMB 7,492/sqm). After 45 rounds of bidding, Zhejiang Hengda Holdings won at RMB 108.6 m - a floor price of RMB 9,505/sqm and a 26.87% premium.

Project Watch

Chongqing: Longsheng Xin Apartments opens in Liangjiang New Area with 465 units

On 11 November, the Longsheng Xin serviced apartments officially opened, welcoming the first residents into 465 furnished units - a further step for talent housing in the Yufu area of Longsheng New Town, Liangjiang New Area. The project is developed and managed by the Yufu subsidiary of Chongqing Liangjiang Investment Group, with full-service operations by Chenyu, backed by state-owned enterprise capabilities.

The project offers 465 furnished studio units with internal areas of 23-42 sqm, in single- or twin-bed configurations to suit diverse needs. Located within the Guoyuan Port international hub economic industrial park in Longsheng New Town, it adjoins the Shanghai-Chongqing Expressway and connects to Yuzui Station on Metro Line 4, providing efficient commuting.

Ningbo: Youchao's Xinyu Yunjingli launches a "priority home-selection day"

On 8 November, Youchao's Ningbo Xinyu Yunjingli project kicked off its "priority selection day", with the first batch of 200 units close to selling out on day one - a strong showing of market recognition. Located in the Wangchun Industrial Park, Haishu District, Ningbo, the project comprises c. 46,000 sqm of GFA across five high-quality apartment towers, offering 918 furnished units, including 778 comfortable 37 sqm one-bedroom units and 140 sunlit 58 sqm two-bedroom units, matched to different tenant profiles.

Corporate Watch

Link REIT, "Asia's largest REIT", to acquire interests in three shopping centres

On 13 November, Link REIT - Asia's largest real estate investment trust - announced plans to spend AUD 1.5 bn (c. RMB 7.1 bn) on interests in three Australian shopping centres. Market sources say Link has made an offer to Lendlease's AUD 2.8 bn Australian Prime Property Fund Retail to acquire 50% stakes in three of the fund's malls: Sunshine Plaza in Queensland, Macarthur Square in New South Wales and Lakeside Joondalup in Western Australia. The fund currently holds only four assets.

Xiangyu Group: Shanghai's Nanjing West Road landmark Ciro's Plaza trades at RMB 2.1 bn

Recently, Ciro's Plaza in Shanghai was sold to Xiangyu Group for RMB 2.1 bn - c. RMB 30,000/sqm - structured as a share deal. The asset was held by three foreign investors: Gaw Capital, PAG and an investor group including Goldman Sachs' merchant banking division.

Ciro's Plaza sits in the core Nanjing West Road precinct of Huangpu District - a 37-storey complex completed in 2001 comprising Grade A offices and a retail podium, with a signature four-storey glass "sky garden" atrium. As of 2023, mall occupancy was c. 90% and office occupancy above 70%.

Cathay Life buys a standalone office tower in Qiantan, Shanghai

Recently, Lujiazui Cathay Life purchased the entire Tower N5 of Qiantan Hui (formerly Qiantan Sifangcheng) for c. RMB 936 m - GFA of c. 13,370 sqm, or c. RMB 70,000/sqm. Qiantan Hui is a large mixed-use development in the Qiantan International Business District, Pudong, developed by Lujiazui Group, designed by KPF and completed in May 2023.

The complex totals c. 410,000 sqm of GFA across 11 Grade A office towers plus retail and hotel, built around a "pedestrian-friendly" design that links functions via sky bridges and elevated walkways. Highlights include the riverside Kimpton hotel with its infinity pool, and seamless connections to Crystal Plaza, the Oriental Sports Center and other neighbouring projects.

CR Land files a USD 3.9 bn MTN programme, returning to offshore debt after six years

On 10 November, China Resources Land announced a USD 3.9 bn medium-term note programme. It has applied to HKEX for listing approval covering the 12 months from 10 November 2025, under which notes may be issued, with the programme's listing expected to take effect on or around 11 November 2025. In an offering circular published the following day, CR Land noted the notes may be issued in Bearer or Registered form, with outstanding notes not exceeding the programme size (subject to agreed increases). The notes target only "professional investors" as defined by the Hong Kong Stock Exchange; the programme and notes (if listed) will list on HKEX and are explicitly unsuitable for Hong Kong retail investors.

Brookfield completes disposals across multiple real estate holdings

Recently, market sources reported that Brookfield has completed its first exits through its debut real estate secondaries fund, Brookfield Real Estate Secondaries Fund (BRES), with total disposals exceeding USD 200 m. The fund closed in August 2024 at USD 1.3 bn. The exits comprise a student housing portfolio near the University of Georgia sold for USD 141 m and eight logistics assets in Northern Virginia sold for USD 74 m. Both portfolios were held for about two years, with the student housing sale coming three years ahead of the original plan.

Country Garden's "guaranteed delivery" drive enters the final sprint

Recently, Country Garden's internal monthly management meeting disclosed that its home-delivery programme has entered the final sprint, with over 130,000 homes delivered in the first ten months of 2025. The company delivered nearly 700,000 homes in 2022, over 600,000 in 2023 and 380,000 in 2024 - a cumulative total of more than 1.8 million homes over the past four years.

Longfor Commercial takes over The Place in Beijing

Recently, Beijing Aozhong Xingye signed with Longfor Commercial on The Place in Beijing, which will be operated by Longfor Commercial going forward. Industry analysts suggest Longfor's entry may bring a turnaround. The Place, at 9 Guanghua Road in Chaoyang District, is an early CBD retail landmark completed in 2006, famous for Asia's largest 250 m × 30 m LED sky canopy and once home to ZARA's first Beijing store. Footfall has declined in recent years as newer precincts drew traffic away. Longfor Commercial took over operations in November 2025, planning to reposition the asset as a "CBD commercial aesthetics landmark" - its tenth commercial project in Beijing.

Rici Healthcare buys a Shanghai luxury townhouse for nearly RMB 200 m

Recently, Rici Healthcare purchased a townhouse of c. 570 sqm at Yunjin Dongfang in Xuhui, Shanghai, for nearly RMB 200 m - close to RMB 350,000/sqm, well above the project's average price of RMB 298,000/sqm. The unit is said to be the compound's "king unit". Details of the deal drew attention: the buyer has paid an initial deposit of RMB 30 m to seller Shanghai Donghang Real Estate, with the c. RMB 169 m balance due by 30 November. The purchase is funded entirely from internal company resources - Rici completed the near-RMB 200 m transaction with its own funds, without external financing.

Huajing Education buys a standalone office building in north Haidian, Beijing, for c. RMB 400 m

On 13 November, Beijing housing authority records showed that Building 2 of E_ZIKOO Smart Valley in north Haidian obtained its fit-out permit, covering 9,516 sqm. The buyer is Huajing Education, at a total consideration of c. RMB 400 m, for use as its headquarters. The project, jointly developed by Grandjoy Holdings and Tianheng Group, sits at the Yongfeng core of the northern Zhongguancun Science City, near the Palace Museum North Branch, with a planned volume above 700,000 sqm including seven corporate headquarters buildings.

70-city home prices, October 2025

On 14 November, the National Bureau of Statistics released data on commodity residential sales prices for October 2025. Across the 70 large and medium-sized cities, prices fell both MoM and YoY in all city tiers. MoM, tier-1 new home prices fell 0.3%, the same pace as the prior month - Shanghai rose 0.3%, while Beijing, Guangzhou and Shenzhen fell 0.1%, 0.8% and 0.7% respectively. Tier-1 secondary home prices fell 0.9% MoM, narrowing 0.1 ppt - Beijing, Shanghai, Guangzhou and Shenzhen fell 1.1%, 0.9%, 0.9% and 0.9% respectively. YoY, tier-1 new home prices fell 0.8%, widening 0.1 ppt - Shanghai rose 5.7%, while Beijing, Guangzhou and Shenzhen fell 2.0%, 4.2% and 2.6% respectively. Tier-1 secondary home prices fell 4.4% YoY, widening 1.2 ppt - Beijing, Shanghai, Guangzhou and Shenzhen fell 4.7%, 3.4%, 6.4% and 3.3% respectively.