GRA Market Weekly (2026-03-28)

Policy Watch

Guangzhou: modular construction industrial parks

The Guangzhou Municipal Housing and Urban-Rural Development Bureau issued Several Measures on Accelerating the Development of Modular Construction. The measures encourage districts to provide precise "one enterprise, one policy" and "one park, one plan" services for modular construction industrial parks, adopt a "land use checklist" system, and establish control indicator frameworks covering investment intensity, plot ratio, per-mu tax revenue, employment contribution and R&D spending intensity. They allow land premiums to be paid in instalments and implement tax incentives to reduce the landing cost of key projects, while actively attracting leading enterprises to build full-lifecycle, full-value-chain intelligent construction industrial parks integrating R&D, design, production, testing and O&M services.

Hangzhou: six districts roll out home purchase subsidies in quick succession

Hangzhou's Gongshu, Xiaoshan, Yuhang, Linping, Qiantang and Lin'an districts have rolled out home purchase subsidy policies totalling c. RMB 300 m, covering residential, retail and office properties - the strongest real estate support package in the Yangtze River Delta so far in 2026.

Chengdu: new provident fund policy raises maximum loan to RMB 1.2 m

Chengdu issued a series of policy measures, including the Notice on Further Optimising Housing Provident Fund Policies and the Notice on Further Supporting Housing Consumption, lifting the maximum loan amount to RMB 1.2 m, removing limits on the number of loans, and further relaxing first-home recognition criteria.

Hebei: Xiong'an New Area issues China's first 3D real estate title certificate

Using the Xiong'an Business Service Center project as a pilot, Xiong'an New Area issued the country's first three-dimensional real estate title certificate, achieving full-process 3D digital planning, design and title registration for territorial space development. The new area has integrated geographic information, land survey and title registration data to build a dynamic 3D "one map".

Market Watch

Beijing: second-round list of four residential plots released, c. 22 ha in total

On 25 March, the Beijing Municipal Commission of Planning and Natural Resources published the second-round list of proposed commercial residential land supply for 2026, covering four plots with a combined site area of c. 22 ha and building scale of c. 380,000 sqm. All plots are located in areas with strong market demand and relatively complete infrastructure and public services. By location: one in the central city (Fengtai District), two in the sub-centre and plain new towns (Tongzhou District), and one in the ecological conservation area (Huairou District). The plots will be brought to market shortly.

Xiamen: first auction raises RMB 3.959 bn as C&D, ITG and China Overseas restock without drama

On 24 March, Xiamen's first residential land auction of 2026 concluded. Three residential-use plots in Huli, Xiang'an and Tong'an transacted for a combined RMB 3.959 bn, with no failed sales and no premiums. The buyers were three central or local SOEs: Xiamen Hongyaosheng Real Estate Development (C&D Inc.), Xiamen Dongshanyue Real Estate (Xiamen ITG) and Zhangzhou China Overseas Real Estate (China Overseas).

Per the tender notices from the Xiamen Natural Resources and Planning Bureau, the plots - 2026P03, 2026XP02 and 2026TP02 - cover a total site area of c. 9.21 ha with chargeable GFA of c. 180,000 sqm. All three plots sold at reserve price, with central and local SOEs the only buyers.

First batch of commercial real estate REITs advances quickly: half of the 14 filings from Shanghai

Since the commercial real estate REITs pilot opened on 31 December 2025, 14 projects have been filed with the Shanghai and Shenzhen stock exchanges, targeting combined fundraising of around RMB 40 bn. Among the 14 filings, Shanghai enterprises show exceptionally high participation, forming a pronounced regional advantage.

First by number of sponsors: seven filings - half the total - have Shanghai enterprises as original equity holders, including Jin Jiang International, Shanghai Land Group, Lujiazui Group, Everbright Ashmore, Chongbang Group, H World and Wuyue Shunrui, spanning state-owned, private and foreign-invested ownership.
First by underlying assets: five filings involve Shanghai-based assets, also the most nationwide. All are quality properties in core urban locations, including Shanghai Land Group's Dingbao Tower and Dingbo Tower, Lujiazui Group's Crystal Plaza in the New Bund, Everbright Ashmore's Jing'an Darongcheng mall, Chongbang's Life Hub @ Anting, and H World's Crystal Orange Hotel at Jiangqiao Wanda.
First by asset valuation: per the filing documents, the Shanghai assets carry a combined valuation of RMB 12.033 bn, the largest in the country - underscoring the depth and market value of Shanghai commercial real estate.

One month into Shanghai's new housing policy: positive shifts in new and secondary markets

Per data disclosed by Shanghai Lianjia Research Institute on 24 March, 22,400 secondary homes transacted in Shanghai between 1 and 23 March 2026, up 11% from the same period of 2025. Lianjia's daily viewings rose 30% versus pre-policy levels, daily new clients rose 51%, and new listings rose 85% against the pre-policy daily average - buyer confidence has clearly improved, with both viewings and transactions highly active.

On listing expectations, Shanghai's February 2026 secondary-home listing reference price was RMB 42,258/sqm, down 1.24% MoM and 14% YoY. Beijing's February listing reference price was RMB 48,224/sqm, stabilising MoM but still down 14.18% YoY - indicating that the downtrend in sellers' expectations has yet to improve.

Guangzhou and Shenzhen luxury sales accelerate

Looking at Q1 transactions of commercial housing priced above RMB 10 m (excluding serviced apartments), tier-1 cities recorded 3,044 units through 22 March, down c. 37% from the same period of 2025. But the trend for high-end homes above RMB 30 m has reversed: the four tier-1 cities together transacted 548 units, up 14% YoY. Guangzhou and Shenzhen have entered a volume expansion phase, with YoY growth both exceeding 100% - overtaking Beijing and Shanghai.

Shenzhen: the standout performer, with 168 units through 22 March, up 154.55% YoY; daily sales of 2.07 units, up 132.6% from the Q4 daily average of 0.89. Shenzhen's year-to-date sales above RMB 30 m already equal 30% of last year's full-year total.
Guangzhou: 73 units through 20 March, up 128.13% YoY, with daily sales of 0.90 units - likewise double the Q4 daily average.
Shanghai: total volume remains the ballast of the market, leading with 229 units through 22 March; but with supply visibly contracting and a high base last year, sales fell 27.99% YoY, with daily sales of 2.83 units, down 28.9% from Q4's 3.98.
Beijing: 78 units, up 20% YoY, but with daily sales below one unit.

Corporate Watch

Sun Hung Kai Properties: Andaz Shanghai ITC officially opens

In March 2026, the Andaz hotel at Shanghai ITC in the core of Xujiahui officially opened - the second Shanghai property for Hyatt's luxury lifestyle brand Andaz. Its opening marks a further step in completing the tenant mix of Shanghai ITC, a mega complex with total GFA of over 700,000 sqm.

The hotel focuses on immersive local experiences with a "vertical Shanghai neighbourhood" design concept and 267 guest rooms. Seamlessly connected to the ITC mall, it aims to create an "international reception hall" integrating office, retail and hospitality - significantly enhancing the asset's commercial value and rental premium capacity.

Yuexiu Commercial Management: twin openings renew Guangzhou and Wuhan

Wuhan Yuexiu International Finance Centre (IFC) announced that central China's first Ritz-Carlton will officially open on 28 March 2026. Occupying floors 46-59 of the 330 m T5 tower, the hotel fills the gap in top-luxury hotel brands in central China and will serve as the city's "business reception hall" to the world. As the first full-format complex of Yuexiu Commercial Management's "IFC" product line outside Guangzhou, the Ritz-Carlton's arrival completes Wuhan Yuexiu IFC's full-format loop of premium Grade A offices, top-luxury hotel and boutique retail. The move will deepen synergies with regional finance and commerce, help attract multinationals and high-net-worth clientele, consolidate the greater Hankou premium business core, and markedly strengthen the asset's overall competitiveness.

As Yuexiu Group's benchmark for old-town renewal in South China, the Greater Bay Area's first Curio Collection by Hilton - Guangzhou Mansion - will reopen on 30 March. The property was originally the Guangzhou Municipal Government Guest House founded in 1963, a landmark carrying the memories of generations. Through a meticulous path of "protective restoration + functional reconfiguration + cultural empowerment + brand upgrading", Yuexiu Commercial Management has successfully revitalised the 60-year-old building.

Project Watch

Fosun commercial real estate REIT formally filed

On 26 March, the status of the Guolian An Fosun Closed-End Commercial Real Estate Securities Investment Fund, managed by Guolian An Fund Management, was updated to "filed". The fund is a commercial real estate REIT, with Hainan Atlantis Commercial Tourism Development as sponsor (original equity holder) and Guolian An Fund as plan manager.