GRA Market Weekly (2026-04-04)

Policy Watch

Shanghai: first "home acquisition and swap" case signed

On 31 March, Shanghai's first "home acquisition and swap" case was formally signed in Jing'an District. Guided by the Jing'an District Housing Security and Administration Bureau and hosted by the Yu Jing'an project, it marks the first successfully signed case since the city launched its pilot programme in February this year to acquire second-hand homes for use as government-subsidised rental housing. The pilot mainly targets Jing'an residents holding homes of up to 70 sqm with a total value of up to c. RMB 4 m; the district public rental housing company acquires the older home directly, and the acquired units are folded into the government-subsidised rental housing system. The swap process is clear and standardised:

The resident first selects and subscribes for a preferred new home within Jing'an District, locking in the unit and price
An acquisition application is then filed, with a third-party appraiser conducting an independent valuation of the older home
Once the price is agreed, the transfer of the older home is processed on the strength of the new home's online sale contract, with the housing authority supervising throughout

This innovative model addresses the pain point of upgrade buyers being unable to sell their older homes, while also sourcing units for government-subsidised rental housing and helping new urban residents and young people ease rental pressure - providing replicable experience for city-wide rollout.

Hainan: provident fund withdrawals standardised to guard against funding risk

Hainan has issued new rules on housing provident fund withdrawals, further refining the review standards for second-hand home withdrawals: for non-first, unmortgaged second-hand homes, a waiting period of "six months from title transfer" is added. From 1 April this year, Hainan will also roll out province-wide the withdrawal of housing provident funds by contributors for their children's home purchases, supporting contributors in withdrawing funds to pay their children's down payments. The rules clarify withdrawal requirements for various special transaction scenarios and strengthen credit sanctions against non-compliant withdrawals, firmly curbing misappropriation and other violations, effectively guarding against operational risk in the provident fund and ensuring funds are used safely and compliantly.

Market Watch

Shanghai: Poly wins the core Zhongshan Park residential plot at a premium for RMB 5.922 bn

On 30 March, the only residential plot in Shanghai's second land auction batch of 2026 - plots E1-17 and E1-21 in unit C040101 at Zhongshan Park, Changning District - was secured after 41 rounds of bidding by central SOE Poly Developments for RMB 5.922 bn, at an accommodation value of RMB 77,697/sqm and a premium of 6.43%. The site has a land area of c. 29,000 sqm and planned GFA of c. 76,200 sqm, and must include government-subsidised rental housing and community-level public service facilities; it is close to a metro station, retail complexes and Zhongshan Park, giving it a distinct locational advantage. Notably, no pure residential land had been supplied inside Changning's inner ring for almost 17 years, and the sale marks the resurgence of the luxury residential market in Shanghai's inner-ring core as well as an important bellwether for the future direction of the city's land market.

Beijing: Beijing Capital Development takes a Tongzhou city sub-centre residential plot at reserve price

On 2 April, Beijing concluded its first land auction of April 2026, with Beijing Capital Development securing a residential-use plot in block 0703 of the Tongzhou city sub-centre for RMB 1.769 bn at an accommodation value of RMB 19,154/sqm and a premium of 0%. The plot's land use includes Category II residential and childcare/kindergarten use, with planned GFA of c. 92,400 sqm, of which residential GFA is c. 89,300 sqm; a kindergarten will be built alongside, helping improve residential amenities in the Tongzhou city sub-centre.

Chengdu: all five residential-use plots sold, raising over RMB 2.6 bn

On 31 March, Chengdu offered five residential-use plots in a single batch, located in the five urban districts of Jinjiang, Qingyang, Wuhou, Chenghua and Xindu, with a combined starting price of RMB 2.523 bn. All five sold successfully with no failed auctions, for total proceeds of RMB 2.623 bn, reflecting the overall stability of Chengdu's land market and balanced demand across districts.

QFLP fund established, attracting offshore capital into the domestic market

On 26 March, the "Beijing Prologis Equity Investment Fund", set up in Beijing's Xicheng District by global logistics real estate leader Prologis, completed registration, becoming Beijing's first Qualified Foreign Limited Partner (QFLP) fund of 2026. Its establishment helps attract quality offshore capital into domestic real estate and related industry investment, further enriching supply in the domestic real estate capital market and broadening financing channels for the industry.

Shanghai: second-hand market activity hits a five-year high

Shanghai's second-hand housing market performed strongly in March, with monthly online registrations exceeding 30,000 units, a five-year high; registrations reached 1,585 units on 28 March alone, a new single-day record, and the registration system briefly congested under the volume. By transaction mix, homes priced below RMB 3 m accounted for over 60% and units under 90 sqm for 64%, indicating demand driven mainly by first-time buyers with limited speculative content - market activity is being driven by genuine owner-occupier demand.

REITs Watch

Chuangjin Hexin Beijing State-owned Assets Commercial Property REIT filed, focused on the Longfusi urban renewal project

On 30 March, the Chuangjin Hexin Beijing State-owned Assets Commercial Property REIT completed its filing. It is the third commercial property REIT within the Beijing state-owned system, with underlying assets relating to the Longfusi (Longfu Temple) urban renewal project. Led by Beijing State-owned Assets Management Co., the project aims to become a benchmark for the revival of Beijing's old city, spanning retail, cultural and other formats, with a total site area of c. 155,000 sqm and redevelopment proceeding in three phases - supporting the revitalisation of existing assets in the urban renewal space.

CSC-Easyhome inter-institutional REIT accepted by the Shenzhen Stock Exchange, focused on the home furnishing retail sector

On 1 April, the CSC-Easyhome holding-type real estate asset-backed special plan (an inter-institutional REIT) was formally accepted by the Shenzhen Stock Exchange, with a filed size of RMB 2.461 bn. The originators are Beijing Easyhome Home Building Materials Market Co., Ltd. and Beijing Easyhome Home Furnishing Chain Co., Ltd., which will initially subscribe for and hold no less than 34% of the asset-backed securities in aggregate. The underlying asset is the North Fourth Ring Smart Home Experience Centre in Beijing, located at No. 1, Courtyard 73, North Fourth Ring Road East, Chaoyang District, Beijing, with GFA of c. 64,980 sqm - an immersive smart-home experience venue upgraded at Easyhome's own expense, covering smart appliances, custom whole-home fit-out and other categories. The filing is another innovative attempt to revitalise existing assets in the home furnishing retail sector, using a special purpose vehicle (SPV) structure with Easyhome coordinating operations and management, helping the company broaden financing channels and optimise its asset structure while providing a reference path for revitalising comparable existing assets in the sector.

Corporate Watch

On 27 March, domestic hotel industry leader Jin Jiang Hotels refiled its application for an H-share issue and listing with the Hong Kong Stock Exchange, having first filed in June 2025; this filing is a resubmission with updated documents. If successful, Jin Jiang Hotels would become the first domestic hotel group with a dual "A+H" listing, further broadening financing channels and strengthening its financial capacity and industry influence. The issue is restricted to eligible offshore investors and domestic qualified investors, and the listing remains subject to approval by the CSRC, the Hong Kong SFC and the Hong Kong Stock Exchange, leaving a degree of uncertainty.

Xiamen ITG: RMB 2.162 bn for 100% of Shanghai Kunsheng's equity and debt, securing development rights to a core North Bund plot

Xiamen ITG recently completed, as transferee, the acquisition of 100% of the equity and related debt of Shanghai Kunsheng Development and Construction Co., Ltd. for RMB 2.162 bn, securing core plot development resources. Shanghai Kunsheng's core assets are the project development rights to plots hk196-08 and hk196-06 on the North Bund in Hongkou; combined, the two plots form a mixed-use site with total transferred area of c. 1.03 ha and planned GFA of c. 32,100 sqm, covering ordinary commodity housing, retail, cultural and other uses. The location is close to the core North Bund area, with mature surrounding retail, education and healthcare amenities, and was a shooting location for the film She's Got No Name (Jiangyuan Lane), giving it considerable development value and market potential. The acquisition is also an important step in Xiamen ITG's expansion into Shanghai's core areas and its pursuit of quality assets.

Bank of East Asia: nearly RMB 1.7 bn to increase its holding in a landmark Shanghai office tower

Multiple market sources report that Bank of East Asia has completed the acquisition of core office space at the Bank of East Asia Finance Tower in Lujiazui, Shanghai. The transaction covers core office floors 12-23 for a total price of RMB 1.68 bn, with acquired area of c. 42,000 sqm, equating to a unit price of c. RMB 40,000/sqm. The counterparty was ARA Asset Management ("ARA"), part of ESR, which purchased the property in 2015 at a price reported in the media at the time of RMB 2.7 bn.

Following the increase, Bank of East Asia holds c. 82% of the tower's area, c. 78,300 sqm, further consolidating the owner-occupied nature of its headquarters building in Lujiazui Finance City. "The property will be held long term by the Bank of East Asia Group, further demonstrating firm confidence in the mainland market and a commitment to long-term engagement there."

The Bank of East Asia Finance Tower, formerly known as Gaobao Financial Tower, was developed by Gaopeng Shanghai Real Estate Development Co., Ltd., with total GFA of 91,705.28 sqm, completed in 2009, on a 50-year land tenure running to March 2055. Shortly after completion, at the end of 2008, Bank of East Asia paid c. RMB 1 bn for 10 floors of c. 22,000 sqm and obtained permanent naming rights, whereupon the tower was renamed the Bank of East Asia Finance Tower and used as its headquarters.

Aside from the space purchased by Bank of East Asia, several historical transactions in the tower's remaining area are on record:

In 2009, 18 units in the tower totalling 12,013.12 sqm were sold to retail buyers at an average price of RMB 55,000/sqm. Wang Wenyin, the "world's copper king", bought a floor in the Bank of East Asia Finance Tower at the time for use as a private office.
In December 2015, Singapore-listed ARA Asset Management Limited acquired the equity in the entire remaining tower, involving 41,000 sqm of floor area, at a price of RMB 2.7 bn, or RMB 65,800/sqm - one of that year's landmark en-bloc office transactions in China.