GRA Market Weekly (2026-06-12)

Policy Watch

MOHURD opens public consultation on the revised draft of the Housing Provident Fund Regulations

On 5 June, the Ministry of Housing and Urban-Rural Development opened public consultation on the Housing Provident Fund Regulations (Revised Draft for Comment). This is the most sweeping structural revision since the regulations were established in 1999, expanding permitted withdrawals from six categories to nine (adding rent, renovation and property-management fees). It consolidates into a unified national framework the 150-plus local provident-fund optimisation policies rolled out nationwide since 2025 (per China Index Academy). At its core, the fund is shifting from a "home-purchase-only pool" to a "housing-life wallet", with inclusive coverage extended to gig-economy workers - echoing the 15th Five-Year Plan outline's call to "expand the scope of use and support participation by flexibly employed persons".

Market Watch

Shenzhen: land market runs hot, minting a new citywide unit-price record

On 5 June, a low-density residential plot in Yuehai Sub-district, Nanshan Science and Technology Park, Shenzhen drew six developers into a battle of more than an hour and 291 rounds of bidding, ultimately won by Poly Property Group for RMB 5.772 bn at a 150.74% premium. The accommodation value of RMB 108,680.10/sqm makes it Shenzhen's new unit-price record. On 12 June, Shenzhen held another auction: nine developers fought through 300 rounds before C&D secured plot T201-0233 in Guiwan, Qianhai for RMB 3.525 bn at a 114.29% premium and RMB 95,918/sqm - now the second-highest accommodation value ever paid for residential-use land in Shenzhen.

Project Watch

Shanghai: China's first quasi-REIT backed by rental housing on R4-zoned land

The Hua An Asset - Guotai Haitong - Pudong Development Group Huizhi Affordable Rental Housing Green Asset-Backed Plan (housing rental) recently completed issuance, with a total scale of RMB 3.650 bn and a senior-tranche coupon of 1.95%. The deal is the nation's first green affordable rental housing quasi-REIT, the first quasi-REIT backed by rental housing on R4-zoned land, the lowest coupon on record for a quasi-REIT of comparable size, and Shanghai's largest quasi-REIT. The underlying assets are Pudong Development Group's three flagship rental housing projects - Huizhi Renhengpai, Huizhi Youchao and Huizhi Fanghua - all located in Pudong, with robust demand and stable operations.

Corporate Watch

Zhonglian Fund: exit completed from its commercial real estate fund

On 9 June, Zhonglian Fund announced the successful exit of its commercial real estate fund, achieving double-digit annualised returns. The commercial real estate acquisition fund was established in May 2023, bringing in leading domestic insurance capital to acquire flagship shopping centres in Shanghai and elsewhere during the sector downturn. The market widely believes the underlying assets are the Wanda Plaza projects Zhonglian acquired in May 2023 - Shanghai Songjiang Wanda Plaza, Xining Haihu Wanda Plaza and Jiangmen Taishan Wanda Plaza - with a fund size of c. RMB 1.01 bn, Dajia Insurance as LP and Zhonglian Fund as GP.

Ascott: first entry into old Huangpu, Guangzhou, landing in Yuzhu CBD

On 9 June, Ascott China formally signed a cooperation agreement with Yingguang Group, bringing its premium Ascott serviced residence line to Yuzhu CBD in Huangpu, Guangzhou, within the Yingguang Zhenrongfu project, at a height of 150 metres. It is Ascott's fifth serviced residence in Guangzhou and the first Ascott-branded property in Huangpu District.

JD.com: takes over the redeveloped Huibao Plaza in Qibao, Shanghai

On 10 June, JD.com announced that its first JD MALL in Shanghai would open on 12 June in the Qibao commercial area of Minhang District, at 3509 Caobao Road - the deeply refurbished former Huibao Shopping Plaza. The store spans nearly 50,000 sqm of retail space over four floors and is JD's 28th large immersive consumer-experience store nationwide. The former Huibao Shopping Plaza was a long-established commercial landmark in Qibao; with JD and the owner jointly rebuilding the hardware and reworking the trade mix, the property has shed the shelf-style layout of a traditional appliance store.