Shenzhen: Second-hand home inquiries and sales both rebound during National Day holiday

As one of the barometers for China's property market, Shenzhen has seen changes in its new and second-hand housing markets following the release of combined policy efforts. "Under policy stimulus, second-hand home sales volume in September was already significantly higher than in August," said Xiong Xiaofei, district manager at Lianjia's Dongfang Yiyuan branch in Shenzhen. "Inquiries and sales volumes during the National Day holiday also showed a clear rebound compared to previous periods." He added that the most obvious change is a shortened decision-making process for buyers, as new housing policies have boosted confidence and eliminated long-standing market uncertainties, leading to more decisive purchasing decisions. Although second-hand home price trends in different Shenzhen areas have diverged, market confidence has been restored, narrowing the negotiation space between sellers and buyers. Meanwhile, the proportion of buyers applying for personal housing loans with terms over 30 years is rising rapidly. According to data from Beike Research Institute in Shenzhen, second-hand home signing volumes at cooperating Beike stores in Shenzhen increased by 23% year-on-year during the first five days before this year's National Day holiday. (Securities Times)