October 7, 2026 08:01 AM GMT China Property | Asia Pacific Exhibit 1: Secondary home sales rose 50% y-y across 25 major cities on October 1-6 25-city monthly secondary sales Y-Y (k units) Oct 1-6 Oct-21 Feb-22 Jun-22 Oct-22 Feb-23 Jun-23 Oct-23 Feb-24 Jun-24 Oct-24 Feb-25 Jun-25 Oct-25 Feb-26 Jun-26 300 250 200 150 100 50 - 100% 80% 60% 40% 20% 0% -20% -40% -60% -80% -100% Source: Bingshan, Morgan Stanley Research M Update Golden Week: Home Sales Grow, Secondary Market Leads Key Takeaways Growth in both mar ...

China Property Golden Week Property Sales: Strong Beat in Key Cities CITI'S TAKE Robust Golden Week property transactions for both primary & secondary — Policy transmission appearing broader and more consistent in the existing-home market. Secondary transactions across 26 tracked cities increased 53% YoY to 27,720 units, with all cities posting growth. Primary sales across 13 cities rose 41% YoY to 2,812 units, although the headline improvement was concentrated in a limited number of cities and underlying p ...