“100-city price index”
(b) average prices for 100 city sales in january: 0. 18 per cent, or 2. 52 per cent, for newly built dwellings; 0. 85 per cent, or 8. 67 per cent, for secondary homes
The average rent in 50 cities: a 0. 45 per cent drop in the residential ring ratio and a 3. 67 per cent drop in the same year refer to the institute: according to data from the 100-city price index of the china real estate index system,1 a survey of 100 new, second-hand residential sales markets and 50 urban rental markets across the country, in january the average price of new housing in 100 cities across the country was $17114 per square metre, an increase of 0. 18 per cent. In terms of the number of cities rising and falling, 24 cities rose, 72 cities fell and 4 cities remained flat. In comparison, the average price of new dwellings in 100 cities increased by 2. 52 per cent over the same period. The average price of second-hand dwellings in 100 cities nationwide was 12905 yuan/m2, a decrease of 0. 85 per cent in the ring ratio, which was 0. 12 percentage points narrower than last month. In terms of rising and falling cities, the price of secondary housing in 100 cities has fallen. In comparison, the average price of second-hand dwellings in 100 cities across the country fell by 8. 67 per cent over the same period。
The average rent of 50 urban dwellings in the country is 34. 00 yuan/m2/month, a decrease of 0. 45 per cent in the ring ratio; in terms of the number of cities rising and falling, one urban ring ratio rose and 49 urban ring ratios fell. In comparison, the average rent of dwellings in 50 cities in the country fell by 3. 67 per cent compared to the same period last year。
On the policy side, on 1 january, a special commentator article entitled " improving and stabilizing the expectations of the real estate market " was published in the magazine " hope for justice " , highlighting the “special importance of strengthening the management of expectations in stabilizing the real estate market” and proposing “a minimum adjustment time and ironing of market fluctuations” and “a one-off policy that does not allow for oil-added tactics”. The ministry of finance, the general tax administration and the ministry of housing issued a circular extending the application of the tax policy for the return of housing to the end of 2027. On 15 january, the central bank lowered the interest rate on structural monetary policy instruments and reduced the minimum down payment for commercial housing to 30 per cent. On 20 november, the ministry of natural resources and the ministry of housing and construction jointly issued a circular on a number of measures to further support urban renewal initiatives, which further supported urban renewal measures on six fronts: enhancing detailed planning adaptability, optimizing transitional support policies, promoting the temporary use of stored land and space, encouraging the overall operation of resource asset portfolios, innovative real estate registration services and the proper disposal of historical legacy issues. In addition, market information confirms that the supervisory authority issued up-to-date policy guidance this month on the real estate financing coordination mechanism, and that projects that have entered the financing coordination mechanism's “white list” meet certain conditions and criteria and can be renewed at the original loan bank for an extended period of five years. At the local level, beijing has adopted a negative list to clarify the requirements for land use permits and prohibition of compatible content and ratios; shanghai has supported the upgrading of commercial buildings, allowing the storage of commercial buildings to accommodate the leasing of housing (including talent apartments), hotels, recreation, medical health, etc.; wuhan, shenyang, xiamen, etc., optimized the provident fund lending policy; nanjing, sinkang, etc. In addition, in january, sichuan and zhejiang issued some $10. 5 billion in special-purpose bonds to recover unused land。
In terms of market performance, cities such as chengdu, shanghai and hangzhou have improved their access to new housing at a higher level, leading to a structural increase in the price of new housing in 100 cities, but the overall performance of the market has been flat and the price of new housing in 100 cities has been narrower than last month. With respect to second-hand dwellings, the price of the 100-hand urban second-hand homes fell considerably in january over the previous month, but somewhat narrower than in the previous month. With regard to rental housing, in january, the market continued to enjoy a low-season climate, with a focus on 50 urban housing rental rates, which continued to decline。
In 2026, a clear “stable expectation” signal was released at the policy level, and a number of concrete measures were put in place at the beginning of the year, including the extension of the re-entry tax policy, the extension of white-listed project loans and the structural reduction of interest rates, and support for urban renewal, aimed at boosting market confidence through synergy between demand and financing. Overall, the real estate policy has entered a new phase aimed at “stabilizing expectations and shortening adjustment times”. In the short term, the spring holidays in february affected the pace of market sales or slowed down in stages. However, with the prospect of a gradual release of market demand in march, as the core city's concessions of high-quality plots in 2025 gradually enter the market, and some housing companies expect to boost their marketing efforts in advance of the spring festival, the core city's “young spring” performance remains to be expected。
