Multiple Real Estate Markets Show "Mini Spring" Rally as Developers Accelerate Sales Push

Since March, the real estate market in many cities has gradually shown signs of a “small spring,” with many hot projects selling well immediately after opening, and market sentiment significantly improving compared to the beginning of the year. Developers are accelerating their launch pace to seize the window of opportunity and speed up sales and cash flow.

Specifically, Beijing’s new home market was the first to show warmth. On March 22, Beijing Construction Engineering Group Co., Ltd. jointly launched the Jiatang Jingyue project, selling 266 units on the same day.

A real estate agent from Lianjia told Securities Daily that the project offered about 400 units, with more than 500 groups of reservations before opening. “Smaller units around 100 square meters are selling faster, and buyers are more actively entering the market.”

On March 20, a reporter from Securities Daily visited the sales office of the Zhongjian Guoxianfu PARK project, which had not yet opened. The office was bustling with people, the negotiation area was full, and some people were waiting in line to enter the showrooms. “The project is preparing to open, and recent visitor numbers have increased significantly. It’s also very busy on weekdays,” a sales staff member said.

The high-end market in Shenzhen also continued its strong performance. In March, China Resources Land and China Overseas Property Development Group jointly launched the Shenzhen Bay Yunxi project for the second time, achieving another round of hot sales. The project’s total sales in four months exceeded 23.9 billion yuan.

The Shanghai market also had notable highlights. In mid-March, Zhongjian Yipin·The Bund Yuanjing’s second launch achieved 900 million yuan in sales, setting a new record for sales of landscape-type products within 48 hours. The second batch of units at the Zhonghuan Luduo project sold out immediately.

From the data perspective, market heat is gradually rising. According to CRIC Research Institute, in the 12th week of 2026 (March 15–21), new home transaction area in 30 cities was 2.48 million square meters, up 15.9% month-on-month. Among them, Beijing’s new home transactions increased by 31.7%, the highest among first-tier cities; second-tier cities like Chengdu, Hangzhou, and Suzhou saw significant growth, with transaction areas of 1.47 million square meters, up 30.1% MoM.

Looking at a longer timeframe, the upward trend becomes even clearer. Since March 1 to March 21, the transaction area of new homes in 30 cities has increased by 101.4% month-on-month, doubling, indicating a rising market heat.

Signals of recovery are also evident in the second-hand housing market. CRIC Research Institute data shows that in the 12th week of 2026, 36,003 second-hand homes were sold in 20 cities, an 11.3% increase MoM. In Beijing, second-hand home transactions increased by 19.7% MoM and 13.7% YoY. Overall, since March, second-hand home transactions in 20 cities increased by 90.3% MoM, with activity significantly rising.

Meanwhile, inventory pressures in key cities have eased. CRIC data shows that Shenzhen’s available new home area decreased by 3.5% MoM, with a faster clearance rate among first-tier cities. Some second-tier cities also saw inventory declines, indicating improved market absorption capacity.

On the policy front, signals to stabilize the housing market continue to be released. For example, Shanghai lowered the down payment ratio for commercial properties to 30%, Nanjing provided interest subsidies for home replacement, and cities like Shenzhen and Shenyang optimized housing provident fund policies to promote demand release.

Overall, since March, the real estate market has shown features of “rising transactions and accelerated project launches.” Yan Yuejin, deputy director of the E-House Research Institute, told Securities Daily that with continued policy support and the concentration of quality projects entering the market, the market heat in core cities is expected to persist. However, differentiation among cities and projects will continue, and a full industry recovery still requires time.