Prices for existing homes in China's four first-tier cities, namely Beijing, Shanghai, Guangzhou and Shenzhen, continued their upward momentum for a fourth consecutive month in June, according data from the National Bureau of Statistics on Wednesday.
In June, existing home prices in first-tier cities rose by 0.3 percent from May. Beijing saw a 0.1 percent increase, while Shanghai and Guangzhou each recorded a 0.4 percent rise, and Shenzhen posted a 0.3 percent gain.
The existing home transactions in Beijing reached 16,618 units in June, up about 10 percent from 15,139 units in the same month last year, according to online contract signing data from the Beijing Municipal Commission of Housing and Urban-Rural Development.
For the first half of this year as a whole, total transaction for existing homes in the capital hit 93,583 units, a 5.7 percent increase year on year, marking the highest first-half figure in five years.
Similarly, according to data from the Shanghai Real Estate Trading Center, the city's existing home transactions, including commercial properties, totaled 25,158 units in June, marking the fourth consecutive month that volumes have exceeded the 25,000-unit threshold. Over the first six months of the year, cumulative transactions in Shanghai surpassed 147,000 units, also hitting a five-year high for the same period.
In Guangzhou, the market remained active in June after the city issued a package of eight measures, including raising housing provident fund loan limits and launching a temporary subsidy program for home upgrades.
The transaction area of pre-owned residential property in the city reached 918,200 square meters in June, up 3.7 percent year-on-year.
"This year's transaction volume for existing homes has been more active than in the first half of last year, especially from March to May, when it continued to climb higher. The implementation of the eight measures for Guangzhou, along with the increase in the housing provident fund loan limit and the subsidy program for home upgrades, just happened to attract a large number of buyers with rigid housing demand," said Huang Liping, sales manager at a real estate agency in Guangzhou.
"In the first half of the year, there was also a very obvious phenomenon that residents' expectations have become more stable. This is prominently reflected in the fact that the phenomenon of existing home owners lowering prices significantly when listing their properties for sale has improved notably in the first half of this year," said Li Yujia, chief researcher at the Guangdong Provincial Housing Policy Research Center.
Data from the Shenzhen Real Estate Intermediary Association showed that Shenzhen recorded 6,168 resale home transactions in June, up 11.2 percent from a year earlier.
For the first half of 2026, cumulative resale residential transactions in the city reached 33,892 units, a 5 percent increase compared with the same period in 2025.
Existing home prices in first-tier cities up for 4th consecutive month in June
Residents of a renovated community in Shanghai happily received Xi Jinping, general secretary of the Communist Party of China Central Committee, who came to the neighborhood to see firsthand urban grassroots work on Wednesday afternoon.
Xi toured the residential community in Huangpu District where many buildings constructed nearly 70 years ago have been extensively renovated and upgraded in recent years.
Xi went to the community service center to learn in detail about the renovation of the neighborhoods. He also stopped by the Party-residents service station, where he talked with residents' representatives, neighborhood officials, and community workers.
"We were excited beyond ourselves. At the sight the General Secretary walking in, we couldn't stop applauding. The General Secretary came all the way to check things at our grassroots, my neighbors and I were all very excited," said Xia Lingxia, Secretary of the Party Working Committee of Bansongyuan Road Subdistrict.
The Shimin Xincun residential area in the Bansongyuan Road Subdistrict, where Xi visited, had four old buildings originally built back in 1957, but over the decades got too old with structural safety hazards and lacked modern sanitation facilities.
"This living quarter of ours used to be worn out and dilapidated. The bathrooms and kitchens were all shared. If we wanted to take a shower, we had to carry a bucket of water out to the street and had a rinse there," said resident Yan Zhixian.
The community was one of many residential areas that benefited from a comprehensive renovation project which was launched in Huangpu District in October 2022 to modernize outdated buildings.
The large-scale initiative involved over 350 households and combined relocation, demolition and reconstruction efforts to address housing safety issues and ensure each home have its own private kitchen and bathroom.
It also included the installation of elevators, new independent balconies, pocket gardens, underground parking lots, and other amenities, all aimed to significantly improve people's living conditions. The project was completed in March this year, with 178 households having already moved back.
"Now every household has its own bathroom with shower facilities. So we feel very satisfied and happy from the bottom of our hearts," said local resident Huang Liping.
"The General Secretary spotted the new laundry racks as soon as he walked in the neighborhood. He knows Shanghai well. In the past, our laundry racks were just bamboo poles sticking out of the windows, which looked like tens of thousands of flags out there. But the renovation project installed racks for every household, truly meeting the people's demand," said Xia.
During the inspection tour, Xi stressed the need to fully embrace the people-centered philosophy of urban development.
Urban renewal initiatives should be carried out in a thorough, meticulous and effective manner to continuously enhance the people's sense of fulfillment, happiness and security, Xi said.
"He really cares about us ordinary people. He feels and knows all the small details of our daily life — the little things that matter. He knows we need to get rid of chamber pots and old stoves, and he knows that the 'vegetable basket' - what we eat and how we live - is what we are concerned about the most. It's these everyday issues that matter to people, and he truly gets it," said Yan.
"He always has us ordinary people in his heart. He believes that the Party and government exercise power for the people, that is to solve real problems for the people and improve people's livelihoods. We can truly feel the warmth and the tangible benefits the Party and government bring to us. It's real and solid, and we all feel it from the bottom of our hearts," said Huang.
Xia said the General Secretary's visit has inspired local officials to work even harder to bring more tangible benefits to residents.
"The General Secretary always keeps the people in his heart, so he cares very much about the urgent concerns and pressing needs of ordinary people. These may seem like trifles, but for our residents, they are major issues that affect their daily life. I believe we should work even harder to implement Party policies and ensure they are carried out effectively. Through our efforts, we should better embody the care of the Party and government, and bring our people a stronger sense of fulfillment and happiness," said Xia.
Community residents recall Xi's visit
