Shanghai Existing Housing Market Surges to Decade-High in April

Shanghai's existing home sales reached a 10-year high for the month of April, signaling that China's major urban hubs are spearheading a gradual recovery in the property sector. According to data from the China Index Academy, transaction volumes in the city jumped 22 percent year-on-year to reach 28,740 units.

The momentum extended to other top-tier cities, with Beijing recording a 15 percent increase in sales to hit its own five-year high for April. Across 20 major Chinese cities, a total of approximately 150,000 pre-owned homes changed hands, representing a collective rise of about 13 percent. However, while transaction volumes climbed, the market continued to face downward price pressure, with the average cost per square meter sliding 8.3 percent.

The regional recovery remains uneven. While Guangzhou saw an uptick in activity, Shenzhen bucked the trend by reporting a drop in sales last month. This cautious rebound follows years of stagnation in the broader property market, which has struggled to find its footing since a wave of developer defaults first rattled the industry in 2021.