China's November Second-Hand Housing Market Trends - Charts of the Week
When more data goes dark
“Charts of the Week” is Baiguan’s series that features key data points to help you quickly grasp the general state of affairs in China in just a few minutes. We handpick the highlights of the data charts from a variety of sources, analyzing and delivering insights trusted by 100+ top institutional and corporate clients worldwide at BigOne Lab. Don’t forget to subscribe before you continue reading!
Recently, two of China’s private data providers—China Real Estate Information Corp. and China Index Academy—have halted the publication of monthly sales figures for the nation’s top 100 developers at the government’s behest (though financial institutions can still access this data if paid for) [Bloomberg]. These figures have long served as the primary pulse check for China’s real estate market, and their sudden disappearance has stoked transparency concerns across the sector.
The timing is concerning. In October, new home sales for the top 100 builders slumped 41.9%, according to China Real Estate Information’s reading. Baiguan’s own tracking of second-hand home sales also showed a year-on-year slump since the National Day Holiday in early October, struggling against a high base from last year’s strong government stimulus package.
This follows a pattern of increasing information opacity; for instance, online transaction platforms (like Lianjia and Beike) had already quietly stopped displaying historical transaction prices in various cities.
Is the decline expected to continue in November? Now that more data has gone dark, we rely on our high-frequency data from the second-hand market to gauge the true temperature of the sector.
Here are the three charts for today:
Transaction volume & property viewings (indicators of potential buying interest).
The inventory trend: listings of second-hand homes.
Listing prices
*Data as of November 29, 2025