In the midst of the persistently sluggish Chinese real estate market, with “stabilizing housing prices” becoming the top “political task” in the property market, any voice speaking the truth or deemed by the Chinese Communist Party as “bearish” is facing the risk of being censored. However, the pressure of policies and official bans have been unable to stop the market from trending downwards. From first-tier city Shenzhen to second-tier representative Hangzhou, it’s common to see properties losing more than a million RMB per unit. The experiences of property owners together paint a picture of widespread tragedy and distress.
Shenzhen real estate agency owner Mr. Chen revealed the market’s severe turbulence in an interview with Dajiyuan on October 28, expressing frustration with the control over discussions regarding housing prices.
According to Mr. Chen, the price decline in the Nonghua area of Shenzhen is particularly significant, with unit prices dropping below 50,000 RMB. Those who bought properties at prices ranging from 60,000 to 70,000 RMB per unit are now facing losses of around 2 million RMB in principal. Mr. Chen also mentioned that many property owners are selling their houses at prices that have left them stripped bare.
As a real estate agency owner, Mr. Chen also operates in self-media. He mentioned that real estate agents are labeled as “bearish” if they discuss current housing prices or speak the truth on self-media platforms. They are restricted from sharing such opinions or videos.
His video about a property development in Nanshan Siwan Kaiyun Mansion, where the unit prices are now over 50,000 RMB, previously peaked at 100,000 to 110,000 RMB per unit. He emphasized that the current housing prices have indeed seen a nearly 50% reduction, a decision made by the developers.
Mr. Chen pointed fingers at the major forces behind the price fluctuations, suggesting that the authorities are not investigating large companies while fighting with individuals at the “lowest levels of society.”
In terms of surviving in the industry, Mr. Chen shared that commissions are being drastically reduced to close deals, with the commission for second-hand houses dropping from one percent to 0.05% or even 0.03%. For new properties, some developers are even offering up to seventy percent commissions back, marking a trend towards “zero commission,” making industry survival exceedingly difficult.
Mr. Chen expressed helplessness, stating that their sales volume is minimal, with only a few properties sold per month in Shenzhen. He lamented the difficulty of merely sustaining a livelihood in the current climate of the real estate market. “Today, an agent called me saying they had no sales the whole day, it’s really tough to survive. Sometimes, I just want to run away,” he added.
He mentioned that the commission for selling second-hand houses is considered decent at 0.07% now. Some property owners specifically seek him out to sell their properties due to his lower commission rates.
According to public information, Nanshan Siwan Kaiyun Mansion in Shenzhen boasts a prime location intersecting the Greater Bay Area, Shekou Free Trade Zone, and Shekou International Ocean City. It is seamlessly connected to the Chik Wan Metro Station of Lines 2/5 with future connections to Line 12, along with planned Line 28 in the vicinity. The project is accessible through primary city arteries like Xinghai Avenue and Nanhai Avenue, facilitating quick access to core areas like Qianhai, Houhai, and Taizi Bay.
Scrolling through social platforms, posts related to “Shenzhen housing prices” reveal the lamentations of Shenzhen property owners: “Did nothing, but property is now losing 2 million! Who understands the pain of buying at a high point?” “No down payment after two years of falling, how do I reconcile with the property prices…”, “If I didn’t buy this house four years ago, I would have over 4 million now.”
According to monitoring by Lianjia Research Center in Shenzhen, based on data from Lianjia stores, the average transaction price for second-hand residential properties in Shenzhen was 59,300 RMB per square meter in July, marking a continuous decline for five months, dropping below 60,000 RMB per square meter.
Contrasting Shenzhen’s direct collapse, the core cities in the Yangtze River Delta like Hangzhou are facing a different dilemma of a “subtle decline.”
Mr. Wu, a real estate agent in Hangzhou, stated on October 28 to Dajiyuan that the prices of second-hand houses in Hangzhou are declining due to an excessive inventory. Currently, there are over 250,000 listings for second-hand houses in Hangzhou, with over half of them being older properties.
Mr. Wu explained that prices in every neighborhood are subtly declining. While the monthly number of transactions may seem consistent, each property is selling at a cheaper rate than before, reflecting an overall downward trend in second-hand property prices.
Recent monitoring data shows that Hangzhou witnessed its total listings of second-hand properties surpassing 260,000, a critical factor adding pressure to the market. This supply pressure has led to a noticeable trend of price declines: throughout 2024, the average price of second-hand houses in Hangzhou dropped by 7.4% compared to the previous year. Even with an increase in transaction volume in 2025 due to policy stimuli, the state of “subtle decline” in prices remains unchanged.
Mr. Wu revealed that the official call to “stabilize and stop the decline” in housing prices aims to maintain prices at an average level, not too high or too low. However, with the diminishing value of older properties, buyers are negotiating fiercely, with instances like a buyer questioning a seller listing a property at 3 million RMB if they would sell for 2 million RMB. This discrepancy shows a severe disconnect between the official “stabilization” objective and the actual purchasing power of the market.
Ms. Qian, a salesperson at a sales office in Linan District of Hangzhou, unveiled the significant price cuts made in the new housing market to clear inventory.
Ms. Qian reported that her community is located 10 to 15 minutes away from Linan City, with over 800 houses in total, a portion of which are still in the final selling phase. Houses previously sold at around 2 million RMB are now being sold for 900,000 RMB, a reduction of over 1 million RMB, almost halving the price. She noted that this trend is prevalent across all regions. Collecting over 1 million RMB for the average person now requires saving for many years. For a regular worker, saving over 1 million RMB equates to potentially reducing the struggle by 20 years.
The remaining units are sometimes offered with free parking spaces, which previously cost over 100,000 RMB each. Ms. Qian pointed out that few people are currently purchasing houses in Linan, and the decrease in the population from out-of-town buyers is noticeable. She recommended that potential buyers “wait a little longer,” predicting that second-hand property prices will continue to drop. Ms. Qian suggested that people refrain from buying second-hand houses, as although they are cheaper, many are previously owned by investors and may come with numerous complications after purchase.
To stimulate the persistently abating property market, various Chinese governments have been introducing initiatives such as property tickets, purchase subsidies, and consumer vouchers in an attempt to boost transactions. However, the market response has been limited, with many potential buyers remaining cautious, believing that prices still have room for further decline.
On October 27, multiple districts in Hangzhou (such as Xiaoshan District and Linping District) announced that they would launch a “Purchase + Consumer Voucher” limited-time subsidy campaign.
The purchase activity is scheduled from October 28, 2025, to December 31, 2025, while the consumer voucher can be used from January 20, 2026, to March 31, 2026. Eligible participants in the campaign, confirmed through notarized draws if necessary, will receive a subsidy of 100,000 RMB in consumer vouchers per unit, with a total voucher limit not exceeding 50 million RMB.
This approach doesn’t directly reward buyers with cash incentives but divides the subsidy into two 50,000 RMB general consumer vouchers, with restrictions on merchants, products, and purchasing regions all situated in remote areas of Hangzhou. Industry insiders view these tactics as setting traps for buyers. The designated purchasing regions possess immense unsold new housing inventory and are unlikely to offload with these measures.
Regarding the recent “buying property and receive consumer vouchers” activities initiated by some remote districts in Hangzhou, Ms. Qian pointedly remarked that developers are merely using the guise of consumer vouchers as promotional gimmicks, ultimately representing a strategy of “robbing Peter to pay Paul,” which cannot truly alter the downward trend in housing prices.
Mr. Wu, the real estate agent in Hangzhou, also added that while buying property in designated areas could yield these 100,000 RMB consumer vouchers, buyers should not rush into purchases solely based on these incentives.