In a recent report from Epoch Times on August 14, 2025, it was revealed that the Chinese real estate market is experiencing a downturn with a persistently high inventory of second-hand homes, and the strategy of “price for volume” continues to dominate the market. The latest news indicates that the official websites of Lianjia and Beike in Shanghai have stopped displaying the historical transaction prices of all second-hand homes in the city. Industry experts pointed out that by not showing the transaction prices of second-hand homes, the market information becomes less transparent, leading to increased risks of information asymmetry between buyers and sellers.
On August 14, a check on Lianjia’s official website in Shanghai by ThePaperNews revealed that the external website did not display the historical transaction prices of second-hand homes in various neighborhoods. Simultaneously, on the Beike platform, the historical transaction prices of homes in various neighborhoods were also shown as “no transaction price available.”
Several real estate agents from Lianjia in Shanghai mentioned that they had not received any official notification from the company regarding this adjustment. However, they noted that buyers could inquire directly with agents if they wanted to learn about the latest transaction prices.
Regarding the reason for this adjustment, Lianjia in Shanghai has not provided a positive response.
According to reports, several agents have provided feedback that the second-hand housing market in Shanghai is currently in a phase where transactions are being exchanged mainly based on price.
Xinhua Finance reported that following more than ten other cities including Wuhan, Hefei, Nanjing, and Beijing, Lianjia and Beike in Shanghai have officially hidden all historical transaction prices of second-hand homes in the city.
By checking the Lianjia and Beike apps, it can be observed that all transaction prices of second-hand homes in Shanghai are now hidden on the user query page, showing as “no transaction price available.” However, information such as the area and floor of the transactioned properties are still displayed. Additionally, besides the hidden transaction prices of recently sold properties, the price adjustment information from landlords can no longer be viewed, with only the listing date and the “price change” adjustment date visible, without details on the extent of the price changes.
Xinhua Finance attempted to contact Lianjia in Shanghai multiple times but was unable to connect. Through communication with Lianjia intermediaries of listed properties, it was mentioned that “the company has reformed and no longer displays (the transaction prices of second-hand homes).” The interviewed intermediaries also mentioned that all transaction information could be accessed through the agents’ backend.
Reports stated that Lianjia, a direct subsidiary of Beike, holds the largest market share among brokerage agencies in Shanghai. According to statistics from multiple industry institutions, Lianjia’s listing market share in Shanghai reaches 70%, with a transaction market share of around 25%. With Lianjia and Beike in Shanghai hiding the historical transaction prices of all second-hand homes, the price bargaining between buyers and sellers is expected to become more delicate.
Industry experts believe that the measure of hiding the transaction prices of second-hand homes has both advantages and disadvantages.
On one hand, transaction prices can affect the price negotiations between homeowners and buyers. When market prices fall, buyers’ psychology of “buying high and not buying low” may slow down the transaction cycle and efficiency. With a high inventory of listed properties, multiple homes in the same neighborhood may be listed simultaneously, and some owners eager to sell may excessively lower prices, thereby forcing other listing owners to follow suit.
On the other hand, by not displaying the transaction prices of second-hand homes, the market information becomes less transparent, leading to increased risks of information asymmetry between buyers and sellers. It becomes challenging to obtain real transaction price references in price bargaining, relying only on agents to provide “internal data,” potentially weakening bargaining power. From an industry standpoint, this move may exacerbate information monopolies, impede the price discovery mechanism, and could result in a loss of trust between buyers and sellers.
Reports mentioned that since July 1, Lianjia in Shanghai has implemented a new service model of separating clients, where each agent now focuses solely on serving either purchasing clients or selling homeowners, rather than simultaneously serving both sides. Discussions about the deepening lack of transparency in their services were already present in the market at that time, and the hiding of second-hand home transaction prices now may further exacerbate these concerns.
The Shanghai Centaline Property Agency’s index for second-hand residential property prices showed a month-on-month decline of 1.82% in July, marking a continuous decrease for three consecutive months.