Multiple cities announce reserve purchases, old second-hand houses now have an "official exit channel"

In 2026, policies such as “trade-in old for new” and “stockpiling second-hand homes for affordable housing” are being rolled out across many parts of the country. In the past, local governments or state-owned enterprises mainly targeted existing new housing projects for stockpiling. As the importance of the second-hand housing market is increasingly recognized, many cities are beginning to include second-hand homes in their stockpiling efforts. These measures not only help resolve the bottleneck of “selling old to buy new” for citizens but are also seen by industry insiders as a key signal that China’s real estate industry is shifting from “incremental development” to “stock operation.” The roles of local governments and urban investment platforms may evolve from “land suppliers” to “market stabilizers” and “housing resource operators.” (Yicai)