"Shanghai's 'Seven Policies' One-Month Anniversary: 25,700 transactions in new and second-hand homes, industry says 'Golden March established, Silver April can be expected'"

Ask AI · How can new policies quickly restore market confidence in Shanghai’s real estate market?

Jiemian News reporter | Wang Tingting

Since the introduction of the “Shanghai’s Seven Articles” new policy, Shanghai’s property market has been enjoying a warm spring.

On March 27, Jiemian News learned from the Shanghai Municipal Housing and Real Estate Administration that after implementing the new “Shanghai’s Seven Articles” policy for one month, the cumulative transaction volume in Shanghai’s primary and secondary housing markets reached 2.17 million square meters (25.7 thousand units), which is 11% higher than in the same period after last year’s Spring Festival.

First, the secondary housing market has seen both an increase in volume and stable prices. The new “Shanghai’s Seven Articles” policy greatly shortened the market’s recovery cycle after the Spring Festival, and the number of secondary home transactions has shown a week-by-week upward trend. In the first month of the policy, Shanghai’s secondary housing transactions totaled 1.92 million square meters (23.7 thousand units), 19% higher than the same period after last year’s Spring Festival.

The price index’s month-over-month change moved from negative to positive. In February, my city’s secondary housing price index rose 0.2% month over month, turning from negative to positive after 9 months of consecutive month-over-month declines since May last year.

The market activity for new homes has also increased. After the introduction of the new “Shanghai’s Seven Articles” policy, 20 projects in Shanghai opened for presales and subscriptions, with some segments running particularly hot. Examples include Binjiang Anlan Courtyard in the Xuhui Fenglin segment, Chaoming Jiangdi in the Hongkou North Bund segment, and Xinghao Mingdi in the Baoshan Shangda segment, among others. Subscription ratios were all above 1; among them, the Xinghao Mingdi project was basically sold out at its opening.

Industry insiders believe that both the primary and secondary home markets are buzzing this year, and the “Minor Spring” market looks promising. “The policy effect is significant, the market recovery trend is clear. We can say that March is set, and April is to be expected.”

Developers rush to secure sales in the “Minor Spring” market

With the new “Shanghai’s Seven Articles” policy, most projects in Shanghai saw both visitor traffic and transaction volumes rise in tandem, showing a trend of growth in both quantity and quality. Real estate companies are seizing the window period to actively push out inventory and move quickly through the “Minor Spring” period.

“Based on on-site sales data, after the new policy, projects achieved two key breakthroughs: first, a surge in visitor traffic; second, a breakthrough in transaction volume.” said Lu Yihua, marketing director for China Overseas in Shanghai. Taking Anlan Shanghai as an example, on the first weekend after the policy, weekly visits grew 10-fold, recording hot sales of about 630 million yuan.

Lu Yihua added that in the market where total prices reach the million-yuan level, China Overseas’s projects in the Jingyu series also performed strongly. Among them, Zhonghai · Huanyu Jiu Zhang in Zhenru, Putuo: after the policy, the second batch was advanced smoothly, and this month the visitor volume reached a new historical high, with potential to surpass 1,300 groups. Zhonghai · Yundi Jiu Zhang in Yangpu: after the policy release, it saw a dual surge in both customer traffic and transactions. Visitor volume grew 500% month over month in March compared with February, and transaction volume increased 254% month over month.

“From Anlan Shanghai to the ‘Shuang Jiu’ red-hot deals, the performance data across multiple China Overseas projects fully proves that the policy’s role in repairing market confidence is continuing to show. Buyers’ willingness to enter the market has increased significantly, and Shanghai’s real estate market is stepping into a new stage of steady improvement.” Lu Yihua said. “The introduction of the ‘Shanghai’s Seven Articles’ policy not only brought back market heat, but also has a clear stabilizing effect on subsequent market expectations.

Central SOE developer Poly Development has also entered its harvest period. Relevant officials from Poly Development noted that “Looking at data from our projects, new visitor volume increased 74% compared with January–February, and transactions increased by one-third compared with before the policy. Activity has already rebounded to the highest level in nearly one year since March 2025. The overall rebound speed is clearly noticeable.”

After the policy, Poly Development achieved impressive results across multiple projects in Shanghai. Located in the Minhang Zhqiao segment, Poly · Duhui and Huxu: within just 20 days after the policy, it received over 1,380 groups of visitors, sold 72 units by subscription, and reached transaction value of 487 million yuan. The highest daily transaction volume has continued to set records at 16 units, with a daily conversion rate of up to 20%. It is expected that sales this month will exceed 100 units.

The Poly Expo Shibotianyue project saw visitor growth of about 25% compared with before the policy. Average weekly visitor numbers were about 110 groups. The total price of sold units increased; for products priced at 50 million, the product sell-through speed improved by 50%, and the increase in total price of sold units was 12.5%.

As the policy effect continues to release, China Construction First Grade YiPin stated it wants to “fully accelerate the sales, inventory liquidation, and customer service work for the Bund Yuanjing and Fuxingli projects, and steadily advance the development, construction, and launch-for-sale sales of the I10-01 project.”

Since the policy was implemented for four weeks, the market feedback for the China Construction First Grade YiPin · Bund Yuanjing project has been relatively positive. Zhang Kun, deputy general manager of China Construction First Grade YiPin’s East China business division, said that customer visit volume increased 47% compared with before the holidays, and subscription volume during the on-sale period increased by 112%.

According to first-line monitoring data for the China Construction First Grade YiPin · Bund Yuanjing project, among the customers who completed transactions driven by the new policy: the highest share was those influenced by improved market expectations and restored confidence, reaching 54%, making it the most important factor pulling transactions. Second came support from provident fund loan policies, improved efficiency of secondary home swapping, and the release of reasonable housing demand from non-local hukou residents, accounting for 23%, 15%, and 8% respectively.

As Jiemian News learned, Xiamen State-owned enterprise real estate company Jiandaifang also benefited from the dividend of the “Shanghai’s Seven Articles” policy. Multiple projects under its umbrella in Shanghai saw both visitor traffic and transaction volumes rise in tandem, and overall sales performance has been strong.

“Take the Ruihu project located in Jinshan New City: visitor volume for townhouse products rose 12% month over month. As for the Haichen project located in Yangpu Xinjiangwan: the average effective customer reception at the sales office over the weekend even exceeded 120 groups, doubling compared with before the policy was introduced.” said Chen Feng, deputy general manager of Jiandaifang Shanghai’s business unit. In her view, “The introduction of the ‘Shanghai’s Seven Articles’ has effectively activated latent demand in the housing market, bringing more homebuyers to refocus on real estate.”

In Chen Feng’s view, after the policy takes effect, the mindset of rigid-demand customers has become more stable. Projects such as Qingpu Impression Qingcheng and Jinshan Langyue, among others, have shown strong transaction performance since March and are expected to set a new high since the fourth quarter of last year. “More than 60% are first-time buyers. They say the policy’s introduction has dispelled their earlier concerns about housing price fluctuations, and now they are more willing to make a move to buy.”

Shanghai’s real estate markets across multiple districts stabilize and rebound

With policy guidance, company inventory releases, and market demand resonating together, all Shanghai regions have delivered strong results in their real estate markets.

Jiemian News learned from the Xuhui District Housing and Real Estate Administration that three weeks after the “Shanghai’s Seven Articles” were introduced, the structure of Xuhui’s new-home成交 area segments and total price segments continued to move upward. Demand for high-quality improvement-oriented products, particularly those sized 150–300 square meters and with total prices above 25 million yuan, was released noticeably faster.

Regarding the secondary housing market, since the policy was released, buyers’ willingness to enter the market has increased significantly. Sellers’ listing sentiment has become more positive, and the rate at which existing inventory is absorbed has accelerated, continuously strengthening the market’s foundation.

Data show that in the first week after the policy landed, in Xuhui District the number of secondary housing transactions rose about 22.5% week over week, and the total transaction area ranked second among central urban districts. From listing data, in the recent period Xuhui’s Lianjia secondary housing listing volume fell 4.2% month over month, with a relatively more noticeable reduction in listings for older residential communities. At the same time, the average listing price stopped falling and stabilized, rising 0.6% month over month.

The Xuhui District Housing and Real Estate Administration said that since the policy was introduced, market expectations have improved steadily. Rigid and improvement-oriented housing demand accumulated earlier has been released in an orderly manner during the policy window, further consolidating the market’s bottoming-out and stabilization trend.

“Since the policy has been implemented for nearly a month, the new district’s residential market has responded well. Many buyers have moved from watching and waiting to taking action, increasing the number of people viewing homes, which in turn drives growth in transaction volumes for both primary and secondary homes.”

The Pudong New Area Housing and Real Estate Administration also pointed out that after the new policy, sales heat for first-hand projects increased clearly. The number of visitors received by in-portfolio sales offices rose faster. Before the policy, average daily visits were about 230 people; after the policy, it was 323 people, up 40%. The number of pre-sale units booked increased significantly: average daily booked units were 26 before the policy, and after the policy it rose to 37, up 42%.

The secondary residential market has also rebounded relatively clearly. From February 26 to March 22, Pudong New Area saw 4,751 secondary home transactions, with a transaction area of 387.5k square meters, up 25% compared with before the policy (January 2026).

Related parties believe that the newly implemented “Shanghai’s Seven Articles” policy has already shown initial effects, and that the policy’s impact will become even more apparent in the coming months.

Yangpu District’s “Minor Spring” in the housing market is also heating up. According to Yangpu District Housing and Real Estate Administration, after the policy, the pace of inventory clearance in the primary market accelerated. For example, in the Mingde Xingli project under the Daqiao Street 90th Block landmark renovation land parcel—developed and constructed by China Construction Third Engineering Bureau—the first batch of 136 units was fully sold out. On March 12, the second batch of 88 units was put on the market, and the 3-day clearance rate reached 60%.

There is also the Poly Development “Junwan Yayingyuan” project whose subscription period just ended on March 25. It refreshed this year’s record for subscriptions at a first opening project, with a subscription rate as high as 129%. Customer visit volume was close to 5,000 groups.

The secondary housing market shows an active trend. In March, both the market’s listing volume and transaction volume increased in tandem. The total new listing volume grew by 144% on average daily compared with February. In recent weekends, secondary housing market heat has risen further. On the latest Sunday in March, average daily transaction volume rose 17.7% month over month, and the price index rose 1.8% month over month.

The Jinshan District Housing and Real Estate Administration said that after the policy, the district’s secondary housing market warmed up first. From March 1 to March 22, Jinshan district-wide completed 715 transactions, with an average daily online signing volume of 32.5 units. Compared with the February average daily online signing of 13.18 units, this is an increase of 146.6%. Compared with January’s average daily of 23.06 units, this is an increase of 40.9%.

“Regarding new homes, it basically remains stable. As more quality projects enter the market in sequence, it may be further able to improve.”

Industry consensus is that the introduction of the “Shanghai’s Seven Articles” demonstrates the Shanghai municipal government’s excellent capability in industry regulation and control, injecting a strong boost for the industry’s stable and healthy development. It also stimulates reasonable housing demand, allowing homebuyers to see that “confidence is more valuable than gold.”