Efforts to purchase existing second-hand homes have significantly accelerated in recent times. On May 21, Shanghai’s Housing Administration Bureau reported that since the pilot program launched on February 2, a total of 523 units have been acquired across Pudong, Xuhui, and Jing’an districts. Notably, Xuhui alone accounted for 458 purchases. The pricing was determined through a dual-evaluation system involving state-owned enterprises and housing authorities; the resulting vouchers can be used throughout the city for both new and pre-owned properties. Starting in the second quarter, the pilot expanded to five additional central districts: Huangpu, Changning, Hongkou, Putuo, and Yangpu. According to data from China Index Academy, these five areas contributed 18.8% of Shanghai’s total second-hand home transactions in 2025.
In Guangzhou, Guangzhou Anju Group announced on May 26 the immediate launch of a “sell old, buy new” pilot program running until December 31, 2026. Eligible properties include second-hand residences priced under RMB 3 million, measuring less than 70 square meters, and situated within the city’s ring expressway boundaries—age restrictions do not apply. Pricing follows a two-stage evaluation process followed by negotiation between parties. Earlier, Guangzhou Nansha Development Group introduced a similar “trade-in” scheme on May 13, while Suzhou Wujiang Urban Construction Investment Group initiated localized second-hand home acquisitions on May 20.
Zhang Bo, Director of the Research Institute at 58 Anjuke, noted that purchasing existing homes helps clear market inventory, facilitates property exchanges, and boosts sales of new developments. However, in regions grappling with surplus new housing stock, policymakers should integrate such measures with targeted incentives like voucher programs, preferential policies for talent buyers, and benefits for families with multiple children. Yantai has already rolled out financial support: firms participating in “trade-in” initiatives for long-term leasing receive loan interest subsidies amounting to 1% annually for up to five years, capped at RMB 30 million overall. Financial institutions are also encouraged to provide rental loans with terms exceeding 25 years and rates as low as roughly 3%. Experts from China Index Academy anticipate broader adoption of these policies moving forward, advocating standardized valuation frameworks and relaxed cross-district voucher usage rules to better serve citizens.