During the National Day holiday, activity in real estate markets across multiple regions picked up. In first-tier markets such as Beijing, Shanghai, and Guangzhou, under the combined effect of multiple policies including mortgage interest subsidies, "trade-in" subsidies, and existing-home sales, both new home and second-hand home transaction volumes grew to varying degrees, and the market showed signs of warming.

Data from the Central Plains Real Estate Research Institute shows that during the National Day holiday, new home subscriptions in 50 key cities nationwide rose by more than 15% compared with the same period last year, and compared with late September before the policies took effect, visitor and viewing volumes increased significantly. At the sales site of the new home project Jiatang Yaxu in Fengtai District, Beijing, many homebuyers were consulting and selecting units. A real estate agent introduced that the project has a total of more than 500 units, and as of October 5, more than 70% had been registered online, with transaction heat rising compared with before the holiday. From Fengtai to Changping, and from Daxing to Chaoyang, during the National Day holiday, multiple hotspot projects in Beijing accelerated their absorption, and viewing and subscription activity rose further.

The Yuqinyuan project in the Zhoukang section of Pudong New Area, Shanghai, also saw a "viewing boom." Sales staff said the project benefited from the optimization of the "Shanghai Six Measures" and "Shanghai Eight Measures" policies, and since its opening this year it has shown a warming sales momentum. According to online registration data disclosed by "Online Real Estate," its sales volume has approached 100 units. On October 2, at the Poly Haiyun project in Haizhu District, Guangzhou, the sales office was crowded. Huang, the project's marketing manager, introduced that the project fully opened its complete live display area, truly achieving "what you see is what you get," and with recent replenishment and additional launches, market attention was relatively high. From September 30 to October 1, the project received more than 500 cumulative visits and closed more than 80 deals; from October 1 to October 6, visits exceeded 800 groups, with transaction value of about 600 million yuan.

The "warming" of the property market during the National Day holiday is closely related to the series of policy "combination punches" introduced recently. Zhang Dawei, chief analyst at Central Plains Real Estate, pointed out that this year's National Day long holiday coincided with the official implementation of the interest subsidy policy for first-home commercial loans starting October 1, combined with the centralized effect of a package of policies including the reform of the commercial housing sales system launched on August 28, optimization of provident fund policies in various places, and personal income tax rebates for selling old homes and buying new ones, forming this round of "Golden September and Silver October" policy "combination punches."

The policy effects have already begun to appear. Zhang Xiaochuan, sales manager of the Bangtai Langjing project in Nanchang, Jiangxi, introduced that during the National Day holiday, the project's market heat rebounded significantly and its absorption pace clearly accelerated, with more than 200 customer visits over 7 days, an increase of about 60% compared with the cumulative visits across all weekends in September, and nearly 30 cumulative subscriptions. In his view, the interest subsidy policy eased the monthly payment pressure on potential customers. "Many customers had previously been in a wait-and-see state. After the new policy came out, during the National Day holiday these customers came specifically to ask whether they qualified for the interest subsidy. The policy effectively stimulated potential customers to walk into sales offices."

Yan Yuejin, deputy director of the Shanghai E-House Real Estate Research Institute, believes that the interest subsidy policy, together with earlier measures such as lowering down payments, lowering interest rates, and provident fund support, has brought the homebuying environment into a new stage of policy easing. The current real estate market is being actively boosted, home prices are stabilizing, and the pace at which homebuyers enter the market has clearly accelerated.

The National Day holiday is an important window for observing the strength of the "Silver October" recovery. Looking across "Golden September," new home sales in key cities were generally stable. According to preliminary statistics from the China Index Academy, in September the transaction area of newly built residential housing in 100 key cities was about 17 million square meters, up about 9% month-on-month and down about 7% year-on-year, among which first-tier cities grew 10% year-on-year, with Beijing and Shanghai growing 20% and 22% year-on-year respectively.

Regarding the next stage of the property market trend, industry participants generally believe that the pattern of core cities stabilizing first will continue, but market divergence will persist. A relevant person in charge of the China Index Academy said that since the third quarter of this year, the real estate market has generally continued its bottoming trend, new home sales remain at a low level, and first-tier cities have performed relatively well; second-hand home transactions have continued to grow, and their share in housing transactions has further increased, with the market entering the stock era; in terms of prices, second-hand home prices have continued to adjust, and high-quality projects in core cities have provided some support for the average price of new homes. "Looking ahead to the fourth quarter, the market is expected to continue the existing bottoming trend, and the impact of the new policies will become further apparent next year."

Zhang Dawei, chief analyst at Central Plains Real Estate, also said that the subsequent market will most likely continue a pattern of structural repair and sustained divergence. Market divergence will be a basic feature of the real estate market for a long time to come, industry transformation is still underway, and confidence restoration will still require a longer cycle.