Trading ended on September 18 with a sudden surge in A-share property stocks as several major players hit their daily price limits. Vanke A, along with other developers like Shenzhen World Union and Greenland Holdings, closed at their upper limits, while China Merchants Shekou jumped 6% and Poly Developments gained 5.56%.

This sharp late-session movement came on the heels of a news conference held by the State Council Information Office, which was part of the "Starting the 15th Five-Year Plan" series. Officials from the Ministry of Housing and Urban-Rural Development outlined two significant shifts underway in the property market.

The first shift highlights a major transformation in the supply-demand dynamics of the real estate sector. The second points to the industry's entry into a "stock era," where secondary home transactions have climbed from 27% of total sales in 2020 to 46% in 2025, and have already reached 52% in the first eight months of this year, crossing the critical 50% threshold that defines the stock era.

Pacific Securities noted that August's monthly sales contraction deepened year-over-year, with declines in real estate investment and new construction starts continuing to widen. September is traditionally a peak selling season, and analysts expect developers to sustain a certain level of new supply in core cities. The market is likely to maintain its current phase of bottoming out and gradual recovery, with close attention needed on the implementation effects of local property policies. The brokerage emphasizes focusing on opportunities arising from the rising market share of leading central state-owned enterprises.