A record 4.397 million new energy vehicles (NEVs) were newly registered in China in the first half of the year (H1), bringing the total number of NEVs on the road to 24.72 million by the end of June, said the Ministry of Public Security.
This represents a year-on-year increase of 39.41 percent in new registrations, added the police.
As of June 2024, China had 440 million motor vehicles in operation, including 345 million cars. All-electric cars dominate the NEVs, with over 18.13 million in use, accounting for around 73.35 percent of the total new energy vehicle population, according to data from the police.
Additionally, 13.97 million new drivers received their licenses in the first half of 2024. The total number of licensed drivers in China now stands at 532 million, with 496 million of them being car drivers.
Across the country, 96 cities boast more than one million cars each, an increase of eight cities compared with the same period of 2023. Among them, 43 cities have over two million cars, while 26 cities have more than three million cars.
Notably, the car populations in Chengdu, Beijing, and Chongqing each exceed six million, while Shanghai, Suzhou, and Zhengzhou each have over five million cars.
In the first half of 2024, a total of 16.26 million pre-owned cars had also been traded nationwide, a year-on-year increase of 53.79 percent.
China achieves record high new energy vehicle registrations in first 6 months
With the introduction of new real estate policies in China's four major cities, industry insiders believe that the measures taken by multiple departments will help boost market confidence and contribute to the recovery of the property market, with first-tier cities leading the trend.
In late September, major Chinese cities including Beijing, Shanghai, Guangzhou, and Shenzhen introduced a new wave of real estate policy adjustments aimed at revitalizing the property market.
Starting October 1, Beijing introduced new property policies focused on easing purchase restrictions and increasing credit support. The minimum down payment for first-time home buyers has dropped from 20 percent to 15 percent, and from 30 percent to 20 percent for second homes - easing financial pressure and facilitating both first-time buyers and those looking to upgrade their homes.
Beijing’s real estate market has shown promising signs under these policy incentives. In the three days following the new policy release, the number of viewings for new homes in the Chinese capital increased by 92.5 percent compared to the same period last year, with purchase agreements doubling. Viewings for resale homes also rose by 104.1 percent year on year.
"Since the new policies came out, we've seen a rise in customer inquiries, whether they're looking to buy or sell a home. The number of customer viewings has also increased. Around 90 percent of them are looking to upgrade their homes. Some clients previously lacked confidence, but the new policy has made many feel that now is a good time to make a move," said Wu Bei, regional manager of Maitian Real Estate Agency.
In addition to Beijing, other first-tier cities such as Shanghai, Shenzhen, and Guangzhou have introduced similar measures, including lower down payment requirements and eased district-specific purchase restrictions.
"As the new policies take effect, we expect a rise in visits to real estate agencies and property viewings after the National Day holiday. We also anticipate that property prices will soon stabilize across the country, driven by Beijing and other top-tier cities," said Zhao Qingxiang, secretary general of the Beijing Real Estate Agency Association.
According to the Ministry of Housing and Urban-Rural Development, cities conducting promotional activities reported over a 50-percent year-on-year increase in visits to real estate projects during the week-long National Day holiday. Some properties in Guangzhou saw over 150 visits per day, up 200 percent from normal levels.
Adjusted policies motivate China's home sales: experts
