China's housing market revives as multi-pronged incentive policies pay off

Benefiting from the multi-pronged incentive policies, the housing market in many cities across China has shown strong signs of revival during the National Day holiday along with growing customer confidence, according to the Ministry of Housing and Urban-Rural Development.

The latest statistics from the Ministry of Housing and Urban-Rural Development showed that the number of visits for most promotional properties registered over a 50 percent year-on-year increase during the National Day holiday, which runs from October 1 to 7.

In central China's Hunan Province, from October 1 to 6, the number of visits for first-hand properties saw a 101.5 percent year-on-year increase, while second-hand properties experienced a 75 percent increase.

In southwest China's Sichuan Province, data showed that visits for sampling surveyed properties increased by 70 percent compared to pre-holiday period, with trading volume registering an average 140 percent increase in the first three days of the holiday.

Additionally, in neighboring Guizhou Province, a total of 1,187 units of commodity housing covering 137,500 square meters were transacted from Sept. 30 to Oct. 4, marking a 44.3 percent year-on-year increase.

China's central bank and the Ministry of Housing and Urban-Rural Development have rolled out a series of policies to ease the financial burden on property owners and bolster public confidence, aiming to stabilize the real estate market, especially in first-tier cities.

In late September, major Chinese cities, including Beijing, Shanghai, Guangzhou and Shenzhen, introduced a wave of real estate policy adjustments aimed at revitalizing the property market.

Over 10 provinces, municipalities, and autonomous regions have also rolled out policies at the provincial level to boost the property market. More than 130 cities, including Wuhan, Shangrao, Yangzhou, and Xining, have organized promotional activities such as housing expos, engaging over 2,000 real estate projects from 1,000 housing agencies. "The housing markets in various regions are experiencing a long-awaited revival, as the previously situation of first-hand properties transactions lowering than the second-hand properties is reversing. The number of completed deals has increased significantly, and property markets in third- and fourth-tier cities are seeing surging transactions on same par with the first- and second-tier cities. Overall, the expectations of all housing market players are turning upbeat," said Yu Xiaofen, dean of the Institute of Real Estate and Urban Studies at Zhejiang University of Technology.

China's housing market revives as multi-pronged incentive policies pay off

China's housing market revives as multi-pronged incentive policies pay off

Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.

Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.

More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.

Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.

"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.

During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.

"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.

In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.

With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.

"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.

Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition