Introduction

As of October 10, 2025, the Chinese real estate market continues to face significant challenges, with the National Day holiday transaction data painting a grim picture. Despite various policy measures aimed at stabilizing the market, both new and second-hand housing markets are experiencing substantial declines. This article analyzes the latest trends, underlying causes, and the broader economic context shaping the current state of China’s property sector.

National Day Holiday Transaction Data: A Bleak Outlook

The real estate market during the 2025 National Day holiday was notably lackluster. According to data from the Linping Living Big Data Research Institute, the average daily transaction volume for new homes in 14 major cities was just 449 units, a staggering 27.2% drop compared to the same period last year. This decline is significant, especially considering the extended "double festival" holiday in 2024.

The second-hand housing market performed even worse, with an average daily transaction volume of only 239 units across eight key cities, reflecting a year-on-year decline of 38%. The data underscores a broader trend of market stagnation, with the second-hand market suffering more severely than the new home sector.

Broader Market Trends

The National Day figures align with broader trends observed throughout 2025. According to the National Bureau of Statistics, from January to August, national commodity housing sales area fell by 4.7% year-on-year. Meanwhile, data from the China Index Academy shows that the sales of the top 100 real estate companies dropped by 12.2% from January to September. While these declines are milder compared to the previous year’s drops of 18% and 23.6% for sales area and value, respectively, the National Day data suggests a reversal to sharper declines.

The second-hand market faces additional pressures, with high listing volumes but dwindling buyer interest. Falling price expectations and a lack of confidence in the market have created a vicious cycle: sellers lower prices, buyers wait for further drops, and the market remains stagnant. This dynamic is exacerbated by concerns that purchasing now could lead to further losses if prices continue to decline.

Policy Context and Market Dynamics

Throughout 2025, policy measures have aimed to stabilize the real estate market. Initiatives such as relaxed purchase restrictions, lower down payments, and interest rate reductions were rolled out in previous years, particularly in the fourth quarter of 2024, which temporarily boosted transaction volumes. However, this year’s policy efforts have been limited, with only a modest 10-basis-point cut in the five-year Loan Prime Rate (LPR) compared to a cumulative 60-basis-point reduction in 2024. This lack of significant stimulus, combined with the high base effect from last year’s policy-driven surge, has contributed to the current downturn.

Another factor impacting the National Day data is the surge in tourism. According to the Ministry of Culture and Tourism, domestic tourist trips reached 888 million during the 2025 holiday, a 1.23 billion increase from the previous year. This shift in consumer behavior reflects a preference for experiential spending over long-term investments like real estate, particularly as housing prices continue to decline and the rent-to-price ratio diminishes.

Structural Challenges and Shifting Consumer Sentiment

The real estate market’s struggles are not solely due to economic or policy factors; a deeper issue is the erosion of consumer confidence. Historically, buying a home in China was seen as a reliable path to wealth accumulation. However, continuous price declines have shifted buyer sentiment, with many now believing that renting is a better option or that waiting for further price drops is prudent. This mindset has made it difficult for transaction volumes to recover.

Developers, facing financial pressures, have limited room to offer substantial discounts. While some promotional activities occurred during the National Day holiday, they failed to generate significant demand, as buyers perceived the discounts as insufficient. The market is caught in a structural dilemma: developers cannot sustain prices, yet price reductions fail to stimulate demand due to pervasive pessimism.

Regional Variations: A K-Shaped Market

Despite the overall downturn, some bright spots exist. For instance, Beijing saw a 50.5% year-on-year increase in new home transactions during the holiday, with an average of 52 units sold daily. This resilience in first-tier cities like Beijing is driven by strong population inflows, concentrated job opportunities, and access to premium resources, which sustain demand. In contrast, third- and fourth-tier cities face severe challenges, including population outflows, high inventory levels, and weak expectations, resulting in near-frozen transaction volumes.

This divergence highlights a K-shaped market trajectory: first-tier cities show slight improvement or stability, second- and third-tier cities struggle to maintain equilibrium, and lower-tier cities continue to decline. The overall market remains cold, with rising cities being the exception rather than the norm.

Why the Market Struggles: A Deeper Analysis

Several factors contribute to the current state of the real estate market:

1. High Base Effect from 2024: Last year’s aggressive policy measures created a temporary boom in transactions, setting a high benchmark that 2025 has failed to meet due to limited new stimulus.
2. Shift in Consumer Priorities: The tourism surge during the National Day holiday reflects a broader shift toward experiential consumption, reducing interest in long-term assets like property.
3. Erosion of Confidence: Falling prices and declining returns on real estate have diminished its appeal as a wealth-building tool, with buyers increasingly skeptical about future appreciation.
4. Policy Fatigue: While policies like the financial 16-point plan and real estate financing coordination mechanisms exist, their implementation has been inconsistent, limiting their effectiveness.

The Role of Policy and Future Outlook

Looking ahead, the likelihood of large-scale rescue policies in the near term appears low. Several reasons support this view:

1. Shift in Development Priorities: The government is focusing on stabilizing capital markets and fostering technological innovation to drive economic growth. Real estate, once a key economic driver, is no longer seen as a viable engine due to high household leverage (around 62%) and declining birth rates, which reduce long-term demand.
2. Perceived Market Stabilization: Official data suggests that the real estate market is stabilizing, with declining sales volumes moderating compared to previous years. Policymakers aim for a “soft landing” by maintaining liquidity and spreading losses across multiple parties to avoid systemic financial risks.
3. Focus on Existing Policies: The central bank has emphasized the need to fully implement existing measures, such as the real estate enterprise whitelist and inventory management strategies, rather than introducing new stimulus.

The government’s current strategy involves redirecting resources toward capital market development and technological innovation. A thriving stock market can provide wealth effects to boost consumer spending, while innovation in fields like AI, renewable energy, and aerospace is seen as critical for economic and national security. Diverting resources back to real estate risks undermining these priorities, as the sector’s “siphon effect” could draw funds away from more strategic areas.

Opportunities for Buyers

Despite the market’s challenges, the current environment offers opportunities for prospective buyers. With higher inventory levels and greater bargaining power, buyers can negotiate better deals. However, the overall outlook for the fourth quarter of 2025 remains cautious, with transaction volumes likely to remain subdued unless significant policy interventions occur.

Potential Future Policy Directions

While immediate large-scale interventions are unlikely, future policy shifts are possible, particularly after the capital markets stabilize and the 15th Five-Year Plan progresses. The central bank’s recent mention of “improving the real estate financial foundation system” and “building a new model for real estate development” suggests potential innovations, such as specialized financial institutions to handle real estate acquisition, financing, and risk mitigation. These measures could address systemic pressures in the sector more effectively.

Conclusion

The 2025 National Day holiday data confirms the ongoing challenges in China’s real estate market, driven by declining confidence, shifting consumer priorities, and limited policy stimulus. While first-tier cities show some resilience, the broader market remains in a downturn, with third- and fourth-tier cities facing the most significant struggles. The government’s focus on capital markets and technological innovation signals a strategic shift away from real estate as an economic driver. For now, policymakers are likely to prioritize the effective implementation of existing measures over new stimulus, aiming for a controlled “soft landing” to mitigate systemic risks. For buyers, this presents a window of opportunity, but the market’s recovery will depend on restoring confidence and addressing structural challenges in the long term.

With the rise of the sharing economy, the ride-hailing industry has grown rapidly, and hitchhiking has emerged as a unique travel option. So, what exactly is hitchhiking? How does it differ from traditional ride-hailing services? This article provides a detailed exploration of the definition, features, and practical applications of hitchhiking.

Definition of Hitchhiking

Hitchhiking is a shared mobility model within ride-hailing services where a car owner, traveling along their planned route, picks up passengers with similar travel needs and shares part of the travel costs through a platform. Unlike traditional ride-hailing services (such as express or premium rides), hitchhiking emphasizes resource sharing and cost-splitting rather than profit-making. This model not only offers passengers an affordable travel option but also allows car owners to offset fuel and toll expenses while promoting environmental sustainability and efficient use of transportation resources.

Key Features of Hitchhiking

Hitchhiking stands out from traditional ride-hailing services with the following distinct characteristics:

1. Non-Profit Nature
   Hitchhiking drivers are typically not professional drivers but everyday individuals using their regular trips (e.g., commuting or cross-city travel) to pick up passengers along the way. The platform fees primarily cover shared costs like fuel and tolls, rather than generating profit. This makes hitchhiking fares generally lower than other ride-hailing options.

2. Route Matching
   The core of hitchhiking lies in being "on the way." Passengers’ starting and ending points must closely align with the driver’s planned route, and drivers do not significantly alter their itinerary to accommodate passengers. As a result, passengers need to match their travel needs with the driver’s route and schedule.

3. Flexibility in Time and Route
   Unlike on-demand express rides, hitchhiking schedules and routes are determined by the driver. Passengers must browse and match with drivers’ published trips in advance, making it less flexible but suitable for planned travel.

4. Cost Advantage
   Due to the cost-sharing model, hitchhiking fares are typically lower than those of express or premium rides, making it particularly appealing for short trips or cross-city travel. This is a significant draw for budget-conscious passengers.

5. Social and Environmental Benefits
   Hitchhiking emphasizes sharing and social interaction, fostering more engagement between drivers and passengers during the journey, which adds a unique social element to the experience. Additionally, by reducing the number of vehicles on the road, hitchhiking contributes to lower carbon emissions, aligning with the concept of green travel.

Hitchhiking in China

In China, hitchhiking services have been offered by platforms like Didi Chuxing and HelloRide, gaining popularity for short commutes and cross-city trips. However, due to safety regulations and compliance issues, some platforms have adjusted or suspended their hitchhiking services. For instance, Didi Chuxing paused its hitchhiking operations in 2018 following safety incidents but later resumed with enhanced safety measures, such as real-name verification, in-trip audio recording, and stricter driver vetting.

Despite challenges, hitchhiking remains a vital part of the sharing economy. It provides users with cost-effective travel options and contributes to sustainable urban mobility.

Use Cases and Considerations

Hitchhiking is particularly suitable for the following scenarios:

• Short Commutes: For daily commutes, drivers can pick up colleagues or nearby residents along their route.
• Cross-City Travel: For long-distance trips with fixed routes, hitchhiking offers a more flexible alternative to trains or flights.
• Eco-Friendly Travel: Users aiming to reduce their carbon footprint can opt for hitchhiking to support green mobility.

When using hitchhiking services, passengers should consider:

• Confirming that the driver’s itinerary aligns with their travel needs.
• Checking the platform’s safety features, such as real-name verification and emergency contact options.
• Maintaining good communication to ensure a smooth trip.

Conclusion

As an innovative model within ride-hailing services, hitchhiking offers a cost-effective, eco-friendly, and socially engaging travel option. While it may lack the flexibility of traditional ride-hailing, it excels in specific scenarios. With advancements in technology and improved regulations, hitchhiking is poised to continue contributing to the shared mobility landscape.

If you’d like to learn more about the hitchhiking rules of a specific platform or the latest updates, please provide additional details, and I can assist further!

Despite the tourism boom, challenges remain. Clock Hui identified homogenization as a major issue, urging counties to blend local culture with modern trends to create distinctive offerings. Zhang Jinshan advised that counties, with relatively lower resource density, should focus on “small but refined” and “small but beautiful” strategies to maintain competitiveness and encourage repeat visits.

Mid-Autumn Hotel Bookings Sell Out, Requiring Half-Month Advance Reservations

“Luxury rooms for the Mid-Autumn Festival are fully booked, and holiday bookings need to be made at least 10-15 days in advance,” a customer service representative from a high-end resort hotel in Pingtan County, Fujian, told China News Service on September 14. Priced at 699 yuan, the hotel’s luxury single and double rooms were sold out for the Mid-Autumn Festival, with some dates during the National Day holiday also fully booked.

In recent years, Pingtan’s tourism has exploded in popularity, with over 460,000 related posts on Xiaohongshu, fueling growth in the local hospitality industry. Young travelers are flocking to county-level destinations, opting for high-star hotels that offer premium services at lower costs during the Mid-Autumn holiday.

Five-Star Hotel Orders Surge, Counties Gain Young Travelers’ Favor

Meituan data shows that in the first week of September, counties with five-star or luxury hotels most popular among travelers under 30 included Changli (Hebei), Huidong (Guangdong), Chun’an (Zhejiang), Changxing (Zhejiang), Lingshui (Hainan), and Wuyuan (Jiangxi). Notably, five-star/luxury hotel orders in Changting County (Fujian) surged 1400% year-on-year, while Fengxin County (Jiangxi) and Zhongmu County (Henan) saw increases of 1200% and 1150%, respectively.

In Jiange County (Sichuan), the Xinxing Century Hotel saw a 22% week-on-week search increase in the first week of September, with deluxe suites priced below 500 yuan per night on Mid-Autumn Festival day. Nearly 60% of Meituan’s guests were born in the 1990s. Ctrip data further reveals that five-star hotels in fourth- and fifth-tier cities are about 10% cheaper than those in first- and new first-tier cities, highlighting their “high value-for-money” appeal.

Feng Yue, a university student from Xianju County, Zhejiang, noted a significant rise in tourism to Xianju, driven by attractions like Shenxianju Scenic Area. Local high-end hotels, such as Xianju Boya Hotel, had multiple room types sold out for September 15-16, with many reviews from returning guests and families.

Hotel Chains Accelerate Expansion in Lower-Tier Cities

The county tourism boom is prompting hotel chains to expand rapidly. Huazhu Group’s Q2 2024 data shows 41% of its operating hotels are in third-tier and below cities, up from 39% the previous year. Huazhu founder Ji Qi noted that hotel chain penetration rates in third- and fourth-tier cities are only 25% and 14%, compared to 44% and 36% in first- and second-tier cities, signaling vast potential in lower-tier markets.

County Homestays Thrive, Diversified Models Boost Revenue

Homestays are also reaping the benefits of county tourism. In Ziyang County, Shaanxi, “80s-born” entrepreneur Gou Yunhua’s “Dream Ziyang” homestay was fully booked during the summer, catering mainly to middle-aged, elderly, and family travelers. Guest numbers rose 20% year-on-year. To offset the limitations of his 11-room homestay’s small scale and seasonal demand, Gou launched a tea processing workshop and rice wine brewery, integrating accommodation with leisure, team-building, and educational activities. Revenue from rice wine and tea now surpasses accommodation income, supporting over 40 local households with an average annual income increase of nearly 5,000 yuan.

Tujia Homestay data indicates that county homestay bookings grew over 30% year-on-year, with host numbers rising more than 20% annually, reflecting robust supply and demand. Tujia’s Senior Vice President Hu Yang emphasized that improved infrastructure and transportation networks are driving a positive cycle for the county homestay economy.

“Reverse Tourism” Trend: Counties Become Young Travelers’ Top Picks

“Reverse tourism” to counties is emerging as a trend among young travelers. Meituan’s 2024 Young People’s County Travel Report lists Dali, Pingtan, Rongcheng, Dunhuang, and Yanji as top county destinations this summer. According to the 2024 National County Tourism Development Report, in 2023, China’s 1,866 counties generated an average tourism revenue of 4.295 billion yuan and welcomed 5.0827 million visitors, up 41.19% and 35.18% year-on-year, respectively.

Beijing white-collar worker Li Qing visited Fengning Manchu Autonomous County, Hebei, on a friend’s recommendation, spending less than 700 yuan over two days. Horseback riding and exploring the Baili Gallery left a lasting impression. Proximity, affordability, and a relaxed atmosphere are key draws for county tourism. Zhang Jinshan, a researcher at Beijing Union University’s Tourism Planning and Development Institute, noted that county tourism meets the demand for segmented markets in the mass tourism era, offering affordability and tranquility compared to crowded mainstream destinations.

Clock Hui, Chairman of Shangyouhui Cultural Tourism, added that young travelers use platforms like Douyin and Xiaohongshu to discover niche destinations, supported by improved county infrastructure.

Challenges and Opportunities: Counties Must Highlight Unique Appeal

Despite the tourism boom, challenges remain. Clock Hui identified homogenization as a major issue, urging counties to blend local culture with modern trends to create distinctive offerings. Zhang Jinshan advised that counties, with relatively lower resource density, should focus on “small but refined” and “small but beautiful” strategies to maintain competitiveness and encourage repeat visits.

  With the Lantern Festival approaching, make a bowl of black sesame flowing tangyuan to share sweet moments with family! Give it a try and share your results!

A Refined Life Starts with Delicious Food  

As the Spring Festival draws to a close, the warmth of family lingers. Speaking of reunion, tangyuan is a must-have for its sweet symbolism! Today, we’re sharing a black sesame flowing filling tangyuan recipe—classic yet stunning. One bite, and the rich, molten filling bursts with sweetness, far surpassing anything store-bought!  
Made at home, it’s safe, fragrant, soft, and chewy with a gorgeous look. Master this recipe, and you can whip up sweet happiness for your family anytime—perfect for the Lantern Festival!

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Black Sesame Flowing Tangyuan

Ingredients  
- Black sesame seeds: 100g  
- White sugar: 60g  
- Butter (or lard): 60g  
- Sticky rice flour: 300g  
- Boiling water: 200g  
- Cold water: 30g  
- Rice wine (fermented): 1 tbsp  
- Dried osmanthus flowers, goji berries: for garnish  

Instructions  

1. Prepare Black Sesame Filling  
   - Wash 100g black sesame seeds and dry-fry in a pan over low heat to remove moisture (if using raw seeds, toast until fragrant).  
   - Blend toasted seeds with 60g sugar in a blender until finely ground (avoid over-blending to prevent oil release).  
   - Transfer to a bowl, add 30g cold water and 60g melted butter, and mix well.  
   - Spread the mixture flat in a freezer bag and freeze for 2 hours until set but not rock-hard.  
   - Cut into 10g pieces, roll into balls, and keep frozen until ready to use.

2. Make Tangyuan Dough  
   - Combine 300g sticky rice flour with 200g boiling water, stirring with chopsticks until flaky. Knead into a soft, pliable dough once cool enough to handle.  
   - Roll dough into a log, cut into 20g pieces, and cover with plastic wrap to prevent drying.  

3. Shape Tangyuan  
   - Roll a dough piece into a ball, flatten, and stretch into a thin round. Place a sesame filling ball in the center.  
   - Gently pinch and seal using the tiger’s mouth grip, then roll into a smooth ball. Handle delicately to avoid breaking.  

4. Cook Tangyuan  
   - Bring a pot of water to a boil, add tangyuan, and gently stir to prevent sticking to the bottom.  
   - Simmer over medium-low heat until tangyuan float and look plump (about 5-8 minutes).  
   - Serve with some cooking liquid, add 1 tbsp rice wine, and garnish with dried osmanthus and goji berries.  

Why It’s Amazing  
The skin is soft and chewy without cracking, with a flowing, fragrant sesame filling that’s perfectly sweet. This homemade treat rivals professional versions!

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Tips  
- Blend sesame seeds carefully to avoid oiliness, which affects texture.  
- Handle gently while wrapping to keep the filling intact.  
- Feeling creative? Try peanut, red bean, or other fillings for variety!  

With the Lantern Festival approaching, make a bowl of black sesame flowing tangyuan to share sweet moments with family! Give it a try and share your results!

There are no shortcuts in the street stall trade—sincerity is the ultimate asset. Vendors, regulators, and consumers must 

The memory of “eating at street stalls” was once a cherished part of urban life for many. In recent years, while the street stall economy has fueled a surge in their numbers, skyrocketing prices have infused these stalls with a trendy, influencer vibe at the expense of their affordability. The once budget-friendly street stall experience is fast becoming a luxury.

Why Are Street Stalls Becoming Unaffordable?

Street stalls used to comfort late-night workers with cheap, delicious food and flexible hours. Today, they’ve transformed: younger vendors, flashier offerings, and prices that soar. At a night market in central China, a bowl of vegetable spicy noodles was priced at $15, forcing a customer to call the police. In Hefei, six yakitori skewers and a seaweed sushi roll cost $24. A bowl of chilled jelly, once $1, now sells for $3.50. Netizens complain: “Street stall prices surpass restaurants, yet hygiene and taste fall short.”

The traditional notion of “street stalls = cheap” no longer holds. A pancake at a stall costs $1.70, while a shop charges $0.85; a corn cob drizzled with cheese is $5.50; a 4-inch handmade cake demands $22, rivaling upscale dining. As prices double or triple, consumers feel the pinch.

The Rise of “Street Stall Rip-Offs”

Why are street stalls so expensive? First, operating costs have surged. At a major night market in a central Chinese city, stall rental fees jumped from a few dollars monthly to $110, with some resold at even higher rates, inflating food prices.

Second, the influencer effect and social media hype have skewed vendors’ priorities. The sizzling sounds, sweaty vendors, and lively calls once defined stalls. Now, many resemble influencer stages: vendors in heavy makeup pose for livestreams, while others, arriving in luxury cars, prioritize showmanship over craftsmanship. A Beijing stall market even charged a $3 entry fee, with “designer” goods like mosquito lamps or toys priced in the thousands. Consumers often leave feeling scammed.

While entrepreneurial spirit is admirable, some vendors lose sight of their roots, chasing viral fame and quick riches. High prices may attract short-term buzz but erode trust and loyalty.

Reviving the Joy of Affordable Street Stalls

Street stalls thrive on accessibility. Losing this risks alienating customers, especially low-income groups whose “cost of joy” is rising. How can street stalls reclaim their charm?

Vendors: Prioritize Sincerity

Vendors should adjust prices based on seasons and market trends—slight increases in peak times, discounts in off-seasons. More crucially, they must focus on quality and service over profiteering. Sincere efforts and care in preparation will earn customer loyalty and understanding for reasonable price fluctuations.

Authorities: Enhance Regulation and Guidance

Regulators should refine oversight, perhaps through an app tracking stall numbers, locations, and applications, ensuring transparency. They should also guide influencer vendors to balance online promotion with offline quality. Industry associations can contribute by fostering a fair, vibrant market through regulation and support.

Consumers: Vote with Your Wallet

Consumers can resist overpriced stalls and support those offering fair prices and good quality, helping preserve the stalls’ approachable essence.

Conclusion: Sincerity Is the Key

There are no shortcuts in the street stall trade—sincerity is the ultimate asset. Vendors, regulators, and consumers must collaborate to restore the affordable, heartfelt charm of street stalls, ensuring they remain a vibrant part of urban life and a source of “low-cost joy” for all.