In 2024, China's first-tier cities have adjusted their property market policies, among which Shenzhen and Shanghai have successively relaxed restrictions on house purchases, while Hong Kong has lifted the previous restrictions on house purchases, which is commonly known as "withdrawal of spicy" by the market. At the same time, the core area of Guangzhou has also relaxed the purchase restriction policy for large units of more than 120 square meters. These adjustments have undoubtedly increased the attractiveness of the real estate market in first-tier cities and injected new vitality into the property market.
In fact, this trend is evident during the Chinese New Year. Unlike previous years, this year, many wealthy families did not choose to return to their hometowns during the holidays, but began to invest their money in the property market in first-tier cities. According to statistics, the transaction area of first-hand residential buildings in first-tier cities surged by 108% year-on-year, of which Shenzhen increased by 125% year-on-year, Shanghai increased by 126% year-on-year, and Guangzhou also increased by 87%.
After the Spring Festival, the performance of Guangzhou's property market is particularly eye-catching. In the week from February 26 to March 3, the total number of new homes transacted in Guangzhou reached 717 units, with a transaction area of 8340,000 square meters, a month-on-month surge of 645%. Among all the first-tier cities, Guangzhou has the highest policy openness, and the market potential is huge, so there is a lot of room for growth.
In 2023, Guangzhou's GDP will exceed 3 trillion yuan for the first time, marking a new level of urban economic development. However, instead of resting on its laurels, Guangzhou has set higher development goals. At the Guangzhou High-quality Development Conference held on February 19, the city made it clear that it would expand the space for high-quality development through industrial upgrading and scientific and technological innovation, and carry out the so-called "second entrepreneurship".
As the "automobile capital" that has ranked first in the country in terms of automobile production for five consecutive years, Guangzhou is transforming into a "smart car city" driven by leading enterprises such as GAC Aion Second Intelligent Manufacturing Center and Xiaopeng Motors Guangzhou Intelligent Manufacturing Base. At the same time, as one of the three major medical centers in China, Guangzhou has more than 6,400 biomedical enterprises, and has successfully introduced and cultivated leading enterprises in the industry such as BeiGene, InnoCare, and Daan Gene, building a high-end biomedical industry layout of "one core and two poles". In addition, Guangzhou has also become the first of the "Top Ten Cities for New Display" in China by virtue of hard-core technology.
Guangzhou's "second entrepreneurship" strategy aims to rejuvenate traditional industries, further expand advantageous industries, and promote the new generation of information technology, intelligent and new energy vehicles, biomedicine and health industries to become representatives of new quality productivity. Therefore, Guangzhou's development is full of confidence and rapid progress. At present, the added value of Guangzhou's strategic emerging industries is close to one trillion yuan, accounting for more than 30% of GDP.
In the new round of real estate reform, the market share is increasingly concentrated in urban agglomerations and metropolitan areas. Although mainland families still face certain obstacles in buying real estate in Hong Kong, and industry insiders believe that it is unlikely that the purchase restrictions will be lifted in the core areas of cities such as Beijing, Shanghai and Shenzhen in the short term, Guangzhou has become the only city among the first-tier cities to open up its core assets to the outside world, and is in the rising period of "second entrepreneurship". Its superior entry threshold naturally makes it the preferred "wealth entrance" for a new round of asset allocation for wealthy families across the country.