Chongqing saw a surge in home viewings during the National Day holiday. (Photo/the Chongqing Real Estate Association)

Chongqing - A mix of policy support and developer promotions boosted activity in parts of China’s property market during the 2026 National Day holiday, with some cities reporting more home viewings and reservations after mortgage subsidies and buying incentives were introduced.

Data released by the Centaline Property Research Institute on October 7 showed that new-home reservations across 50 major Chinese cities rose more than 15% year over year during the holiday. Compared with late September, visits to sales offices and agent-arranged property viewings grew faster than actual contract signings, with no broad-based recovery in transactions yet.

The holiday coincided with the rollout of a new round of housing support measures in China. Starting October 1, eligible commercial mortgages for first-home purchases qualify for an annual interest-rate subsidy of one percentage point for up to five years.

The policy's implementation period is initially set at one year. It covers both new and existing homes with a floor area of no more than 120 square meters and a purchase price of no more than 1.5 million yuan (223821 U.S. dollars). The maximum loan principal eligible for the subsidy is 1 million yuan per household.

The Ministry of Finance and two other government agencies said a long-term commercial mortgage of 1 million yuan could save borrowers up to nearly 50,000 yuan in interest over the five-year subsidy period, depending on the loan term, repayment method, and other factors. The policy aims to lower borrowing costs for eligible first-home buyers and support essential housing demand.

Developers across China also launched promotional campaigns during the holiday. Some residential projects in Beijing, Guangzhou and other cities offered limited-time discounts, property management fee incentives and reductions in parking space charges to attract potential buyers.

In Chongqing, southwest China, sales staff at several residential developments reported growing interest in homes eligible for the mortgage subsidy. A sales adviser at a project in Liangjiang New Area said inquiries about homes of around 100 square meters were particularly high during the first five days of the holiday, while eligible units were in relatively short supply. Local real estate agents also reported that smaller homes with desirable locations, layouts and nearby amenities attracted interest from multiple prospective buyers.

The marketing director of a residential project in Chongqing's Dadukou District said the development sold 12 homes during the first three days of the holiday, with several other potential buyers still in talks.

"Once they calculate the interest savings, many families who need to buy a home but had been holding off are willing to sit down and discuss the details," the director said.

The existing-home market also gained momentum. Since September, home viewings and contract signings in Chongqing's existing-home market have been picking up, with higher-quality properties meeting essential housing needs changing hands more quickly.

Real estate agents said the limited policy window attracted some new clients, as the subsidy applies only to newly issued commercial mortgages for first homes. These buyers hoped to secure an eligible new or existing home under 120 square meters and costing no more than 1.5 million yuan during the policy period to get the full five-year subsidy.

Zhang Dawei, chief analyst at Centaline Property, said holiday housing market viewing activity rose ahead of actual sales, as buyers remained cautious about committing. Only some projects in prime locations in major cities, particularly those with greater certainty of delivery, achieved relatively higher conversion rates from visits to sales.

The rise in new-home reservations in major cities during the National Day holiday reflected more active housing demand in parts of the market amid policy support and holiday promotions. However, whether the short-term increase in viewings and reservations will translate into sustained transaction growth remains to be seen in subsequent sales data.