BEIJING — China's property market has seen major changes in supply and demand and entered a new phase increasingly centered on existing housing stock, an official said Friday.

The share of second-hand home transactions in total housing transactions rose from 27 percent in 2020 to 46 percent in 2025, and 52 percent in the first eight months of this year, said Zhang Xuetao, an official with the Ministry of Housing and Urban-Rural Development, at a news conference.

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A share exceeding 50 percent marks the property market's transition into the new phase, according to Zhang.