Property Price: YTD Avg: Shanghai data was reported at 39,575.041 RMB/sq m in Mar 2025. This records an increase from the previous number of 38,438.579 RMB/sq m for Feb 2025. Property Price: YTD Avg: Shanghai data is updated monthly, averaging 16,245.712 RMB/sq m from Jan 2003 (Median) to Mar 2025, with 267 observations. The data reached an all-time high of 49,301.406 RMB/sq m in Feb 2021 and a record low of 3,659.000 RMB/sq m in Feb 2003. Property Price: YTD Avg: Shanghai data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Price – Table CN.PD: NBS: Property Price: Monthly.

Property Price Index: Secondary Mkt: Residential: above 144 sq m: Shanghai data was reported at 99.000 Prev Year=100 in Mar 2025. This records an increase from the previous number of 98.600 Prev Year=100 for Feb 2025. Property Price Index: Secondary Mkt: Residential: above 144 sq m: Shanghai data is updated monthly, averaging 101.600 Prev Year=100 from Jan 2011 (Median) to Mar 2025, with 171 observations. The data reached an all-time high of 137.900 Prev Year=100 in Sep 2016 and a record low of 93.500 Prev Year=100 in May 2024. Property Price Index: Secondary Mkt: Residential: above 144 sq m: Shanghai data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.EA: Property Price Index: (PY=100): Secondary Market Residential: By Area of Floor Space.

In 2023, the average price of residential housing sold in Shanghai, the most important economic hub of China, reaching ****** yuan per square meter, making the city one of the least affordable cities in the country. The housing market boom Since the housing reform in the 1990s, the prices of homes in Shanghai have increased almost every year, thanks to the growth of the city’s population and, thus, the high demands in the housing market. The high property prices gradually became out of reach for most residents, who earn an annual per capita income of only ******* yuan in 2023. Residential properties in the city center were especially unaffordable, as newly built homes located within Shanghai's inner ring road had an average price of ******* yuan in 2023, ********* more expensive than their counterparts outside the outer ring road. Risks and interventions The high price not only made living in the city expensive for its residents, but also posed a grave risk to China’s financial system. In the first 20 years of this century, the total value of personal housing mortgage loans in Shanghai increased by ******************, and defaults of any moderate scale can be consequential. Therefore, both the central and the municipal authorities had been attempting to curb the continuous rise of property costs in Shanghai, through the increase in the supply of housing stocks and policies limiting speculations in the market. However, most measures were not as effective as anticipated.

Property Price: Residential: Shanghai data was reported at 44,429.879 RMB/sq m in 2022. This records an increase from the previous number of 40,974.194 RMB/sq m for 2021. Property Price: Residential: Shanghai data is updated yearly, averaging 10,308.500 RMB/sq m from Dec 1995 (Median) to 2022, with 28 observations. The data reached an all-time high of 44,429.879 RMB/sq m in 2022 and a record low of 2,477.000 RMB/sq m in 1995. Property Price: Residential: Shanghai data remains active status in CEIC and is reported by Shanghai Municipal Bureau of Statistics. The data is categorized under China Premium Database’s Price – Table CN.PE: Property Price: Residential: Prefecture Level City.

In 2023, the total value of residential housing sold in Shanghai, China surpassed *** billion yuan, slightly decreasing from the previous year. This growth was mainly fueled by the significant price rise in residential housing in the city. In 2017, the government of Shanghai introduced several strict regulations on the housing market, intending to curb speculations. The policies resulted in a sharp decline in the market between 2016 and 2017, while also causing further price increases in the years that followed.

Shanghai Property Price: Secondary Mkt: Huangpu: Old Urban Area data was reported at 22,457.000 RMB/sq m in Nov 2010. This records an increase from the previous number of 22,371.000 RMB/sq m for Oct 2010. Shanghai Property Price: Secondary Mkt: Huangpu: Old Urban Area data is updated monthly, averaging 15,457.000 RMB/sq m from Jan 2005 (Median) to Nov 2010, with 71 observations. The data reached an all-time high of 22,457.000 RMB/sq m in Nov 2010 and a record low of 9,571.000 RMB/sq m in Jan 2005. Shanghai Property Price: Secondary Mkt: Huangpu: Old Urban Area data remains active status in CEIC and is reported by Shanghai Existing Property Index Office. The data is categorized under China Premium Database’s Price – Table CN.PD: Shanghai Existing Property Index Office: Shanghai Property Price: Secondary Market (Discontinued).

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2024. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 116.2 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.

The house price data are collected from the official website of China's National Bureau of Statistics . We acquired the month-on-month growth data of house prices since January 2006, then compiled the house price index based on January 2006 as 100. The Shanghai Stock Exchange Index (SSEI) data which are treated as stock market prices are derived from the CSMAR database. After that, we calculate the monthly house price and stock price return as , where are proxied by the monthly house price index and SSEI, and represent the returns series. 157 observations from January 2006 to March 2019 are obtained.

In 2022, the price for new residential property in Shanghai's inner ring dropped by more than ***** yuan per square meter, to ******* yuan per square meter. Although the local authorities introduced policies to stabilize the market, the real estate market in Shanghai’s central districts remained under downward pressure, similar to those experienced by other major cities in China. The most competitive real estate market in the country Home prices in Shanghai are among the most expensive globally. The area within the city's inner ring road is certainly one of the most competitive real estate markets in all of China, with property prices nearly *********** higher than those outside the outer ring road. Rising prices are far beyond the reach of ordinary residents, and the few who can afford to buy often have to take out substantial mortgages for their homes, resulting in a high proportion of real estate in their personal assets. Challenges facing China’s real estate sector The high level of indebtedness of the Chinese people and the bubbles in the country's real estate sector have become one of the major risks to China's economy. While developers expanded through continuous borrowing and the sale of off-plan properties to homebuyers, the market saw a significant excess of housing supply in most regions. There have also been instances in recent years where developers have had difficulties in completing construction projects or in repaying their loans or bonds. Addressing the risks in China's real estate sector, particularly in companies such as the Evergrande Group and Country Garden, has become an urgent task to ensure China's economic stability and prosperity.

Shanghai Property Price: Secondary Mkt: Pudong New Area: Sanlin data was reported at 14,257.000 RMB/sq m in Jan 2011. This records an increase from the previous number of 14,114.000 RMB/sq m for Dec 2010. Shanghai Property Price: Secondary Mkt: Pudong New Area: Sanlin data is updated monthly, averaging 10,743.000 RMB/sq m from Jan 2005 (Median) to Jan 2011, with 73 observations. The data reached an all-time high of 14,571.000 RMB/sq m in May 2010 and a record low of 6,629.000 RMB/sq m in Jan 2005. Shanghai Property Price: Secondary Mkt: Pudong New Area: Sanlin data remains active status in CEIC and is reported by Shanghai Existing Property Index Office. The data is categorized under China Premium Database’s Price – Table CN.PD: Shanghai Existing Property Index Office: Shanghai Property Price: Secondary Market (Discontinued).

In 2024, the consumer price index for rents of residential housing in China ranged at 99.8 percent compared to the previous year (previous year=100). Since 2019, annual average prices for apartment rents in China have decreased slightly most of the years.

The house price data are collected from the official website of China's National Bureau of Statistics . We acquired the month-on-month growth data of the house price for 70 large and medium-sized representative cities in China since January 2006, then compiled the composite house price index (Houidx) based on January 2006 as 100. We use the Shanghai stock exchange composite index (SSEI) to measure the stock market price level, and the seasonal adjusted broad money M2 (M2) to proxy for the money supplying, both indexes are collected from the Wind database. The monthly house price shock (hous), stock price change (ssei) or the money supply growth (m2) are calculated as (ln(Idxt) - ln(Idxt-1))×100, where Index are the Houidx, SSEI or M2, correspondingly. 158 observations from February 2006 to March 2019 are obtained.

Shanghai Property Price: Secondary Mkt: Changning: Tianshan data was reported at 16,343.000 RMB/sq m in Jan 2011. This records an increase from the previous number of 16,229.000 RMB/sq m for Dec 2010. Shanghai Property Price: Secondary Mkt: Changning: Tianshan data is updated monthly, averaging 13,057.000 RMB/sq m from Jan 2005 (Median) to Jan 2011, with 73 observations. The data reached an all-time high of 16,343.000 RMB/sq m in Jan 2011 and a record low of 8,714.000 RMB/sq m in Jan 2005. Shanghai Property Price: Secondary Mkt: Changning: Tianshan data remains active status in CEIC and is reported by Shanghai Existing Property Index Office. The data is categorized under China Premium Database’s Price – Table CN.PD: Shanghai Existing Property Index Office: Shanghai Property Price: Secondary Market (Discontinued).

Property Price Index: New Constructed: Commodity Residential: above 144 sq m: Shanghai data was reported at 107.200 Prev Year=100 in Mar 2025. This records an increase from the previous number of 106.700 Prev Year=100 for Feb 2025. Property Price Index: New Constructed: Commodity Residential: above 144 sq m: Shanghai data is updated monthly, averaging 104.400 Prev Year=100 from Jan 2011 (Median) to Mar 2025, with 171 observations. The data reached an all-time high of 138.200 Prev Year=100 in Sep 2016 and a record low of 92.800 Prev Year=100 in Mar 2015. Property Price Index: New Constructed: Commodity Residential: above 144 sq m: Shanghai data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.EA: Property Price Index: (PY=100): New Constructed Commodity Residential: By Area of Floor Space.

Shanghai Property Price: Secondary Mkt: Hongkou: Jiangwan data was reported at 12,714.000 RMB/sq m in Nov 2010. This records a decrease from the previous number of 12,743.000 RMB/sq m for Oct 2010. Shanghai Property Price: Secondary Mkt: Hongkou: Jiangwan data is updated monthly, averaging 10,914.000 RMB/sq m from Jan 2005 (Median) to Nov 2010, with 71 observations. The data reached an all-time high of 13,029.000 RMB/sq m in Mar 2010 and a record low of 7,529.000 RMB/sq m in Jan 2005. Shanghai Property Price: Secondary Mkt: Hongkou: Jiangwan data remains active status in CEIC and is reported by Shanghai Existing Property Index Office. The data is categorized under China Premium Database’s Price – Table CN.PD: Shanghai Existing Property Index Office: Shanghai Property Price: Secondary Market (Discontinued).

Key information about China Gold Production

• China Real Residential Property Price Index was reported at 90.676 2010=100 in Jun 2025.
• This records a decrease from the previous number of 91.615 2010=100 for Mar 2025.
• China Real Residential Property Price Index data is updated quarterly, averaging 93.824 2010=100 from Jun 2005 to Jun 2025, with 81 observations.
• The data reached an all-time high of 112.991 2010=100 in Sep 2021 and a record low of 87.950 2010=100 in Jun 2005.
• China Real Residential Property Price Index data remains active status in CEIC and is reported by Bank for International Settlements.
• The data is categorized under World Trend Plus’s Association: Property Sector – Table RK.BIS.RPPI: Selected Real Residential Property Price Index: 2010=100: Quarterly. [COVID-19-IMPACT]

Shanghai Property Price: Secondary Mkt: Xuhui: Xujiahui data was reported at 19,657.000 RMB/sq m in Jan 2011. This records an increase from the previous number of 19,600.000 RMB/sq m for Dec 2010. Shanghai Property Price: Secondary Mkt: Xuhui: Xujiahui data is updated monthly, averaging 14,514.000 RMB/sq m from Jan 2005 (Median) to Jan 2011, with 73 observations. The data reached an all-time high of 19,686.000 RMB/sq m in Jun 2010 and a record low of 10,643.000 RMB/sq m in Jan 2005. Shanghai Property Price: Secondary Mkt: Xuhui: Xujiahui data remains active status in CEIC and is reported by Shanghai Existing Property Index Office. The data is categorized under China Premium Database’s Price – Table CN.PD: Shanghai Existing Property Index Office: Shanghai Property Price: Secondary Market (Discontinued).

Property Price Index: YoY: Year to Date: Newly Constructed: Commodity Residential: Shanghai data was reported at 105.600 Prev Year=100 in Mar 2025. This stayed constant from the previous number of 105.600 Prev Year=100 for Feb 2025. Property Price Index: YoY: Year to Date: Newly Constructed: Commodity Residential: Shanghai data is updated monthly, averaging 104.400 Prev Year=100 from Jan 2023 (Median) to Mar 2025, with 27 observations. The data reached an all-time high of 105.600 Prev Year=100 in Mar 2025 and a record low of 100.400 Prev Year=100 in Jan 2024. Property Price Index: YoY: Year to Date: Newly Constructed: Commodity Residential: Shanghai data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.EA: Property Price Index: (Same Period PY=100): New Constructed Commodity Residential.

Variable descriptions and basic statistical information.

OLS regression model (all variables).