Beijing, China - Sept 18, 2026 (CCTV - No access Chinese mainland)
1. Press conference in progress
2. Reporters, camera crew at press conference
3. SOUNDBITE (Chinese) Chen Shaowang, vice minister of housing and urban-rural development:
"The housing and urban-rural development sector mainly consists of three major areas: urban and rural construction, housing and real estate, and the construction industry. All the three are now at a critical stage of transformation and development, which can be summarized as 'two shifts, two changes, and three transformations.'"
4. Press conference in progress
5. SOUNDBITE (Chinese) Chen Shaowang, vice minister of housing and urban-rural development (partially overlaid with shot 6):
"The 'two shifts' refer to the urban and rural construction sector. China's urbanization has been shifting from a period of rapid growth to a period of steady development, and urban development has been shifting from a stage of large-scale expansion to a stage focused on improving the quality and efficiency of existing ones. The 'two changes' refer to the housing and real estate sector. Firstly, the real estate market of China has been seeing major changes in supply and demand. Secondly, China's real estate sector has entered an era focusing on existing housing stock. The 'three transformations' refer to the construction industry which has been transforming toward intelligent, green, and integrated development."
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6. Reporters
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FILE: Shanghai, China - Aug 22, 2026 (CCTV - No access Chinese mainland)
7. Various of potential house buyers at sales office
8. Various of real estate agent talking to clients in show house

FILE: Shenzhen City, Guangdong Province, south China - 2025 (CCTV - No access Chinese mainland)
9. Various of apartment buildings
10. Various of potential buyers, real estate agents at sales office

FILE: China - Exact Location and Date Unknown (CCTV - No access Chinese mainland)
11. Aerial shots of residential buildings

China's real estate sector has entered a new phase increasingly centered on existing housing stock (the "stock-based era"), a government official said on Friday.

Speaking at a press conference, Chen Shaowang, vice minister of Housing and Urban-rural Development, said that 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.

"The housing and urban-rural development sector mainly consists of three major areas: urban and rural construction, housing and real estate, and the construction industry. All the three are now at a critical stage of transformation and development, which can be summarized as 'two shifts, two changes, and three transformations,'" Chen said.

"The 'two shifts' refer to the urban and rural construction sector. China's urbanization has been shifting from a period of rapid growth to a period of steady development, and urban development has been shifting from a stage of large-scale expansion to a stage focused on improving the quality and efficiency of existing ones. The 'two changes' refer to the housing and real estate sector. Firstly, the real estate market of China has been seeing major changes in supply and demand. Secondly, China's real estate sector has entered an era focusing on existing housing stock. The 'three transformations' refer to the construction industry which has been transforming toward intelligent, green and integrated development," Chen said.