Report: In 2024, a total of 768,000 units of various types of foreclosed houses were put up for auction nationwide, with 176,000 units being sold.

In 2024, according to the monitoring data from the Zhongzhi Foreclosure Database, as of the end of December, the total number of various types of foreclosed properties listed on the national foreclosed market was 768,000 units, a decrease of approximately 0.9% compared to 775,000 units in 2023. The total number of properties sold was approximately 176,000 units, with a total transaction amount of 330.8 billion yuan; an increase of approximately 4.1% compared to 169,000 units sold in 2023, with a total transaction amount of 354.67 billion yuan, a decrease of approximately 6.7%. In the monitoring of Zhongzhi Foreclosure Database from January to December 2024, the trend of real estate transactions in 355 cities was observed. The clearance rate of various types of foreclosed properties in 2024 based on the number of properties sold at the end of transactions was 22.9%, with an average transaction price of 4611 yuan per square meter. This represents a 12.3% decrease compared to the average transaction price of 5255 yuan per square meter for various types of foreclosed properties nationwide in 2023. In the second half of 2024, from July to December, the number of properties sold at the end of transactions for various types of foreclosed properties was 475,000 units, with 98,000 transactions. The clearance rate for foreclosed transactions was 20.7%, which was lower than the annual average clearance rate and an increase from the first half of the year. In the second half of the year, residential foreclosures accounted for 49.3% of the total transaction amount, commercial foreclosures accounted for 24.2%, and land foreclosures accounted for 11.5%. In 2024, the total number of transactions for various types of foreclosures increased by 4.1% compared to 2023, with a total of 176,000 units sold. Residential foreclosures accounted for 11.7%, commercial foreclosures 3.8%, and other property types decreased by 3.3%. Various types of transactions can be categorized into first auction, second auction, sale, and re-listing. In 2024, first auctions accounted for 37.3% of transactions, with an average price of 6806 yuan per square meter. Second auctions accounted for 47.7% of transactions, with an average price of 4746 yuan per square meter. Sales accounted for 11.9% of transactions, while re-listing and other situations accounted for 3.0% of transactions. In terms of provinces and cities, in 2024, the total number of foreclosed properties listed in nationalIn terms of the primary provinces and cities in the scope of the market for foreclosed properties, some provinces and cities have seen a decrease in the number of properties listed for auction compared to the previous year, with transaction volume higher than the same period in 2023. Among them, Guangdong, Sichuan, Jiangsu, Henan and other provinces rank high in terms of the number of properties listed for auction. Specifically, the number of properties listed for auction in Guangdong and Jiangsu increased by 12,000 and 7,000 respectively compared to 2023; Sichuan saw a decrease of 5,000 properties listed for auction compared to 2023, and Henan saw a decrease of 4,000 properties listed for auction compared to the same period in 2023. In addition, the transaction volume in the top 10 provinces and cities in the foreclosed property market has increased compared to the previous year.The number of foreclosed properties listed for sale in the provinces and cities is among the highest, with Chongqing, Sichuan, Zhejiang, Guangxi, and Henan provinces all seeing a decrease in the number of properties listed compared to the previous year. Zhejiang had 24,000 properties listed, a decrease of 2,198 from the previous year; Chongqing had 40,000 properties listed for the whole year, a decrease of 5,680 from the previous year; Guangxi had 37,000 properties listed for the whole year, a decrease of 897 from the previous year; Henan had 49,000 properties listed, a decrease of 4,048 from the previous year. Additionally, Fujian, Shandong, and Hebei provinces saw a significant increase in the number of properties listed compared to the previous year, with Fujian having 27,000 properties listed, an increase of 7,173 from the previous year; Shandong had 35,000 properties listed for the whole year, an increase of 1,836; Hebei had 24,000 properties listed for the whole year, an increase of 3,744. 2. Differentiation in the popularity of foreclosure properties in various cities for residential properties, with an increase in transaction volume but a decrease in average transaction price - Residential foreclosure properties In 2024, the transaction volume of residential foreclosure properties increased by 5.7% compared to the previous year, with an average transaction frequency of 1.81 times, an increase in the percentage of second auctions, and a longer average transaction days; the transaction area increased by 0.68%, and the average transaction price had a slight decline from the previous year, with a total transaction amount of 160 billion which was comparable to the previous year, maintaining stability in the residential foreclosure market. In 2024, there were 370,000 properties listed for residential foreclosure transactions, with 117,000 properties sold, a clearance rate of 31.4%; a total of 644,000 auctions were conducted for residential foreclosure properties, out of which 118,000 were sold, with a transaction rate of 18.4%; the total transaction amount was 163.64 billion, a decrease of 1.9% compared to the previous year, with an average transaction price of 9,127 yuan per square meter. In comparison, in 2023, there were 364,000 properties listed for foreclosure transactions, with 111,000 sold, a clearance rate of 30.3%; with a total transaction amount of 1.6681 trillion yuan, and an average transaction price of 9,225 yuan per square meter. In 2024, the total transaction volume for residential foreclosure properties increased by 5.7% compared to the previous year, while the average transaction price decreased by 1.1%. Comparing the top 50 cities with the most transactions in the foreclosure market, in 2024, the top 50 cities with the most residential properties had a total of 169,000 properties listed for auction, with 68,000 properties sold. The number of properties listed and sold increased compared to 2023, with major cities such as Chongqing, Zhengzhou, Wenzhou, Suzhou, Guangzhou, Fuzhou, Wuhan among others. The clearance rate in the top 50 cities was 40.4%, with a total transaction amount of 1.2591 trillion yuan, accounting for 76.9% of the total national residential foreclosure transactions. This was an increase of 0.7 percentage points compared to 2023. In the top 50 cities, for residential properties sold by foreclosure, Chongqing had 12,467 properties listed, ranking first with 5,827 properties sold, with an average transaction frequency of 1.82 times; Zhengzhou had 10,649 properties listed, with 2,278 sold, ranking second; Chengdu had 8,926 properties listed, with 4,793 sold, ranking third. Other cities in the top 10 for the number of properties listed for foreclosure included Nanning, Guangzhou, Suzhou, Foshan, Wuhan, Changsha, and Beijing. In 2024, the top 50 cities had a total of 169,000 properties listed for auction, accounting for 45.3% of the total properties listed in 355 cities, an increase of 2.4 percentage points from the previous year. The top 50 cities had a total of 68,000 properties sold, accounting for 58.3% of the total properties sold in 355 cities, a decrease of 0.2 percentage points from the previous year. The average transaction price for residential properties in the top 50 cities was 12,638 yuan per square meter, which was 38.5% higher than the national average of 9,127 yuan per square meter for residential foreclosure properties. In terms of cities with different levels of development, in 2024, first-tier cities had 6,994 properties sold in residential foreclosure transactions, accounting for 6.0% of the total national transactions, with a total transaction amount of 462.1 billion yuan, accounting for 28.2% of the total national transactions, and an average transaction price of 44,752 yuan per square meter. In Beijing, there were 4,196 properties listed for sale by foreclosure in 2024, with 2,136 properties sold, a clearance rate of 50.9%, and an average transaction price of 46,903 yuan per square meter. Second-tier cities had a total of 45,997 properties sold in residential foreclosure transactions in 2024, with a total transaction amount of 638.1 billion yuan and an average transaction price of 10,015 yuan per square meter. For some second-tier cities, Chongqing had 5,827 properties sold through foreclosure, with a clearance rate of 46.7% and an average transaction price of 5,801 yuan per square meter, with an average transaction frequency of 1.82 times. Chengdu had 4,793 properties sold in residential foreclosure transactions, with a clearance rate of 53.7%. Third and fourth-tier cities had a total of 63,871 properties sold in residential foreclosure transactions in 2024, with a total transaction amount of 536.2 billion yuan and an average transaction price of 5,094 yuan per square meter. For some third and fourth-tier cities, Taizhou had 1,708 properties listed for sale by foreclosure, with 1,142 properties sold and a clearance rate of 66.9%. In 2024, there were a total of 117,000 properties sold in residential foreclosure transactions, with 44,000 properties sold in the first auction phase, accounting for 38% of the total transactions, a decrease of about 6.1 percentage points from the previous year. The average transaction price for properties sold in the first auction phase was 11,778 yuan per square meter, a decrease of 2.7 percentage points from 12,107 yuan per square meter in 2023. There were 60,000 properties sold in the second auction phase, accounting for 51.3% of the total transactions, an increase of about 5.4 percentage points from the previous year. The average transaction price for properties sold in the second auction phase was 7,697 yuan per square meter, an increase of 2.5% from 7,511 yuan per square meter in 2023. Approximately 11,000 properties were sold after being resold, accounting for 9.4% of the total transactions. About 1,600 properties were sold due to re-listing and other circumstances, accounting for 1.4% of the total transactions. - Commercial foreclosure properties In 2024, there were a total of 196,000 properties listed for sale through foreclosure in 355 cities, a decrease of 13.4% compared to the previous year, with 34,000 properties sold, an increase of 3.8%, with a total transaction amount of 760.4 billion yuan, a decrease of 11.1%.In terms of judicial auction, by 2024, there were 77,000 commercial properties in the top 50 cities by transaction volume, representing a decrease of 11.2% year-on-year. 18,000 properties were transacted, a decrease of 0.3% year-on-year, with an average transaction price of 7713 yuan per square meter. The total transaction amount was 49.75 billion yuan, a decrease of 7.8% compared to 2023. In 2023, the top 50 cities had a cumulative transaction of 18,450 properties through judicial auction, with a total transaction amount of 53.96 billion yuan and an average transaction price of 7880 yuan per square meter.Table: Comparison of Foreclosure Commercial Property Transactions in the Top 50 Cities in 2023 and 2024 Data Source: CREIS Zhongzhi DataSecond-hand Housing Edition In 2024, a total of 18,000 commercial properties were transacted in the top 50 cities for foreclosure. Among them, Chongqing had the highest number of transactions with 1776 properties, followed by Chengdu with 1229 transactions ranking second, and Shanghai with 717 transactions ranking third. The number of commercial foreclosure properties transacted in Chongqing and Chengdu was significantly higher than other areas. Cities like Hangzhou, Nanning, Beijing, Suzhou, Wuxi, Guangzhou, and Zhengzhou ranked in the top 10 in terms of transaction quantity, all transacting more than 450 properties. In terms of transaction amount, Beijing topped the list with a total transaction amount of 65.4 billion yuan, followed by Shanghai with 54.2 billion yuan ranking second nationally, and Chengdu with 34.8 billion yuan ranking third. Chongqing and Shenzhen had total transaction amounts of 28.5 billion yuan and 24.5 billion yuan respectively, ranking in the top five. Table: Commercial Property Transaction Volume in the Top 50 Cities in 2024 Data Source: CREIS Zhongzhi DataSecond-hand Housing Edition 3. Industrial Foreclosure Properties In 2024, there were a total of 2,856 industrial foreclosure properties transacted in 355 cities nationwide, with a total amount of 44.75 billion yuan. The average transaction stage was 2.14 times, with the top 50 cities transacting 268.5 billion yuan, accounting for 60% of the total transaction amount. Table: Comparison of Industrial Foreclosure Transactions in the Top 50 Cities in 2023 and 2024 Data Source: CREIS Zhongzhi DataSecond-hand Housing Edition In 2024, there were a total of 4,603 industrial foreclosure properties put up for auction in the top 50 cities, with 1,579 properties transacted. The clearance rate was 34.3%, an increase of 3.3 percentage points from the previous year. The average number of transactions for each project was 2.16 times, with an average transaction duration of 88 days, an increase from the previous year. 4. Land Foreclosure Properties In 2024, the total transaction amount of land foreclosure properties in 355 cities nationwide was 406.1 billion yuan, with the top 50 cities transacting 165.5 billion yuan, accounting for 40.8% of the total transaction amount. Table: Comparison of Land Foreclosure Transactions in the Top 50 Cities in 2023 and 2024 Data Source: CREIS Zhongzhi DataSecond-hand Housing Edition In 2024, there were a total of 1,900 land foreclosure properties transacted in 355 cities, with a clearance rate of 21.0% and an average transaction stage of 2.15 times. In the top 50 cities, 930 properties were transacted, with a clearance rate of 28.3% and an average transaction stage of 2.36 times. In conclusion, the overall performance of the foreclosure residential market in 2024 was stable, with a slight increase in transaction volume but a decrease in average transaction price. The proportion of second auctions increased, indicating a market preference for lower-priced transactions. First-tier cities and some second-tier cities performed well with high clearance rates, while third and fourth-tier cities faced greater pressure. Policy optimization and improved market transparency provided support for the foreclosure residential market, but regional differentiation and downward price pressure remain major challenges.