China property: homeowners turn to social media to boost their chances of a quick sale in depressed market

Many homeowners in China are taking to social media to sell their homes in the hopes of finding a buyer more quickly and securing a better deal

‘It gives the sellers a voice and allows them to market their properties in more diverse ways,’ says director of E-house China Research and Development Institute

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Advertising on social media ‘gives the sellers a voice and allows them to market their properties in more diverse ways,’ says Yan Yuejin, director of the E-house China Research and Development Institute. Photo: Reuters

Published: 11:30am, 3 Mar 2024

Amid a sluggish second-hand home market where supply consistently outweighs demand and prices are slumping to fresh lows, many homeowners in China are taking to social media to sell their property in the hopes of finding a buyer more quickly and securing a better deal.

“I heard houses get sold really fast here, so here goes. I’m selling a house in Shanghai that I’m currently living in,” wrote one hopeful owner, who gave his name as Xue, in a post on Xiaohongshu, an Instagram-like Chinese photo-sharing app.

The post, advertising a 57 square-metre walk-up apartment on the east side of the city, has garnered over 750 likes since January and close to 900 comments. Many people have inquired about the price, while others have remarked on the cosy interior design.

Xue, who declined to provide his full name out of privacy concerns, told the Post that despite the flurry of inquiries, the flat has not yet found a buyer. He is, however, in negotiations over price with several potential buyers.

The practice of bypassing the property agent is not exactly new. As early as 2021, housing authorities in cities like Shanghai and Hangzhou rolled out programmes to help homeowners sell their properties without going through a third party, even launching a self-service transaction platform on WeChat.

Xue’s apartment in Shanghai as it appears on Xiaohongshu, a Chinese photo-sharing app. Photo: xiaohongshu

“What is different this time around is the use of social media, and how it’s making direct selling more popular,” said Yan Yuejin, director of the Shanghai-based E-house China Research and Development Institute. “It gives the sellers a voice and allows them to market their properties in more diverse ways.”