中国地产：上海优化住房以旧换新政策，更有效支撑改善性需求-China Property_ Housing trade-in program refined in Shanghai, more effectively supporting upgrade demand

9 February 2026 | 3:57PM CST Equity Research China Property: Housing trade-in program refined in Shanghai, more effectively supporting upgrade demand On February 2nd, Shanghai launched a new pilot secondary housing units trade-in program. Similar trade-in programs were launched in over 150 municipalities, including Shanghai since 2024. But we note there are several key differences of this new one vs. the others and believe the current one is more practical which could potentially speed up the scale and beco ...