// Global Analysis Archive
Reuters-cited NBS data show China’s new home prices fell again in January 2026, with declines broadening across most surveyed cities and year-on-year drops accelerating. Policy easing and selective state involvement may slow monthly declines, but oversupply—especially in lower-tier cities—and weak confidence continue to constrain recovery prospects.
Reuters-cited NBS data show China’s new home prices fell again in January 2026, with declines broadening across most surveyed cities and resale prices remaining under pressure. Policy easing and selective state involvement are slowing the pace of deterioration, but oversupply and fragile confidence continue to constrain a durable recovery.
Official January data cited by Reuters show China’s new home prices fell 0.4% month-on-month and 3.1% year-on-year, with 62 of 70 surveyed cities recording declines. Policy easing and selective state involvement have yet to deliver a broad recovery, while analysts highlight lower-tier inventory and ongoing developer funding strains as key constraints.
Source data indicates China’s housing market remained under pressure in early 2026, with broad-based price declines and S&P forecasting a sharper fall in primary sales. Policy easing has slowed the downturn but has not restored buyer confidence or resolved oversupply, sustaining macroeconomic headwinds.
Official data cited by Reuters show China’s new home prices fell 0.4% month-on-month in January and declined 3.1% year-on-year, with 62 of 70 surveyed cities posting drops. Despite policy easing and selective state-linked interventions, weak demand and heavy lower-tier inventories continue to pressure developers and constrain a consumption-led recovery.
Source data indicates China’s housing market remained under pressure in early 2026, with broad-based price declines and a downgraded sales outlook amid weak demand and elevated inventories. Policy easing continues, but confidence and developer funding constraints suggest a prolonged adjustment rather than a rapid rebound.
SCMP topic-page items indicate China’s property downturn persisted into early 2026, with falling prices, weakening sales, and continued developer balance-sheet stress. Policymakers and cities appear to be shifting toward targeted stabilisation measures, but limited fiscal space and uncertain restructuring outcomes remain key constraints.
Morgan Stanley expects China’s housing slump to persist in 2026, forecasting a further 2–3% decline in new home prices amid reactive, risk-focused policymaking and weak buyer sentiment. High inventories and falling sales values are expected to prolong the adjustment, with potential stabilisation in tier-1 and major tier-2 cities only from 2H 2027 under supportive macro conditions.
Source reporting indicates China elevated the property downturn to a top 2026 priority amid exceptionally high inventories, weak prices, and constrained local-government finances. Policy tools focused on project completion and inventory conversion appear to have limited net-new impact relative to the scale of oversupply, implying a prolonged and uneven adjustment.
According to the source, China’s new commercial housing sales value fell 12.6% in 2025 to 8.39 trillion yuan, the lowest level in a decade, alongside broad declines in investment, starts, and completions. Secondary-market transactions proved more resilient, with secondhand homes comprising about 65% of sales in 30 major cities, signaling a structural shift away from new developments.
Source-cited NBS data indicate broad housing price declines across 70 major cities by December 2025, with especially sharp drops in first-tier secondhand markets. Reported mortgage stress, weak foreclosure liquidation, and widespread developer losses suggest a prolonged balance-sheet adjustment with spillovers to banks, households, and local fiscal conditions.
According to NBS data cited in the source, China’s 2025 property sales value fell to 8.4 trillion yuan and December 2025 price declines broadened across the 70-city index, including major first-tier markets. The document also points to rising defaults, weak foreclosure sell-through, and widespread developer losses, suggesting a prolonged liquidity-and-confidence shock.
According to NBS data cited in the source, China’s 2025 property sales fell to 8.4 trillion yuan and December 2025 prices declined across the 70-city index, with sharper drops in the secondary market including major first-tier cities. The document also suggests foreclosure auctions are clearing poorly and developer losses remain widespread, raising risks of a longer balance-sheet repair cycle.
BIS data for Q3 2025 show global real house prices fell 0.7% year on year despite a 2.0% rise in nominal prices, indicating inflation-driven real adjustment. The aggregate decline is concentrated in a few major economies, with China reported at -5% real yoy while most jurisdictions still recorded positive real growth.
According to the source, China’s new commercial housing sales value fell 12.6% in 2025 to 8.39 trillion yuan, a 10-year low, alongside steep declines in investment, starts, and completions. Secondary-market transactions appear more resilient, with secondhand homes comprising about 65% of sales in 30 major cities, reinforcing a structural shift away from new developments.
According to NBS data cited in the source, housing prices across 70 major cities continued to fall in December 2025, with sharper declines in the secondary market and notable weakness in first-tier cities. The document also points to stressed foreclosure liquidation and broad developer losses in 2025, suggesting a prolonged balance-sheet adjustment across households, developers, and parts of the banking system.
According to NBS data cited in the source, China’s housing prices continued to fall across 70 major cities in December 2025, with sharper declines in the secondary market and notable weakness in first-tier cities. The document also points to rising household and developer stress indicators, suggesting a prolonged adjustment with potential spillovers to credit conditions and consumer confidence.
Source-cited NBS data indicate broad price declines across 70 major cities in December 2025, with sharper falls in the secondary market and notable weakness in first-tier cities. Anecdotal reporting and developer loss guidance suggest mounting mortgage stress, impaired foreclosure liquidity, and limited policy transmission, pointing to a potentially extended stabilization timeline.
According to NBS data cited in the source, housing prices across 70 major cities fell further in December 2025, with sharper declines in the secondhand market and notable weakness in first-tier cities. The document also points to rising mortgage stress, low foreclosure auction clearance rates, and widespread developer losses as factors that could prolong the adjustment.
According to the source, official statistics for December 2025 show broad housing price declines across 70 major cities, with sharper weakness in the secondary market and notable drops in first-tier resale prices. The document also suggests rising mortgage stress, weak foreclosure clearance, and continued developer losses, indicating persistent headwinds for confidence and credit transmission.
The source argues China’s housing downturn reflects a structural shift to lower long-run demand, with stress concentrated in highly leveraged developers and offshore bondholders rather than household mortgages or major banks. Policy easing and economic rebalancing may narrow the GDP drag over time, while weaker property appeal could redirect domestic savings toward equities.
Source-cited data show China’s new commercial housing sales value fell 12.6% in 2025 to 8.39 trillion yuan, the lowest level in a decade, alongside broad declines in investment, starts, and completions. Secondary-market transactions proved more resilient, with secondhand homes comprising about 65% of sales in 30 major cities, signaling a structural shift in buyer preferences and market clearing.
According to NBS data cited in the source, China’s 70-city housing market saw continued year-on-year price declines in December 2025, with especially sharp drops in first-tier secondhand markets. WIND-referenced developer results suggest widespread 2025 losses, reinforcing risks of a prolonged deleveraging cycle affecting households, lenders, and growth.
Government figures cited in the source show Hong Kong home prices rose 3.25% in 2025, the first annual increase in four years, with luxury demand and easing rates supporting a broader confidence rebound. Commercial real estate remains uneven, with elevated office vacancy and cautious bank lending constraining a full-cycle recovery.
BIS data for Q3 2025 show global real house prices fell 0.7% yoy despite a 2.0% rise in nominal prices, with advanced economies broadly stabilising and EMEs still declining in aggregate. The EME weakness is concentrated in emerging Asia, with China down 5% yoy in real terms, while many jurisdictions continue to post positive growth.
Reuters-cited NBS data show China’s new home prices fell again in January 2026, with declines broadening across most surveyed cities and year-on-year drops accelerating. Policy easing and selective state involvement may slow monthly declines, but oversupply—especially in lower-tier cities—and weak confidence continue to constrain recovery prospects.
Reuters-cited NBS data show China’s new home prices fell again in January 2026, with declines broadening across most surveyed cities and resale prices remaining under pressure. Policy easing and selective state involvement are slowing the pace of deterioration, but oversupply and fragile confidence continue to constrain a durable recovery.
Official January data cited by Reuters show China’s new home prices fell 0.4% month-on-month and 3.1% year-on-year, with 62 of 70 surveyed cities recording declines. Policy easing and selective state involvement have yet to deliver a broad recovery, while analysts highlight lower-tier inventory and ongoing developer funding strains as key constraints.
Source data indicates China’s housing market remained under pressure in early 2026, with broad-based price declines and S&P forecasting a sharper fall in primary sales. Policy easing has slowed the downturn but has not restored buyer confidence or resolved oversupply, sustaining macroeconomic headwinds.
Official data cited by Reuters show China’s new home prices fell 0.4% month-on-month in January and declined 3.1% year-on-year, with 62 of 70 surveyed cities posting drops. Despite policy easing and selective state-linked interventions, weak demand and heavy lower-tier inventories continue to pressure developers and constrain a consumption-led recovery.
Source data indicates China’s housing market remained under pressure in early 2026, with broad-based price declines and a downgraded sales outlook amid weak demand and elevated inventories. Policy easing continues, but confidence and developer funding constraints suggest a prolonged adjustment rather than a rapid rebound.
SCMP topic-page items indicate China’s property downturn persisted into early 2026, with falling prices, weakening sales, and continued developer balance-sheet stress. Policymakers and cities appear to be shifting toward targeted stabilisation measures, but limited fiscal space and uncertain restructuring outcomes remain key constraints.
Morgan Stanley expects China’s housing slump to persist in 2026, forecasting a further 2–3% decline in new home prices amid reactive, risk-focused policymaking and weak buyer sentiment. High inventories and falling sales values are expected to prolong the adjustment, with potential stabilisation in tier-1 and major tier-2 cities only from 2H 2027 under supportive macro conditions.
Source reporting indicates China elevated the property downturn to a top 2026 priority amid exceptionally high inventories, weak prices, and constrained local-government finances. Policy tools focused on project completion and inventory conversion appear to have limited net-new impact relative to the scale of oversupply, implying a prolonged and uneven adjustment.
According to the source, China’s new commercial housing sales value fell 12.6% in 2025 to 8.39 trillion yuan, the lowest level in a decade, alongside broad declines in investment, starts, and completions. Secondary-market transactions proved more resilient, with secondhand homes comprising about 65% of sales in 30 major cities, signaling a structural shift away from new developments.
Source-cited NBS data indicate broad housing price declines across 70 major cities by December 2025, with especially sharp drops in first-tier secondhand markets. Reported mortgage stress, weak foreclosure liquidation, and widespread developer losses suggest a prolonged balance-sheet adjustment with spillovers to banks, households, and local fiscal conditions.
According to NBS data cited in the source, China’s 2025 property sales value fell to 8.4 trillion yuan and December 2025 price declines broadened across the 70-city index, including major first-tier markets. The document also points to rising defaults, weak foreclosure sell-through, and widespread developer losses, suggesting a prolonged liquidity-and-confidence shock.
According to NBS data cited in the source, China’s 2025 property sales fell to 8.4 trillion yuan and December 2025 prices declined across the 70-city index, with sharper drops in the secondary market including major first-tier cities. The document also suggests foreclosure auctions are clearing poorly and developer losses remain widespread, raising risks of a longer balance-sheet repair cycle.
BIS data for Q3 2025 show global real house prices fell 0.7% year on year despite a 2.0% rise in nominal prices, indicating inflation-driven real adjustment. The aggregate decline is concentrated in a few major economies, with China reported at -5% real yoy while most jurisdictions still recorded positive real growth.
According to the source, China’s new commercial housing sales value fell 12.6% in 2025 to 8.39 trillion yuan, a 10-year low, alongside steep declines in investment, starts, and completions. Secondary-market transactions appear more resilient, with secondhand homes comprising about 65% of sales in 30 major cities, reinforcing a structural shift away from new developments.
According to NBS data cited in the source, housing prices across 70 major cities continued to fall in December 2025, with sharper declines in the secondary market and notable weakness in first-tier cities. The document also points to stressed foreclosure liquidation and broad developer losses in 2025, suggesting a prolonged balance-sheet adjustment across households, developers, and parts of the banking system.
According to NBS data cited in the source, China’s housing prices continued to fall across 70 major cities in December 2025, with sharper declines in the secondary market and notable weakness in first-tier cities. The document also points to rising household and developer stress indicators, suggesting a prolonged adjustment with potential spillovers to credit conditions and consumer confidence.
Source-cited NBS data indicate broad price declines across 70 major cities in December 2025, with sharper falls in the secondary market and notable weakness in first-tier cities. Anecdotal reporting and developer loss guidance suggest mounting mortgage stress, impaired foreclosure liquidity, and limited policy transmission, pointing to a potentially extended stabilization timeline.
According to NBS data cited in the source, housing prices across 70 major cities fell further in December 2025, with sharper declines in the secondhand market and notable weakness in first-tier cities. The document also points to rising mortgage stress, low foreclosure auction clearance rates, and widespread developer losses as factors that could prolong the adjustment.
According to the source, official statistics for December 2025 show broad housing price declines across 70 major cities, with sharper weakness in the secondary market and notable drops in first-tier resale prices. The document also suggests rising mortgage stress, weak foreclosure clearance, and continued developer losses, indicating persistent headwinds for confidence and credit transmission.
The source argues China’s housing downturn reflects a structural shift to lower long-run demand, with stress concentrated in highly leveraged developers and offshore bondholders rather than household mortgages or major banks. Policy easing and economic rebalancing may narrow the GDP drag over time, while weaker property appeal could redirect domestic savings toward equities.
Source-cited data show China’s new commercial housing sales value fell 12.6% in 2025 to 8.39 trillion yuan, the lowest level in a decade, alongside broad declines in investment, starts, and completions. Secondary-market transactions proved more resilient, with secondhand homes comprising about 65% of sales in 30 major cities, signaling a structural shift in buyer preferences and market clearing.
According to NBS data cited in the source, China’s 70-city housing market saw continued year-on-year price declines in December 2025, with especially sharp drops in first-tier secondhand markets. WIND-referenced developer results suggest widespread 2025 losses, reinforcing risks of a prolonged deleveraging cycle affecting households, lenders, and growth.
Government figures cited in the source show Hong Kong home prices rose 3.25% in 2025, the first annual increase in four years, with luxury demand and easing rates supporting a broader confidence rebound. Commercial real estate remains uneven, with elevated office vacancy and cautious bank lending constraining a full-cycle recovery.
BIS data for Q3 2025 show global real house prices fell 0.7% yoy despite a 2.0% rise in nominal prices, with advanced economies broadly stabilising and EMEs still declining in aggregate. The EME weakness is concentrated in emerging Asia, with China down 5% yoy in real terms, while many jurisdictions continue to post positive growth.
| ID | Title | Category | Date | Views | |
|---|---|---|---|---|---|
| RPT-1207 | China Housing Downturn Deepens Into 2026 as Oversupply and Weak Demand Persist | China Real Estate | 2026-02-16 | 0 | ACCESS » |
| RPT-1168 | China Housing Downturn Deepens Into 2026 as Inventories and Weak Demand Persist | China Real Estate | 2026-02-15 | 0 | ACCESS » |
| RPT-1148 | China Housing Downturn Deepens Into 2026 as Inventory Overhang and Soft Demand Persist | China Real Estate | 2026-02-14 | 0 | ACCESS » |
| RPT-1147 | China Property Downturn Extends Into 2026 as Oversupply and Confidence Gaps Deepen | China | 2026-02-14 | 0 | ACCESS » |
| RPT-1143 | China Housing Downturn Deepens in January as Inventory Overhang Limits Policy Impact | China Real Estate | 2026-02-14 | 0 | ACCESS » |
| RPT-1142 | China Property Downturn Deepens Into 2026 as Sales Outlook Worsens and Inventory Overhang Persists | China | 2026-02-14 | 0 | ACCESS » |
| RPT-778 | China Property in Early 2026: Stabilisation Push Meets Weak Demand and Restructuring Strain | China Property | 2026-02-07 | 0 | ACCESS » |
| RPT-322 | Morgan Stanley Sees China Housing Downturn Extending Into 2026 as Inventory and Confidence Weigh | China Property | 2026-01-29 | 0 | ACCESS » |
| RPT-266 | China Property Downturn Enters 2026 as Oversupply and Local Fiscal Stress Constrain Stabilization | China | 2026-01-27 | 2 | ACCESS » |
| RPT-103 | China’s New-Home Market Hits Decade Low as Demand Shifts to Resales | China | 2026-01-23 | 0 | ACCESS » |
| RPT-324 | China Property Downturn Deepens: First-Tier Resale Prices Slide as Defaults and Developer Losses Mount | China | 2025-11-26 | 0 | ACCESS » |
| RPT-258 | China Property Downturn Deepens: First-Tier Resale Prices Slide and Foreclosure Liquidity Tightens | China | 2025-11-17 | 1 | ACCESS » |
| RPT-913 | China Property Downturn Deepens: First-Tier Resale Weakness and Impaired Foreclosure Liquidity Signal Prolonged Adjustment | China | 2025-10-21 | 0 | ACCESS » |
| RPT-1442 | BIS Q3 2025: Global Real House Prices Slip as China and a Few Large Economies Drive the Aggregate | BIS | 2025-10-20 | 0 | ACCESS » |
| RPT-146 | China’s New-Home Market Hits Decade Low as Demand Shifts to Secondhand Stock | China | 2025-10-14 | 1 | ACCESS » |
| RPT-1086 | China Property Downturn Deepens: First-Tier Price Weakness, Foreclosure Congestion, and Widespread 2025 Developer Losses | China | 2025-10-08 | 0 | ACCESS » |
| RPT-520 | China Property Downturn Deepens: First-Tier Resale Weakness and Rising Distress Signals | China | 2025-09-19 | 0 | ACCESS » |
| RPT-312 | China Property Downturn Deepens: First-Tier Resale Weakness and Rising Mortgage Stress Signal Prolonged Adjustment | China | 2025-09-17 | 0 | ACCESS » |
| RPT-1145 | China Property Downturn Deepens Into Late 2025 as Tier-One Resale Prices Slide and Distress Signals Build | China | 2025-09-14 | 0 | ACCESS » |
| RPT-1150 | China Property Downturn Deepens: Resale Prices Slide in First-Tier Cities as Credit Frictions Emerge | China | 2025-08-25 | 0 | ACCESS » |
| RPT-777 | China’s Property Downshift: Contained Financial Risk, Persistent Growth Drag, and Emerging Equity Reallocation | China | 2025-08-10 | 0 | ACCESS » |
| RPT-168 | China’s New-Home Market Hits Decade Low as Demand Shifts to Secondhand Housing | China | 2025-08-08 | 0 | ACCESS » |
| RPT-1459 | China Property Downturn Deepens: First-Tier Resale Weakness and Rising Balance-Sheet Stress | China | 2025-07-28 | 0 | ACCESS » |
| RPT-539 | Hong Kong Luxury Housing Rebounds as Mainland Demand and Rate Cuts Lift Sentiment | Hong Kong | 2025-07-16 | 0 | ACCESS » |
| RPT-1398 | BIS Q3 2025: Global Real House Prices Slip as China and Emerging Asia Weigh on Aggregates | BIS | 2025-07-02 | 0 | ACCESS » |