// Global Analysis Archive
According to the source, NBS data show China’s 2025 property sales fell to 8.4 trillion yuan—about half the 2021 peak—while December 2025 price declines widened across 70 major cities, including first-tier markets. The document also points to rising foreclosure overhang and widespread developer losses, suggesting a prolonged confidence and balance-sheet adjustment cycle.
According to the source, NBS data released on 19 Jan. 2026 show China’s 2025 property sales fell to 8.4 trillion yuan and December 2025 prices declined across 70 major cities, with sharper drops in the secondary market. Anecdotal reporting and cited WIND figures suggest rising negative equity, difficult foreclosure disposal, and widespread developer losses, increasing risks to household confidence and bank balance sheets.
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.
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.
Morgan Stanley expects China’s housing slump to persist, forecasting new-home prices could fall another 2–3% in 2026 amid reactive, incremental policy support and weak buyer sentiment. Elevated inventories and sharper secondary-market declines suggest stabilisation may not arrive until 2H 2027 in higher-tier cities, with lower-tier markets taking longer.
The source cites NBS data indicating broad-based housing price declines across 70 major cities in December 2025, with sharper falls in the secondary market and notable weakness in first-tier cities. It also describes rising negative equity, weak foreclosure sales, and widespread developer losses as factors that could extend the adjustment cycle.
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.
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.
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.
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.
According to the source, NBS data show China’s 2025 property sales fell to 8.4 trillion yuan—about half the 2021 peak—while December 2025 price declines widened across 70 major cities, including first-tier markets. The document also points to rising foreclosure overhang and widespread developer losses, suggesting a prolonged confidence and balance-sheet adjustment cycle.
According to the source, NBS data released on 19 Jan. 2026 show China’s 2025 property sales fell to 8.4 trillion yuan and December 2025 prices declined across 70 major cities, with sharper drops in the secondary market. Anecdotal reporting and cited WIND figures suggest rising negative equity, difficult foreclosure disposal, and widespread developer losses, increasing risks to household confidence and bank balance sheets.
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.
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.
Morgan Stanley expects China’s housing slump to persist, forecasting new-home prices could fall another 2–3% in 2026 amid reactive, incremental policy support and weak buyer sentiment. Elevated inventories and sharper secondary-market declines suggest stabilisation may not arrive until 2H 2027 in higher-tier cities, with lower-tier markets taking longer.
The source cites NBS data indicating broad-based housing price declines across 70 major cities in December 2025, with sharper falls in the secondary market and notable weakness in first-tier cities. It also describes rising negative equity, weak foreclosure sales, and widespread developer losses as factors that could extend the adjustment cycle.
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.
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.
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.
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-2504 | China Property Downturn Broadens to First-Tier Cities as 2025 Sales Halve From Peak | China | 2026-03-12 | 0 | ACCESS » |
| RPT-2475 | China Property Downturn Deepens: Tier-1 Resale Weakness and Collateral Liquidity Strains | China | 2026-03-12 | 0 | ACCESS » |
| 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-322 | Morgan Stanley Sees China Housing Downturn Extending Into 2026 as Inventory and Confidence Weigh | China Property | 2026-01-29 | 0 | ACCESS » |
| RPT-2332 | Morgan Stanley Sees China Housing Downcycle Extending Into 2026 as Inventory and Confidence Weigh | China Property | 2025-12-18 | 0 | ACCESS » |
| RPT-2237 | China Property Downturn Deepens: Resale Prices Slide in First-Tier Cities and Collateral Liquidity Tightens | China | 2025-12-05 | 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-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-1459 | China Property Downturn Deepens: First-Tier Resale Weakness and Rising Balance-Sheet Stress | China | 2025-07-28 | 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 » |