National Bureau of Statistics: In December 2025, the year-on-year decrease in sales prices of residential properties in first, second, and third-tier cities expanded.

In December, the sales prices of newly built residential properties in first-tier cities decreased by 1.7% year-on-year, with the decrease widening by 0.5 percentage points compared to the previous month. Among them, Shanghai increased by 4.8%, while Beijing, Guangzhou, and Shenzhen decreased by 2.4%, 4.8%, and 4.4% respectively. The sales prices of newly built residential properties in second and third-tier cities decreased by 2.5% and 3.7% year-on-year respectively, with the decrease widening by 0.3 and 0.2 percentage points respectively. In December, the sales prices of second-hand residential properties in first-tier cities decreased by 7.0% year-on-year, with the decrease widening by 1.2 percentage points compared to the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen decreased by 8.5%, 6.1%, 7.8%, and 5.4% respectively. The sales prices of second-hand residential properties in second and third-tier cities both decreased by 6.0% year-on-year, with the decrease widening by 0.4 and 0.2 percentage points respectively.