National Bureau of Statistics urban bureau senior statistician Yang Caifang
flagged first‑tier new-build MoM: Shanghai +0.4%, Guangzhou +0.1%, Shenzhen
+0.2%, Beijing -0.2%. YoY: Shanghai +3.0%, Beijing -2.3%, Guangzhou -1.9%,
Shenzhen -2.3%. Second- and third‑tier cities’ MoM declines narrowed; YoY -2.7%
and -4.1%, each narrowing 0.1ppt. Yan Yuejin, vice president at Shanghai E‑House
Real Estate Research Institute, said price falls are small and contracting,
indicating the property market is basically bottomed; first‑tier new‑home price
index has been mostly positive MoM this year, YoY declines are narrowing, and
some cities have seen 1–3% new‑project price increases since early September,
suggesting improving new‑home supply–demand.
