The National Bureau of Statistics said in September first-tier cities' new-home
sales prices fell 0.5% YoY, a 0.4 percentage-point smaller versus decline
August. Among first-tier cities, Beijing -2.7%, Guangzhou -1.1%, Shenzhen -1.0%;
Shanghai +2.8%. Second-tier new-home prices fell 2.4% YoY, with the decline
narrowing 0.3 percentage point. Third-tier prices fell 3.9% YoY, with the
decline narrowing 0.2 percentage point.