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 ba

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.