Core Insights - In September 2025, the sales prices of commercial residential properties in 70 large and medium-sized cities in China showed a month-on-month decline across all categories, with second-hand housing prices experiencing a notable decrease [1][2]. Price Changes in Different City Tiers - In September, first-tier cities saw new commercial residential property prices decrease by 0.3% month-on-month, with Beijing and Shanghai experiencing slight increases of 0.2% and 0.3% respectively, while Guangzhou and Shenzhen saw declines of 0.6% and 1.0% [3]. - Second-tier cities experienced a 0.4% month-on-month decline in new residential property prices, while third-tier cities also saw a 0.4% decrease, maintaining the same rate as the previous month [3]. - Second-hand residential property prices in first-tier cities fell by 1.0% month-on-month, with specific declines in Beijing (0.9%), Shanghai (1.0%), Guangzhou (0.8%), and Shenzhen (1.0%) [3]. - Second-tier and third-tier cities recorded month-on-month declines of 0.7% and 0.6% respectively, with both categories seeing an increase in the rate of decline by 0.1 percentage points [3]. Year-on-Year Price Trends - Year-on-year, first-tier cities saw new commercial residential property prices decrease by 0.7%, with Shanghai showing a significant increase of 5.6%, while Beijing, Guangzhou, and Shenzhen experienced declines of 2.6%, 4.1%, and 1.8% respectively [4]. - Second-tier cities recorded a year-on-year decline of 2.1%, and third-tier cities saw a 3.4% decrease, both showing a narrowing of the decline by 0.3 percentage points [4]. - Year-on-year, second-hand residential property prices in first-tier cities decreased by 3.2%, with a narrowing of the decline by 0.3 percentage points compared to the previous month [4]. - Second-tier and third-tier cities experienced year-on-year declines of 5.0% and 5.7%, respectively, with both categories also showing a narrowing of the decline by 0.2 and 0.3 percentage points [4].

Core Insights - In September, the sales prices of new residential properties in first-tier cities decreased by 0.7% year-on-year, with the decline narrowing by 0.2 percentage points compared to the previous month [1] - Shanghai experienced a price increase of 5.6%, while Beijing, Guangzhou, and Shenzhen saw declines of 2.6%, 4.1%, and 1.8% respectively [1] - The sales prices of new residential properties in second- and third-tier cities fell by 2.1% and 3.4% year-on-year, with both declines also narrowing by 0.3 percentage points [1] New Residential Property Prices - First-tier cities: New residential property prices decreased by 0.7% year-on-year, with Shanghai increasing by 5.6% and other cities experiencing declines [1] - Second- and third-tier cities: Prices decreased by 2.1% and 3.4% year-on-year, with a narrowing of the decline [1] Second-hand Residential Property Prices - First-tier cities: Second-hand residential property prices fell by 3.2% year-on-year, with a narrowing of the decline by 0.3 percentage points [1] - Specific declines: Beijing, Shanghai, Guangzhou, and Shenzhen saw decreases of 2.7%, 2.4%, 6.0%, and 1.7% respectively [1] - Second- and third-tier cities: Prices decreased by 5.0% and 5.7% year-on-year, with declines narrowing by 0.2 and 0.3 percentage points respectively [1]

Core Insights - The National Bureau of Statistics released data indicating that the sales prices of new residential properties in 70 large and medium-sized cities in September 2025 showed a year-on-year decline of 0.7% in first-tier cities, with the decline narrowing by 0.2 percentage points compared to the previous month [1] Group 1: First-tier Cities - Shanghai experienced a price increase of 5.6% year-on-year [1] - Beijing, Guangzhou, and Shenzhen saw price declines of 2.6%, 4.1%, and 1.8% respectively [1] Group 2: Second and Third-tier Cities - New residential property sales prices in second-tier cities decreased by 2.1% year-on-year, while third-tier cities saw a decline of 3.4% [1] - The decline in both second and third-tier cities also narrowed by 0.3 percentage points [1]

Group 1 - In September, the sales prices of new residential properties in first-tier cities decreased by 0.3% month-on-month, with the decline expanding by 0.2 percentage points compared to the previous month [1] - Beijing and Shanghai saw price increases of 0.2% and 0.3% respectively, while Guangzhou and Shenzhen experienced declines of 0.6% and 1.0% [1] - The sales prices of new residential properties in second-tier cities fell by 0.4%, with the decline expanding by 0.1 percentage points [1] Group 2 - In September, the sales prices of second-hand residential properties in first-tier cities decreased by 1.0%, consistent with the previous month [1] - The price declines in Beijing, Shanghai, Guangzhou, and Shenzhen were 0.9%, 1.0%, 0.8%, and 1.0% respectively [1] - Second and third-tier cities saw second-hand residential property prices decrease by 0.7% and 0.6% respectively, with both declines expanding by 0.1 percentage points [1]

Group 1 - In September, the sales prices of newly built commercial residential properties in first-tier cities decreased by 0.3% month-on-month, with the decline expanding by 0.2 percentage points compared to the previous month [1][2] - In first-tier cities, second-hand residential property prices fell by 1.0% month-on-month, remaining unchanged from the previous month [2] - The sales prices of newly built commercial residential properties in second-tier cities decreased by 0.4% month-on-month, with the decline expanding by 0.1 percentage points [2] Group 2 - Year-on-year, the sales prices of newly built commercial residential properties in first-tier cities decreased by 0.7%, with the decline narrowing by 0.2 percentage points compared to the previous month [3] - In first-tier cities, second-hand residential property prices decreased by 3.2% year-on-year, with the decline narrowing by 0.3 percentage points [3] - The year-on-year decline in newly built commercial residential property prices in second-tier cities was 2.1%, with the decline narrowing by 0.3 percentage points [3]

Summary of Key Points Core Viewpoint - In September 2025, the sales prices of new residential properties in 70 major cities in China showed a month-on-month decline, while the year-on-year decline continued to narrow. Group 1: Month-on-Month Price Changes - In September, the sales prices of new residential properties in first-tier cities decreased by 0.3%, with Beijing and Shanghai experiencing slight increases of 0.2% and 0.3% respectively, while Guangzhou and Shenzhen saw declines of 0.6% and 1.0% [2] - Second-tier cities saw a month-on-month decline of 0.4%, which is an increase in the rate of decline by 0.1 percentage points compared to the previous month [2] - Third-tier cities also experienced a month-on-month decline of 0.4%, remaining consistent with the previous month [2] - The sales prices of second-hand residential properties in first-tier cities decreased by 1.0%, consistent with the previous month, with declines in Beijing, Shanghai, Guangzhou, and Shenzhen of 0.9%, 1.0%, 0.8%, and 1.0% respectively [2] Group 2: Year-on-Year Price Changes - In September, the year-on-year sales prices of new residential properties in first-tier cities decreased by 0.7%, with a narrowing of the decline by 0.2 percentage points compared to the previous month. Shanghai saw an increase of 5.6%, while Beijing, Guangzhou, and Shenzhen experienced declines of 2.6%, 4.1%, and 1.8% respectively [3] - Second-tier cities experienced a year-on-year decline of 2.1%, and third-tier cities saw a decline of 3.4%, both narrowing by 0.3 percentage points [3] - The year-on-year sales prices of second-hand residential properties in first-tier cities decreased by 3.2%, with a narrowing of the decline by 0.3 percentage points compared to the previous month. The declines in Beijing, Shanghai, Guangzhou, and Shenzhen were 2.7%, 2.4%, 6.0%, and 1.7% respectively [3] Group 3: Price Index Data - The price index for new residential properties in September 2025 shows that Beijing's index was 100.2, while Shanghai's was 99.4, indicating slight variations in price trends across cities [4] - The price index for second-hand residential properties in September 2025 indicates that Beijing's index was 99.1, reflecting a decrease compared to previous months [5] - The classification index for new residential properties shows that properties under 90m² had a month-on-month index of 100.0 in Beijing, while properties over 144m² had an index of 100.5, indicating different trends based on property size [6][7]

表 1：2025 年 9 月70个大中城市新建商品住宅销售价格指数 | | 99.3 | | --- | --- | | | 95.7 95.0 | | 深圳 | | | | 99.0 | | | 98.2 97.0 | | 岳阳 | | | | 99.5 95.7 | | | 94.3 | | 南宁 | 99.5 | | | 100.2 | | 常德 | 96.6 | | | 99.4 | | | 96.4 | | 海口 | 94.3 | | | 99.0 | | | 95.1 95.7 | | 韶关 | | | | 99.9 | | | 96.8 | | 重庆 | 95.2 | | | 99.6 | | | 97.8 | | | 96.3 | | 湛江 | 99.8 | | | 98.3 | | 成都 | 96.0 | | | 99.4 | | | 101.3 | | 惠州 | 98.9 | | | 100.1 | | | 97.3 | | 贵阳 | 95.4 | | | 99.6 | | | 96.7 | | 桂林 | 95.8 | | | 99.6 | | | 97.3 | | 昆明 | 96.8 | ...

Core Viewpoint - The sales prices of commercial residential properties in various cities continue to show a narrowing decline year-on-year [1] Group 1 - The decline in sales prices of commercial residential properties is observed across multiple city tiers [1] - The trend indicates a potential stabilization in the real estate market as the rate of decline decreases [1]

9月份，一线城市新建商品住宅销售价格同比下降0.7%，降幅比上月收窄0.2个百分点。其中，上海上涨 5.6%，北京、广州和深圳分别下降2.6%、4.1%和1.8%。二、三线城市新建商品住宅销售价格同比分别 下降2.1%和3.4%，降幅均收窄0.3个百分点。 9月份，一线城市二手住宅销售价格同比下降3.2%，降幅比上月收窄0.3个百分点。其中，北京、上海、 广州和深圳分别下降2.7%、2.4%、6.0%和1.7%。二、三线城市二手住宅销售价格同比分别下降5.0%和 5.7%，降幅分别收窄0.2个和0.3个百分点。 注释： 9月份，一线城市新建商品住宅销售价格环比下降0.3%，降幅比上月扩大0.2个百分点。其中，北京和上 海分别上涨0.2%和0.3%，广州和深圳分别下降0.6%和1.0%。二线城市新建商品住宅销售价格环比下降 0.4%，降幅扩大0.1个百分点。三线城市新建商品住宅销售价格环比下降0.4%，降幅与上月相同。 9月份，一线城市二手住宅销售价格环比下降1.0%，降幅与上月相同。其中，北京、上海、广州和深圳 分别下降0.9%、1.0%、0.8%和1.0%。二、三线城市二手住宅销售价格环比分别下降0.7%和 ...

Core Viewpoint - The stock of Fangdd Network Group Ltd. (DUO.US) surged by 13% to $3.47 following the release of housing price data by the National Bureau of Statistics on September 15, indicating a potential positive sentiment in the real estate market [1]. Group 1: Housing Price Trends - In August, new residential sales prices in first-tier cities decreased by 0.1% month-on-month, with the decline narrowing by 0.1 percentage points compared to the previous month [1]. - Second-tier cities experienced a month-on-month decrease of 0.3% in new residential sales prices, also showing a narrowing decline of 0.1 percentage points [1]. - Third-tier cities saw a month-on-month decline of 0.4% in new residential sales prices, with the decline expanding by 0.1 percentage points [1].