19 January 2026 | 4:08PM CST Equity Research CHINA PROPERTY MONTHLY TRACKER Dec 2025 nationwide ASP decline persisted and primary sales declined -16%/-24% yoy by vol/value, sending FY25 sales vol/value -9%/-13% yoy (below GSe). New starts decline pace narrowed sequentially, sending full-year to -20% yoy (above GSe), while completion substantially undershot our estimates at -18% yoy, resulting in full-year at -18% (below GSe), and Dec FAI reached a new lowest level since 2012 (excl. Jan-Feb which are reporte ...