中国房地产月度追踪 - 又一个月的下滑，12 月或延续颓势-China Property Monthly Tracker_ Another month of slippage, and likely carry forward in Dec

16 December 2025 | 7:45AM CST Equity Research CHINA PROPERTY MONTHLY TRACKER Another month of slippage, and likely carry forward in Dec Nov 2025 nationwide ASP decline persisted and primary sales dropped -17%/-25% yoy by vol/value (largely inline). New starts fell sharply for the second consecutive month, near -30% yoy in Nov, and completions and FAI undershot our estimates at -25%/-30% yoy. Nov FAI reached the lowest level since 2012 (excl. Jan-Feb which are reported on a combined level). Secondary transac ...