中国房地产：年末全面走弱- 若无重大政策转向，2026 年低迷将持续-China housing_ broad-based weakness at year-end_ Downturn to persist in 2026 without major policy shift

J P M O R G A N Asia Pacific Economic Research 19 January 2026 China housing: broad-based weakness at year-end Downturn to persist in 2026 without major policy shift JPM's housing activity index edged up at year-end. Most indicators continued to contract sharply despite modest narrowing: new home sales -18.9%oya, new starts -18.8%, completions -20.6%, real estate FAI -36.5%, and funding sources -28.1%. NBS 70-city new home prices fell 0.37%m/m nsa (vs. -0.39% in November), and secondary prices dropped 0.70% ...