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China’s new home prices across 70 cities declined 2.7% year-on-year in December 2025, steeper than a 2.4% drop in the previous month. The latest reading marked the 30th consecutive month of price decreases and the fastest pace since July, underscoring Beijing’s persistent struggle to arrest the prolonged downturn in the property sector. Prices fell at a quicker pace in Beijing (-2.4% vs. -2.1% in November), Guangzhou (-4.8% vs -4.3%), Shenzhen (-4.4% vs -3.7%), Chongqing (-2.9% vs. -2.9%), and Tianjin (-3.0% vs -2.2%). Meanwhile, costs in Shanghai eased (4.8% vs 5.1%). On a monthly basis, prices shrank 0.4%, matching November's drop.