Decline in Commercial Residential Sales Prices in Cities of All Tiers Narrowed Year-on-Year in August

In August, among 70 large and medium-sized cities, the month-on-month sales prices of commercial residential properties in cities of all tiers declined, while the year-on-year decline generally continued to narrow.

I. Month-on-Month Decline in Commercial Residential Sales Prices Across All City Tiers

In August, the sales prices of new commercial residential properties in first-tier cities fell by 0.1% month-on-month, with the decline narrowing by 0.1 percentage points from the previous month. Among them, Shanghai saw an increase of 0.4%, while Beijing, Guangzhou, and Shenzhen fell by 0.4%, 0.2%, and 0.4%, respectively. Second-tier cities saw a month-on-month decline of 0.3% in new commercial residential sales prices, with the decline narrowing by 0.1 percentage points. Third-tier cities experienced a month-on-month decline of 0.4%, with the decline widening by 0.1 percentage points.

In August, the sales prices of existing homes in first-tier cities fell by 1.0% month-on-month, with the decline rate unchanged from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell by 1.2%, 1.0%, 0.9%, and 0.8%, respectively. Second-tier cities saw a month-on-month decline of 0.6% in existing home sales prices, with the decline widening by 0.1 percentage points. Third-tier cities experienced a month-on-month decline of 0.5%, with the decline rate unchanged from the previous month.

II. Year-on-Year Decline in Commercial Residential Sales Prices Generally Continued to Narrow Across All City Tiers

In August, the sales prices of new commercial residential properties in first-tier cities fell by 0.9% year-on-year, with the decline narrowing by 0.2 percentage points from the previous month. Among them, Shanghai rose by 5.9%, while Beijing, Guangzhou, and Shenzhen fell by 3.5%, 4.3%, and 1.7%, respectively. Second- and third-tier cities saw year-on-year declines of 2.4% and 3.7% in new commercial residential sales prices, with the declines narrowing by 0.4 and 0.5 percentage points, respectively.

In August, the sales prices of existing homes in first-tier cities fell by 3.5% year-on-year, with the decline widening by 0.1 percentage points from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell by 3.1%, 2.6%, 6.2%, and 1.9%, respectively. Second- and third-tier cities saw year-on-year declines of 5.2% and 6.0% in existing home sales prices, with the declines narrowing by 0.4 percentage points each.

Note:

The classification of city tiers for real estate price statistics in 70 large and medium-sized cities: First-tier cities include Beijing, Shanghai, Guangzhou, and Shenzhen. Second-tier cities include Tianjin, Shijiazhuang, Taiyuan, Hohhot, Shenyang, Dalian, Changchun, Harbin, Nanjing, Hangzhou, Ningbo, Hefei, Fuzhou, Xiamen, Nanchang, Jinan, Qingdao, Zhengzhou, Wuhan, Changsha, Nanning, Haikou, Chongqing, Chengdu, Guiyang, Kunming, Xi’an, Lanzhou, Xining, Yinchuan, and Urumqi. Third-tier cities include Tangshan, Qinhuangdao, Baotou, Dandong, Jinzhou, Jilin, Mudanjiang, Wuxi, Xuzhou, Yangzhou, Wenzhou, Jinhua, Bengbu, Anqing, Quanzhou, Jiujiang, Ganzhou, Yantai, Jining, Luoyang, Pingdingshan, Yichang, Xiangyang, Yueyang, Changde, Shaoguan, Zhanjiang, Huizhou, Guilin, Beihai, Sanya, Luzhou, Nanchong, Zunyi, and Dali.

Beijing

Beijing is the capital of China, with a history spanning over 3,000 years. It served as the imperial capital for several dynasties and is renowned for its grand historical architecture, including the Forbidden City and the Great Wall. Today, it is a major global city that blends ancient cultural heritage with modern development.

Shanghai

Shanghai is a major global financial hub and the largest city in China, known for its iconic skyline featuring the Oriental Pearl Tower and historic waterfront Bund. Originally a fishing village, it grew into a significant port after the First Opium War and the 1842 Treaty of Nanking opened it to foreign trade and concessions. Today, it blends its colonial-era architecture with modern skyscrapers, reflecting its rapid economic development and cultural diversity.

Guangzhou

Guangzhou is a major port city in southern China with a history spanning over 2,200 years, historically known as Canton. It was a key terminus of the ancient Maritime Silk Road and later became one of the first Chinese ports opened to European trade. Today, it is a bustling metropolis known for its modern skyline, Cantonese cuisine, and the iconic Canton Tower.

Shenzhen

Shenzhen is a major city in Guangdong Province, China, which transformed from a small fishing village into a global technology hub following its designation as China’s first Special Economic Zone (SEZ) in 1980. This rapid development was a cornerstone of the country’s economic reforms, attracting massive foreign investment and becoming a symbol of modern Chinese innovation and manufacturing. Today, it is renowned as the headquarters for numerous tech giants and a bustling metropolis.

Tianjin

Tianjin is a major port city in northern China with a rich history as a treaty port, which is reflected in its unique European-style colonial architecture. It grew in importance during the Ming and Qing dynasties and later became a center of modern Chinese industry and commerce. Today, it is a vibrant municipal-level metropolis known for its distinct culture, including Xiangsheng (crosstalk) comedy and its famous Goubuli steamed buns.

Shijiazhuang

Shijiazhuang is a major industrial city and the capital of Hebei Province in northern China. Originally a small village, its modern history began with its development as a railway junction in the early 20th century, which spurred its rapid growth into a major transportation and economic hub.

Taiyuan

Taiyuan is the capital of Shanxi province in China, with a history dating back over 2,400 years, serving as a significant military and cultural center during ancient times. The city is renowned for the Jinci Temple, a famous ancient ancestral temple complex showcasing classical Chinese architecture and art from several dynasties. Today, it remains a major industrial hub, historically known for its coal production and heavy industry.

Hohhot

Hohhot is the capital of Inner Mongolia and a major cultural hub for the Mongol people in China. Its history dates back over 400 years to its founding as a Ming dynasty garrison town. The city is known for its blend of Mongolian and Han Chinese cultures, featuring historic sites like the Dazhao Temple and the Five-Pagoda Temple.