China’s Home Price Slump Eases After Stimulus Push
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The prices of existing homes in China experienced slower month-on-month declines in both major and smaller cities last month, government data showed, suggesting that the long-struggling property market may be beginning to recover.
Prices for pre-owned homes in first, second and third-tier cities fell by 0.5%, 0.5% and 0.6% respectively from the previous month, according to data released Friday by the National Bureau of Statistics (NBS). These declines moderated from December, narrowing by 0.4, 0.2 and 0.1 percentage points, respectively.
The figures align with earlier data from Sinolink Securities Co. Ltd., which showed a rebound in sales volumes and a slowdown in price declines. This suggests that the stimulus policies unveiled at the end of 2025 have had some impact.
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- December 2025：
- The Ministry of Finance and the State Taxation Administration announced a policy to lower the value-added tax on sales of homes held for less than two years from 5% to 3%.
- December 24, 2025：
- Beijing authorities relaxed purchase restrictions for non-residents and multi-child families.
- After December 24, 2025 and By January 2026：
- Lianjia reported a 33% surge in Beijing's transaction volume compared to the previous month following the easing of purchase restrictions.
- January 1, 2026：
- The reduced value-added tax policy for homes held less than two years took effect.
- January 2026：
- The prices of existing homes in China experienced slower month-on-month declines in both major and smaller cities.
- January 2026：
- Prices for pre-owned homes in first, second, and third-tier cities fell by 0.5%, 0.5%, and 0.6% month-on-month, respectively.
- January 2026：
- Beijing’s used home prices fell 0.2%, a reduction of 1.1 percentage points from December 2025.
- January 2026：
- Used home prices in first-tier cities plunged 7.6% year-on-year; Beijing and Guangzhou had declines of 8.7% and 8.3% respectively.
- January 2026：
- Prices in first- and third-tier cities for new homes slipped 0.3% and 0.4% month-on-month.
- February 9, 2026：
- The National Bureau of Statistics released data showing the moderation in the decline of pre-owned home prices.
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