# tier-2 cities

China’s Housing Market Shows Broad Weakness in December, but Shanghai Stands Out

December 2025 data from China’s National Bureau of Statistics show nationwide declines in both new and second‑hand residential prices across most cities, with year‑on‑year falls widening. Shanghai is an outlier with rising new-home prices, while Beijing, Guangzhou and Shenzhen registered notable drops, especially in the resale market.