In the past four years since the bursting of the real estate bubble in China, there have been no signs of stabilization in the market. Latest data shows that in the first-tier cities of Beijing, Shanghai, and Shenzhen, second-hand housing prices have dropped back to the levels of 2016, while in Guangzhou, prices have fallen back to February 2017 levels. In addition, Hong Kong has dropped back to the levels of February 2015.
On September 22, Greentown released data on its Weibo account “Greentown Illustrated” showing that in August 2025, the second-hand residential price index in Beijing was 293.4, returning to the level of June 2016, a 32.9% decrease from the peak of 437.4. The index in Shanghai was 255.0, returning to February 2016 levels, down 33.9% from the peak of 385.8. In Guangzhou, the index was 328.2, returning to February 2017 levels, a 35.8% drop from the peak of 511.5. The index in Shenzhen was 337.9, returning to March 2016 levels, a 40.9% drop from the peak of 571.5. Hong Kong’s index was 194.2, revisiting February 2015 levels, down 27.7% from the peak of 268.8.
Online users commented, “There’s still room for further decline,” “I’ve turned the page on this, need to sell soon and move forward, don’t look back,” “The second-hand housing price index in China’s first-tier cities dropped back to nine years ago in August. Do we feel the squeezing effect of long-term stagnant house prices on overall social demand more deeply now?”
On September 1, China Index Research Institute released a report stating that in August, the prices of second-hand houses in 100 cities decreased by 0.76% compared to July, marking the 40th consecutive month of decline and a 7.34% decrease from the same period last year. In first-tier cities, second-hand house prices fell by 0.55% compared to July and 4.17% from the same period last year, while second-hand house prices in second and third/fourth-tier cities fell by 0.85%, 0.78%, 8.14%, and 7.78%, respectively.
The so-called data on second-hand houses in 100 cities typically refer to the “China Real Estate Index System One Hundred Cities Price Index” report, which monitors the price level changes of second-hand residential properties in 100 key cities as samples.