In December 2023, among the 70 large and medium-sized cities, the sales prices of commercial residential properties in cities of all tiers decreased month-on-month, while year-on-year changes showed both increases and decreases.

I. The sales prices of newly built commercial residential properties in cities of all tiers decreased month-on-month, while year-on-year changes showed both increases and decreases

On a month-on-month basis, in December, the sales prices of newly built commercial residential properties in first-tier cities decreased by 0.4%, with the decline widening by 0.1 percentage point from the previous month. Among them, Beijing remained flat, Shanghai rose by 0.2%, and Guangzhou and Shenzhen fell by 1.0% and 0.9%, respectively. The sales prices of newly built commercial residential properties in second- and third-tier cities decreased by 0.4% and 0.5% month-on-month, respectively, with the declines widening by 0.1 percentage point from the previous month in both cases.

On a year-on-year basis, in December, the sales prices of newly built commercial residential properties in first-tier cities shifted from an increase of 0.3% in the previous month to a decrease of 0.1%. Among them, Beijing and Shanghai rose by 1.7% and 4.5%, respectively, while Guangzhou and Shenzhen fell by 3.0% and 3.6%, respectively. The sales prices of newly built commercial residential properties in second-tier cities rose by 0.1% year-on-year, with the growth rate down 0.1 percentage point from the previous month. The sales prices of newly built commercial residential properties in third-tier cities fell by 1.8% year-on-year, with the decline widening by 0.2 percentage point from the previous month.

II. The sales prices of second-hand residential properties in cities of all tiers decreased month-on-month, with year-on-year declines widening

On a month-on-month basis, in December, the sales prices of second-hand residential properties in first-tier cities decreased by 1.1%, with the decline narrowing by 0.3 percentage point from the previous month. Among them, Beijing, Shanghai, Guangzhou and Shenzhen fell by 1.2%, 0.6%, 1.5% and 1.1%, respectively. The sales prices of second-hand residential properties in second-tier cities decreased by 0.8% month-on-month, with the decline widening by 0.1 percentage point from the previous month. The sales prices of second-hand residential properties in third-tier cities decreased by 0.8% month-on-month, the same decline as the previous month.

On a year-on-year basis, in December, the sales prices of second-hand residential properties in first-tier cities decreased by 3.5%, with the decline widening by 0.6 percentage point from the previous month. Among them, Beijing, Shanghai, Guangzhou and Shenzhen fell by 2.2%, 3.4%, 5.2% and 3.1%, respectively. The sales prices of second-hand residential properties in second- and third-tier cities decreased by 4.0% and 4.2% year-on-year, respectively, with the declines widening by 0.4 and 0.3 percentage point from the previous month.