AMRO：2025年中国房地产市场：迈向稳定之路报告（英文版）

China’s real estate market exhibits distinct, tier-differentiated dynamics. Although property prices have continued to decline across all city tiers, the pace of depreciation has moderated in Tier 1 cities, whereas Tier 2 and 3 areas remain subject to more pronounced price adjustments. This analytical note aims to analyze the underlying causes of the real estate downturn and assess the likely timing of recovery across different tiers. The note finds the impact of supply shocks—proxied by inve