Asia Pacific Equity Research 20 October 2025 China Property NBS data: the weakness extended to September; October may look even worse with a high base According to September industry data published by the NBS, the housing market saw continual weakness, with the correction in home prices/real estate investment further accelerating. Interestingly, despite 3% Y/Y growth in the top 100 developers' sales, the national sales value still fell 12% Y/Y in September (the discrepancy is rare as the NBS usually posts b ...