China Sept new home prices fall slower in tier-1, tier-2, tier-3 cities

The story here is the breadth of the improvement: every city tier narrowed its annual decline in September, not just the top end, which suggests the drag is easing rather than one segment bouncing. The split within tier-1 is the more telling detail — Shanghai rising while Beijing, Guangzhou and Shenzhen still fall — so the recovery looks uneven even among the strongest markets. Whether that narrowing continues into the coming months, and whether the tier-2 and tier-3 gaps keep closing, is the open question for anyone tracking China's property drag on broader risk appetite, including tokenized real estate exposure.