China's Home Price Recovery Stays Top-Tier Only

China's property stimulus is only reaching its biggest cities. New home prices in Beijing, Shanghai, Guangzhou and Shenzhen fell just 0.5% year-on-year in September, narrowing from a 0.9% drop in August, while existing-home prices in those same cities narrowed to a 1.5% annual decline from 2.7%. Across the 70 cities the National Bureau of Statistics tracks, only 17 posted month-on-month price gains, two more than in August. Real estate investment is still down 20.6% year-on-year through the first three quarters of 2026, leaving $FXI exposed to a recovery that remains concentrated at the top.