Chinese property keeps on falling

Wednesday 25 February 2026

The charts look absolutely horrible, but when Goldman does a seaonal comparions it’s not as bad.

It compared the daily average volume during the 2026 CNY holidays (Feb15th-23rd) vs. 2025 holiday period (Jan 28th-Feb 4th): against an undemanding base, sampled primary markets recorded improvements with daily average volume rising +39%, while secondary markets registered more upbeat increase of 74% from prior year.

I’m trying to find the charts! I guess YTD is probably the best indicator and it is trending down markedly.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.