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Zhang Bo, the director of the Anjuke Research Institute, pointed out that the signal of a rebound in the housing market in first-tier cities is strengthening. In December 2025, the month-on-month decline in the construction of new residential properties in first-tier cities narrowed by 0.1 percentage points. Among them, the new housing prices in Shanghai rose by 0.2% month-on-month and 4.8% year-on-year, making it the only city in first-tier cities to achieve both year-on-year and month-on-month growth. At the same time, the strong sales of large-sized properties of 144 square meters and above are evidence of the strong resilience of the improvement-type demand.