The situation is similar to 2008 in China is repeating:

New home prices in 70 Chinese cities fell -0.4% month-on-month in January.
Compared to the same period last year, home prices decreased -3.1%, marking the strongest annual decline in 7 months.
Out of the 70 cities surveyed, 62 cities recorded price declines, up from 58 cities in December.
Chinese home prices have now fallen in 43 of the last 46 months, the worst streak of declines on record.
In the used housing market, home prices dropped sharply by -7.6% year-on-year in first-tier cities and over -6.0% in smaller cities.
Meanwhile, new real estate sales are expected to decline further by -10% to -14% in 2026 due to ongoing oversupply pressures on prices.
China's housing downturn is now entering its 6th year with no signs of bottoming out.