New home prices declined 0.3% month-over-month in August, matching July's drop, according to Reuters calculations based on National Bureau of Statistics data. Prices were down 2.5% compared with a year earlier, narrowing slightly from July's 2.8% annual decline but still marking one of the steepest downturns in years. The property sector, which once contributed about a quarter of China's GDP, has been in crisis since 2021. Resale prices fell sharply, down 3.5% in tier-one cities such as Beijing and Shanghai, 5.2% in tier-two cities, and 6.0% in smaller tier-three hubs. Property investment plunged 12.9% in the January-August period compared with a year earlier, while floor-area sales dropped 4.7%, according to official data.