The China property industry experienced an unprecedented and prolonged industry consolidation in recent years, which included significant decreases of property prices and transaction volume, financial distress and even defaults in offshore bonds issued by property developers, retreat of homebuyers’ confidence, etc. A series of policy stimulus was launched, which aimed to restore market confidence and stabilize the property market, but it still took time to make a significant impact. Having said that, a couple of stabilizing signals emerged from the latest industry data, especially since the beginning of 2025. Together with the loosening monetary policy backdrop and slightly favorable financing access in offshore bond market, it may suggest that the real estate market is probably bottoming out this year.