S&P Global Ratings analysts stated in a report distributed Thursday that China's yearslong property market slump may be ending, with residential real estate prices potentially bottoming out in Q3 2028. Prices in major cities like Beijing and Shanghai are expected to recover as early as next year, a shift attributed to recent government policies aimed at reducing supply and stabilizing the sector. Guotai Junan International's Chief Economist Hao Zhou also predicted on Thursday that tier-one cities could see existing home price growth in Q4 2026, noting Shanghai's narrowing decline and Beijing's stabilization. However, Morgan Stanley analysts remain uncertain about long-term sustainable demand.