China's new-home market is showing real strain. November data reveals a sharp -2.4% year-over-year slide in prices—and it's getting worse across the board. First-tier cities hit particularly hard with a -5.8% YoY drop, while second and third-tier cities aren't faring much better at -5.6% and -5.8% respectively. When property markets this massive start cracking, it tends to reshape broader investment patterns and capital flows. Worth watching how this cascading pressure plays out in the months ahead.