China's new home prices were unchanged month-on-month in January, official data showed on Wednesday, suggesting the crisis-hit property sector is still grappling to find stability, despite continued government efforts to prop up the market.

Analysts expect the stabilisation of China's property market, which has experienced a significant slump since 2021, will be a protracted process due to high housing inventory

Prices in 70 mainland cities weakened in January from a year earlier, suggesting more time and support measures are needed to halt the slump.

China's new home prices stalled in January, official data showed on Wednesday, suggesting declining demand in the crisis-hit property sector is struggling to find a floor despite continued government efforts to prop up sentiment.