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.

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 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.