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New home prices fall in 35 of 70 Chinese cities
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NEW home prices in half of monitored Chinese cities fell from a month earlier in May as the country's property market continued cooling.
The National Bureau of Statistics said in a report released today that 35 of the 70 major cities it tracks recorded monthly price declines, compared to eight in April. According to the latest survey, prices in 15 cities were flat, while 20 saw price growth from a month earlier. The figures exclude government-subsidized homes.
The average price of new houses in the 70 cities, including government-funded affordable housing, meanwhile, dipped 0.2 percent in May, the first month-on-month decrease since June 2012.
On an annual basis, Shanghai’s home prices increased 11.3 percent from a year earlier, the most in the country. It was the seventh straight month the city led the nation.
In the existing home market, the national survey found prices in 35 of the 70 cities it tracks fell last month, while 19 registered gains. On an annual basis, gains were recorded in 64 cities.
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