Existing-home prices in China’s first- and second-tier cities rose at a slower pace in May, shows data from the National Bureau of Statistics, indicating that tighter government controls have arrested a rebound in local property markets, said Caixin.
The average price of existing homes in the first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen rose 0.1% month-on-month in May, slower than a 0.4% increase in the previous month and ending a run of three consecutive months of accelerating growth. Meanwhile, the average existing-home price in 31 second-tier cities surveyed by the NBS rose 0.5% month-on-month in May, slower than April’s 0.6% growth and March’s 1.2% increase.
The average existing-home price in 31 second-tier cities surveyed by the NBS rose 0.5% month-on-month in May, slower than April’s 0.6% growth and March’s 1.2% increase – yet still up from a 0.2% decline in February.