In May this year, of 70 major Chinese cities surveyed, new house prices in first-tier cities rose by 0.7 percent month on month, 0.5 percentage points higher than the growth recorded in April this year, as announced by China's National Bureau of Statistics (NBS). Meanwhile, in second-tier cities the month-on-month growth rate of new house prices in May was 0.6 percent, 0.5 percentage point faster compared to the year-on-year growth rate in April, while in third-tier cities the month-on-month growth rate of new house prices in May was 0.7 percent, up 0.1 percentage point bigger than in April.
In China’s second-tier cities, prices of second-hand houses in May saw a year-on-year rise of 2.0 percent, 0.2 percentage points slower compared to the year-on-year growth rate in April. In third-tier cities, the year-on-year growth rate of second-hand house prices in May was 2.1 percent, 0.3 percentage points lower compared to the year-on-year growth rate recorded in April.
Amid the effective control of Covid-19, buyers’ demand for houses was released further in May.