In May this year, of 70 major Chinese cities surveyed, new house prices in first-tier cities declined by 0.2 percent month on month, while decreasing by 1.7 percent year on year, down 0.4 percentage points compared to the decline in April this year, as announced by China's National Bureau of Statistics (NBS).
In China’s second-tier cities, prices of second-hand houses in May saw a year-on-year decline of 6.1 percent, with the pace of the decline 0.4 percentage points slower compared to that recorded in April. In third-tier cities, the year-on-year growth rate of second-hand house prices in April saw a year-on-year decrease of 6.9 percent, with the pace of the decrease 0.5 percentage points slower compared to that recorded in April.
