Shanghai-based real estate information provider China Real Estate Information Corporation (CRIC), a subsidiary of Chinese real estate service provider E-House (China) Holdings Limited (E-House), has issued its transaction report for new residential real estate retail sales in 40 major Chinese cities in May this year, stating that sales transactions for new residential real estate in the cities in question in the given month involved a total area of 27.86 million square meters, up 12 percent month on month, rising by five percent year on year.
According to the report, in May, retail sales of new residential real estate in the four first-tier cities, namely Beijing, Shanghai, Guangzhou and Shenzhen, amounted to an area of 1.99 million square meters, up 29 percent month while down 11 percent year on year; sales in the 18 second-tier cities amounted to 17.35 million square meters, up 11 percent month on month and rising by one percent year on year; sales in seven strictly-regulated third and fourth-tier cities totaled 2.72 million square meters, down two percent month on month and up 20 percent year on year, and sales in 11 non-regulated third and fourth-tier cities amounted to 5.8 million square meters, up 20 percent month on month and rising by 16 percent year on year.