China’s home prices rose at the slowest annual pace so far this year in May, official data showed on Wednesday.
Average new home prices in China’s 70 major cities rose 5.6 percent from a year earlier, slowing from April’s 6.7 percent rise, according to Reuters’ calculations based on data released by the National Bureau of Statistics (NBS).
In month-on-month terms, prices dropped 0.2 percent, breaking a 19-month run of monthly rises. In Beijing, new home prices rose 7.7 percent in May from a year earlier compared with April’s 8.9 percent increase, while prices in Shanghai were up 9.6 percent versus 11.5 percent growth in April.
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