The price of new homes in China fell 5.7 percent year-on-year in May, the country’s National Bureau of Statistics reported on Thursday, but reversed month-on-month declines for the first time in more than a year.
Prices rose by 0.2 per cent month-on-month, the first positive reading since April 2014, with a broad pick-up in month-on-month gains across China’s 70 major cities.
The May year-on-year fall was also slightly less steep than in April, when prices were down 6.1 percent by the same measure. Prices were down 2.3 per cent in Shanghai and Beijing in May, compared with 4.7 percent and 3.2 percent respectively a month earlier.
Among the 70 cities, Shenzhen was the top performer, recording the second consecutive month of year-on-year rebound, up 7.5 percent following a 0.7 percent rise. New home prices in Shenzhen rose 6.6 percent in May from April.