xi's moments
Home | Industries

China reports falling home prices in May

Xinhua | Updated: 2024-06-17 14:50

A saleswoman (right) shows a model of a newly developed residential area to a potential homebuyer in Taiyuan, Shanxi province, May 17, 2024. [Photo/VCG]

BEIJING - Major Chinese cities saw falling home prices in May, official data showed on Monday.

The National Bureau of Statistics (NBS) said that 70 large and medium-sized cities recorded month-on-month declines in both new and second-hand home prices.

In first-tier cities, namely Beijing, Shanghai, Guangzhou and Shenzhen, new home prices edged down by 0.7 percent. Meanwhile, second and third-tier cities registered declines of 0.7 percent and 0.8 percent, respectively.

Prices of second-hand homes fell by 1.2 percent in first-tier cities, 1 percent in second-tier cities, and 0.9 percent in third-tier cities, the NBS said.

Despite the falling prices, NBS spokesperson Liu Aihua highlighted positive changes in the property market, noting that the year-on-year decline in sales of newly built commercial housing has narrowed in the first five months of the year.

Last month, China implemented a series of policies to support the property market, including reducing minimum down payment ratios, removing commercial mortgage rate floors for first and second homes, and establishing a re-lending facility for government-subsidized housing projects.

Liu said these measures will take some time to have an impact and the property market remains in the process of adjustment.

Global Edition
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349