(Yicai Global) June 19 -- China's National Bureau of Statistics (NBS) today released statistics on property prices in 70 medium- to large-sized cities for May. Housing prices remained stable in the 15 first- and second-tier cities last month, as a further manifestation of the effectiveness of the real estate regulation measures, said Liu Jianwei, senior statistician at the NBS's department of urban surveys.
The growth of new property prices slowed down in the 15 cities by 0.5 to 6.4 percentage points, relative to the growth rates recorded last month. New property prices fell or flattened month-on-month in nine cities, and the remaining five cities registered price increases below 0.5 percent.
Compared with April, some 29 of the 70 cities registered slower new property price growth last month, and 18 cities saw slowdown in second-hand property price growth. The most significant slowdown occurred in first- and second-tier cities. The new and second-hand property price growth has been on a downward trajectory for eight months in first-tier cities, and slowdown in housing price growth has lasted for six months (new properties) and four months (second-hand properties) in second-tier cities.
Last month, the number of cities that recorded a drop in new property prices increased by one to nine compared with the previous month, and the number of cities that reported slower new property price growth rose by three to 26. The number of cities that recorded a fall in second-hand property price went up by two to seven, and 30 cities saw a decline in price growth, compared with 22 in the previous month.