In May this year, of 70 major Chinese cities surveyed, new house prices in first-tier cities edged down by 0.7 percent month on month, while down 3.2 percent year on year, as announced by China's National Bureau of Statistics (NBS) on June 18.
In China’s second-tier cities, prices of second-hand houses in May saw a year-on-year decline of 7.5 percent, with the declining pace 0.7 percentage points faster compared to that recorded in April this year. In third-tier cities, the year-on-year growth rate of second-hand house prices in May saw a year-on-year decrease of 7.3 percent, with the decreasing pace also 0.7 percentage point faster compared to April.