China's First-Tier New Home Prices Rise 0.2% M/m in May, NBS Data Show

New home prices in China’s first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen rose 0.2% month on month in May, official data showed. According to RTHK, the National Bureau of Statistics said the pace of growth widened by 0.1 percentage points from April. Shanghai, Guangzhou and Shenzhen recorded month-on-month gains of 0.2%, 0.2% and 0.4%, respectively, while Beijing posted a 0.2% decline. New home prices in second-tier cities fell 0.1% month on month, unchanged from the previous month, and prices in third-tier cities dropped 0.4%, 0.1 percentage points more than in April. Of the 70 large and medium-sized cities surveyed, 16 reported month-on-month increases in new home prices, two more than in April.