By Chris Becker
Property prices for May in China were just released this morning with the house price index falling to 5.6% from 6.7% last month.
New home sales data showing only 15 cities recording gains vs 44 in April, but yearly gains across the board unchanged from last month.
Existing home prices rose in only 19 cities vs 35, with yearly gains only in 64 compared to 67 in April.
This momentum corresponds with the growth rate in Chinese real estate development which is decelerating swiftly:
For the major centers year on year price appreciation is certainly slowing:
- Beijing New +7.7%, was +8.9%
- Beijing Existing +7.4%, was +10.2%
- Shanghai New +9.6%, was +11.5%
- Existing +6.8%, was +8.1%
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Official data here (get your browser to convert to Chinese) h/t to Dexter Bland.