China home prices fall 5.7% y/y in May

FXStreet (Mumbai) - As reported by Reuters, average new home prices in China's 70 major cities fell for the ninth consecutive month in May from a year earlier, down 5.7 percent.

The figure compares to a fall of 6.1 percent in April. Among the 70 cities, Shenzhen was the top performer, recording the second consecutive month of rebound, up 7.5 percent following a 0.7 percent rise, the National Bureau of Statistics said on Thursday.

New home prices in Shenzhen rose 6.6 percent in May from April.

Beijing and Shanghai's new home prices both fell 2.3 percent last month from a year earlier, versus the previous month's drop of 3.2 percent and 4.7 percent respectively.

They were up 1.1 percent and 2.2 percent respectively from the previous month.