According to calculations based on data released today by China’s National Bureau of Statistics, housing prices in 70 cities analyzed recorded an average decrease of 0.22% compared to the previous month, following a decline of 0.12% in April.
Among the monitored cities, 53 reported decreases in new housing prices, up from 45 in April. Only 13 cities, including major urban centers like Shanghai and Hangzhou, saw price increases, a figure lower than the 22 recorded in the previous month.
The price of second-hand homes also fell by 0.5% in May compared to the previous month, accelerating the downward trend observed in April (-0.41%).
In this category, 67 out of the 70 cities recorded price drops. The only exceptions were Wuxi (east), Luoyang (central), and Nanchang (central), where prices rose.
Chinese authorities have announced a series of measures in recent months aimed at curbing the decline in the real estate market, a sector Beijing considers critical for social stability, given the weight of housing as the primary form of investment for many families.
The crisis in the sector is identified as one of the key factors for the slowdown in the Chinese economy, with some analysts estimating that real estate, including indirect effects, represents about 30% of the country’s Gross Domestic Product (GDP).
