Housing prices in 70 major cities in China were down by 0.6 percent in May over the same month of last year but up by 0.6 percent over April.

The decrease is 0.5 percentage points lower than that in April but the increase is 0.2 percentage points higher than that in April.

Prices of newly built residential projects decreased by 1.3 percent year on year, which was 0.4 percentage points lower than the decrease in April. But they increased by 0.7 percent over that in April, which was 0.4 percentage points faster than that in April.

A year-on-year price increase took place in 28 cities, with five in the northwest and southeast on the top. Price cuts were seen in 41 cities, including Shenzhen and Guangzhou.

New developments were sold at higher prices than April in 60 cities, including Wenzhou, Xiamen and Shenzhen in particular.

Prices of second-hand housing rose by 0.9 percent year on year in May, which was 0.9 percentage points higher than that in April. The prices were 0.7 percent higher than that in April. The increase was 0.1 percentage point lower than that in April.

Prices of non-residential projects decreased by 0.2 percent compared with the same month last year but increased by 0.3 percent compared with the previous month.
　
By People's Daily Online