China Real Estate Index System 100-city price index: May new-home average 17,156
yuan/sqm, MoM +0.16%, YoY +2.03%. Quality new launches in Shenzhen, Shanghai,
Chengdu, Hangzhou and Wuhan supported a continued structural MoM rise. By tier:
Tier-1 new-home prices MoM +0.26%, YoY +5.54%; Tier-2 MoM +0.23%, YoY +1.75%;
Tier-3/4 MoM -0.14%, YoY -2.60%. Of the 100 cities, 29 recorded MoM gains, 65
declines and 6 were flat.