China NBS: In June, first‑tier cities' new‑home sales prices rose 0.1% MoM,
0.1ppt slower than May. Shanghai, Guangzhou and Shenzhen rose 0.3%, 0.2% and
0.3% respectively; Beijing -0.3%. Second‑tier new‑home prices were flat MoM
(from -0.1% in May). Third‑tier new‑home prices fell 0.3% MoM, a 0.1ppt smaller
decline than May. Of 70 large/medium cities, 20 saw MoM gains in new‑home
prices, up four cities and the most since May 2025. Second‑hand home prices in
first‑tier cities rose 0.3% MoM (0.1ppt slower): Beijing +0.1%, Shanghai +0.4%,
Guangzhou +0.4%, Shenzhen +0.3%. Second‑tier second‑hand prices -0.3% MoM
(0.1ppt wider); third‑tier second‑hand prices -0.4% MoM, unchanged. Among 70
cities, nine recorded MoM increases in second‑hand prices, down one city.
