China NBS: August new-home prices in first-tier cities rose 0.1% MoM, reversing
July’s flat reading. Shanghai, Guangzhou and Shenzhen rose 0.4%, 0.1% and 0.2%
MoM; Beijing fell 0.2% MoM. Second-tier new-home prices fell 0.1% MoM, unchanged
from July. Third-tier new-home prices fell 0.2% MoM, a 0.1 ppt narrower decline
than the prior month. Among 70 large/medium cities sampled, 21 saw MoM new-home
price rises or flat readings, two fewer than July. First-tier resale prices rose
0.1% MoM in August, 0.1 ppt weaker than July; Shanghai and Shenzhen rose 0.3%
and 0.1%, Guangzhou was flat, Beijing fell 0.1% MoM. Second-tier resale prices
fell 0.3% MoM, unchanged from July. Third-tier resale prices fell 0.3% MoM, a
0.1 ppt narrower decline. Eight of the 70 cities recorded MoM resale price rises
or flat readings, unchanged from July.
