Preliminary data from the China Index Research Institute show May new-build commodity housing sales area across 100 key cities rose 7% MoM and fell 2% YoY. First-tier cities recorded a 10% YoY increase for a second consecutive month, though the YoY gain narrowed 8.7 percentage points versus April; Beijing, Shanghai, Guangzhou and Shenzhen were up 15%, 2%, 7% and 50% YoY respectively. Several second-tier cities including Fuzhou, Nanjing, Wuhan and Ningbo posted YoY increases. Jan‑May cumulative s

Preliminary data from the China Index Research Institute show May new-build commodity housing sales area across 100 key cities rose 7% MoM and fell 2% YoY. First-tier cities recorded a 10% YoY increase for a second consecutive month, though the YoY gain narrowed 8.7 percentage points versus April; Beijing, Shanghai, Guangzhou and Shenzhen were up 15%, 2%, 7% and 50% YoY respectively. Several second-tier cities including Fuzhou, Nanjing, Wuhan and Ningbo posted YoY increases. Jan‑May cumulative sales area for the 100 cities totaled about 86.15 mln sq m, down 13% YoY. Separately, area approved for new-home launches in 50 key cities fell about 31% YoY in May; despite some quality projects entering the market overall new supply contracted sharply. Jan‑May cumulative listed new-home area in the 50 cities was down 23% YoY.