CSC Financial, citing China Index Academy data, said average secondhand
residential prices across 100 cities fell 0.32% MoM in May, a 0.14ppt
improvement from April, and were down 7.99% YoY, a 0.35ppt narrowing. Shanghai
secondhand prices have risen for three consecutive months, indicating the market
is moving toward stabilization. This week Poly Real Estate won a Nanshan,
Shenzhen residential parcel for 57.7 bln yuan at a 150.7% premium, setting a
Shenzhen record floor price of 109,000 yuan/sq.m; CSC said demand for premium
plots in core cities remains strong.