CRIC data show sales of high-end residential units priced at RMB10m or more in
30 key cities totaled 13,986 units in the first five months, down 19% YoY and
declining faster than the overall new-home market. The broader market rebounded
in May, led by a strong secondary market: May secondary-market transaction areas
were 2.14 mln sqm in Chengdu (+33% YoY), about 1.97 mln sqm in Shanghai (+21%
YoY), and exceeded 1.0 mln sqm in Beijing, Tianjin, Wuhan, Xi’an and Guangzhou.
