National Bureau of Statistics data show August new-home prices in first-tier
cities fell 0.9% YoY, a 0.2 ppt narrower decline from July. By city: Beijing
-2.3% YoY, Guangzhou -1.9%, Shenzhen -2.3%, Shanghai +3.0%. New-home prices in
second- and third-tier cities fell 2.7% and 4.1% YoY, respectively, each a 0.1
ppt narrower decline. In the resale market, secondhand prices in first-tier
cities fell 2.7% YoY, a 1.0 ppt narrower decline from July; Beijing -3.5%,
Shanghai -0.8%, Guangzhou -3.8%, Shenzhen -2.7%. Second- and third-tier
secondhand prices fell 4.9% and 5.6% YoY, respectively, each narrowing 0.2 ppt.
