Residential property values for new builds across 70 major Chinese municipalities decreased by 0.2% in May. This monthly contraction represents an acceleration from the 0.1% dip recorded during the previous month of April.
On an annual basis, new home valuations retreated by 3.5%, maintaining the same rate of decline for two months in a row. The secondary market also saw downward pressure as existing home prices slipped 0.3% month-over-month, marking a significant monthly downturn for the sector.