NBS: New Home Prices Rise 0.8 pc in May

China new home prices rose 0.8 percent in May. Prices are up 5 percent yoy. The top-tier cities (the four first tier plus Xiamen) only accounted for 21 percent of the increase, while the second-tier hot cities of Nanjing, Hangzhou, Wuhan, Hefei, Fuzhou, Huizhou and Tianjin (all up double digits yoy) accounted for 35 percent of the increase. So there is a broad and broadening rally, but one still relatively confined to a dozen or so top cities.

Xiamen saw new home prices increase 5.4 percent in May. The next highest increase among the top tier cities was 2.7 percent in Guangzhou. Shenzhen prices only increase 0.5 percent.

Existing home prices only increased 0.5 percent nationally. Shenzhen existing home prices did not rise at all. Xiamen prices increased 6.3 percent. Without Xiamen the national existing home price increase falls to 0.4 percent. The "hot" second-tier cities listed above accounted for almost 40 percent of the increase nationally. Only 49 cities saw existing home prices rise, with 8 flat and 13 down.

Chinese coverage: 5月竟然只有4个城市房价下跌 出乎意料(名单) (Only 4 Cities Home Prices Tumbled in May)

New commodity housing decline of only four cities: Jinzhou, Mudanjiang, Quanzhou, Changde. Wherein Mudanjiang prices fell the most, 0.5%.

NBS: 2016年5月份70个大中城市住宅销售价格变动情况