In May this year, the average new housing prices in China's 100 major cities were 17,156 yuan/square meter ($2,515.5/sqm), up 0.16 percent month-on-month, while increasing 2.03 percent year-on-year, as announced by the CIA, the largest independent real estate research organization in China. China.
Meanwhile, in May, average prices for second-hand housing in China's 100 major cities were 12,692 yuan/square meter ($1,861/sq.m.), down 0.32% month-on-month, 0.14 percentage points slower than the decline recorded in April this year, and down 7.99% year-on-year. on a yearly basis, 0.35 percentage points slower than the year-on-year decline recorded in the previous month.
In May, official policy continued to stabilize the market, making progress in urban renewal, updating inventory and optimizing the housing stock. Looking to the future, local governments are expected to continue implementing policies on a city-by-city basis. On the demand side, home purchase costs can be further reduced, for example through lower mortgage rates and mortgage interest subsidies. On the supply side, efforts to purchase existing commercial housing and vacant land for public reserves are likely to be intensified, along with the accelerated implementation of policies such as "trade-in programs" (buying old homes to facilitate upgrading) to unlock the housing replacement chain.
From mid-year to sales season
