BEIJING (Reuters) - Average home prices in China’s 70 major cities fell 1.5 percent in May from a year earlier, according to Reuters calculations based on official data published on Monday.
It is the third straight monthly decline on a year-on-year basis since the government imposed strict curbs on property speculation more than two years ago, with the price decline deepening from a fall of 1.2 percent in April.
In month-on-month terms, home prices fell 0.1 percent, the eighth straight decline since the Reuters weighted index was launched in January 2011.
The National Bureau of Statistics said new home prices fell 1.2 percent in Beijing in May from a year earlier and were down 1.6 percent in Shanghai.
Month-on-month, they remained unchanged in Beijing and were down 0.1 percent in Shanghai.
Reporting by Langi Chiang and Kevin Yao; Editing by Kim Coghill