China Housing Index

China’s new home prices in 70 cities dropped 3.5% year-on-year in May 2025, easing from a 4.0% decline in the previous month. Although it marked the 23rd consecutive month of contraction, it was the slowest pace since April 2024, reflecting continued efforts by Beijing to cushion the impact of the prolonged property downturn. Among major cities, prices declined in Beijing (-5.3% vs -5.0% in April), Guangzhou (-5.8% vs -6.3%), Shenzhen (-2.6% vs -3.0%), Tianjin (-2.0% vs -1.9%), and Chongqing (-3.2% vs -4.0%). In contrast, prices in Shanghai continued to increase (5.9% vs 5.9%). On a monthly basis, new home prices were down by 0.2% in May, following two consecutive months of flat readings.