Prices in the secondary market fell at a faster pace as analysts say impacts from Beijing’s policy support are waning
New home prices across major cities in mainland China weakened in May, extending the sequential monthly decline to two years as analysts warned Beijing’s stimulus measures were no longer effective in helping to end the crisis.
In the four first-tier cities, prices declined 0.2 per cent after the market stabilised in April, as Beijing, Shenzhen and Guangzhou reported weaker prices while Shanghai bucked the trend. The markets in second- and third-tier cities were also grim as prices fell by 0.2 per cent and 0.3 per cent, respectively, as 53 of 70 tracked cities suffered declines.
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