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China’s second-hand housing market recovers in May

BEIJING (XINHUA) – China’s second-hand housing market regained some lost ground last month as the country eases financing and restrictions for home buyers, according to a report by the Beike Research Institute.

In May, the sales volume of previously-owned homes in 50 cities rose by about 14 per cent from a month ago, according to the report. More than 80 per cent of the cities surveyed recorded month-on-month upticks, while some cities in northeast China and the Yangtze River Delta region saw sales more than double, the report noted.

Prices of pre-owned homes, however, fell 0.9 per cent from April in the 50 cities, widening from the 0.3-per-cent decline last month.