China's National Bureau of Statistics announced that among the 70 large and medium-sized cities in June, commercial residential property prices in tier-1 cities rose MoM, while tier-2 and tier-3 cities recorded declines or remained flat MoM. The YoY declines across tier-1, tier-2 and tier-3 cities generally continued to narrow. The number of cities with MoM increases in new commercial residential property prices continued to rise from May.

On a MoM basis, new commercial residential property prices in tier-1 cities rose 0.1%, with the growth rate narrowing by 0.1 ppts from May. Among them, Shanghai, Guangzhou and Shenzhen rose 0.3%, 0.2% and 0.3%, respectively, while Beijing fell 0.3%. In tier-2 cities, new commercial residential property prices shifted from a 0.1% decline in May to flat MoM. In tier-3 cities, new commercial residential property prices fell 0.3% MoM, with the decline narrowing by 0.1 ppts from May. Among the 70 large and medium-sized cities, 20 cities recorded MoM increases in new commercial residential property prices, up four cities from May and the highest since May 2025.

Secondary residential property prices in tier-1 cities rose 0.3% MoM, with the growth rate narrowing by 0.1 ppts from May. Among them, Beijing, Shanghai, Guangzhou and Shenzhen rose 0.1%, 0.4%, 0.4% and 0.3%, respectively. Secondary residential property prices in tier-2 cities fell 0.3% MoM, with the decline widening by 0.1 ppts from May. In tier-3 cities, secondary residential property prices fell 0.4% MoM, unchanged from May. Among the 70 large and medium-sized cities, nine cities recorded MoM increases in secondary residential property prices, down one city from May.

On a YoY basis, new commercial residential property prices in tier-1 cities fell 1.3%, with the decline narrowing by 0.4 ppts from May. Among them, Beijing, Guangzhou and Shenzhen fell 2.1%, 2.6% and 3.6%, respectively, while Shanghai rose 3.1%. New commercial residential property prices in tier-2 cities fell 3.1% YoY, with the decline narrowing by 0.1 ppts. In tier-3 cities, new commercial residential property prices fell 4.2% YoY, unchanged from May.

Secondary residential property prices in tier-1 cities fell 4.9% YoY, with the decline narrowing by 0.9 ppts from May. Among them, Beijing, Shanghai, Guangzhou and Shenzhen fell 5.5%, 3.2%, 6.1% and 4.7%, respectively. Secondary residential property prices in tier-2 and tier-3 cities fell 5.4% and 6% YoY, respectively, with the declines narrowing by 0.3 ppts and 0.2 ppts, respectively. (jl/a)