China's property sector continued to show signs of cooling in May, with new home prices in half of 70 major cities reporting month-on-month drops, the National Bureau of Statistics said in an online statement on Wednesday.
A total of 35 cities saw month-on-month drops in new home prices last month, contrasted with eight cities recorded in April, while only 15 cities saw month-on-month increase, substantially down from 44 cities in April.
Of all the cities, the highest month-on-month price increase was 0.3 percent, while the largest drop was 1.4 percent, the NBS data showed.
For existing homes, prices declined in 35 cities month on month in May, up from 22 cities in April.